Business Transaction and Personal Business Software Information
Business transaction software and personal business software is used to facilitate various aspects of business transactions. Business transaction software includes payment gateways: software applications that submit payment information to merchant account providers. Financial software allows users to record payments and deposits, monitor account balances, and reconcile accounts.
Some products provide separate check, cash, and credit card registers that allow users to assign accounts to budgetary categories for reporting purposes. Others provide tax tracking, transaction scheduling, and investment analysis features. Advanced software packages provide complete accounting systems with separate but integrated accounts payable, account payable, general ledger, and payroll modules. Online bill paying is part of most business transaction, financial, and personal business software applications. Personal business software provides some of the features of financial applications, but is designed for only single-entry accounting. Users can connect to banks, set up bill payment calendars, and establish debt reduction programs.
There are three basic types of business transaction software and personal business software.
- Off-the-shelf, or turnkey, packages are designed to meet the needs of a large customer base. These business transaction, financial, and personal business software products are often sold through commercial outlets without any direct contact between the software developer and customer. The business user has no input into the functionality of the package.
- By contrast, single-customer applications are built to meet the specific needs of a client as defined in a product specification.
- Tailored applications combine the standard features of off-the-shelf packages with the ability to commission changes. Typically, changes to business transaction, financial, and personal business software are implemented by the original software developer or an authorized third party.
Selecting business transaction software and personal business software requires an analysis of technical specifications. Important considerations include:
- hardware requirements
- operating systems
- networking protocols
Some business transaction, financial, and personal business software applications are designed to use versions of the Microsoft Windows operating system and networking protocols such as Ethernet. Others are designed for UNIX or Solaris. Microsoft and Windows are registered trademarks of Microsoft Corporation. UNIX is a registered trademark of The Open Group. Solaris is a registered trademark of Sun Microsystems, Inc.