A Framework for Accounting Software and Finance Packages used in SMEs Based on FOSS/FLOSS

Abstract

In this era of «information explosion», financial accounting with information systems is becoming more and more accessible. This paper aims to present some dynamic applications/services for SMEs, such as the free and open-source software (FOSS/FLOSS) and the proprietary software for financial accounting. Due to the ongoing downturn in the Greek economy, the increasing pressure of competitive multinationals but also trends created last, SMEs need to rethink their strategy in order to enhance the image of Greek brands and to ensure the development through a reference to innovation and new information technologies between them. The paper discusses the concepts, dimensions, and questions around information and communication technologies from a business perspective in decision-making. It compares the free and open-source software and proprietary software for financial accounting. This comparison focuses on tables with a view to identifying the issues and challenges for those involved in the face through these software and applications for them. The paper highlights the particular importance of the free and open-source software (FOSS/FLOSS) and their contributions in financial accounting in favor of SMEs due to budget limitations. Findings suggest that future research should examine a case study for the crucial role of the above information systems and technologies in making appropriate investment decisions, specifying the value of a business unit. The paper highlights the role of information systems for those involved in business, in emphasizing the department of finance. While much has been written about the information systems/ technologies, there has been a lack of highlighting their assistance in financial decisions.