Accounting Software In Uganda

Accounting Software In Uganda
Tally Solutions | Updated on: April 8, 2022

Ideally, the business management or accounting software for a business would be one of the first investments that a business makes. But, it is often only thought of when the business needs to quickly generate reports to raise capital or to file returns. Accounting software is essential in the fast-paced world of business. A company has to be able to quickly process transactions, generate invoices, and have the option of sending or submitting digital versions of important documents and reports.

There are many accounting packages that are available. To choose the best accounting software in Uganda, you have to first understand what to look for in an accounting package and appreciate the advantages that it offers your business. Choosing an excellent comprehensive accounting package such as TallyPrime keeps your business in line with the latest accounting and business practices. It also offers comprehensive coverage of all the aspects of running your business.

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The usefulness of an accounting package?

Every transaction in a business should be recorded accurately. The periodic and annual financial reports are all built on the amounts that the business transacts on a daily basis. When there is sloppy recordkeeping in a business, it is difficult to track the cash flows and impossible to generate perfectly accurate financial reports and statements.

Good recordkeeping and report generation are essential for the management to understand how the business is working and areas that need improvement. Hiring a full-time accountant to manage the accounts may not always be an affordable option for some companies. Accounting software makes it possible for a person with minimal accounting knowledge to make daily entries.

An accounting package that analyses the accounting data and generates reports based on them gives the management insights into the company’s financials. It helps identify the trouble spots and bottlenecks in operations. Accounting reports are also essential to give a clear overview of the financial health of the company. Instead of a purely reporting tool, accounting software can also be used as a diagnostic tool to identify financial issues in the business.

Does a small or medium-sized business need accounting software?

Small and medium-sized businesses will benefit greatly from using accounting software. It helps them minimize the cost of hiring trained accountants for mundane tasks. Small and medium-sized businesses often have to make the best use of their resources to stay profitable. Accounting software helps them speed up their accounting activities at a lower cost.

It is easy to implement new ideas and changes across the company when the recordkeeping is digitized. Accounting software makes the company more nimble and responsive to change. It is also easier to see if the changes have resulted in financial benefits as reflected in the accounting reports.

Maintaining account ledgers manually is a painstaking and time-consuming job. Report generation also takes a long time manually. Accounting software updates all the relevant journals automatically and generates reports instantly. The generation of reports is done by the software and does not require any special accounting knowledge or skill by the user. The company will require the services of a competent accountant or auditor to go over the entire books of accounts periodically. But, there is no reliance on an accountant to manually compile and create reports. Business owners can study vital reports and easily track exactly where and how money is flowing in the business. It helps business managers gain deeper insight into financial data. It also saves the additional expense of hiring manpower specifically for accounting.

Businesses usually use accounting packages for daily activities such as

  • Recording transactions
  • Generating, receipts, invoices, bills, and other documents
  • Managing their cash book and bank accounts
  • Managing accounts payable and receivable
  • Generation of basic financial statements
  • Maintain an organized record of all transactions for tax and audit purposes

Features of good accounting software

 When you choose accounting software Uganda, look for the following features

  • Cost-effective: The best accounting package gives you all the features that you need for your business accounting at an affordable cost
  • Scaleable: Businesses grow over time. Switching accounting packages as your business grows can be troublesome and you lose out on having the historical data of your company in the same package
  • Good feature match: Pick software that has features that perfectly matches your business needs
  • Integrated modules: Payroll and inventory directly link to and impact accounting. An integrated software package lets you manage all these aspects of accounting in one place without the need for repeated data entry across software

Desirable features in an accounting package

  • Customizable: Every business has its own particular way of doing things. An accounting package that lets you personalize the currency, units, formats, type of calculations, and has plenty of accounting and reporting settings will be easier to tweak. So choose an accounting package that you can customize to suit your company.
  • Processes: The flow of documents and inventory processes in your company should be accurately reflected in the accounting package.
  • Easy to use: When your accounting package has a simple, intuitive layout it is easier to use. Ease of use helps speed up operations and use by all the necessary personnel.
  • Multi-user support: Software that allows different levels of access and multiple users helps keep important financial information secure. Pick a software that makes delegating access areas for different logins very easy.
  • Network access and remote access: Being able to access your accounting information when you are away from your office is very important in today’s digitally connected business world.
  • Reports: An accounting package that generates reports in the format required by the regulatory authorities makes work easier. You can effortlessly generate the reports and file them in physical or digital form as required

Benefits of using accounting software

Accounting software does more than digitize the recording of transactions. In a manual accounting system, the different ledgers that link to a transaction have to be updated accurately. An accounting package takes a single transaction entry and intelligently posts it in all the relevant ledgers and reports. So, using an accounting package lets you save the money that would be spent on a full-time accountant. The software cannot fully replace an accountant to set up and audit your accounts. But, it can enable non-accounting staff to enter details of transactions daily. Accounting packages also have the following advantages:

  • Saves time: Recording transactions as they happen at the point of transaction save the time spent in data entry.
  • Automatic records and reports: The generation of reports is also instantaneous as opposed to the manual calculation of reports. Reports are generated in real-time and are a more accurate representation of the current financial situation. Generating documents to submit to authorities is also quicker and more accurate.
  • Accuracy: Maintaining accounts manually allows room for human error. Using individual packages separately for accounting, payroll and inventory are also error-prone when re-entering data across different software. An integrated software package is more accurate and error-free. If there is a data entry error, it is easier to track than in a manual system.
  • Integration of related business activities: A comprehensive accounting package integrates payroll and inventory with the basic accounting package. It helps track and manage all the aspects of a company’s finances in one place.

Why is TallyPrime the best accounting software Uganda offers?

TallyPrime is ideal for small and large businesses. It is a comprehensive one-stop solution for all financial requirements. It helps the company comply fully with the local regulations and accounting principles. It keeps your data secure and ensures that there is an audit trail to prevent errors and malpractices. It is the ideal accounting software Uganda offers for different types of businesses of different sizes.

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