Accounting Packages For Your Growing Business In Tanzania

• Why do you need an accounting package?
• I run a small business. Do I still need accounting software?
• Features of good accounting software for a growing business
• Desirable features in an accounting software
• Benefits of accounting software
• Why is TallyPrime the top among accounting packages in Tanzania

A small business looks for means and opportunities to grow and become more profitable. Most business owners have to focus on tapping the market demand, designing the right product/service, keeping costs low and profits high. The basic operations of the business sometimes get little attention simply because of the high pressure of the company's day-to-day activities. However, good accounting is the foundation of good business practices. With many balls in the air, it is easy to neglect to record and monitor your cash flow. Accounting is essential for every business owner to watch the flow of money through their business. Ultimately, every business needs to watch its money, and the best among accounting packages in Tanzania, TallyPrime, helps you do just that.

Why do you need an accounting package?

Accounting helps you record every transaction in the company. Manual record-keeping needs time and skilled human resources to maintain the daily records. Accounting software makes it easier to keep track of the transactions without having a dedicated accounts trained person on duty at all times. It helps the company effortlessly generate the reports that help track and analyze the cash flow in the business. This gives you actionable reports that drive informed decision-making. Accounting packages give your accountant and audit team all the information to analyze your financial dealings. As your company grows, you can easily cope with the increased volume in transactions when you use an accounting package. Most business owners only think about an accounting package when they need to file taxes or generate other financial reports for submission to the authorities. They do not realize that their accounting package can also do so much more by giving them insight into their business's cash flow and financial health.

I run a small business. Do I still need accounting software?

Small businesses usually have limited resources at their disposal. Time, money and human resources may often be in short supply, especially when the company is doing well and scaling up. An accounting package relieves you of the detailed and time-consuming process of making manual transaction entries. Maintaining ledgers manually may need more than basic knowledge of accounts to prevent significant errors. An accounting package can be set up for your business, and the daily entries can be performed by someone with basic accounts knowledge. It takes in-depth accounting knowledge and time to look at ledgers and summarize the cash flows. An accounting package does that for you automatically and helps you watch your money flow and maximize your returns.

Accounting software can help a small business in many ways. The most commonly used functions are:

• Recording all transactions
• Invoicing
• Bank and credit card management and syncing
• Accounts payable
• Accounts receivable
• Basic financial statement preparation
• Maintain complete data records for accountants or tax professionals

Accounting software helps a small business save on the cost of employing dedicated accounts personnel for daily accounting activities. It also helps the business perform activities such as billing, invoicing, and report generation quickly and accurately.

Features of good accounting software for a growing business

A good accounting package for a growing business should have the following features:

• Cost-effective: An affordable accounting package is accessible for a small or growing business
• Scaleable: A growing business will have changing and evolving accounting needs and transaction volumes. An accounting package that is designed to be scalable for small and larger businesses means that the business will not have to reinvest in new accounting software every time it grows
• Good feature match: An accounting software that has features that match the business needs will be a complete business solution

Desirable features in an accounting software

• Customizable: An accounting package that can be tweaked to match your company’s methods and processes perfectly is ideal. It should also offer support for different units, formats, currencies, and multiple features
• Easy integration: Software such as TallyPrime is designed with a simple, intuitive layout. This makes a quicker and more accessible learning curve for new users. The easier it is to start using the software to better the chances of everyone in the business using it
• Multi-user support: Support for multiple users with multiple access levels is essential for security and administrative reasons. It also keeps users from accessing data that the business owner would rather keep classified.
• Network access and remote access: The modern business world is more digital and remotely controlled than ever. Having access to your accounting software from multiple locations and when you are on the go is a very desirable feature

Benefits of accounting software

Accounting software cannot replace the need for a qualified business accountant. But, it does let you handle the basic accounting tasks by yourself and save on the expense of hiring an accountant. Some of the other advantages of an accounting package are:

• Saves time: Since the accounting tasks are easily performed by most of the people in the company, it saves the time spent waiting for it to be done by accounting personnel. It is also significantly quicker than manually processing accounting tasks
• Automatic records and reports: Accounting software requires the entry of all business transactions. However, unlike a manual system, the software updates all the appropriate books and ledgers for you. It also generates all the reports that you would need to file with the regulatory authorities for audit and accounting purposes.
• Accuracy: Human error is inevitable. However, accounting software minimizes the errors caused by the wrongful entries posted in ledgers or in mismatched entries caused by typos. Since a single transaction entry is reflected across all relevant reports, human error is minimized.
• Integration of related business activities: A good accounting package such as TallyPrime also integrates payroll and inventory with the basic accounting tasks. It allows you to record and track all these related aspects of the business in one place.

Why is TallyPrime the top among accounting packages in Tanzania

TallyPrime offers many advantages to small and large businesses. It offers comprehensive features that make it a one-stop solution for accounting needs. It is also minutely customizable so that you can adapt its looks, operations, and features to match your requirements. It has multi-user support with varying levels of access and security. It is simple and easy to use. One of the most attractive features of TallyPrime is that its useability grows with you. When your growing business becomes larger, you can continue to use TallyPrime with no hassles. It is as useful to a small business as a large corporation. It also generates reports in line with accounting principles, and the formats government agencies require. This saves a lot of time and effort in report generation.

TallyPrime keeps your data safe from unauthorized access, and it also allows you to backup data in case of any unforeseen computer issues. TallyPrime’s security features also create an audit trail that prevents malpractices in accounting and makes it easy for auditors to study and verify the accounts. It is one of the best accounting packages in Tanzania for growing businesses.

Read More: 

• How do you Choose the Right Type of Accounting Software for your Businesses?
• Personalise the Business Reports the Way You Want
• What Your Small Business Needs Today and Tomorrow to Grow?