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Accounting software is a solution used by bookkeepers, accounting professionals, and business owners to process accounting transactions and manage accounts. Here are some of the most important features, benefits, and things to consider when you pick an accounting tool for your business.
Every accounting software has various sections - modules - that deal with specific parts of the accounting process.
The core modules are:
There are other modules in different accounting software that are added on as needed. They include:
Find out: Which is the best accounting software in USA
Business accounting involves a wide range of activities in order to capture a business's entire financial picture. Done manually, it's complex and time-consuming work. But accounting software has helped simplify these processes, giving business owners more time to focus on the administration and execution of their strategies.
Let us take a look at some of the key features that you should look for in an accounting software:
To ensure complete accuracy from start-to-end, it is important that your accounting software allows you to automate processes completely. Manual bookkeeping is tedious, especially for small businesses, when there is consistent growth. With automation, accounting software keeps manual data entry to a minimum and increases efficiency. An ideal accounting software, would only ask you to configure features once, and understand your behaviour, and give out results without having to define actions, time and again.
Accounts receivable refers to the amount that a company is entitled to receive from its customers for goods or services sold on credit. Accounts payable is any sum of money owed by a business to its suppliers shown as a liability on a company's balance sheet. In simple words, when you buy goods or services with an arrangement to pay later, such an amount till it is paid, is referred to as accounts payable. Debtor management is crucial to keep optimum cashflow, and with the help of your accounting software, you will be able to manage your accounts receivables and payables more accurately.
Remote access to data has become a necessity than a choice. In a time when everyone is on the move and locations can’t pass as an excuse for poor work productivity, remote access can be your best ally. There could be several instances, where you would need access to some important company data, and your records are back in your office. During such times, remote access capability comes in handy, as it allows you to get the desired data on-the-go. However, when a software solution provides you a remote access facility, it is of prime importance that it also lets you define user-specific controls to the data, to avoid any data breach. Thus, this will not only increase your employees’ productivity, but will also save a lot of time and cost and help in faster decision making.
Every business is different. An ideal financial management software should allow business owners to configure features based on their business requirement, and not the other way around. For example, when you set up masters or record an invoice, the process of passing any transaction should be seamless. The software which you choose for your business should be customisable as per your needs so that you can make the most of it, to be more precise, your software should be “designed for you”. It’s very important to try and quantify the benefits you’re expecting to gain from your tool. The more specific you are, the more accurate you can be when researching prospective software solutions.
Businesses who also operate internationally, often seek data as per the respective nation’s standards. Be it in terms of currency, compliance or language, etc., an accounting software must be able to mould itself as the business requirements. From the flexibility to give customised options to choose or predefine language to generate reports to filing returns as per the country’s law, the software should enable you to perform all country-specific actions, without having to opt for any external additional resources.
Accounting software helps streamline a business’ financial records. Adopting an automated technology to manage your company’s finances will give you the below advantages:
An automated solution for bills receivables and payable management will help you get paid faster as well as managing payment timelines. TallyPrime facilitates easy and efficient stock movement, making it possible to optimize the cash flow. Besides, the insightful reports at blink of eye help you make confident decisions and plan the growth of your business better.
Rapidly evolving environment of a small business demands quick adaptation from the software that is being used to run the business. With the speed that Tally brings, you can get things done quickly and save precious time, helping you do more for less.
Manual data entry could lead to erroneous and inconsistent information. An accounting software will mitigate this contingency and help you generate financial reports faster and more accurate. With TallyPrime, you can print or view the reports being in the middle of voucher entry, you can load another company being in a report without abandoning the activity you were on it, get to know the irregularities or odd details from every report that you view and much more. No more remembering short cut keys, you have the intuitive and consistent workflow that helps you do work faster.
An accounting software will help you identify the late payers and credible customers who always adhere to timelines. To ensure better credit management, you can set maximum credit limit based on the credibility of the customer, using an accounting software and have better control over your cashflow. You will also be notified through an alert during a sales invoice if your customer has any overdue bills.
Simple, intuitive and works just like a human brain. TallyPrime enables businesses to stay on top of their game with accurate accounting reports with great amount of flexibility. Starting from payments, receipts, sales, purchases, credit notes, debit notes, journal, contra, and more. With just a click of a button, you can pass these transactions easily in your books and their effect will reflect in the respective accounting reports.
An accounting software that adapts to your business is the most appropriate one for a small business. It is important that the accounting software grows with your business and offers capabilities that will be beneficial for appropriate business forecasting. Thus, choosing an accounting software with features to manage your overall business for improved efficiency is the best suited option.
An accounting software can help manage various aspects of a small business. From inventory management, receivables/payables management, payroll management, tax compliance to generating accurate financial reports to maintain steady growth.
Choosing an accounting system depends on your budget, preferences and business size. The four main types of financial software systems include:
Below are the types of accounting software available in the market:
Accounting software in the operational field of invoicing/billing takes care of companies' basic billing activities. And they also serve the day-to-day tasks which a business undertakes including cheque writing and informing customers on their due payments etc.,
This category of accounting software manages the companies' payroll registers, performs an array of different tasks, including calculating employees’ salaries, cutting deductions, depositing the salary directly into staff members’ bank accounts, producing tax forms and payslips and more.
This category of accounting software solution handles the operational portfolio that combines all systems used for product planning, material purchasing, inventory management and control, distribution, accounting, marketing, finance and Human Resource.
It is critical that a software product is bought to match the specific requirements of the business. There are many software packages available in the market, aiming at different segments of the SME market. Business owners must be aware of the business requirements vs the software that is being considered.
TallyPrime is so flexible and intuitive that it adapts to your way of working and you can simply book a free demo and experience its amazing capabilities. Take a look at more accounting features that TallyPrime offers. Automate your accounting process with great ease and accuracy, today!
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