Accounting Software & Principles

Accounting is one of the integral parts of the business; this is why businesses spend a lot of time and money in recording their transactions. Accounting helps you in determining the financial health of the business. Accounting plays a key role in compiling financial statements.

What is accounting?

Accounting is a practice of systemic maintenance of financial records of the company which helps in summarizing the records to compile the financial documents of the business. Accounting business transactions provides invaluable information to the people who have a direct or indirect interest in the business and it is the steppingstone for business decisions.

The need for accounting software:

Accounting software is a set of computer programs needed to manage your business transactions. Some programs offer simple bookkeeping while some are little more advanced to manage the entire financial needs of the large businesses. Accounting software allows you to run your accounting departments efficiently. It also reduces the chances of costly bookkeeping mistakes. For business owners, accounting software provides precious business information for confident decision making.

In addition, if you want your company to remain registered on major stock exchanges, you should regularly file the financial statement following the accounting principles. Accounting software can help you in maintaining such financial statement.

Choosing the right accounting services:

Most of the businesses while searching for the best accounting services look for the accounting software, which is affordable, easy to use and suits the business objective perfectly. Accounting software keeps financial data in an organized way and provides related information whenever you need. Picking the right business software is not an easy task as it includes a lot of research. At present, a lot of accounting solutions are present, and here are your top options to pick the right one for your SME:

  1. Tally.ERP 9 – Tally.ERP 9 is the number one business accounting software for SMEs. It is user-friendly software which is developed by Tally Solutions Pvt. Ltd specially curated for accounting. Tally.ERP 9 helps in managing:
  2. Professional Invoicing with Multiple Billing Format
  3. Effective Cash and Credit Management
  4. Flexible Order Management
  5. Accurate and Flexible Inventory Management
  6. Seamless e-Banking capabilities and Banking utilities
  7. Insightful Business Reports at blink of an eye
  8. Ease of Managing GST Compliance
  9. Payroll accounting & Salary processing
  10. Enhanced Security and User Management
  11. Cost Control and Cost analysis
  12. Secured Remote Access and Data Synchronization

It is the best accounting software offering audit and compliance services. Tally.ERP 9 helps you to stay always updated with changing GST Laws It minimizes the chances of rejection of filed GST returns. It automatically detects the error in GST filing and corrects them. The automatic detecting and seamless system assisted correction makes the GST filing error-free and easy. Tally.ERP 9 makes every process easy from generating invoices to detecting the GST errors. Tally.ERP 9 can easily manage and control the finance-related operations including budgeting, bank reconciliation, internal audits, inventory valuation etc.

  • Busy accounting software – This software is developed by Busy Infotech Pvt Ltd. Busy accounting software helps in managing sales, accounting, purchase, CST, currency, Payroll etc. Companies having global outreach can get this software to have better control of their finances. Few of its many features include multi-location inventory, multi-currency accounting, GST invoicing etc. There are three basic editions of this software – Basic, Standard, and Enterprise.
  • Marg accounting software – Developed by Marg Compusoft Pvt Ltd, it is one of the well-known accounting software among SMEs in India. It is simple and easy to use. This GST accounting is your ideal pick if your business operates in distribution, retail and manufacturing. The software allows you to fulfil your tax requirements accurately. It leaves no scope of mistakes, and it also makes bill generation and delivery easy. Easy and quick billing, accurate GST tax calculation, barcode management etc. are few of the many features of the Marg accounting software.
  • Saral Accounting Software – The software is developed by Relyon Softech Ltd. Due to its ability to help in TDS, financial statements, voucher entry etc. the software is getting popular among big businesses. The software is widely used by distributors, retailers and manufacturers along with other small and medium-sized businesses. The software is capable of auditing log as per the GST guidelines, managing TDS, and generating GSTR 1, GSTR 2, GSTR 3.
  • Zoho Books– Zoho Books is user-friendly accounting software created for SMEs. The software allows you to send the professional invoices to clients to receive online payments quickly. The accounting software allows the businessman to know every detail of his expenses. The accounting software helps in tracking and categorizing expenditure in real-time to provide better control over cash outflow. User needs to connect to Zoho Books to the bank account to get the updates regarding the cash flow.

Accounting software is a must to keep track of the company’s financial health. Accounting software is best in generating a variety of report, tracking expenses and preparing invoices. This list of accounting software will help you in picking the right software for your business.

Image credit: Accounting Software via create jobs 51/Shutterstock

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