What is Accounting Software?

Accounting Software is used by accounting professionals to process financial transactions like accounts receivable and payable, invoicing, tax compliance, general ledger, cash flow analysis, trial balance, income and expense statements, balance sheets, payroll among others.

With the reports generated, an organisation can get a glimpse of how they are performing financially and create future budgets. Accounting Software enables the efficient and fast processing of financial transactions. Automation of processes leads to a reduction of staff costs who would previously be engaged in manual processing of data. There is also a reduction in human accounting error. Records are automatically kept up to date.

Why is Accounting Software important in business accounting?

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.

What are the benefits of Accounting Software?

  • Reduced operational costs through the elimination of outsourcing of bookkeeping.
  • Simple and fast data entry capabilities.
  • Better decision-making process through the acquisition of timely and informatics financial reports.
  •  Improved productivity by reduction of approved process.
  • Time saving and low cost.

Features of Accounting Software

From basic features that keep track of the money coming in and going out of your business, to other advanced features that give you more control, accounting software offers a multitude of features that help simplify accounting tasks. The features of accounting software can vary depending on vendors.

Accounts payable

Keeping track of your expenses and how much money you owe is crucial for your business. Your accounting software should offer features like purchase orders, bills, vendor credits, and expenses to make the payables side of your business operations as smooth as possible.

Accounts receivable

Keeping track of your income and how much money you receive from your debtors to business. Your accounting software should offer features like sales orders, invoices, customer credits, and income to make the receivables side of your business operations as smooth as possible.

Banking

Every accounting software should offer you some link to your bank, so you can make payments and import your bank statements to your accounting system. Some software goes beyond these basic functions to offer features like automatic bank feeds, transaction matching, and banking reconciliation.

Reporting

Accounting without analyzing the numbers is fruitless. All accounting software provides financial reports to analyze the numbers and make business decisions for the future. A few accounting software options go further and support functionalities like report sharing, scheduling, and customization.

Inventory

Inventory tracking is essential for goods-based businesses. From tracking stock on hand, to sending notifications when you are running out of stock, to making inventory adjustments, accounting software with inventory tracking can help streamline your business operations.

How to pick the right Accounting Software for your business?

When picking an accounting software for your business, you need to understand your business requirements and the features you need. Here are a few things you should look for in your accounting tool.

Top Accounting Software available in India

Tally Prime

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Accounting Software 7

Tally Prime is a complete business management software solution preferred by over a million enterprises across 140 countries. It offers comprehensive capabilities to manage all your critical business requirements such as,

  • Accounting & Finance
  • Inventory Management
  • Purchase & Sales cycle
  • Payroll Management
  • Banking

What are the jobs after tally?

19873
Tally Job

  • Tally Jobs. Admin Executive.
  • Accounts Executive.
  • Audit Executive.
  • Financial Analyst.
  • Account Manager.
  • Senior Accountant.

QuickBooks Online

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Accounting Software 8

QuickBooks is an accounting software package developed and marketed by Intuit. QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.

  • Easily creates and manages invoices
  • Professional estimates
  • Instant access to critical information and reports
  • Consolidated customer and supplier data
  • Track sales and expenses
  • Get your Company Snapshot
  • Handle foreign currencies

What job can I get with QuickBooks?

  • Full-time, part-time, freelance, and contract work
  • job titles such as Bookkeeper, Certified Public Accountant – CPA, and Senior Software Consultant

Peachtree / Sage 50 Cloud accounting

image 50
Accounting Software 9

Sage 50cloud Accounting, formerly Peachtree, is the classic software that simplifies your everyday accounting tasks and provides the insights to run your business more efficiently. Peachtree accounting software, now known as Sage 50cloud, offers:

  • A desktop installation for performance and security.
  • Robust functionality for accuracy, compliance, and control.
  • Intuitive interface for easy adoption and use.

Where can I work after accounting?

  • Accountant.
  • Financial Controller.
  • Internal Control Analyst.
  • Financial Analyst.
  • Financial Planning/Budget Coordinator.

Conclusion

So here we are concluding that, an Accounting Software plays an important role in any kind of business like oil and gas, automation, construction, IT sector, etc..

WhatsApp Image 2021 11 24 at 12.35.08 PM
Author: Nirmal Michael PM
Department: Fintech
Linkedin: Nirmal Michael | LinkedIn
SMEClabs Fintech Division
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Author: Hissana Shahanas A S
Department: Fintech
Linkedin:
SMEClabs Fintech Division

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