Accounting Software- Advantages of computerized accounting

Posted by SoftwareGyani on January 2nd, 2020

Computerizing accounting is now being extensively used for evaluating the financial performance of organizations. Businesses of all sizes rely on accounting software to simplify the complex accounting task and have error-free financial reports.

Best accounting software is a solution that empowers you to manage your financial transactions, reports, data, etc seamlessly. Accounting software in India acts as the fundamental tool for tracking, recording, maintaining transactions, generating reports etc. of small & mid-sized businesses. A good accounting solution is integrated with modules like bookkeeping for managing transactions, invoicing system for generating invoices, ledger system to summarize all ledger entries and general transactions of your organizations; stock & dispatch management module for tracking products from billing till dispatch; purchase order for tracking all orders, reorder for placing order to supplier before you go out of stock. GST compliant accounting solution also helps in error-free GST billing and return filing. All these modules help you gain complete control over your business. 

If you’re planning to switch over from manual process to a robust computerized technology for accounting then it would be beneficial for you to be enlightened about the features & advantages of an accounting system, and how you can utilize it in the long run. 

Important Features

A strong accounting system is capable of elevating your business growth to a great extent. The best accounting software not only provides an insight into your financial data but also helps you meet the legal obligations. Below are some of the necessary features

Invoicing

It helps you automate all the process of collection & keeping track of every transaction. This will make sure that your customer’s data is saved and the invoice is generated every time with precision on time besides it also reminds you of any outstanding bill.

Reporting

Accounting solution offers you a wide array of reporting such as income statement with profit & loss, balance sheet, payroll summary, cash statement and so on. You can also generate reports as per your preferences and time slab and make data-driven financial decisions. 

Online Banking

Banking through an accounting system is like a cakewalk. It imports the data from bank account directly to your system, and simplifies check printing, payment scheduling, direct deposits, post-dated check management etc. thus automating all your bank processes and you don’t need to visit the bank anymore.

Forecasting

Forecasting your account is impossible with manual methods. Good software will help in calculating and depicting your financial performance based on history. So that you are prepared for the upcoming year and can plan your sale strategies accordingly.

Inventory management

An effective financial software also manages your inventory and keep a track of each product so that you can quickly deal with any inventory issues. This also increases your billing speed as you need not enter the data manually, just scan a barcode and you are done. 

Multi-currency support

If you are dealing overseas you must be aware of the challenges in dealing with different currencies. Therefore, you should look for software that supports multiple currencies and you can focus on customer satisfaction.

Advantages of an accounting system

  • Cloud backup with 100% security

  • Fast billing speed with instant data access

  • Cost-effective system

  • Saves time & efforts

  • Reliability in financial reports and statements

  • Reduces human errors

  • Real-time data updates 

  • Helps you allocate resources precisely

  • Tax compliant

Conclusion

Considering the above-mentioned features and advantages we can conclude that accounting software is the need of the hour. To stay at par with your competitors you need to computerize your accounting system and you should be very careful about choosing the right software that best fits your requirements.

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