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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.
All accounting software has different 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:
Tally is one such software which provides end-to-end accounting solutions to business owners. Let us look at some of the key accounting software features in Tally.
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.
Manual data entry is tedious and prone to errors. With automation, accounting software keeps manual data entry to a minimum and increases efficiency. A good accounting system requires you to enter information only once and will automatically extract your data when you need to create a transaction.
Every business owner prefers to keep a track of the financial health of his business by referring to multiple business reports. Tally offers multiple reports based on the unique needs every business has. A user can view his balance sheet and trial balance anytime. He can choose the time periods for which he would like to view the reports and compare them. With Tally, he can also get other critical reports such as cash flow reports, ratio analysis to check the health of the business, profitability analysis and outstanding. Tally gives the flexibility to let users drill down from any report to the last level of any transaction and its corresponding voucher. This makes it very easy for users to view and analyse reports.
Businesses can view their receivables and payables in Tally. Tally allows users to view age-wise reports so that he can easily analyze his outstanding both bill-wise or ledger-wise. He can further sort bills based on due dates, amount, party names and more.
With Tally, a user can easily create GST compliant transactions, file GST returns and generate e-Way Bills. A regular dealer can file GSTR-1 and GSTR-3B returns, while a composite dealer can file GSTR-4 using Tally. All these forms can be exported in JSON format and directly uploaded in the GST portal. Alternately, if a user prefers, he can use the excel offline utility tools of these forms, import them into Tally and file returns.
Accessing your financial data is easy with accounting software. A cloud accounting solution allows you to get ahold of your numbers from anywhere, whenever you wish. All you need is a suitable device, internet connectivity, and a web browser.
A user can easily manage his bank transactions, cheque books, and create deposit slips using. Bank reconciliation is another aspect that a user can manage using Tally. Tally provides auto bank reconciliation for more than 100 banks. A user can upload the soft copy of his bank statement and based on the instrument number, Tally reconciles the transactions in books with bank statements. This saves considerable time for the user.
Your accounting software should offer you a free trial, so you have time to evaluate your choice. You'll want to enter a few test transactions to check the accuracy of the reports and the ease of use. With Tally, you can a 30-day free trial and under this timeframe, you can explore all its capabilities to decide what's best suited for your business.
Accounting can be a complicated process, and the last thing you need is an accounting system that is difficult to figure out. So pick a program that has an easy-to-use interface and is not laden with unnecessary features.
Most accounting systems let businesses add multiple users to the account to ensure controlled access to data. Some systems allow you to add and invite users at no additional cost. The accounting software you pick should let you invite users and collaborate with ease.
Automation in accounting software can help with tasks like sending out recurring invoices and payment reminders, leaving you with more time to focus on the big picture of your financial health. Look for a program that offers features to save you time and keep manual intervention to a minimum.
The first thing you need to decide when you pick an accounting tool is whether you want an offline accounting program or an online one. Your preference might depend on your business model and type. Because of it’s advantages over offline accounting solution, more and more business are opting for online software
If you are opting for an online accounting solution, data security is one of the most important things to look for. Check with the provider about how and where they store their data. You should also find out when the data is backed up and make sure it's frequent enough for your requirements.
Most businesses make the error of picking an accounting program that meets their requirements at the time. But as a business grows, business owners often find that their accounting program falls short of their needs, requiring them to migrate to another solution. Pick a system that can scale with your business.
Your accounting software should provide you all the accounting features you need at a reasonable price. Some accounting applications charge separately for updates and support, force you to buy add-ons, or charge extra for maintenance. Pick an accounting software that has no hidden charges associated with it.
The accounting system you pick should be easy to use, but it should also be able to offer you assistance if you ever need it. You should assume that you will need technical support at some point and look for an accounting tool that offers support through email or phone.