Accounting software has become quite imperative for businesses today since business owners have realized that manual accounting is time-consuming and is bound to human error. While incorporating accounting software enables efficient and smooth processing of business transactions, it additionally reduces accounting errors and saves time for accountants.
When choosing cloud-based accounting software for your business, there are a lot of considerations to make— deciding the features, price point and making sure that the software is user-friendly.
In this blog, we'll help you decide which features are essential for your accounting system and what you should look for when making your decision.
What is accounting software?
You need to keep track of your finances when you're running a business. Accounting software can be useful in this situation.
Accounting software is a tool that helps you manage your finances by tracking your expenses and income. It also enables you to prepare invoices, pay bills, and file your taxes.
There is a lot of different accounting software available out there, so it's essential to choose one that fits the needs of your business. Make sure to consider the prominent features and select the best accounting software in India.
The key feature of accounting software
When it comes to choosing the suitable accounting software for your business, there are a few key features you need to look for. Here are the most important ones:
Report and Analysis
Financial reports aid in determining a company's strengths and flaws. Hence, accounting software should be able to generate accurate reports that help you make informed decisions about your business.
The software should analyze and discern the company's financial position so that the management gets a clear idea of turning data into actionable insights.
Adaptability with Business Operations
The software should be able to adapt to different business operations and not be one software for all businesses. The flexibility in the software will ensure that it is a perfect fit for your business.
The software should be easy to use, meaning it should be user-friendly for everyone in the company so that each employee can easily access and operate it.
Accounts Receivable, Payable & Invoice Processing
The accounting software shall keep track of the accounts receivable, i.e.who owes you how much money, and accounts payable, i.e. how much money your business owes to its suppliers and vendors.
To ensure that payment is never delayed because you forgot to send out an invoice manually, the software should be able to produce purchase orders for vendors, sales orders for clients, and automatic payment reminders.
Accounting software should be cloud-based so that business owners can access it from anywhere. Cloud-based accounting software would ensure maximum security of your accounting data and is considered utmost vigilant.
GST and TDS Filing
This is a very imperative feature that one should look for in accounting software. The software can automatically calculate GST and compute TDS for you. This will make your tax filing process extensively seamless and accurate.
Benefits of accounting software
When it comes to accounting, you don't want to take chances. That's why it's crucial to have a reliable system that can handle your business's needs.
The following are some of the many benefits of using accounting software:
-It automates many traditionally handled tasks by accountants, like bookkeeping, invoicing and billing.
-It helps you stay on top of your finances by tracking expenses and creating reports.
-It is far more secure compared to manual accounting
-It makes tax season a lot less stressful.
So if you're looking for a way to take the load off your and your accountants' shoulders, accounting software is definitely the way to go.
An accounting system is an indispensable piece of software for any business. It helps you track your expenses, profits, and losses. It also allows you to file your taxes correctly. By now, you must have a clearer idea of the numerous benefits accounting software will bring to your business.
So when choosing an accounting system for your business, make sure to consider the listed features, and then choose the best cloud-based accounting software for your business.