Over the years, technology has kept on revolutionizing the world and even our lives. Accounting software is of the great gifts that technology has given us and its use is rising. Accounting software is considered to be the growth engine for MSMEs and SMEs. It performs all the accounting-related tasks of the business unit digitally and efficiently. It manages and assesses the financial status of the companies with minimized errors and mistakes. Today, every organization regardless of being big or small uses top free accounting software. The software saves the crucial hours of the business entrepreneurs in the below-listed ways:
- Account management
One of the major and essential works of any accounting software is to manage and take care of the finances. It helps the entrepreneurs in managing the accounts receivable and payable, shows all the liabilities, deals with the banks, expenses, revenues, profits, taxes, assets, and many more things in a given period of time.
For instance, accounting software automatically generates the reports for ensuring whether the business has enough receivables to pay for the upcoming future expenses and bills or not. It can be understood when the accountant enters the bill along with the customer invoices and due dates.
By doing so, the software helps the business units to save their crucial hours. Saving the working hours is an essential thing for the companies in their initial phase. Manual bookkeeping demands a lot of effort and also consumes ample time, whereas the software simplifies all the tasks and the entire accounting procedure. Hence, it saves a lot of time and allows the entrepreneurs to focus on important tasks such as the expansion of their business.
- Inventory management
Inventory management is also a crucial aspect of any business unit regardless of its size. It is a systematic approach to access, store and earn profit from the non-capital assets such as raw materials and finished goods. Accounting software helps to get the stock management better and more efficient. It monitors all the activities digitally with zero errors. There even are a few of the companies that manage their inventory through the mix of digital spreadsheets and manual stock takes. This results in disappointed customers, inaccuracies, and waste of time. To overcome such problems and have efficient working, the companies have started using modern software.
- Exhaustive statutory reports
The government of India has levied multi-layered taxes and the process of paying such taxes is indeed complex and dynamic. The software helps all the entrepreneurs to file all different taxes with the ease of a few button clicks. The software provides all the statutory reports such as TDS, GST, and TCS. The software also helps to generate the GST summary and e-returns and much more. The accounting solutions that have the records of financial documents can automatically make suggestions while making the reports. It manages the process easy and hassle-free.
- Manages invoices and bills
The software helps one to provide invoices to the clients and prepare the bills without any mistakes. Less paperwork directly leads to efficient work. Hence, the accounting software offers reliable data on payables along with increasing the profitability of a company.
- Manage payroll
Accounting software manages the workforces along with managing the business finance. The software is designed in such a way that a non-accountant person can even use the software with ease and manage the salary, overtime, wages, loan, bonuses, advances, and many more. It provides complete payroll reporting of the bank advice, payroll registers, ESI, PF, and e-return.
- Customer management
The best part of any software is its nature to help the company to start from scratch by completely managing the customers. It helps in maintaining the customer information along with their products/ services purchased, contracts of the company, organizational hierarchy, and much more.
Globally there is a tremendous increase in the use of accounting software as more and more companies are adopting technological advancement. Similarly more and more SMEs are also adopting the systems. According to the market research that ran over around 3000 organizations, it was seen that all of them looked for reliable software. 37% of the organizations were the new buyers as the software acts as a shelter for the small and new businesses. MSMS, SME entrepreneurs without a degree in business administration or any other qualification or experience can also use the accounting software to manage the monetary activities of the business unit.
Conclusion
Regardless of the point that you are a new buyer or are planning to change your software, a small organization or a big one, it is suggested to opt for the best accounting software as per the requirements of your organization.
