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  • An in-depth process to choose the ideal ‘Business Accounting Software’

    Published on November 14, 2019

    If you are a business owner, you should procure the pre-requisite software that can add value to your business and ease the execution of tasks that you come across frequently. One such task is accounting which in simple terms means recording of business transactions and further interpreting in in the form of reports. If the scale of your business is very small, you can make use of offline methods (such as maintaining a book/khata) to record daily transactions but that is time-consuming and error-prone.

    Even though you are a business owner with no flair for technology, the first piece of software that you should purchase for the smooth execution of your business is business accounting software. With so many products available in the market, it becomes a herculean task to choose the right business accounting software.

    In this article, I will try to ease that task by listing down some of the most important features that should be a part of a business accounting software.

     

    1. India centric approach

     Many multi-national companies have great business accounting software in international markets. Many of these companies have launched their products in India as well but the products do not have an ‘India centric’ approach due to which the real pain-point is not solved.

    Choose a business accounting software from a known company that has a deep-rooted understanding of the Indian market as some business problems might be India centric only! A company like Tally Solutions has been an enabler for Indian businesses for more than  3 decade due to which their business accounting software is used by large-scale & small-scale businesses.

    1. Generation of accounting reports with ease

     Every business owner keeps a timely check about the health of the organization and the health depends on the cash-flow of the company. The business owner should be able to access the business reports any time so that his leadership team can make informed decisions.

    Tally.ERP 9, the latest version developed by  Tally Solutions, you can check the key reports – ratio analysis, profitability analysis (P&L), cash-flow, balance sheet, bills receivables etc. instantly in blink of eye. Many of these reports are generated on the unique needs of the business.

    Timely decision making & execution are the key qualities of a good businessman and this feature enables them to do the same.

     

    1. Secure

     Whether you are using an offline accounting software i.e. one that needs to be installed on the system or SAAS based accounting software, data security is of prime importance.J.

    For the other category of accounting software i.e. software that enables access of data even when you are on the move, data security is very important. Only authorized users of the business accounting software should be able to access the financial data of their organization. Also, the reports downloaded on mobile devices should be accessible only via secure means.

    If a product is being used by businesses of varying scale & size, it means that the features of business accounting software are robust and it adheres to all security standards. One testimony is whether the software is used by business conglomerates or not? If yes, then it ideally means that the software is secure!

     

    1. GST Compliance

     

    The business accounting software should be able to create Goods & Services Tax (GST) compliant transactions with ease. Though GST is well-received by the business fraternity, first-time entrepreneurs find GST very complicated.

    A good business accounting software should be capable of generating e-way bills and it should also ease the task of filing GST returns by just uploading the data in JSON format to the GST portal. It should also have features that can be used in the offline mode so that there is a dependency on the connectivity.

    Above all these points, a business accounting software should be robust, scalable, and must be capable of handling all types of accounting transactions. This is where Tally.ERP 9 can fit your requirements as both small-scale & medium-scale business owners can use the same with ease as the UI is intuitive.

    According to you, which are the must-have features in business accounting software? Do leave your opinion in the comments section…

     

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