What is accounting?
Accounting is keeping records of your business’s financial health, be it any kind of business, a small scale or large scale they all have to and need to maintain the accounts of the business. The accounts of business includes a number of things from maintaining income tax to profits, from operational budget to ledger accounts and as business grows, maintaining business financial records gets difficult. Accounting is a method of maintaining, understanding and recording everything related to financial aspects of business. Accounting helps to have a clearer picture of business financial health.
Accounting helps you to manage your incomes and expenses so you don’t end up spending more than you can. Accounting not only helps you manage them but you can easily make a report on if your business is making profits, which part of business brings more revenue, what is the real market value of your assets and liabilities and how efficient is your cash flow.
The basics of accounting includes
- Income statement
- Balance sheet
- Profit and loss statement
- Cash flow statements
- Bank reconciliation
What is accounting software?
Many software companies have developed a simplified software for the companies to manage their accounts in an efficient way. Managing accounts manually can be tiring and time consuming, these softwares cut down the manual work to minimum and increase the efficiency of the business. Every retailer needs a retail management software India for accounting. Accounting softwares is used by all companies irrespective of their size. With all the indirect taxes combined GST has been implemented, its four slabs need different calculations. Performing bookkeeping and calculating GST altogether can be a real task, so the softwares has inbuilt a GST calculator to ease the work of the company.
Which are the top 8 best accounting software ?
With so many softwares in the market, finding the one which suits both the company’s work and budget is very important. With the right software you can easily maintain your financial health efficiently.
- TALLY.ERP 9
Tally.ERP 9 has always ranked first when we talk about accounting software due to its GST integration and all the changes made by the financial accounting system by the government. Tally is integrated with error detection which helps minimizing the rejections of GST returns. From creating invoices to auto bank reconciliations. Tally helps you grow with your business by generating timely reports. It is a simplified process which helps accounting manufacturing details with less resources.
- Quickbooks India
Every business needs software which simplifies its work more efficiently. The software allows the business to create invoices, manage sales, and maintain data on cloud based. One can operate this software without having the basic knowledge of accounts. The software has many tools which help creating invoices, reminders for payments and sales, inventory tracking and even bank reconciliation statements with an easy interface. It helps one to keep a track on every aspect of business.
- Zoho books
It is one of the popular accounting software in India due to its end to end solutions for every financial problem. With the GST integration and a proper automated workflow management which helps in managing all departments at one platform. From GST invoices to maintaining those huge ledgers zoho got it all covered, it is an affordable mode to file error free GST filing.
- MargERP 9+
margERP 9 + is GST and Accounting integrated software which makes easy GST filing, help in generating invoices in batches, maintain detailed transactions, encode and centralize barcodes, and automated bank reconciliation. It segregates into right GST slabs and manages transactions accordingly. It is an affordable and specialized software with customized features, with more than 500 videos on how to use it is easy to implement in your business.
An ideal software for small business. It is a free platform to manage invoices, transactions, inventory, everyday business activities with constant monitoring of business growth. It helps in eliminating manual work and lets us use the time in productive activity. With inbuilt GST integration it helps in filing error free tax return filing. Helps with customized invoices, reminders of payments and even focuses on every unit of the business.
A great accounting softwares for entrepreneurs, It firms, freelancers and accountants. You can easily use myBook GST software for any kind of small business. You can easily lessen your accounting stress by using such softwares. Due to its easy interface small business owners can easily use this for their business. With its pop ups of how to use the product without any formal training one can easily use this software.
- Busy Accounting Softwares
A window based accounting software Busy was created to offer a digital and computerized solution for manual accounting. Curated by a group of IT professionals to bring a massive change in the accounting sector. The software has anything and everything a business needs. The software has three segments which makes it easier for three different business sectors: small, medium and micro.
Logic software helps in strategizing the accounting and financial segment of business. The managers need a quick overview of work to make decisions efficiently. An advanced computerized software which helps in making error free management of finance, planning and forecasting the expenses and income of the business, the software can help you hold cross communications with different departments. The software has tools which help in managing Human resources, inventory and accounting aspects of business.
Finance is the heart of business, if the finance of the business is healthy the business can work easily and smoothly, manual accounting can lead to many errors no matter how professional the person is. Financial aspect of business includes many things right from creating an invoice to filing your GST, and managing all this manually with so much paperwork can create chaos and can also slow the process of business. With everything digitalized the accounting softwares can work as magic to your business with easy interface and error free accounting you can easily record and maintain your business finance with these softwares.