With the rollout of GST, the government requires even Small and medium enterprises (SMEs) to maintain financial uniformity. This makes them look to chartered accountants (CAs) to provide an efficient and robust accounting system. A system that will help the enterprises comply with GST laws. To maintain such an accounting system, having accounting software becomes imperative.
A business accounting software organises an enterprise’s financial data. The software helps prepare and present accounts and financial statements according to issued standards. Accounting professionals can use it for systematic measurement of the financial data of a business. You can also use it for verification, interpretation, summation, and classification of financial data.
CAs must have good accounting software to generate tax invoices and create and manage GST levied at different levels (CGST, SGST & IGST).
Additional Read: Impact of GST on small and medium businesses
Financing your software requirements
Bajaj Finserv Flexi Term Loan for chartered accountants helps practising CAs to manage their finances. It is an industry-first facility allowing you to make multiple withdrawals per your financing need. And you can repay as and when you have extra funds.
A Flexi Term Loan helps you expand your working capital and your firm’s client base. With a Flexi Loan, manage expenses and costs like hiring contractual or specialised personnel and training existing ones. You can also use the loan to pay rent and subscription fees. The loan can cover all other unforeseen expenses as well.
Here are five recommended accounting software packages, along with their pricing and features.
1. Tally.ERP 9
Tally is a market leader in business accounting software. It helps firms prepare and manage journals, ledgers, debit and credit notes, and trial balances. The software also helps manage profit and loss statements, balance sheets, cash flow, and more.
- HR and payroll management
- Multiple company support
- Financial management
- Inventory management
- Invoicing and billing
ProfitBooks is a popular cloud accounting software that lets you create invoices, track expenses and manage inventory. It helps you save time and manage your finances more efficiently. Since ProfitBooks is a cloud-based solution, you get remote access to information, thus ensuring mobility.
- GST invoicing with payment gateways integration
- Expense management
- Inventory management
- Warehouse management
- Multi-currency support
3. Zoho Books
Zoho Books is user-friendly online accounting software designed for small and medium enterprises. Its key features include automatic bank feeds and payment notifications, online collaboration with customers, and time tracking. The software is also useful for inventory management, invoice tracking, reconciliation, and automated workflows. It helps businesses manage all their accounting operations effectively on a single platform.
- Files GST returns
- Create estimates and invoices
- Track bills and expenses
- Connect to secure, automatic bank feeds
- Create projects and timesheets
- Create sales orders and purchase orders
BUSY is an integrated software ideal for the accounting needs of micro, small, and medium businesses. With the software, accounting professionals can manage TDS and TCS compliance. The software helps with managing MIS reports and analysis for businesses. You can also use the software for multi-currency financial accounting, GST invoice creation, and report generation.
- Inventory management (multi-location)
- Production and bill of material
- Sales and purchase quotations
- Sales and purchase order processing
- Fully user-configurable invoicing
Marg ERP is among the leaders in general accounting software. You can use this software for managing invoices, sales orders, purchase orders, payroll, GST e-return, and more.
- Validates data for internal audit
- Creates GST-compliant invoices in various formats
- Generates reports for analysis and decision-making
- Ensures data security with the management of user access rights
Good accounting software can provide insights into your business and its financial health. The software helps you to make well-informed decisions. With GST requiring periodic filings, every business needs to maintain proper accounts of their sales and purchases. The right software enables efficient and streamlined accounting functions that would thoroughly comply with the GST laws.
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