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| May-10-2021

Selecting Right Accounting Software for Chartered Accountant

What is Accounting Software?

Accounting software are used to maintain all day-to-day business transaction records. These records then give different types of reports such as Financial Reports, Accounting Reports, Inventory Reports, MIS Report, Statutory Reports & Payroll Reports. Some of the important reports which are very important to know the position of your business are Outstanding Receivables & Payables, Sales & Purchase Registers, Tax Payment, Bank & Cash Balance, Fund & Cash Flow, Cash Flow Projection, Stock Valuation etc.

Need of Accounting Software in India?

In India, many businesses are still using printed stationery to record day to day transaction. Some of businesses use excel sheets or word files to create bills. This is an unorganised system, where the data is not stored appropriately. Multiple people & processes are involved to get simple reports and to know the financial position of the business.

Now there is a need of having proper accounting software to increase efficiency, productivity and growth of the business. Proper accounting software will stop manual, duplication & time-consuming work.

Points to remember before buying right Accounting Software for CA.

Consider below points before buying accounting software. Price is not the only factor which needs to be taken as an important point while purchasing an accounting software.

Below are points if ignored may cost you more.

  • Take software demo on your real data
  • Involve accountant(s) or user(s) in taking decision
  • Check whether software is compatible with Chartered Accountant (CA) software and customer software
  • Ask in your business network who are already using accounting software
  • Should be user friendly to employees & management
  • Check important reports – Accounting, Inventory, Statutory (GST & TDS), Payroll, Banking, Financial statements & MIS
  • Discuss Software overall cost i.e Price, Implementation, Training, Annual Support, Free offers & Customization cost at time of finalisation
  • Discuss recurring cost or renewal cost
  • Compare with other accounting software on Google to get better idea
  • Check reviews of accounting software before buying
  • Check no. of years of software in the market
  • Check no. of users using the software
  • Read terms & conditions for after sales support also take email for future reference
  • Ask if Industry specific customization can be done
  • Check whether it is on cloud or on-premise
  • Select right software partner who will install, train, implement and give after sales service for your software.

Know more about Accounting Software

Accounting SoftwareFree Accounting Software for Small BusinessAccounting Software and Its Benefits

About the author

Kundan Vaze – Founder & Owner at KV Solutions, Tally 3-Star Certified Partner
Mobile: 9320634289 | Email: kundan.av@kvsolutions.in | Website : https://www.kvsolutions.in/

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