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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.
Know more about Accounting Software
About the author
The Hon’ble Supreme Court in Re: Cognizance for Extension of Limitation [Suo Moto W.P. (C) No. 3/2020 dated on July 10, 2020] w.r.t. I.A. No. 48461/2020 observed that service of notices
In its commitment to bring transparency and digitization in the entire nation, Government has published norms for generating E-invoice i.e. In simple terms Invoice whose details are authenticated