- 25th December 2019
- Posted by: Rajendra Dangwal Sirji
- Category: Finance & accounting
Accounting Software for Business:
Tally.ERP 9 is popular among India’s businesses as an accounting software. However, over the years, it has evolved as an ERP and a compliance software for small and medium sized businesses.
Tally.ERP 9 is widely used since it is simple to use, intuitive and also enables businesses to manage GST compliance. Tally.ERP 9 is one of the best accounting software in India.
Let us look at some of the key accounting software features in Tally.ERP 9.
GST billing in Tally.ERP 9
Every business owner intends to raise accurate bills. The error detection and correction feature in Tally.ERP 9 notifies the user in case of any manual errors that take place at the time of billing.
A business owner can generate bills/invoices as per the format defined by the CBEC department. Tally.ERP 9 supports GST billing for both regular and composite types of dealers. It also provides the flexibility to create an invoice or bill, either in as an accounting voucher or as an invoice.
Tally.ERP 9 handles all types of accounting transactions
Businesses have the option to create any type of accounting transaction in Tally.ERP 9. Starting from payments, receipts, sales, purchases, credit notes, debit notes, journal, contra, and more. A user can add more fields in any voucher by pressing F12 and enabling the options. He can pass these transactions easily in his books and their effect will reflect in the respective accounting reports. If there is any GST implication, this will reflect in the respective GST returns report as well.
Generate balance sheet, trial balance and other important accounting reports
Every business owner prefers to keep a track of the financial health of his business by referring to multiple business reports. Tally.ERP 9 offers multiple reports based on the unique needs every business has. A user can view his balance sheet and trial balance anytime. He can choose the time periods for which he would like to view the reports and compare them. With Tally.ERP 9, he can also get other critical reports such as cash flow reports, ratio analysis to check the health of the business, profitability analysis and outstanding.
Tally.ERP 9 gives the flexibility to let users drill down from any report to the last level of any transaction and its corresponding voucher. This makes it very easy for users to view and analyse reports.
Manage Outstanding easily
Businesses can view their receivables and payables in Tally.ERP 9. Tally.ERP 9 allows users to view age-wise reports so that he can easily analyze his outstanding both bill-wise or ledger-wise. He can further sort bills based on due dates, amount, party names and more.
GST compliance using Tally.ERP 9
With Tally.ERP 9, a user can easily create GST compliant transactions, file GST returns and generate e-Way Bills. A regular dealer can file GSTR-1 and GSTR-3B returns, while a composite dealer can file GSTR-4 using Tally.ERP 9. All these forms can be exported in JSON format and directly uploaded in the GST portal. Alternately, if a user prefers, he can use the excel offline utility tools of these forms, import them into Tally.ERP 9 and file returns.
If you are looking for accounting software for GST, take a free trail of Tally.ERP 9
Banking made easy in Accounting Software
A user can easily manage his bank transactions, cheque books, and create deposit slips using Tally.ERP 9. Bank reconciliation is another aspect that a user can manage using Tally.ERP 9. Tally.ERP 9 provides auto bank reconciliation for more than 100 banks. A user can upload the soft copy of his bank statement and based on the instrument number, Tally.ERP 9 reconciles the transactions in books with bank statements. This saves considerable time for the user.
A user can print his cheques from Tally.ERP 9. Pre-defined formats for many banks are available in Tally.ERP 9.
Click here to get accounting software free trial.
SIMPLIFYING THE WAY BUSINESSES ARE RUN
With the trust of nearly 2 million businesses, Tally is truly the leading business software of choice in India. Be it accounting or GST compliance, you can rely on us to simplify all ends of your business.
8 Reasons Accounting Software Isn’t Just for Big Business:
While the benefits of supporting large businesses through the use of accounting software go without saying, it’s not uncommon for accounting firms to forego the use of accounting software as it relates to working with small business clients. Often times, it’s seen as an unnecessary investment, and because the clients are small, working with products like MS Excel appear to be a familiar and comfortable option for everyone.
However, it’s important to consider that, as with larger clients, accounting software considerably reduces the time spent on manual entry. Additionally, when not utilizing software, you’re creating processes that are inconsistent and labor intensive. These processes are less effective and don’t suggest the same level of professionalism that comes with software programs created by accounting professionals. Let’s further examine eight reasons why accounting software isn’t just for big business.
ALSO READ: 4 Considerations for Choosing the Best Accounting Software
Lower Risk
When using tools like MS Excel, the risk of human error when working with spreadsheet formulas is much greater than when using accounting software specialized for a client or industry. Accounting software takes the guesswork out of the equation, no matter the size of your client’s business.
Level Up
The reality is that most people believe what they perceive, and a company with a more professional appearance is perceived to be more successful and trustworthy. Your clients are putting their best foot forward when they’re using accounting software as it relates to things like invoicing and payroll.
Multi-Device Access
Today’s workforce has shifted from traditional working hours and many employees now enjoy flexible work options such as working from remote locations and on devices other than their laptops, such as tablets and smartphones. Both you and your client need to be able to gain visibility to their account, as well as other associates within your office, from anywhere, at any time.
Real-Time Engagement
Every business owner, small or large, wants to know what their bottom line looks like. Small business owners should have the ability to see where they’re at in real-time, so that they have the option to course correct immediately on something going awry, or, to capitalize on something working out favorably. In this case, their size is an advantage, and with the right information, they can be more agile than their larger counterparts.
Auditing Made Easy
Small business owners wear many hats, but accountant is typically not one they have on too often. With the use of accounting software, they’ll have an audit trail. They can simply and easily see what changes were made to their books, by whom, and when. If they are audited, that information can be retrieved easily and simply, without question as to how things were handled in the past.
All-in-One Capabilities
It may seem like a small business client’s ad-hoc process wouldn’t be terribly time-consuming or cumbersome, being that their volume is lower, but consider having separate systems for creating, sending and receiving invoices, managing the books, and payroll. This becomes an unnecessary burden that can be solved by putting all of those functions in one place.
On-Demand Reporting
Most business professionals have become accustomed to on-demand reporting, and small business owners are no different. This includes their accounting function. Software tools allow you to generate reports in an instant, rather than manually generating reports from a spreadsheet tool.
Client Engagement
Getting your client engaged with your accounting software helps them to start becoming more comfortable with the world of accounting. Once your clients become more comfortable with it, they’ll start to become more competent with that side of their business, which is an important part of gaining confidence as a business owner. This isn’t only good for their business, but it’s good for your relationship with your client as well.
When considering your small business clients, it’s important to keep in mind that the benefits of using accounting software may considerably outweigh the decision not to make the investment. Not only is it beneficial to your client to work with an accountant who makes doing business easier through the use of a cloud-based tool, on-demand reporting, and all-in-one services, but you’re also lowering their risks, simplifying the audit process, and ultimately building a stronger relationship.
Not sure where to start in your accounting software search? Use our product selection tool to find the right software for your needs or call one of our unbiased Technology Advisors. The expertise is free and you’ll have several suggestions in less than 5 minutes.
Content Courtesy: Tally Solutions & technologyadvice.com
