Buyer’s Guide
Accounting software can range from simple tools intended for single-entry programs to complex tools for organizations to track financial and accounting activity. All accounting information is brought under one roof with user-friendly software designed to reduce the pain of manual calculation. Accounting software can be developed by an organization internally or can be bought from a third party source. There are different types of users preconceived for different types of accounting software.
Scope of Accounting Software
A business revolves around the totality of its finances and an accounting software is a vital part of every organization regardless of whether it is public or private. The scope of accounting software includes:
1. Financial Position
A simple spreadsheet of financial information determines a company’s profit and loss. The entire financial and transaction status of a business is distributed to private and public investors, used for trading, tax concerns and much more. Accounting software determines the financial position of a business.
2. Funding
Accounting software need not only be concerned with profit-making organizations. Non-profit organizations benefit from the same, for tracking expenditure and income, to run the organization.
3. Government
Donations from other countries, tax, loans, budget allocation and salary payment involves accounting software to record financial information on a regular basis.
4. Personal Needs
Making money means spending, taking loans and lending. People require accounting software to keep track of how they maintain the balance between spending and saving, paying bills and settling debts, etc.
Features of Accounting Software
The term accounting software sounds vague due to its flexibility towards all types of users, until its features are thrown light on, which makes this software more profitable for businesses. Some of the features include:
- Graphical representation of data in the form of charts
- Full automation of all basic financial activity
- Easy customization to support your business needs
- Data security
- Inventory management
- Fund transfer support
- Detailed reporting and analysis
- Payment support
- Accounts payable and receivable
- Cost estimation and management
Accounting software like any other software comes with a customizable feature that allows SMBs and large business regardless of type, to alter tools to their business needs.
Accounting Software In The Indian Market
The massive amount of emerging startups and businesses are focused on online and digital trends. The awareness of accounting software is thriving in India and organizations are spending billions of dollars in using accounting software. As internet users are increasing every day, the need for automating all processes is rapidly increasing. The lead accounting software players in India include companies like Tally Solutions, QuickBooks, Zoho Books, Intuit and Busy. It is predicted that, as people become more technology-educated, the use of accounting software is to double in the coming years.
