When talking about Accounting Software the first thing that comes to our mind is – Simplify the Accounting Hassle.
Well, that it does. And along with that, it performs other activities as well. Since inception, it has been ruling the accounting market like a champion.
In Bangladesh, Accounting software is everything that the accountant is ever needed. It helps in preparing:
- Balance Sheet
- Trial Balance
- Other Accounting reports and documentation
- And many more
While you’re stuck with the old accounting method, your competitors may edge you by using accounting software. So why not you beat your competitors by using most advanced accounting software in Bangladesh. And with the blessings of this, accounting won’t be a burden anymore.
With that, let me take you through an amazing accounting journey with me. Here I talk about some essential features of this software. Continue with some myths that roaming around about this software. This is gonna be a helpful read for you all. Without further ado, let’s dive right into the article.
The Features of Advanced Accounting software that every Accountant Swears by
At first glance, it might seem like every accounting software features are pretty much the same. But there are some features that are must-have for every software.
Easily manage the General Ledger
Once the yearly financial period ends, it’s time to prepare the ledger. But balancing out the general ledger is the toughest job. But now you can manage various account books just by fewer clicks. This also makes sure that your accounts updated regularly for less complicated and errorless accounting.
Easy to maintain the cash flow
Running a business means dealing with a large cash investment. And that means you have to record it properly in the document. But it can be tricky if you failed to track the cash flow properly. But with the help of modern software, you can easily control and optimize your business finances and cash flow statement.
Generate Dynamic Reports
For effectively managing the accounting activity it’s important to keep records of the organization’s workforce and operations for a complete viewpoint. That’s where Accounting software comes to our rescue. With the help of the software, instant and accurate accounting reports to businesses become easier. You can:
- Generate Custom Accounting Reports
- Generate Graph Summaries
- Predict the business future cost
Easy to generate company Balance Sheet
The balance sheet generally consists of the company’s assets, liabilities, and equity. With the Balance Sheet module on, now you can create cash flow reports as well as calculate the business daily budgeting like cash, equity, and debt to seamlessly track the business financial conditions.
Expense Management Module
With the help of this module, you can easily manage the company’s expenses. You can review & compare the company expense, as a result, can control and get clarity over the company’s overall finances. Also can calculate the saving amount of your business over the year.
Some Amazing Benefits that Accounting Software offer
You will get a lot of advantages and your business will be benefited after using this software. The major advantages are your business accounting process will be run faster and more efficiently.
Managing accounting become a child play
Earlier people used to calculate using a calculator. And that method is not only tedious but also time-consuming. Also, the manual approach causes errors. It was like, handling a bunch of ledger books by almost 20 or even more accountant. And now with the software, it becomes like one accountant performing the 20 person work. This software covers a vast array of functionality, such as
- Tax Management
- Bank Reconciliation
- Online Invoices
- Online Billing and Payments
Desk will be less cluttered
With the blessings of this amazing software, now your paperwork will be reduced to 0%. As your desk will be less piled with papers, it will also save your paper cost. By adopting this digital approach, you won’t have to take the hassle of managing hundreds of accounting documents. This software automatically manages your accounting documents and will update it religiously.
Unlimited Storage Facility
With the latest and advanced software, you will find a lot of storage that even your office room cabinet can’t compare. This software will help you to keep your data safe and secure in its system. We will be benefited from the huge data storage facility and can implement it to store your accounting data.
Reporting will be faster than ever
While in the traditional way, most accountants have to communicate with their boss or clients for reporting purposes. But in Bangladesh, Accounting software makes things easier. You don’t have to run to your boss to report the work. By using the software your boss can easily access every document. As a result, productivity will be increased and there will be sustainability between the boss and accountants.
Tight Security: No chance for data theft
Accounting software comes with advanced security features that keep your sensitive information secure from data breaches. Earlier times, there was a chance to get loose or exposed important documents. Now by adopting this software features your data will be completely safe. Even if your hard disk crashed, your data will be secured in the software.
Some of the Myths of Accounting Software that been Roaming Around
Myth no 1: It’s So damn Expensive
Well greater things in life come with a price, right? For sure, manually will cost you less than the software. But you have to think about the valuable time as well.
Accounting software is made for making the task easier, faster and more error-less manner. It can be costly but think about the bigger picture. Your business productivity will be improved and at the same time, keep your accounts neat and tidy.
Implementing software not only saves your other additional cost but also give you a competitive edge over your competitors. Right now maybe you have 10 to 20 accountants, but after implementing this software you can do the accounting tasks by yourself. No need to hire additional accounting manager. This is a great tool for small to medium level organization.
So in the end, it’s safe to say that, accounting software is not costly it just making your task easier.
Myth no 2: You have to be an expert to run this software
With the advancement of technology, accounting software is made for those who don’t have the knowledge about accounting. By just inputting data, every accounting report will be generated automatically. It also easy to install on the computer. As every feature and function are labeled by accounting terms, so after you get the hang of the interface, it’s not that complicated at all. You can also set the language of your own choice.
You can learn the use of the function from the support section. So it’s pretty easy to use. You don’t have to be an account manager to operate this software.
Myth no 3: You have to calculate the tax manually
A big NO. Nowadays Accounting software has built-in tax calculation features. And with that feature, you can
- Generate the business quarter-end update
- Track your business pre-tax deduction
- Track your employees’ compensation taxes
- Track the tax exemption and also be notified about the tax deposit due dates.
So those times are gone by when you have to calculate manually. Now everything will be automatic. Just input the data and generate the tax spreadsheet.
In the whole article, I try to focus on the benefits features as well as the myths of using accounting software in Bangladesh. In Bangladesh, this computerized system becomes popular day by day, as it helps to run your business finance more effortless way. You can effectively deal with every accounting difficulty like a champ. Now it’s time you give a shot of this amazing software for your business. Your business will thank you for that.
