Last updated on June 2nd, 2022 at 10:44 am
A new business focuses on streamlining cash flow, a growing business focuses on increasing revenue, and a matured business on cost-cutting. One tool that helps all of them achieve it is automation. One such, is choosing the right accounting software to streamline, forecast and take decisions. A good accounting software provides you a bouquet of benefits and a bundle of comfort.
Advantages and benefits of using accounting software in your business
Manage Your Cash Flow Efficiently with accounting software
Tons of sales, purchases, payments, and receipts happen daily impacting cash flow. Managing them manually is a recipe for mistakes. Omission in ledger posting, differences between debits and credits, mismatches in amount results. Headaches abound. Instead, when you implement the right accounting software to record all your transactions, you prevent manual mistakes, save time rectifying them and get to focus on the one thing that needs your undivided attention – your business.
From ledger posting till tax calculation, the accounting software will handle everything, eliminating manual efforts and resulting errors. When efforts are reduced, investment on resources are reduced and when errors are extinct, your books get distinct!
Predict Your Cash Flow Correctly
Your stars predict your future. A good accounting software spells the future of your business. Every transaction leading to revenue or expense, if recorded, wouldn’t be just an audit statement, but the horoscope of your business.
Dozens of reports will state clearly the major revenue sources and expenses. You can predict, plan, budget and schedule your cash flow with a clairvoyance of a monk!
Control your business completely with accounting software
When you digitize your business with a good accounting software, data becomes easily accessible anywhere, anytime and any which you want. You decide who gets to see what and who gets to handle what. Your sales billing staff won’t see supplier payments; your purchase manager wouldn’t access your P&L.
Having absolute control over your business is one of the benefits of using an accounting software. You can even decide what needs your approval. For instance, you decide how many payments need to be made today and to whom. All this happens digitally with no paper work!
Simplify Banking Experience Comfortably
Thanks to technology, cheques that consumed litres of ink are made now in a wink. It has grown to an extent where payables and receivables to multiple parties are initiated from the accounting software itself. Technology has made bank reconciliation feel like a fifth grade math exam. Obtaining an accurate BRS is no more a confusing algebra problem to solve.
Accounting solutions have joined hands with banks to initiate payments, fetch e-statements and auto reconcile them inside the accounting software itself – all in a seamless way.
Be Tax Compliant from Day 1
When you penny pinch every dime you earn, losing even half a cent because of wrong tax filing hurts. From calculation of taxes to passing journal entries for tax collected or deducted, accounting software has capsuled all of into simple steps.
Accounting softwares are wise enough to apply a specific tax on a transaction with a specific condition, say, depending upon the turnover of the buyer or seller. Even if your accountant forgets about a tax amendment, the accounting software will keep you tax compliant as reputed brands like Gofrugal update it regularly.
Make Data-driven Insightful Decisions
Data is abundant. It’s just insights that are hard to find. Not when you have a good accounting software. They are smart to spot the financial condition of a business, what’s happening, where it’s losing, which needs cutting down and areas that need tightening. They deepen your focus with segment reporting, like how a particular department works or how a particular branch performs. You can even choose the right parties to do business by analysing their credit balances. When you need MIS reports, it will send you updates on time without any assistance. So you can make insightful decisions and intelligent planning.
Be Audit Ready. Everyday
You can surprise even your auditors with accurate accounting records. Your auditor expects a set of reports called exceptional reports during auditing. The accounting software provides them all – uncleared party ledgers, negative outstanding balance, manual sales and purchases, mismatch in opening and closing balances, GSTR troubleshooting report, cheques in hand etc.
Periodical internal audit keeps your books healthy and your company comfortable. Audit trails makes them easy. Every little day-to-day detail, from ledger creation to voucher editing can be identified. You can even ascertain at what time, in which counter and who made manipulations!
In short, a good accounting software accounts for half your success; your hard work ensures the rest. If you are convinced and looking for a good accounting software, look no further than Gofrugal. You could be rest assured it can account for your success. All you need to do is to click on the button below and register