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Accounting software and Analysis of its features

What is Accounting Software?

An accounting software solution is one that cultivates under the same roof all systems and applications dedicated to managing and processing financial data. Professional accountants and bookkeeping teams use these programs to govern accounts and automate systematic operations, while certain systems are also enabled to record accounting data, measure indicators and report on the company’s financial activity.


What does accounting software do? features of accounting software? Or what are the

A question arises as how oes the accounting software work exactly and what features does it offer? There are many contrasting ways in which accounting software can optimize your business, depending on its main features and objectives. From a simple task of invoicing to complex tax reporting, accounting systems come with all sorts of extras that are not even feasible without an appropriate system. So here are some of the features of accounting software.


Core Accounting

Accounting is the bread of each system in this category and the one the businesses should be looking for first when choosing a reliable solution. What we mean by ‘accounting’ here is a general ledger, fixed assets, accounts payable & receivable, and bank reconciliation. And off course these are the basic and most important ones, while advanced systems have much more to offer to their users.


Generating Invoice/Billing

We can agree that there are accounting systems which are exclusively used for billing and invoicing, but most of them still treat the same as an integral module of any finance operation. Maybe it is a value addition to some businesses but most businesses today prefer a compact ERP system which not only just prepares invoices but does a complete routine of tasks related to accounts and finance and which also does meet the tax compliances just like Tally ERP 9 ERP software.


Preparing budgets and forecasting the results

This is a bundled feature which most of the accounting software’s offers with its prime line. This category here allows calculating and interpreting finance performance for the current year and also helping to estimate the budget of the projected year using the data trend recorded from the last year.Using this feature, companies can prepare their estimates and set up real and optimistic sales targets.


Generating Invoice/Billing

We can agree that there are accounting systems which are exclusively used for billing and invoicing, but most of them still treat the same as an integral module of any finance operation. Maybe it is a value addition to some businesses but most businesses today prefer a compact ERP system which not only just prepares invoices but does a complete routine of tasks related to accounts and finance and which also does meet the tax compliances just like Tally ERP 9 ERP software.


Asset management

We can agree that there are accounting systems which are exclusively used for billing and invoicing, but most of them still treat the same as an integral module of any finance operation. Maybe it is a value addition to some businesses but most businesses today prefer a compact ERP system which not only just prepares invoices but does a complete routine of tasks related to accounts and finance and which also does meet the tax compliances just like Tally ERP 9 ERP software.


Inventory management

It’s a packed feature that accounting systems offer for performing stock control options based on the data provided by it. It is the factory where businesses will find all the necessary tools to give their business a higher shelf life product line. It also means that they will be able to control the availability and movement of products and avoid all sorts of delivery issues such as overstocking or under stocking.


Reporting canvas

Today accountants undertake vivid responsibilities in an organization for the role play of taking care of corporate data and information. So as a professional requires tools to perform his duties, accounting software solutions offer that hand which accountants need to perform his duties.
Today the accounting solutions offer robust reporting and analytics tools which helps greatly bin decision making over matters concerned with finance and figures. It provides accountants and finance managers with crucial financial insights and accurate financial information, all of which they can report to management for its guidance.


Tax management

Tax regulations change over time and one fine example is the introduction of Goods and Service Taxes Act in India. Accounting systems can help you manage all those compliance requirements with automatic calculations on tax for sales (GST) and payments as well as on withholdings for employee payroll (ESI, EPF etc.,) and other direct tax taxation laws such as Tax deducted at Source (TDS).
AGL Softwares As the accounting software keeps you updated and informed through automatic reminders and sorting everything, the risks of being penalized for late payments are also minimized if not eliminated.


Openness to integration

Accounting systems offer flexibility to integrate with third party business software’s and productivity apps and services such as payment gateways, sales software, CRMs, business intelligence systems, project management tools, and many others.
This ability of accounting systems translates the businesses by being able to work on important events concerning the company’s financials. This also opens the doors for ERP systems to work hand to hand with accounting software systems.


What is Tally.ERP 9?

Tally.ERP 9 is one of the most popular accounting software used in India. It is complete enterprise software for small & medium enterprises .
Tally.ERP 9 is a perfect business management solution and GST software with an ideal combination of function, control and in-built customizability.Tally.ERP 9 permits business owners and their associates to interact more in accounts related discussions and is a complete product which retains its original simplicity yet offers comprehensive business functionalities such as Accounting, Finance, Inventory, Sales, Purchase, Point of Sales, Manufacturing, Costing, Job Costing, Payroll and Branch Management along with compliance capabilities for Excise, TDS, TCS, and now GST too!


Top 10 benefits of using Tally.ERP 9

Tally.ERP 9 Release 6.4 is the latest release in Tally, launched on 23 February 2018. It provides you with various features like E-way bill management, GST compliance for composite dealers where you can configure tax rate in a single step,file GSTR 4 and numerous other features. Tally.ERP 9 accounting software is extensively preferred in India and across the globe approximately in 17 international locations.
The Tally software is designed for the objective of helping businesses succeed in a cohesive and organized environment. Tally streamlines the business processes such that managing it is easy and effective. Tally is designed with the principles of simplicity, flexibility, and reliability, Tally seamlessly adapts to your business environment and scales itself as your business grows.
Tally.ERP9 is much more than just accounting.Tally is one of the most popular and powerful Indian accounting software used extensively in India and makes life easy for business owners. Users can initiate their first transaction within minutes of installing the software.


Conclusion

Tally as an accounting cum ERP system is focused on delivering total workflow automation with the aim to provide relief to accountants and finances experts by taking off the huge responsibilities from their shoulders. And GST could be given a reference here where Tally ERP 9 not just made the journey on GST pathways an cakewalk by providing return filing module but it also updated its software solution as and when changes were brought into the GST law the best refinement could be updating of E way Bill prep module into the Tally s latest software module.