Accounting plays an essential role in the business as any trade is incomplete without being able to keep track of all its transactions, such as income and expenditure. Keeping updated records of financial statements helps any organization to prepare an income statement along with the profit and loss associated. In the present day, traditional ways of accounting have been replaced by modern and advanced accounting software, allowing the organisation to work smoothly and cost-effectively.
What is a Busy Accounting Software?
Busy Accounting Software is an integrated accounting software that saves time, money and offers efficient business solutions. It is developed by keeping in mind the specific needs of Micro, small and medium businesses. Busy accounting software also provides with Inventory and GST billing by automatically abiding by the GST laws and regulations.
Given below are 4 reasons why you should buy Busy Accounting Software:
This feature enables Busy accounting software to manage the project accounting functions of multiple operations, locations and companies in different databases. This platform allows organisations to collect, utilise and report the data generated from various activities. This software enables timely reporting and billing, reducing the expenses.
Multiple company accounting systems provide numerous organisations or locations to share data, thus providing an easy way to switch from one database to another. It gives the employee an ability to access inventory, customer data, documents, etc. Companies can keep their database and financials in separate entities for ease of access.
- GST Invoicing:
GST Invoice is a business instrument issued by the organisation to the recipient of its services. Busy accounting software prepares all the bills in accordance with the terms and conditions of GST regulations. It also allows users to change the rates of GST after the finance ministry does so. An invoice is a crucial element in the sales processes that serve as proof of the services availed by the client or customer. Apart from keeping track of sales and payments, invoices are also used in case a payment is overdue or missing, thereby ensuring strong trade relations.
- Inventory Management:
Busy accounting software serves as an inventory management system, which is a key component of supply-chain management. It focuses on managing the inventories for organisations as well as for tracking and maintaining the firm’s flow of goods and services end-to-end. It serves as an essential tool for businesses, keeping a detailed record of each product as it makes an entry to the store. Users can also search for products and view the entire inventory at a glance, providing efficiency in their businesses.
- TDS/TCS Management:
TDS which stands for ‘Tax Deduction at Source’ and TCS, which stands for ‘Tax Collected at Source’, are the two main tools used by the government to collect tax to minimise tax evasion. These two taxes are generally deducted from an individual’s generated income. Busy accounting software helps organisations in filing these taxes with ease, while they remain stress-free from the hectic task of calculating such deductions for individual employees. It provides efficient results apart from saving time and money by helping in speeding up the work for a professional.
What Should You Look for in an Accounting Software?
The market is flooded with varieties of technologies and products which may seem right when selecting accounting software. However, one must ensure that they have access to the proper features to enhance their business growth before investing in any application. Given below are some factors to consider before buying accounting software.
- Multi-transaction Currency:
The Internet has changed the way businesses are conducted in the present times; it has reduced the distance between the organisation and the customer/client. With companies expanding overseas, any organisation can have foreign clients. One must make sure that the accounting software they invest in must be flexible in trading and bookkeeping with more than one currency. It must be able to handle foreign exchange rates and conversions as per the user’s convenience.
- User-friendly Software:
The most essential feature that comes into consideration when one looks for accounting software is its ease of usability. A user-friendly software eliminates the time needed in learning how to use the application, saving the time that can be used in taking necessary steps to enhance the growth of the business. The software should be able to provide an in-depth record, including data of all the financial transactions that took place over several months or years. The software should be able to simplify the business transactions and book-keeping needs of the organisation based on the size of the firm.
- Web-based Applications:
Business owners of the present generation prefer a web-based application over traditional software of the past. The organisations like to be in touch and updated regularly with their businesses financial data, ensuring that no possible opportunity is missed on the course of their business expansion. Web-based accounting management application allows your business to collaborate with your accountants to speed up essential decision-making processes with the anytime-anywhere access.
- Customer Support:
Before switching to any accounting software, one must check the feedback and customer support of the platform to make sure that any possible issue might be solved. The level of customer care service offered by the developers and manufacturers of the accounting software is a vital factor to consider, before investing on any such platform.
Having a lot of options available in the market, selecting the perfect accounting software can be a tedious job. It is hereby advised to go through all the features provided by the software companies, before investing in one. Hosting QuickBooks Enterprise on a cloud Citrix Virtual Desktop is a popular technique among small businesses for managing remote accounting at an affordable cost. Choosing the right accounting software can boost your business turnover.