What is Fully Accounting With Inventory Software

Accounting software is a type of computer software. used to manage accounts and perform accounting operations.

Accounting is the systematic practice, work or process of communicating and recording financial information. In a business setting, this is done for the purposes of internal and external audits, required reports with gst and financial analysis to meet legal or internal managerial requirements. Accounting may also include systematic and diverse measurement, classification, verification, summation and interpretation of financial information.

Accounting software can range from simple, single-entry programs used for individual record-keeping to more sophisticated, double-entry systems that can process accounts receivable, accounts payable, among other functions.

Benefit

Accounting software solutions can help businesses in many ways, why you should start using it to boost your business.

  • Saving Time

    When you select a quality accounting software system it can really help you save a lot of time compared to manual bookkeeping.

    For instance, you can write checks, create bank deposits and prepare customer invoices in the solution and the software will record all the transactions.

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  • Continuous Financial Monitoring

    In manual accounting, most of the work is done at the end of the financial year when the records are prepared for administration and tax assessment purposes.

    But with computerized bookkeeping, you can create and maintain financial records continuously and get in-depth reports any time you wish.

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  • Management of Cash Flow

    With accounting software, you can record and track your payables and receivables. This enables you to know your current as well as future cash flow status.

    Plus, you can keep records of invoices and bills which can help you to avoid late fees and overdraft charges.

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  • Minimizes Mistakes

    Manual accounting increases the chances of errors in calculation. You can avoid this by opting for accounting software which automatically performs all calculations accurately.

    This is a big benefit especially if you need to prepare detailed invoices in which specific items or worked hours are billed at various rates.

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  • Computerized Invoicing and Voucher

    With accounting software that focuses on invoicing and Voucher, you can get up-to-date reports on customer payments. The reports can provide you details on which customers owe you and the amount to be paid.

    This can help you to manage and control your finances effectively.

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  • Tracks Inventory

    According to recent accounting software trends, many quality solutions can now track product inventory and provide up-to-date details on the amount of live stock in hand and Item Ledger also available with inward and outward details.

    Thus, this inventory tracking feature can provide accurate data and help to save time too.

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  • Actionable Reports

    Accounting systems can provide detailed reports on your business processes and help you track the money flow in your organization. You can get a clear picture of your costs and revenue at any time.

    In short, these reports can help you make smart decisions, and operate your business more efficiently and productively.

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  • Immediacy

    With accounting software, you are forced to keep your data entry current and up to date. This can help you keep close track of your company’s finances all the time.

    As a result, you can quickly learn about a customer who has credit problems and not making payments on time and similar issues that create a gap in cash flow.

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  • Centralization

    Accounting products help you to centralize key business processes and tasks such as invoicing, inventory management and more.

    Thus, a full-featured accounting package can help you save a lot of time and money as well as make your business processes more streamlined and efficient.

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  • GST Automation

    Accounting platforms can calculate the tax amount that needs to be paid on each invoice.

    Plus, you can get detailed reports on the amount of tax your company has paid during a given time period. Thus, you can get all the information you need to prepare and file tax forms stipulated by the government.

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Important Factors For Selecting a Perfect Accounting With Inventory Software

Online or Offline

First question to ask yourself is – Whether I want an online software or a desktop based offline software?


How does it matter? Well, most businesses nowadays are adopting cloud based softwares as they offer lot of advantages over traditional offline softwares. However, some businesses like retail stores require speed and not always connected to the internet. For them, offline POS (Point Of Sale) systems are the best bet.

Advantages of Cloud Accounting Software:

=> Nothing to install. Just signup and start entering your transactions

=> You don’t have to worry about upgrades as all changes are pushed automatically. Online softwares are always up to date.

=> Can be accessed from any internet enabled device at any point of time

=> Cloud accounting software providers take care of backup and maintenance which is a cost saving for you.

=> Data across all your offices is always synchronised.

=> It can integrate with other cloud based applications.

When you should buy an offline or desktop based software:

=> You have a retail store and need to create few hundred invoices over the counter.

=> You do not have internet connectivity at your business location.

Its strongly recommended that you go for an online accounting software as you will have your financial data on your tips even when you are not in the office.

Data Security

Skip this point if you have opted to go for an offline accounting package. If you are thinking forward and considering an online accounting application, then data security is the most important aspect to check.

Essential things to check:

=> Ask the company how they store the application data. In most cases, this information will be available on their server. Here is an example. Some of the trusted cloud hosting service providers are Amazon and Godaddy. If your accounting software provider is hosting the application on their own servers, ask them about the security measures they are taking to safeguard your data.


=> Check if these services are using HTTPS connection. Its very simple to check this – just open the application and see if the URL in address bar starts with https://. Normally, this is highlighted in green colour. You can even click on that to view the security certificate. HTTPS protocol ensures that the data transferred from your computer to software company’s servers is encrypted and cannot be viewed by hackers.

Features

Make a list of essential features that you absolutely need in an accounting software. Here are some feature which must be part of a good accounting package.


=> Create invoices and look and feel

=> Track expenses according to categories

=> Manage inventory, inward-outward stock

=> Create purchase orders (PO) and record inventory purchases

=> GST Reports

=> Record Journal Voucher  entries

=> Manage list of customers & vendors others

=> View account payables & receivables

=> View Balance Sheet, Profit & Loss statement and Trial Balance reports

=> Multiple Users

=> Financial Year Wise

User Interface & Complexity

Most of the business owners do not have any accounting background. Event if you have a dedicated accountant who would be using the application, as an owner you should be able to login and browse the things. Also, it should be easy enough for your employees to learn the software. Investment in training is a cost and should be avoided.


If the software is stuffed with every possible feature you can imagine, it will become difficult to use for your team. So, go for a software which has a simple user interface and is not bloated with unnecessary features. Clean interface makes it easy to focus on the important tasks and can reduce the learning curve.

Scalability

Lot of businesses make a mistake by buying an application which suits to their needs at the time of purchase. Later, when their business starts to grow, the accounting software fail to cope up with the progress and eventually business owners have to migrate to another software. Migrating data from an existing system to a completely new software can be painful.


So, select an accounting software which can scale with your business needs. Some softwares offer only one version of the product and some have progressive versions depending the business type or size. Go for the software that offers an entry level version as well as a feature rich version which you might not need now but will definitely need in future.

Hidden Costs

Some software providers might charge for the support or upgrades. Sometimes, a basic software is provided at a lower cost and then you are forced to buy ‘add-ons’ or pay for ‘maintenance fee’. So, check if there are any hidden costs associated with the software you are planning to buy.


Best way to know this, is to check pricing page of the software provider’s. If they are selling additional services, those will be mentioned there.

Post-sale Support

This is the most important but most ignored thing while selecting an accounting software. No matter how good or easy the software is, you will need support at some point. And if you have nobody to talk to when you are stuck, your entire investment will go in vain.


Lack of support is also one of the reasons why some accounting softwares are cheap. Obviously, support cost is not included in the offering. You should avoid such products at any cost.


Here is a simple tip to check the support – just post a message or call support number and see how they respond. Based on the response time and quality of response, you will come to know about their support infrastructure.

Conclusion

Finding a perfect accounting software for your business is not an easy task. Once you invest your time and money into one accounting system, it will be very difficult to migrate to another after some time.


So, its always better to spend more time before the purchase to save frustration a later stage.


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Why Purchase Rosix Account with Inventory Software?

Rosix Technology Account with Inventory software is easy to use and fast operating. Online and offline platform available with mobile app. Easy user Interface with color combination. Quick and easy viewable summery calculations and many more.

There are category of rosik account with inventory software key feature :

Why Purchase Rosix Account with Inventory Software?

Rosix Technology Account with Inventory software is easy to use and fast operating. Online and offline platform available with mobile app. Easy user Interface with color combination. Quick and easy viewable summery calculations and many more.

There are category of rosik account with inventory software key feature :

 

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