Today’s most of the business organizations, whether it is large or small, are using accounting software to record and process their monetary transactions by using various modules like accounts receivable, accounts payable, trial balance, payroll etc.
Companies are using accounting software either particularly designed for them or bought. Developing customizes accounting software by in-house or by hiring development companies is really expensive and for the reason, most of the companies use ready-made software having tons of accounting, inventory and payroll features.
In Bangladesh, Tally ERP 9 is the most popular accounting software and thousands of companies are using it. Popularity of Tally software is increasing day by day for its vast feature that power companies to manage everything more smoothly (You can check the details feature of tally software from our product page)
BTW, More and more companies are using accounting software with a view to achieving some enormous benefits. In this post, I will focus on top 5 benefits of using accounting software.
Using accounting software enables the business firm to electrically enter each transaction as it occurs. That means accounting software ensures more effective and faster processing of data. Once the data is entered into the accounting software using associate module, it is processed and stored almost immediately.
Accounting software comes with various modules such as accounts payable, accounts receivable, payroll, inventory management, invoicing, etc. which allows a business firm keep all the financial transactions in a single place. Such centralization save the time and money as there are no need to purchase any other software programs or modules to do things like invoice clients etc.
Accounting software allows the business firm to get immediate information of how much tax is payable on particular invoices. In addition, accounting software allows preparing detail reports including information like how much tax the company has already paid over a certain period of time and generating relevant data that are needed to complete and file government tax forms etc.
Accuracy: accounting software is capable of generating and providing information with 100% accuracy which manual paper-based bookkeeping system can’t provide.
Accounting software allows an employer to print and reprint client orders, invoices and accounting history as needed. Most importantly, He can also easily access his employee’s payroll information without having to check the employee’s personnel file. Besides, this software can generate dynamic reports almost instantly which makes the decision making process very much faster.
Although accounting software comes with many more great benefits, this are the top 5 benefits, for which more and more companies are relying on computerized accounting system.