India has become one of the world’s largest commercial markets in the last few decades, and this has led to the formation of numerous independent businesses, including everything from multi-national brands and large suppliers to simple shops and outlets. All these businesses turn over profits which can range from a few lakhs to hundreds and thousands of crores.
To keep perfect record of every expense so that no fraudulent activities occur, large businesses have dedicated staff and an accounts department with specially trained personnel equipped to handle such records. But small and medium businesses may not always be able to afford such services. Thankfully, with the rise of computers and the internet, several software and cloud based accounting programs have been developed to help streamline the process of managing the financial assets of a company.
With the widespread availability of internet and the huge popularity of smartphones and usage of laptops and other such electronic computing devices, many small and mid-tire businesses haves started relying on these types of business accounting software to keep a track on the profits and losses of the company’s day-to-day transactions and other financial activities.
In the most basic form, such software can help to keep a track of daily transactions like in a cash register, and thus can account for every last bit of money that has either flowed in to the earnings or have been written up as an expense. These kind of basic accounting software is most useful in small shops with large number of customers, as it does away with the need of maintaining a manual log, which can be a tiresome process.
The use of this software makes the process completely automatic and does away with any human error that may be involved in the process if software was not used. These softwares are generally used by small businesses and may be called as personal accounting software, since they are not equipped to handle large accounts and are good for day to day transactions of a shop or restaurant.
Bigger businesses need much more specialised software, and most of these professional softwares come with an array of options to help the client ease their process of maintaining their accounting needs. Most softwares available for these heavy-duty needs have online support nowadays with cloud networking, which lets the client share all the relevant details among all employees, no matter where they are. This feature also helps business owners who have multiple branches, since this type of software can collect data from all the offices of the company, no matter where they are, in the same city or even in another city or state all over the country.
And the most useful feature of some of these softwares is that not only can they take care of the accounting needs of the company’s business dealings, some are even equipped to work with the local and central government tax rates and ensure that the owners of the business file their tax returns in time and do not have to face any legal hurdles.