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Accounting Software For Small Business

Advanced Enterprise Resource Planning(ERP) systems can transform the way you run your business. No…

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Advanced Enterprise Resource Planning(ERP) systems can transform the way you run your business. No matter what service you provide or whatever industry you might be in, proper software can help you manage your processes, help you with communication and also enhance the flexibility you provide to your customers.

ERP is a system that takes care of every possible aspect of your business be it assessing, reviewing, or improving any aspect of your business. ERP keeps you as informed as possible about your business.

So, where do you start?
Considering factors like cost, advancement, elaborate features isn’t unusual while choosing an EPR ERP system. However, you have to be careful so that you don’t end up with a system that has a lot of fancy functionalities but of no use to your business.

You can consider enrolling in a tally institute in Ahmedabad to learn more about accounting processes. It offers classes on various aspects of accounting including accounting software.

A Business Management Software, What Is That?
An application or a set of programs that help businesses support, improve and automate their processes is called a business management software by definition. It is a tool that is built to meet all the requirements of business processes in the most effective way possible.

Features
General features to look for in a business management system:

  • Project & task management
  • Time management & calendar management 
  • Document sharing & collaborating with various other organisations 
  • Sales & CRM
  • Budget management, invoice, and expense management
  • Business intelligence 
  • Accounting and financial reporting
  • Resource management

What Is Accounting Software?
Accounting is a solution to process accounting transactions and manage accounts mainly used by business owners, accounting professionals.

The process of recording, analysing, and interpreting financial transactions and information is called business accounting. In this way, a business keeps tracks of its operations which can become very difficult sometimes and that is where accounting software steps in.

Tally training in Ahmedabad is offered in a lot of different institutes there and it will surely help you know more about these software and accounting processes in details.

Accounting software helps simplify the processes, giving business owners more time to focus on the administration and execution of their strategies.

  • Task Automation
    Entering data manually can be tedious and also keeps a lot of space for errors. Accounting software helps you keep manual entry to a minimum and thus increases efficiency. Good software requires you to enter the data just once and extracts that data every time required in the future. 
  • Taxes Made Simpler
    Manually keeping track of all your transactions, calculating all your dues and filling all the returns can be very tedious and painful. Accounting software makes everything a lot easier. Return reports are automatically created and you can file them directly via a third-party app.
  • Easily Accessible Data
    Accessing your financial data anywhere and at any time is even easier now. Cloud accounting software helps you access your data whenever you wish. A suitable device, internet and a browser are all you need. 
  • Data Loss Is Reduced
    Backing up data is very essential especially for important documents. Without a proper back up you could easily lose them but doing it manually is not feasible. Accounting software takes care of that too. They organise and store the data in a way so that you can retrieve them whenever you wish to. Cloud accounting systems back up your data regularly to prevent data loss.

Why Choose Accounting Software?
Being the business owner of a small business, it can be very hectic and stressful to manage a lot of things together at one point in time. It is a huge challenge for a business owner.

Business software is essential in the journey of business growth. It helps you manage complexities and also improves the performance hugely.

A lot of choices may be available at the market but small business accounting software will be the most recommended considering all the needs and requirements along with the business. This software come with a complete solution that manages every aspect of the business like billing, GST, inventory etc in one single software.

This avoids situations of buying separate software and wasting time and resources on maintaining each one separately. It gives you a complete view of the business which in turn helps you make smart business decisions.

A Few Tips To Keep In Mind While Picking The Right Accounting Software For Your Business 

  • The accounting software should have a free trial to allow you to see through all of the features before actually investing in it
  • Accounting itself is complicated and if the system that handles it is complicated too, it defeats the purpose. It should be easy to use
  • The system should have multi-user access
  • Sending out recurring invoices and payments reminders call for automation in the system
  • Online accounting systems also require data security. 
  • You should keep in mind to look for a system that provides you with the maximum features you need for your business at a reasonable price 
  • Your system should also be able to give you technical support in case you need some while working on something

Examples Of Accounting Softwares For Small Business
Accounting software is essential for small businesses. It not only helps in ease of managing an account but also helps in making decisions. At no cost, you can try them for free.

TallyPrime is a complete business management software for small businesses like yours. It provides a complete solution from accounting, banking to payroll in a single software. Institutes provide tally ERP course in Ahmedabad. Enrolling on the same will give you detailed knowledge about these.

The following are the few benefits of trying accounting software for free.

  • Easy accounting and managing of books
  • Printing professional-looking invoices in a jiffy
  • Better control and easy track of payables
  • Business information available easily since the reports are auto-generated
  • Books are accurate and complete
  • Easy management of tax compliance
  • Accurate returns in the preferred format
  • Optimum inventory and stock level
  • Better control of cash flow and the like.

Some examples of free accounting software:

  1. Wave
  2. ZipBooks
  3. Akaunting
  4. SlickPie
  5. GnuCash
  6. CloudBooks
  7. Zoho Invoice
  8. NCH Express Accounts

Conclusion
Now that you have a basic idea about accounting software, it’s time to try out these free software and see which one suits your purpose the best. If you want to go for the paid ones make sure you know what you are investing in because a waste of money is not something you would want, right?

Proper software can lift a heavy burden off of your shoulder and help you in a lot of ways so that you can focus on other important aspects of your business.

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All About Depreciation Bookkeeping

Finances are an inherent part of our everyday lives and on an everyday basis…

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Finances are an inherent part of our everyday lives and on an everyday basis – we do come across the processes of depreciation, appreciation and other related processes in different forms. These processes may sound complicated to comprehend, but once we understand them and the outline of their functioning, we may conclude that they are actually simple and extremely essential.

Before we delve deeper into the processes of depreciation, we must go through the concept of bookkeeping. Bookkeeping is the backbone of a stable and well running business, as it involves keeping records of the financial affairs of the business. This process must be done judiciously with care and concern, as if it is taken lightly, it may circumstance in financial muddles and other such confusion. 
The skill of bookkeeping is not easily learnt, and engaging in official and professional training for the same is beneficial – both for the individual and her respective business. To further understand the concept of bookkeeping as a whole, an individual can consider enrolling in a tally class in Ahmedabad.

What Is Depreciation?

Before we understand the process of depreciation as a whole, we need to don the economic eyeglasses and understand the concept of a fixed asset – as depreciation revolves wholly and solely around this concept. 

A fixed asset is most often defined as a long-term asset used by a company/firm that holds a lasting period for over a year. These assets include land, big machines etc. – and depreciation involves constant decreasing of a specific/recorded cost on this very asset.

For instance, let us say that a firm purchases a steel grinding machine with a cost of Rs 400,000 and the expected working period of this specific machine is eight years, then it can be said that the firm depreciates the asset held under this process of depreciation at the cost of Rs 50,000 per year. 

Thus, we can infer, from the given example, that it is the cost of the depreciation asset divided by the number of years the asset is put into use, which is considered as a certain ‘depreciative cost’ every year. (From the given example, we can infer that the asset is divided by eight years as the machine is used for eight years). 

The principles and nuances of depreciation can be levied on every other fixed asset except land, as land is a particular asset whose value only appreciates with time and usage. The above description is a brief overview of depreciation, and further insight into depreciation can be gained in a tally computer course, to be considered in Ahmadabad, which the individual must consider attending.

Calculation Of Depreciation 

There are multiple methods, using which depreciation can be calculated with both ease and efficiency. Yet, before we engage with the calculation process, there is a certain checklist of factors that we must keep in our mind, which are as follows – 

  1. Life of the asset – The ‘life’ of the asset, or to be more specific, the ‘productive’ life of the asset refers to a certain period beyond which the mentioned asset is not considered useful. The mentioned asset loses its cost – affectivity post this period, and the operation of this very asset cannot be continued judiciously. 
  2. Salvage Value – After the mentioned asset discards its cost-effectivity and is no longer useful for the company, losing its ability to contribute towards the functioning of the operation productively, the firm may consider selling the asset at a lower amount. This ‘lower amount’ is defined as the salvage value of the mentioned asset.
  3. The overall cost of the asset – As we engage with the process of depreciation, it is essential for us to keep in mind, the overall cost/total cost of the asset we are working with. This ‘overall cost’ does not merely include the cost of the asset, but it also includes production/set up expense, transport cost – so on and so forth. 

A further and more thorough understanding of these factors can be obtained in the tally computer course in Ahmedabad. Attending this course can surely prove to be a knowledgeable and enriching experience for the individual who poses interest in the field of accounting, and specifically in the field of bookkeeping. 

Finally, what is depreciation bookkeeping?

Depreciation Bookkeeping

After we thoroughly comprehend the processes of depreciation and make a checklist of certain, specific factors to keep in mind while engaging with this process, we must now move onto the main topic of depreciation bookkeeping, which is, in simpler words, the accounting/recording of the amount of depreciation suffered. 

  1. Straight Line Depreciation Method – It involves the simple placement of a constant rate of depreciation every year, over the life of a fixed asset. This is not merely the easiest, but the most straightforward method of depreciation calculation which can also be classified as the method most commonly and easily used by companies. 

Formula – Annual Depreciation expense = (Asset cost – Residual Value(5% of original cost of asset)) / Useful life of the asset
2. Written Down Value Method: Most of the companies are using the written down value method. The main reason of this depreciation method is that the actual realizable cost of the asset can be derived from this method of depreciation. In this method of depreciation, depreciation on assets is higher in the initial period and lesser in later years. This is because, asset value will be reduced more in the initial years and there after, maintenance cost increases and value of the asset will be decreasing but with a lesser amount.

The above methods of depreciation bookkeeping are just a brief insight into the vast field of accounting, knowledge about which can be furthered if the individual enrolls in the tally course in Ahmedabad. 

Enrolling in the mentioned class is highly recommended, as professional insight into the processes of depreciation and related methods holds great water in the long run, benefitting both the individual and her firm as a whole, ensuring greater stability/smooth financial functioning of the firm, development of better customer relations, and most importantly, complete internal satisfaction to the person running/supervising the finances and the overall working of the firm.

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Tally; Basic of Accounting

I am an accountant, and can perform all my tasks perfectly in given time.…

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Best accounting and tally classes in Ahmedabad

I am an accountant, and can perform all my tasks perfectly in given time. My superiors have faith in me and my subordinates are my friends.

Sounds like an ideal professional (work) life! Right?

Your attitude, your behaviour, your dedication and your decisions predict your life. The more you think you want to achieve your goal, the more you come close to it.

As a future accountant the required field of knowledge is all what you have learned or learning in your graduation. But it does not comprise everything to meet the needs of an accountant. For completing any task on thing you must know how to handle your work smartly. In today’s scenario software’s are helping us to go smart. And for accounting purpose tally is the first suggestion in the field of accounting.

Tally Solutions Pvt. Ltd. is an Indian multinational company that provides enterprise resource planning software called Tally.ERP 9 with single and multi-user licences. Tally is not just accounting software, after the introduction of ERP. The capability and functioning of Tally is much more widened and extended to a great extent. Its software is used by more than 1 Million customers.

Learning tally is mandatory for every commerce graduate. Because, it avails every facility from basic to expert level comprising

  1. Recording of  financial transactions of all forms of business,
  2. Helps an accountant to create and maintain records and documents,
  3. Helps in finalization of accounts

And includes all the qualities of any electronic device like time efficient, accurate, reasonable, etc.. It also helps to maintain the employees information like his attendance, salary, bonus, leaves and many more things.

The situation changes after the introduction of Goods and Services Tax (GST). Earlier the Indian constitution had very complex procedure and various type of taxes but GST served with an idea of 1 nation 1 tax.  GST is a single tax on the supply of goods and services.

 If reports are to be believed, there has been a nearly 34% of GST mismatch or underpayment of GST, amounting to an overwhelming deficit of INR 34,400 Crores. The problem was wisely solved by the updated version of Tally.ERP.9 which enabled its users to calculate GST and also facilitated to maintain their records systematically. Now everyone wants to know the concept of GST which is easily done through tally. So again the required field for any accountant is tally.

So, if you aim to become a wise accountant, you must focus on understanding tally first. And if you are looking for guidance then you must scroll the tally courses of Super20 Training Institute. Here, you will be guided by the CA faculty and tally is taught along with not only GST but taxation too.

You can also visit to the website of Super20 and can get an idea of what you will be taught and how. Make sure you take decisions before its too late.

Because the late you start, the late you achieve your goal.

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Success of Tally as a Software – II

In our previous article, we looked upon the history of Tally as a software.…

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In our previous article, we looked upon the history of Tally as a software. How Tally has grown as a software after their initiative of Tally Training Courses. Today let us discuss further on this topic by elaborating on various functions Tally has developed over time and about latest version of Tally and its functions.

Tally has multiple modules incorporated in a single software. These modules help you in inventory management, payroll and invoicing along with day to day accounting. So any person with reasonable understanding of these functions along with proper Tally Training Course can handle this software and perform these functions easily. As we see in various small organization Tally has made like simpler for them. That is the primary reason why Tally is successful.

Latest version of Tally in the market is Tally ERP 9. Is it really an ERP? Well, as the No.1 Accounting Training Institute in Ahmedabad, we have multiple experiences of various accounting softwares and Finance Modules of ERP packages. No other Accounting Training Institute in Ahmedabad uses as many softwares as we use. Well, our experience is that Tally is a very simple user-friendly ERP-like software when used holistically across a small organization. Compared to other ERP packages it is cheaper, user-friendly and simple. But it is not an ERP in true sense. Main purpose of Tally ERP as we preach in our Tally Courses and Tally Training is to generate back up files which are compatible for upload in various ERPs like SAP or Oracle.

The mantras for success are apparent.

1. Remain user-friendly
Tally has always remained user-friendly. Extremely easy to use. Butterlike smooth in functioning. We have experienced this in our Tally Training Institute in Ahmedabad. Students take no time in recognizing this fact.

2. Give ‘Sasta’
Cost advantage is hard to replicate. Many other softwares came and went by just because they could not replicate the cost advantage offered by Tally at similar cost.

3. Give what customer wants
Customers demanded ERP version. They gave. Just one example. Always tried to elate their customers by offering what they really wanted.

4. Target the masses
They have always tried to cover the large mass of SMEs in India. This has really helped Tally. It is beyond doubt that because of this their revenues multiplied year on year.

5. Remain simple
They remained simple. Simple to operate. Simple to buy. Simple to learn. We are one the best Tally Training Institute in Ahmedabad and we have always experienced that the students catch up learning, operating and using Tally so quickly. Always simple.

If you like the article, do not forget to share the knowledge. If you like any of Tally Courses, Accounting Courses, Taxation Courses, GST Courses, you are welcome at our Institute. We are one of the most quality conscious, practical, job-oriented and the best Tally Training Institute in Ahmedabad. Feel free to reach us.