The Indian financial system follows a particular set of guidelines when it comes to accounting. Determined and issued by the Institute of Chartered Accountants of India (ICAI), these are based on, and converge to a large extent with IFRS standards.
Similar to the International Financial Reporting Standards, India’s accounting sector also allows, and promotes, the usage of automation, like accounting and Que management software. These ensure maximum utilization of the available resources, while putting minimum strain on the workforce. Accounting software can also help chartered accountants to analyse and process data quickly and accurately, eliminating chances of human error by a significant margin.
Accounting software in India
Since the introduction of automation in the financial industry, chartered accountants have adopted the use of accounting software in India. Most development firms have also contributed to this growing need, creating tools that are tailor-made to cater to India’s unique accounting standards.
A significant number of local developers have also contributed to this progress, creating several programs that fulfil the particular requirements of chartered accountants. Some of these software are even considered as the top 5 software that CAs should consider, thanks to their usefulness, dexterity, as well as robust and secure design.
Let’s take a look at some of the accounting software in India that are required to improve the nation’s accounting sector.
- Tally ERP 9 – Probably the most well-known accounting softwares available in India, Tally is easily the market leader when it comes to business accounting softwares used by accountants and professionals alike. It caters to individuals who are looking for a reliable measure for book-keeping, sales, purchase, inventory and payroll management, etc. The hassle-free and user-friendly setup allows it to be quickly understood and picked up even by young professionals.
Tally has added GST related features in ERP 9, further securing its place as the best accounting software in India. To tool is capable of automatically detecting any errors in one’s filed GST returns, and suggest probable changes to correct the same. It ensures minimum chances of rejection of one’s IT returns, ensuring complete business compliance.
- Profitbooks – Another one of the top 4 GST software CAs should invest in is Profitbooks. It offers an online platform, allowing a user to entry or track their books from anywhere in the world. Similar to Tally ERP 9, Profitbooks is also GST ready and is ideal for both large scale and smaller accounting firms for their everyday use. Companies can also use Profitbooks to track their receivables, manage payments, gather tax reports, inventory lifecycle details, etc.
- Saral – Developed by Relyon Softech Limited, Saral accounting software is used both for inventory management, financial transactions, as well as taxation. Accountants can also use this accounting software in India as it allows GST complaint bookkeeping.
One crucial advantage of using Saral is the provision to collect audit log as per current GST guidelines, from GST returns 1, 2, and 3, as well as TDS management, which helps keep a better overall control over the inflow and outflow of finances.
- Quickbooks – Quickbooks by Intuit Inc. is most suited for small businesses, as well as CA firms that do not heal with significantly heavy traffic. Quickbooks can be used for invoice tracking, report and statement generation, balance sheet making, etc. and it can keep a substantially large number of reports at a time, which can prove helpful while auditing for multiple companies.
Another emerging trend for CAs is to use que management software to efficiently control their client flow. These can help firms organise, engage, and improve the clients, increasing the overall productivity by a significant margin. Excessive waiting period has proven to be one of the largest deterrents in most sectors, especially in customer service oriented fields. Que and customer management software programmes can easily provide linear queuing solutions, appointment booking and handling, customer information and management in an efficient manner.
However, setting up the necessary infrastructure for accounting and que management software often requires substantial financial backing. CAs not only have to purchase the original program, he or she also needs to have the necessary infrastructure (i.e. multiple workstations, skilled staff, etc.) to run the system efficiently. Fortunately, the availability of credits in the form of loan for chartered accountants has greatly alleviated this issue.
There are several financial institutions that offer such credits. These include both private and public finances, including NBFCs like Bajaj Finserv. This NBFC even provides pre-approved offers with business loans, personal loans, and other forms of credit tailor-made for chartered accountants. Such offers significantly reduce the time taken to apply and avail the loan making it easier for a borrower. You can check your pre-approved offer online by sharing only some essential information.
Proper utilisation of these accounting softwares in India will help improve this sector significantly. With the necessary infrastructure in place, India can take another step towards being one of the most business-friendly nations in South-East Asia.