Accounting Software in Bangladesh

Accounting software a program that is used by accounting firms to perform various accounting and bookkeeping functions. These software store financial data for a company and are also used for conducting business transactions. Accounting software is used as a counting information system and is critical to the proper management of an organization. In General, Different Accounting Software is used by Accounting Firms to help companies to utilize the resources efficiently and to conduct various accounting functions such as invoicing, bill payment, monitory reports, payrolls, etc. Accountants use this software to record the money flow for internal and external auditing and review. Different types of Accounting software perform several functions depending on its type. The three major types of accounting software used by accounting firms are Data Base, Installed and cloud Accounting Software.

Database Accounting Software

The database system is mostly used by large corporations. This type of software can perform business operations, more complex activities, a wide network, and difficult accounting functions more efficiently.

Installed Accounting Software

Installed Accounting Software can be installed on the laptops or desktops with the help od a CD or any other method. This software is mostly used by small to medium-sized enterprises for conducting accounting functions.

Cloud Accounting Software

This Software is available online and can be accessed through the cloud or internet. These software’s are comparatively less expensive and more convenient to use as data is available online and can be used anywhere. Some examples of cloud software are ERP, Sage, QuickBooks, Tally. This cloud accounting software’s are discussed below:

ERP Accounting Software:

ERP or Enterprise resource planning (ERP) is a type of software accounting firm used to handle daily business activities like project management, compliance, accounting, supply chain operations, etc. ERP systems are designed around a single, specified data structure that helps ensures that the content used across the enterprise is consistent and based on common concepts and user experience. ERP software includes enterprise performance management which assists in planning, budgeting, predicting, and reporting on financial results of a company or organization. ERP holds a huge value to the accounting firms due to its huge advantages like lower operational cost, efficiency, improved business insight, enhanced operational costs, risk reduction, and so on.

There are 3 Major Accounting Software’s

The Benefits of ERP Accounting Software:

ERP accounting system boosts efficiency by reducing manually entering information.
Provides accurate forecast by giving the necessary tools and resources to the users.
Assists in giving improved business insight generated by reports.
ERP Software saves time by enhancing productivity.
Collaboration is another benefit of utilizing ERP software.
ERP software has lower operational costs.

Sage Accounting Software:

Sage accounting software simplifies and facilitates a wide range of accounting tasks, enabling accountants to work faster and more precisely. It is a computerized package that facilities processing financial information. It can be used for anything from the easiest work to sophisticated financial services administration. Sage Accounting Software assists in managing business-related accounting operations which includes handling payrolls, evaluating taxes, and controlling numerous transactions. There are different Sage Accounting Software's such as Sage Business Cloud Accounting, Sage 30cloud Accounting, Sage 200, Fix Asset, Sage Payroll, etc.

Benefits of Sage Accounting Software are:

Sage accounting systems are fast and reliable which makes them cost-effective than paper-based accounting.
It makes transactions process much easier than manual accountancy.
Sage accounting system Increases efficiency and productivity.
The Data entry process quick which makes it less time-consuming.

QuickBooks Accounting Software:

QuickBooks is a well-known small business accounting software that accounting firms use in order to control the income and expenses of an organization. QuickBooks are beneficial for managing invoices, paying bills, tracking the cash flow of the business, etc. In addition to this, Accountants make use of QuickBooks software to conduct billing and invoicing, expense management, financial reporting.

Benefits of QuickBooks Accounting software:

QuickBooks helps to keep track of bills and expenses.
Managing sales and Income by creating invoices to track sales.
Access to several reports (Profit and loss, Balance Report, Statement of cash flow) by managing cash inflow, and outflow activities.
QuickBooks assists to calculate and run payroll as many times as needed.
QuickBooks automatically track and update the inventory.
QuickBooks software makes management of accounting and taxes easier.

Tally Accounting Software:

Tally accounting system that serves mainly from small to medium-sized businesses across a range of sectors. Accounting firms use a tally accountant system to track and manage accounts, debts, sales, and others necessary for running a business. Accountants use Tally accounting software because it provides business functionality, including accounting, finance, inventory, sales, purchase, point of sale, manufacturing, Payroll, labor cost, branch management, etc.

Benefits of Tally Accounting Software:

Tally Accounting Software’s ensures smooth banking system.
Provides an effective Payroll management system.
It provides data reliability and security.
Gives Instant access to record.
Tally software’s assists in conducting regular audits for companies.
The advanced feature of Tally Accounting software makes tracking of information’s of multiple locations easier