What are the Benefit of Accounting Software in Bangladesh by accounting software over manual accounting? There are lots of diversities in the course of managing business with pen & ledger book and with the aid of accounting software. Let’s see in detail:
Benefit of Accounting Software in Bangladesh Business You should get:
Without accounting software, Manual accounting is a ‘Thank Less’ but ‘Responsible’ Job
In manual book-keeping, we have to-
- Create all necessary ledgers
- Carry forward previous year’s or month’s closing balance as Opening Balance for the current year/month.
- Record cash transaction in Cash-book and non-cash transactions in journal (or subsidiary books).
- Then amounts form Cash Book and Journal have to post into respective ledgers.
Whenever we need to know balance of any ledger-
- We are required to total amounts in both Debit and Credit columns of the ledger
- Then, compute the difference to derive the closing balance for the ledger as on that date
To prepare Final Accounts for any period-
- We have to compute closing balance of ledgers for the period and then prepare a Trial balance.
- From Trial Balance, we have to post Nominal accounts to Profit & Loss A/c, Real & Personal ledgers to balance Sheet.
For inventory of item management-
- Have to maintain stock of items separately and at year-end (during preparing final accounts) stock valuation has to prepare on available physical stock.
In the Next or New Year-
- In New Year Books, again we have to create all the ledgers afresh and enter opening balance (a sheer repetition and monotonous job).
Whole process is easy for the people having knowledge in accounting & experience of transactions but a purely repetition and monotonous job. In addition, as the practice is incapable of providing right information at right time to make a right decision, the responsibilities turned into a ‘Thank Less’ but ‘Responsible’ Job.
With accounting software, Computerized accounting ic a ‘Smart’ and ‘Rewarding’ Job
In Computerized Accounting through accounting software, when we go for first time we have to-
- Create all necessary ledgers under relevant accounts group
[In accounting software, while creating new Ledger, we are required to classify it suitable under relevant Accounts Group to tell the software the nature of the Ledger and where it will appear. This is necessary at this stage as all reports are prepared on-line the moment we enter transactions (Vouchers). In case of Manual Book keeping, this classification is done at later stage (after preparation of Trial Balance, Nominal Accounts are transferred to Profit & Loss Account through Journal Entry, Real and Personal Accounts are posted to Balance Sheet under proper heading i.e. Groups)].
- Carry forward previous year’s or month’s closing balance as Opening Balance for the current year/month.
[In subsequent years, we need not to create the Ledgers again or carry forward previous year’s closing balance as opening balance since it would be done on it’s own by the software].
- Entry of all transactions in Vouchers (different types of Vouchers to record diverse nature of transactions).
That’s all we have to do…. and everything else like-
Posting to ledger, Preparation of ledger balance, Preparation of Trial Balance, Profit & Loss, Balance Sheet etc. will be done by the accounting software. As the inventory system is integrated, need not require to maintain stock of items separately, it get updated automatically.
Other reports are-
Accounts: Ledger, Day Book, Cash Book, Bank Book, Group Summary, Cash Flow Statement as per IAS, Trading Account, Trial Balance, Profit & Loss Account/Income & Expenditure Account, Balance Sheet, Receipt & Payment Account, Ration Analysis, Bank Reconciliation Statement, Payable/Receivable Outstanding, Customerwise Profitability, Budget & Variance and many more…..
Inventory: Sales/Purchase Invoice, Sales/Purchase Register, Party-wise Product/Product-wise Party Sales/Purchase Analysis, Party Ledger with Item Detail, Stock Summary, Stock Valuation, Location-wise Stock Report, Stock Movement Analysis: Slow Moving & Fast Moving Item Register, Stock Re-order Level & Minimum Level, Out of Stock Register, Item-wise Profitability, Store Ledger, Product Costing, Product-wise/Batch-wise Cost Analysis, Material Issue/Consumption, Work-in-progress (WIP), Finished Goods Register, Stock Transfer from one location to another, Management of Damaged Stock, Physical Stock matching at year-ending and many more….,
Year-end Entries: In manual book-keeping, we are required to pass Journal entries to transfer closing balance of all nominal account to prepare Profit & Loss Accounts, which we are not required to do in case of computerized Accounting. The advantage is that our accounts are always Real-Time and any modification is instantly reflected.
Over and above, following are summarized Benefit of Accounting Software in Bangladesh:
- Removal of duplication of works
- Higher efficiency and increased productivity
- Extreme control over all the business processes
- Right information at right time to make right decision
- Cost saving and higher revenue generation
- Exceptional aristocracy of hi-tech
- Over & above, a very peaceful mind for leisure
One of the best quality business accounting software in Bangladesh is Troyee. All the process of operations in accounting software mentioned above are compitale in Troyee accounting software. The basic classification of accounts heads and rules of debit & credit has been kept built-in in Troyee accounting inventory software in order to minimize possible human errors during making transactions in the software.
Jagori Technologies use this Troyee accounting software in their regular training program. More than 5000+ business entities of different business domain use this Troyee accounting software in Bangladesh spanning all over the country to have automated reports of their business operations