When it concerns the top accounting software packages in India, CA firms would want an accounting system that is advanced, accurate, easy to handle and features an extensive functionality.
CA firms in India are having to largely depend on accounting software, considering increasing workload and a pressing need for specialisation. Maintaining an all-inclusive record of each and every transaction and operational particulars are a necessity for business organisations. It follows that every enterprise would want software that is easy to use, affordable and complements their business objectives.
With advanced accounting software packages in India, you would find it easier to organise all financial data and derive valuable information whenever you need. However, choosing the right business software can be tedious, one that involves brain-storming and research on your part. Currently, accounting software in the market – such as NetSuite, Sage Intacct and CA Office Automation – assist chartered accountants across both basic and advanced accounting functions.
This list compiles some of the best accounting software in India that can assist you, as a CA, with smooth accounting operations:
NetSuite, developed by Oracle, With the help of NetSuite, assimilating, segregating and presenting data before clients would prove to be easier than ever before.
NetSuite is a browser-based business management software developed by Oracle. This accounting software is designed to carry out tasks such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). Netsuite business management software is web-based that helps users track and manage all facets of Enterprise Resource Planning (ERP).
NetSuite has seven modules, collective data of which are integrated and synchronised across all the modules. The software manages financial operations, production order and requirement functions, procurement, inventory management and delivery fulfilment.
Besides ERP and CRM, this advanced accounting software is adept at planning, monitoring and executing projects. With the help of NetSuite, CA firms can assimilate data, segregate it and finally present the same before their clients.
The thing to note here is that NetSuite ranges between Rs.7000 – 70,000 per month, per user. That being said, the cost will vary according to the type of plan, number of services and features, and the number of users.
Sage Intacct, another browser-based accounting software, is best-suited for small CA enterprises. It is one of a kind web-based accounting software that has proven beneficial, particularly for small and mid-sized companies and organisations that house many units and verticals. Owing to its versatility in handling rudimentary accounting functions as well as tasks such as budgeting, project accounting and revenue management, this software is certainly a one-stop solution to a range of unique needs of a CA firm. This accounting software can manage, not only activities related to finance and operations, but also processes that are critical to the organisation’s functioning.
Besides enabling users to carry out basic accounting services such as inventory management and ledger maintenance, Sage Intacct can accommodate a host of advanced accounting functions, including revenue management, project accounting, integral reporting system, dashboard regulation, contract and subscription billing and vendor payment services, among others.
Sage Intacct has an open application program interface (API), one that allows the system to integrate and work in sync with other processes and applications such as CRM, payroll systems, etc. This follows that CA firms can import data from other applications and choose an application that best fits their requirements.
Pricing for Sage Intacct is modelled on a ‘per month and per user’ license fee that can go up to as much as Rs.7 lakh.
CA Office Automation
CA Office Automation is one of the more robust and easy-to-use software that is a one-stop destination for all accounting related work of CA firms – from consolidating documents, filing tax to managing clients and accounts.
Further, besides daily work and project assignments, CA Office Automation can assist chartered accountants in keeping a close tab on work status, manage tasks and clients, set reminders for tasks (IT returns, for example) and organise documents basis the financial year, client and type of accounting service.
However, what sets this accounting software apart is that it allows setting up of government legal forms and features an in-built labelling system for all the files and documents. In addition to these, a performance analysis of modules is also possible with this software, thereby allowing CA firm generate extensive reports that would help identify possible discontinuity in work.
In today’s times, role of a CA has transcended conventional domains and that is exactly what has driven up the significance of advanced accounting systems. That being said, most of the software can be expensive, considering their vast functionality. Loans for Chartered Accountants is a suite of four customised loans, designed to finance every CA’s diverse range of needs.
When it comes to operational and administrative activities of a chartered accountant, the CA Office Automation software is as good as it can get. This software is equipped with a multi-interface billing system, login management system and dashboard cum reporting system. Moreover, it also allows users to set reminders for daily work, file tax returns and generate work status analysis and reports.
Accounting software has revolutionized the whole accounting industry across the world. The simple reason behind this is, it has made the process much simple and easier. The above discussed software much work in this way as you can choose any of the software as per your requirements.
More on accounting software is hiring an accounting software means you will no more required to hire extra man power and other resources. In this way it makes your organization cost effective also. However it brought some disadvantages also, as it caused less or loss of jobs of accountants.