Accounting software records and processes different types of business transactions undertaken by a company and classifies it as debit or credit in the organisation’s books.
The best GST software can generate CGST, IGST, as well as SGST receipts using large amounts of data generated by a business.
The most popular and effective GST accounting software used by chartered accountants can be listed as follows –
- Tally.ERP 9
This software enhances chartered accountant practice opportunities through the following services –
- Precise GST calculations
- Managing payroll
- Invoice generation
- Purchases and inventory management
- Developing a product database of various types, depending upon the number of items sold by the business
- Reach accountant
Using such accounting software, combined with qualities of an accountant, allows firms to deliver accurate financial statements to a client company.
Characteristic features of this software can be listed as follows-
- Solving operational issues
- Management consulting facilities
- High-end customer support
- GST preparation in compliance with tax regulations
It is one of the top GST software CAs should invest in.
This accounting software is developed by Thomas Reuters with the aim of creating a comprehensive technology. It handles all aspects of the accounting needs of an operational business.
The characteristic feature of this software is that up to 50 users can use it simultaneously. It is one of the top choices of accounting software for all individuals having qualified their CA articleship.
Such software can be availed within Rs. 20,000 – Rs. 70,000, depending upon the type chosen. However, high-end products cost around Rs. 1.5 Lakh respectively. Loan for chartered accountants provides the required financing to purchase or upgrade such software, along with other expansion costs.
Usage of such technology minimises the chances of error as well as reduces overall time consumed, boosting productivity and efficiency of an accounting firm.
This increases the reputation and goodwill of firms in a market, along with aggregate revenue, thereby enhancing chartered accountant practice opportunities.
Availing such loans is immensely beneficial for every practising CA, as they are extended against nominal interest rates by most financial institutions such as Bajaj Finserv.
However, individuals should check to see whether they satisfy the eligibility criteria and have the documents needed to apply for a CA loan. Most NBFCs require individuals must have a minimum of 3 years of work experience to successfully apply for such business loans. A copy of the certificate of practice stipulating the same has to be submitted henceforth for the verification process.
Loan for chartered accountants is also extended to finance any personal needs of an individual, such as purchasing a home or funding a child’s higher education. Adequate documents for the same have to be submitted in such cases.
As the financial sector of the country is becoming more complex and intricate every passing day, it is redefining the role of a chartered accountant in the country.
They are often entitled with responsibilities of financial planning and statement generation along with developing adequate business modules.
Major accounting firms also provide services to facilitate initial public offering total shares launched in the share market.
Valuation and nominal price of such shares are determined to maximise the total capital collected by businesses for smooth operations in the short run as well as funding expansion projects in the long run.
The best GST software and other associated technology obtained aid this process, thereby by reducing the burden of chartered accountants of manually processing massive chunks of data.
Business loans availed to purchase such equipment can be secured or obtained against a collateral guarantee as well, depending upon the total loan value.