Business Wire IndiaLedger is the basis of accounting. But, what does it mean by a ledger-based accounting software? How will it revolutionize accounting? Is there anything more than that? Know all about this and the changes that accounting foresees in and after the pandemic.
The biggest challenge faced by business owners today is time. Everyone wants to keep a check on everything going on in the organization themselves. They are smart and want things to be done precisely perfect. The only solution to this problem is automation and simplified reports. Automation brings in exactly what they are seeking- precision. And, ledgers make understanding accounting simple. All that business owners are interested in is how much money comes in and how much money goes out. And, this is exactly what the ledger-based accounting software provide. Skip the Accounting jargon!
Instead of getting entangled in the jargon of bookkeeping & accounting, it is better to focus more on the finances of the business and how to grow them. After all, they are business owners and not accountants! Moreover, this is exactly the purpose of this software- to make the lives of business owners easier by cutting down the accounting jargon and replacing them with more user-friendly words like increasing or decreasing at the place of credit and debit, respectively. The entire software has been woven around keeping in mind that not all business owners are from a commerce background and need not understand the technical terms.
Conventional software like Tally, QuickBooks, Zoho, Busy, and many more have a common architecture based on the balance sheet and journals. There have been big changes in this part and have introduced ledgers as the base of it. One can have different ledgers and make entries in specialized accounts like assets, liabilities, revenues, equities, expenses, etc in an extremely simple manner. Moreover, one can share these ledgers directly with the concerned person like the client or the CA or Finance head, etc. This makes work faster and more efficient.
New-age cloud accounting softwares can be accessed from anywhere and at any time. The pandemic has taught the big lesson of remote working which is seen as the future working culture. Amidst all the chaos of COVID, the finance department was worst suffered due to lack of accounting softwares that provide remote working. On the contrary, cloud accounting softwares make it accessible at any time from anywhere in the world.
Cloud has many more huge benefits, one of them is security. As there are no viruses on the cloud as yet to corrupt the data unlike, offline software. File/ data sharing is an itsy-bitsy job overcloud with full security. Even here, ledger-based software is a step ahead of their counterparts by providing a feature of ‘magic link’. Magic link is a link to your data that can be accessed by only the people you have shared it with. This link has a limited validity of 24 hours, after which it does not work. Sounds interesting.
The ledger-based cloud accounting software is weighted with features like multicurrency management, auto paid, and multiple branch accounting as well. Multiple branch accounting is really awesome for businesses with a hierarchy of branches and sub-branches. Every store is taken care of in this feature from the filing of GSTs to inventory management. Plus, it is empowered by all those features that any other software provides. The dashboard also looks interesting with all the graphs and pie charts of total overdue, P&L, ratio analysis, top 5 debtors, and top 5 creditors.
So, all in all, it’s better to buy such an all-rounder software for business rather than just going for only billing software/ GST filing software/ inventory software/ or ledger software. A complete ledger-based cloud accounting software.