Best Accounting Software in Bangladesh

What Is Accounting Software for Businesses?

Accounting software is a great tool to track business finances. Businesses and individuals use accounting software to monitor income and expenses. It is a much faster way than any other manual process.

The core concept of accounting software is to store business transactions. An accountant usually uses the software. The person is responsible for recording and reporting company finances.

Accounting software has many different benefits. Companies can manage their accounts better by using the software. They can also keep track of the expenditures. And the software can assist in abiding by the tax law of Bangladesh easily as well.

And these are not all. You will come across many more benefits of the best accounting software throughout the article.

Why do Businesses Need Accounting Software?

Before we try to find the answer to this, we need to ask ourselves- what is the alternative to accounting software? Instead of using accounting software, companies can rely on manual processes. It includes creating spreadsheets on paper. You may also use MS Excel as a primary tool.

But all these are completely manual. As a result, the chances of making mistakes increase significantly. And on top of everything, it will take an accountant a lot of time to complete the tasks.

Businesses need systems that are accurate and efficient. That is where accounting software comes in. Accounting software ensures that the entries are correct. And it will take you way less time than other processes to input the data in the software.

Accounting software also helps in managing and tracking financial transactions. The software includes many compelling features. For example, you can organize receipts and integrate the data with your company balance without much effort. This will allow you to be more productive and transparent.

Finally, accounting software can help businesses grow faster. Every bit of transactions can be visible once you start using account software. Every department now has an idea about what’s going on financially. It makes the organization work more productively than ever before.

Read Also: Best Asset Management Software Tools

What does Accounting Software Include?

Accounting software is built to simplify day-to-day financial activities. So, the software should include features that make it easy to manage income and expenses. It should be easy to maneuver. And everyone should be able to navigate and understand the data inside.

The primary objective of accounting software is to make financial tracking easier. It means that the features should help companies make better decisions. As a result, companies will be able to grow according to the plans.

So, what could be some of the standard features of accounting software? There could be many. Here are a few features that any good accounting software should include:

• Handling accounts payable and receivable
• Tracking bank and company transactions
• Generating accounting reports
• Reconciling accounting data
• Storing financial documents
• Multi-user access
• Integrating with a payroll company
• Financial forecasting
• Inventory management

But there are also some things that the software will not do. Accounting software cannot make financial decisions for you. For example, the software cannot advise you about tax-saving tips. So, you will still have the decision-making power. The software will function as a financial forecasting tool.

How We Chose the Best Accounting Software / How to Determine which Accounting Software to Buy

Now comes the challenging part. How do you choose the best accounting software in the market? You will indeed find various accounting software. But choosing the best one is vital for the business.

The best way to deal with this is by researching your options. Take at least 10 options in your hand. And then, start studying about them. Compare and contrast their features, functions, and price before deciding on one.

But we are not done yet. The article is here to make your life easier. So, we have come up with a few tips that can help you determine which software to buy. Ask these 5 questions to determine the best accounting software for your business.

Can I access the software from anywhere?

Yes, this is still a valuable question to ask in today’s ear. There are several accounting software that works only on computers. They are not mobile-friendly. And some may even work only on specific computers.

But you need software that you can access from anywhere in the country. The most suitable accounting software is mobile-friendly and has a well-functioning app. This feature can help you integrate with other business software. And thus, you can work collaboratively from anywhere on earth.

So, accessibility is a top priority. What makes the software accessible from anywhere? The software needs to have cloud-based systems. So, look for accounting software that has a cloud-based option.

Can my accountant work with the software?

It would help if you had software that can be usable by your accountant. If it is complicated, the accountant may feel disoriented in using the application. Also, usability can help your accountant to navigate the software more productively.

You may also work with an outside bookkeeper. In such a situation, you need to have software that the bookkeeper is familiar with. Software like QuickBooks and Xero are quite famous for their universal usability.

Is the software scalable?

The intention of using accounting software is to grow the business. You would want to make profitable decisions from the financial forecasting. As a result, the software must possess scalability.

It means that work limitations should be minimal from using the software. There should be no limits in using the features of the software. Also, the software should be upgradable to enhance the features and user experience.

Does the software have the necessary features?

Before deciding on which software to use, ask yourself- why do I need accounting software? Do I need the software for inventory management? Do I need software for tracking foreign transactions? Do I want the software to include payment-processing features?

There are many questions to ask in terms of the features of the software. It is crucial to figure out what you want to achieve with the software. An excellent way to start would be to try out the trial versions.

You can see how things work with the software by using the trial version. If the features match your purpose, you can then subscribe to the premium options.

Is the software affordable?

The final consideration is the price of the software. It may also be the deciding factor in choosing suitable software. So, it is essential to know about the cost structures of the software.

A fruitful way to do this would be to compare the price and the features. The subscription should make sense to you. It means that the benefits and the cost should align with your need and demand.

Top Features of Accounting Software

Business accounting software has some top features that make it unique. The concept of the software is to ease the complexity of manual processing. The software simplifies the accounting process with its key features. Some of the top features of accounting software are as follows:

Automatic management of accounts

Automation allows complete accuracy of accounting processes. And it is super important for bookkeeping. Manual works are lengthy and complex. Automation can help you run the bookkeeping process smoothly.

Automation reduces manual activities. It can increase bookkeeping efficiency greatly. An ideal software will use the AI system to understand your behavior. And in return, the software will produce timely results.

Accounts receivable and payable management

Account receivable and accounts payable are two common terms in accounting. Accounts receivable means the money will be paid in the future. And accounts payable is the amount of money the company owes other entities.

These two will cover a major part of any balance sheet. So, keeping track of them is a must. Managing the two accounts can help companies to manage their debts. Accounting software should be able to help you manage them accurately.

Secure access at any place and any time

We have already talked about the importance of the accessibility of the software. This is a key feature of accounting software as well. The software should allow you secure access from anywhere on earth.

It means that the software must include features like mobile-friendliness. There must be remote access to the application. And there must not be any privacy issues. It means that your data should be guarded against any breach.

Flexibility in subscribing to the

desired features

Accounting software is the key financial manager of the company. The software helps companies to manage accounting and finances. As a result, you can make better decisions in the future.

But every company is different. They will have distinctive needs from the software. So, everyone will not require all the features of the software.

Thus, the software should have the option of flexibility in its subscription. You must be able to subscribe to the features that you need only. As a result, your software will be “designed for you” through the flexible subscription options.

Provide global accounting standard supports

If your business is international, you will need global accounting standard features as well. You will be working with country-specific data. But the software should be able to comply with different languages, currencies, and standards.

The most suitable software should be able to do all of these. You are investing your money in a valuable company asset. So, the software must feature customized options to perform worldwide accounting functions.

Importance of Accounting Software in Bangladesh

Accounting software is very important in the perspective of Business in Bangladesh. It can help streamline finances and manage activities. There are many more advantages of accounting software in Bangladesh.

Controlling the cash flow

Accounting software gives you automated services. It can help you manage the cash flow through automated accounts receivable and payable. You can also understand the stock movements better. The software will provide you with reports. All these together can help you in controlling the cash flow of the finances.

More efficient business function

The software can help you adapt to the rapid changes in the industry. You will always need to be on your toes to make quick decisions. Accounting software can help you do that effectively. Your business will function more efficiently than before with the use of the software.

Financial reports to make decisions

Accounting software has an excellent feature to provide you with financial reports. These reports help you make decisions about future finances. The report is very accurate almost all the time. And you can also predict future changes and chances of business.

Controlling the credits with better techniques

Accounting software will enable you for better credit management. You can use the software to filter late payers and timely payers. You can also set a credit limit through the software. Thus, you will have better control over the company's cash flow.  

Conclusion

Every company in Bangladesh needs the best accounting software. There are many features that you can take advantage of. You will also find many packages in the market.

The important thing to note is that the software should fulfill specific requirements. You should be able to buy specific features that your business needs. This is what makes the software the best in the market.