Prisha Poudel | 19th June 2021 |

Accounting is an integral part of every business. From small businesses to large ones, accounting plays a vital role to keep every element intact. Running your business smoothly requires you to keep a proper record of your account.

Accounting software is software that does various accounting and bookkeeping tasks. It stores a business’s financial data and is often used to perform business transactions. It involves a wide range of activities in order to capture a business’s entire financial picture. Done manually, it’s complex and time-consuming work. But accounting software has helped simplify these processes, giving business owners more time to focus on the administration and execution of their strategies. Accounting software allows you to monitor and manage the financial health of your business. Many different types of accounting packages are available on the market, with options to suit different business sizes, sectors, industries, and even work processes.

Important of accounting software:

• Improving Decision Making
• Increasing Data Accuracy
• Ensuring Financial Control
• Saving Cost
• Improving Decision Making
• Improving Financial Data Security
• Financial Forecasting
• Billing and Invoicing Management
• Financial Reporting
• Purchasing and Sales Management
• Speed of Completion
• Simple and fast data entry processes
• In-depth and comprehensive financial reports for better decision making
• Reduction of manual errors due to automation of processes

Most common accounting software in Nepal: 

There is a multitude of accounting soft wares in the current market. Based on the size and nature of your business you can pick the best one for you. Here we’ve listed some of the best accounting soft wares used by the businesses these days:

• Tally Solutions:
  

Tally Accounting is software used for financial accounting purposes. It is provided by Tally Solutions and is a standard business accounting software it is the most uses software for small and medium businesses and helps to manage your accounting, inventory, and other business requirements in a simplified way. Tally is used to generating consolidated financial statements as per the requirements of the company. Tally can manage single or multiple groups. Tally software is used to handle financial and inventory management, invoicing, sales and purchase management, reporting, and MIS. It is an ERP accounting software package used for recording the day-to-day business data of a company.

• Deltek Vision :
  

Deltek Vision is a cloud-based project-based solution for professional services firms that is available for cloud or on-premise deployment. It combines project accounting, resource management, project management, time/expense management, and business development in one product.

Deltek Vision provides critical business data in real-time through role-based graphical dashboards, customizable reports, and alerts. With Deltek Vision, firms manage all aspects of financials including AP, AR, budgeting, and revenue recognition with support for multi-currency and multi-company. Vision helps firms select the right people for the right projects and allows firms to monitor pipelines, track opportunities, and manage client touches.

• Swastik :
  

Swastik Software is a highly automated system for Invoicing, Inventory Control, and Accounting with Detailed Business performance Analysis. This program has been developed keeping in mind the common and essential requirements of Manufacturing, Importers, Distributors, Traders, Retailers, Service Providers, and all other types of Businesses. Swastik is the only software that offers truly Integrated Solutions for Financial Accounting, Inventory Management, Accounts Payable, Accounts receivable, Vat Accounting, and MIS Reporting for today’s dynamic Business and Technological environment with Simplicity, Flexibility, Security, and Reliability.

• Turbo Cash :

Turbo CASH is an accounting software package, developed by a project team in South Africa. Turbo CASH is aimed at the small to medium-sized business market, placing it between a home finances package and an EPR package. Its core functions are a general ledger, posting transactions into accounts, and producing financial reports. Plugin technology enables developers to extend the system. Its core functions are a general ledger, posting transactions into accounts, and producing financial reports. Plugin technology enables developers to extend the system.  Overall it can make your accounting job done in your business to maintain good financial health. With the help of Turbo cash, you can manage your tax, VAT, Debtors as well as creditors.

• FAMAS
  

FAMAS ” “Financial And Management Accounting System” is an integrated computer-based financial and management accounting system that is exclusively designed to meet each financial and management accounting standard of different specific sectors e.g., social development sector, government sector, corporate business sector, education, and service sector, NGOs and INGOs sectors, etc.

• Adminsoft Accounts:
  
  

Adminsoft account is a full double-entry accounting system, complete with account receivables, account payables, general ledger, stock control, invoice software, human resources management, and even payroll software. Adminsoft isn’t full of accounting jargon, it’s easy to use by people who don’t have an accounting degree, it works the way small business people tend to work, not the way accountants work.  Adminsoft Accounts is developed by a small business owner for use by other small business owners. So it isn’t full of accounting jargon, it’s easy to use by people who don’t have an accounting degree, it works the way small business people tend to work, not the way accountants work.

• Gnu cash :
  
  

Gnu cash Accounting software is designed to be easy to use, yet powerful and flexible, Gnu cash allows you to track bank accounts, stocks, income, and expenses. As quick and intuitive to use as a checkbook register, it is based on professional accounting principles to ensure balanced books and accurate reports. It is completely free and doesn’t provide any free trial. Gnu Cash provides features like Payroll, Tracking employee expenses, accounts payable and receivable, credits note. This company is based in Argentina. It can be the best software for no accounting knowledge kind of people.

• OMS Accounting :
  

Order Management System (OMS) software is a solution that enables retailers to automate and manage the entire order fulfillment process from a single platform. OMS accounting software is suitable for Manufacturing, Importers, Distributors, Traders, Retailers, Restaurant, Departmental Stores, Service Providers, and all other types of Businesses. Streamline the recording of accounting data for multiple companies, currencies, charts of accounts, reporting standards, and industry requirements with OMS software for accounting and financial close. Efficiently close books on time, and create financial statements at the entity and corporate levels for International Financial Reporting Standards, or other local requirements. OMS software allows retailers to simplify the entire order management process by providing a single solution to view and manage customer orders.

Disadvantages of accounting software

• Computer hardware needs replacement and software needs to be updated from time to time with the availability of newer versions.

• On account of the introduction of computerized accounting system, the employees feel insecure that they may lose employment and show less interest in computer-related work.

• The danger of a system crash due to some failure in hardware can lead to subsequent interruption of work. This is more when no backup is made.

• To ensure effective and efficient use of a computerized system of accounting, newer versions of hardware and software are to be introduced. These require special training and hence, the cost is incurred to train the staff personnel.
• Unlike human beings, computers do not have the capability to judge or detect unanticipated errors in the system.
• Extensive use of computers may lead to many health problems such as eye strain, muscular complaints, backache, etc. resulting in reducing work efficiency as well as increased medical expenditure.

Conclusion:

Choosing the best accounting software for the company is the most important part of the business. This accounting software keeps your business financial data up to date and manage all the record and provides you a clear vision of whether your business is in loss or profit. You can have lots of benefits with this in your business. You can go with any above accounting software. According to your need and demand choose your software for the better result for your business.

 Sources:

https://globaltech.com.np/oms-accounting/

https://www.trendsnp.com/accounting-software-in-nepal/

principal of accounting basic book