Accounting originated when the first trading started back at 3000BC. It used to keep all exchange information in a book.
Accounting is a way of keeping a record of all financial transactions followed by summarization and analysis in the form of a book. Accounting also called as bookkeeping. It shows the financial health of a business which in turn will help the business owner to take better decisions for the growth of the business. Accounting provides detail information on available stock, budget, cash flow status, profit & loss status etc.
When we heard the term accounting, the one thing that comes to mind is “It’s very tough & complicated’. But its very much necessary for a business. Accounting is the backbone of every business. It’s very necessary for start-ups’ to have clear and detail knowledge on all accounting terms to manage business finances easily also to have a better talk with investors.
Let’s define the need of accounting with a case study:
Here is the Scenario:
You are running a startup of helping other businesses to generate more leads alongside strengthening their sales channel for business growth. In your first year, you got some client and made a reasonable profit. Now you want to expand your business to other cities & countries and to do that you need more human resource as well as funding.
So you think of approaching investors. Let’s say you approach an investor called as “SmartInvest” and they call you to have a detailed discussion.
At the time of discussion, they ask you how much profit you made in the last financial year, what is your annual turnover, what’s your company valuation etc. However, you are unable to present all figures in front of them as you never maintain your book of accounts.
So, you got rejected.
Just think, if you maintained all transactions then you would be able to show them your business health and why should they invest in your business?
This is the importance of accounting in a business.
Now lets’ find out the best accounting software for small business, startups & mid-sized businesses.
Accounting software helps a small business owner to track & monitor all his expenses and transactions in a month. It provides various financial reports to understand & analyze business health.
Here is some top accounting software:
Why is SlickAccount best accounting software?
Let’s do a comparison among above-mentioned software:
|Invoice with barcode||Yes||No||Yes||Yes|
|Income & Expense Management||Yes||Yes||Yes||Yes|
|Easy search of past records||Yes||Yes||Yes||Yes|
Here’s the elucidation of SlickAccount Features which differentiate SlickAccount from other softwares.
The fin-tech product SlickAccount brings Design Automation Innovation to Accounting Software by using AI & ML technology. This GST Accounting Software is very simple & user-friendly, even non-accounting professionals can use this software with ease.
- Easy & Quick Invoicing
Whether you are in the office or at work site generate invoices on the go also send directly to customers via email, WhatsApp
- Income & expense management
A single dashboard to help business owners find all income, expense, credit & due payment details
- Inventory Management
Track item status in real-time, get details of items sale & purchase, stock availability reports, and quick search according to business needs
- Purchase & sales order Management
Uniquely crafted purchase order enables you to pull all items which go beyond minimum level and create a quick purchase order for the same using SlickAccount. Know whether you have enough stock to fulfill your sales order or not.
- GST reports & E-way Bill
Get all type of tax filing & business reports from SlickAccount. It makes tax-filing easy & hassle free. Generate E-way bill in the quickest way by auto-filling some details from previously generated invoices using SlickAccount.
- Invoice tracking
Track sent invoice status like invoice opened or deleted also send automated reminders of due payments to increase collection of due payments.
- Multi-user facility
Let your team manage different accounting works for quick delivery & effective work. You can allow your team to access the same account but with limited access as per your requirement.
Online payment gateway, Bank Reconciliation, Due alert & notification, Barcoding, POS mode billing, Warehouse management, Bills of material, Production Planning,
- Automated invoice creation from Challan, Quotation, Estimates
- Support for inventory & stock of all type of industries
- Track invoice & user activity
- A simple user interface, which can be used by anyone
- Get all kind of business reports
So, now you choose which software would be better for your business. If you have a query pertaining to our software, the call us on 744009899 or mail to firstname.lastname@example.org
You may hire a single person to handle accounting if your business is small or a startup also you can hire more people if you are running an MNC business or business with high turnover. It all depends on your requirement.