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Managing finances is a complex process that requires meticulous planning and data entry. That’s why having a bookkeeping software is key to ensuring seamless cash flow management. Bookkeeping software makes it entrepreneurs to manage cash inflow and outflow, thereby helping in tracking a business’s financial capabilities.
But with so many Bookkeeping software options available in the market, it is difficult to understand which one will suit your requirements. What features you should look for while opting for the right bookkeeping software in Indonesia? What is the difference between a bookkeeping and accounting software? How a bookkeeping software can help automate accounts related tasks, and much more. To get a detailed insight, here’s an in-depth blog on bookkeeping software for small and medium sized businesses in Indonesia:
Also known as accounting software, a bookkeeping software helps businesses manage and record their financial transactions. It helps simplify recordkeeping and classifying financial data for businesses by automating processes. It is to be noted that bookkeeping and accounting are interrelated and there is a very thin line of differentiation between the former and the latter.
Record and bookkeeping: A comprehensive business management software, TallyPrime makes recording transactions and accounting an easy process.
Invoicing and billing: A flexible software, TallyPrime enables businesses to create and print invoices easily. Its simple, easy-to-use interface allows businesses to add information and logo and opt for a particular invoicing format, a simple process.
Pre-defined chart of accounts: TallyPrime is an adaptable software that comes stacked with a pre-defined chart of accounts. This enables businesses to easily create and map their records in the manner they want.
Accounts receivable and payable management: TallyPrime allows businesses to automatically monitor all their forthcoming bills - both receivables and payables. It provides in-depth reports along with integral tools like ageing analysis, various bill settlements, credit control utilities, thus enabling a productive approach to managing receivables and payables.
Accounting and financial reports: Being a comprehensive solution, TallyPrime comes with a wide array of reports that provides insightful perspectives, which helps businesses in decision-making. These reports help companies analyze the information in reports and attain alternate points of view that help better comprehend the company's financial status. Best of all, you can customize the reports in the manner you need and how it works for you.
Stock management: A versatile inventory management software, TallyPrime helps businesses manage their inventory in a seamless manner. What's more? It's flexible to such an extent that it adapts to the way you coordinate your stock and adjusts to your approach to overseeing the business. You can get to know the sluggish or quick-moving stocks, high/low yielding items, patterns, and so forth that assist you with dealing with your inventories better.
Multi-currency support: Being a robust software, TallyPrime allows you to record invoices, track payments, receive bills in multiple currencies. Additionally, it also auto-calculates any changes in forex charges.
Sales and purchase management: A comprehensive software, TallyPrime is built to adapt to companies' different purchase and sales processes.
Insightful business reports: Devised keeping in mind different business scenarios, TallyPrime allows businesses to access information anytime, from anywhere on mobile or any other device.
Multi-company support: An inclusive software, TallyPrime provides multi-company support. This implies that a single user can manage different organizations efficiently handle their intricacies. Further, it allows to quickly flip between a company's books and quickly compare two or more ventures irrespective of business nature.
Payroll management: Being a comprehensive solution, TallyPrime also allows businesses to manage employee payroll, record attendance, and auto-process salary seamlessly.
In financial terminology, the phrases bookkeeping and accounting are often used interchangeably. Nevertheless, these two are different. Bookkeeping refers to recording financial transactions, whereas accounting alludes to dealing with analysis, reporting, and summarizing financial data of a business.
Having said that, the key difference between bookkeeping and accounting is that bookkeeping is the recording stage, while accounting is all about summarizing an accounting framework. Bookkeeping delivers critical data for accounting, and accounting begins where bookkeeping ends. Here is the differentiation between accounting and bookkeeping:
Bookkeeping alludes to the foundation of accounting
Accounting harnesses the information provided by bookkeeping to prepare reports
The goal of bookkeeping is to sum up the impact of all financial exchanges of a business for a given period.
The goal of accounting is to decipher and analyze all financial data that helps in making informed decisions.
Financial statements and reports are not considered a part of the bookkeeping process.
Whereas, financial statements and reports are an integral part of the accounting process.
The purpose of bookkeeping is to keep a track of financial record
The purpose of accounting is to assess all financial aspects and provide insightful reports
The objective of bookkeeping is to sum up the effect of all monetary transactions for a given time period
The purpose of accounting is to interpret and analyze data to make informed business decisions
From recording transactions to providing insightful financial reports, a bookkeeping software helps businesses deal with various financial tasks and simplifies processes. Here's a quick rundown of ways a bookkeeping software can automate tasks:
TallyPrime’s Flexible Voucher Numbering Capabilities for Accurate Recordkeeping