Bookkeeping Software
What is a bookkeeping software?
Bookkeeping or Books of original entry is a science and art of recording all the business transactions that result in a transfer of money or money’s worth’ in the accounts books. Bookkeeping is a task concerned with recording and classifying financial data related to business operations in order of its occurrence. Bookkeeping and accounting are inseparable and there is a thin line to differentiate bookkeeping and accounting.
Features of TallyPrime’s bookkeeping software
TallyPrime is a complete business management software that helps you manage all major functions of the business. Using TallyPrime, you manage accounting, inventory, banking, taxation, banking, payroll and much more to get rid of complexities, and in turn, focus on business growth.
Record and bookkeeping
TallyPrime is a comprehensive accounting system that makes the process of recording transactions and bookkeeping easy and simple
Invoicing and billing
It’s simple to create, print and e-mail professional-looking invoices in a few seconds. Fully flexible to configure the information on the invoice, add a logo to the invoice, choose billing formats that suit your business nature and much more, makes TallyPrime a tailor-made accounting software for your business.
Pre-defined chart of accounts
You create and organize the chart of accounts the way you want. What’s more? TallyPrime comes with a pre-defined chart of accounts. All you need to do is just create and map your ledger accounts
Accounts receivable and payable management
Automated bill-by-bill accounts receivable and payable management in TallyPrime helps you keep track of all the pending bills. The insightful reports along with powerful tools such as ageing analysis, multiple bill settlement, credit control utilities etc. provide you with an efficient way of managing receivables and payables.
Insightful accounting and financial reports
TallyPrime comes with a diverse set of readily available business reports with numerous views and actionable insights to help you make informed decisions for your business growth. These reports are designed to aid in analysis such that you can slice and dice the information in reports and create various viewpoints to understand the reports better.
Complete GST solution
Right from recording tax invoices to filing accurate GST returns, TallyPrime is a one-stop solution for all your GST needs. The prevention, detection and correction technology ensures your books and returns are always accurate.
Inventory management
TallyPrime is a flexible inventory management software that enables businesses to manage the optimum level of inventories always.
Multi-currency support
You can record invoices, quotations, orders, accept payments and receive bills in multiple currencies of your choice. The gains or losses in forex that occur due to daily variations in currency rates are auto-calculated.
Sales and purchase management
TallyPrime is designed with complete flexibility to suit various purchase and sales processes, followed by the businesses.
Online business reports
Securely access your business data anytime, anywhere using a web browser on any device.
Multi-company support
With TallyPrime, you can manage multiple companies and easily handle the complexities associated with them. What’s more? You can easily toggle between companies’ books and make a quick comparison between two or more companies irrespective of business nature.
Payroll management
Using TallyPrime, you can organise your employees into departments/functions, record attendance and auto process salary calculations.
Contact Us
We offer free solutions to your customer inquiries.
FAQs on bookkeeping software
What is bookkeeping?
Bookkeeping is a process of recording and organizing all the business transactions that have occurred in the course of the business. Bookkeeping is an integral part of accounting and largely focuses on recording day-to-day financial transaction of the business.
What are the types of bookkeeping?
The single-entry and double-entry bookkeeping systems are the two methods commonly used. While each has its own advantage and disadvantage, the business has to choose the one which is most suitable for their business.
What are the bookkeeping principles?
To ensure the all the transactions are recorded and organized systematically, bookkeeping principles are applied. The following are the bookkeeping principles
- Revenue principle
- Expense principle
- Matching principle
- Cost principle
- Objectivity principle
What are the elements of bookkeeping software?
Bookkeeping procedures are governed by the end product, the financial statements. And ‘financial statements’ includes profit and loss account and balance sheet including schedules and notes forming part of accounts. The three primary elements of bookkeeping software are; journal, ledgers and financial statements.
How to do simple bookkeeping for small businesses?
Bookkeeping is a mechanical task that involves the following steps:
- Collection of basic financial information
- Identification of events and transactions with financial character i.e., economic transactions
- Measurement of economic transactions in terms of money
- Recording financial effects of economic transactions in order of its occurrence
- Classifying effects of economic transactions
- Preparing an organized statement known as trial balance
Do I need bookkeeping and accounting software for my small business?
If you’re a sole proprietor with modest income, a bookkeeping software would suffice to run your business smoothly as bookkeeping is the recording phase and provides necessary data for accounting and accounting starts where bookkeeping ends. However, as your business grows, more processes get added to manage your business, thus, accounting software will help streamline your processes better and generate more analytical reports that help in faster decision making.
What are the benefits of bookkeeping software?
- Bookkeeping helps to keep track of receipts, payments. Sales, purchases and record of every other transaction made from the business
- It helps to summarize the income, expenditure and other ledger records periodically
- It provides information to create financial reports which tells us specific information about the business as how much profits the business has made or how much the business is worth at a specific point of time.
How to choose the best bookkeeping software?
An intuitive bookkeeping software simplifies data entry, organises your vital information, provides reports, and allows accountants more access to important financial information about many aspects of the business. Check out features of TallyPrime as a bookkeeping software for your business, and take a free trial today!
What is meant by bookkeeping and accounting?
Bookkeepers and accountants sometimes do the same work. But in general, a bookkeeper’s first task is to record transactions and keep you financially organized, while accountants provide consultation, analysis, and are more qualified to advise on tax matters.
Streamline Your Billing Process with E-Invoicing Software.
E-Invoicing Billing Software revolutionizes the way businesses manage their invoicing processes. With features designed to automate invoice generation, track payments, and ensure compliance, it’s the ideal solution for modern businesses. Our E-Invoicing Billing Software, offered by TallyGulf, simplifies invoicing tasks, reduces errors, and accelerates payment cycles. Seamlessly integrate it with your existing systems for enhanced efficiency and productivity. Experience hassle-free invoicing with TallyGulf’s E-Invoicing Billing Software. Contact us now to learn more!