According to the latest report presented by The Economics Times, India became the fastest growing country in terms of usage of applications and software.
The Indian market has witnessed a year on year growth of 41% in terms of revenue in the first quarter of 2018 and continued to reach newer heights in the use of application and software.
With an increasing amount of usage, such tools have changed the fate of every sector be it financial, healthcare, or engineering.
In the financial domain, complex calculations and storage of lengthy information processes now can be quickly met with the availability of ready to use accounting software India and apps.
These software programmes make the task half easier for accountants and financial professionals.
Advantages of app & software programme
Nowadays, every accountancy firm uses the app and software for their business endeavours to achieve benefits, as mentioned below. With efficient accounting software packages in India, availing these benefits will be easier.
- Accuracy and precision
Human errors are inevitable in the calculation and hence needs to be cross-checked for precision.
With apps and software doing calculation based on algorithms, accuracy is a prime element that can be achieved.
Errors in the calculation are no more a concern with the implementation of accounting software India.
Since the use of app and software in calculation processes reduces the possibility of human error, it also saves the time required to come up with final outputs.
Note that accounting still widely involves cross-checking. With machines doing the regular work, the procedure is naturally accelerated giving chartered accountants more time to perform their entitled tasks.
- Reduction in overall costs
The overall cost of the process can be substantially reduced as the automated software can complete a large part of the human work with accuracy.
Hence, a CA firm will require fewer human resources for a specific job and can complete the same faster. With reduced payroll and administrative costs, the additional cost incurred for the implementation of software and requisite of hardware units is balanced.
Therefore, a firm can rest assured to cover up any costs incurred for integrating project management software a CA may consider to invest in.
- Easy to file taxes
Filing taxes has always been a tedious process and having to log in to the government portal multiple times and filing forms makes it more complex. Now, with the availability of multiple GST software, CAs can invest in, filing tax returns is easier than ever.
- Accuracy in drafting reports
Drafting financial reports manually is a time-consuming process and one may miscalculate it in haste. Nowadays, several applications and software are available for accountancy firms that let them draft financial reports in a few clicks or by simply filling up a form.
The built-in reporting module that exists in the software package will analyse data and produce accurate reports quickly.
These software packages of project management and que management software come along with costs of purchase, installation, hardware integration, etc.
Since the advantages of such software packages outweigh the purchase and implementation costs, these are hugely being used in the accountancy firms to serve customers better.
Nonetheless, the cost required is substantial, and businesses need to arrange for the initial investment themselves.
For any CA, it is vital to upgrade their existing setup with the necessary infrastructure to best support the usage of such software programmes.
They can consider availing a loan for chartered accountants offered by numerous leading financiers such as Bajaj Finserv to meet the required finances at competitive interest rates and with multiple additional borrower-friendly features.
Types of software & applications
There are varied software programmes that are now helping organisations across multiple sectors to better manage their operations, viz. –
- Project management software – It helps managers in a firm to streamline task distribution, time tracking, budgeting, etc. The software can be used by managers to coordinate employees and help them meet organisational goals.
- Custom accounting software – It is usually needed by enterprises that have a distinct business approach which can’t be met by standalone accounting software. However, such software programmes are often expensive and require custom designs and dedicated IT management.
- Que management software – Such software are widely used in the healthcare industry wherein the patients and their appointments are managed. It is helpful with better customer experience.
Implementation of such software and applications has resulted in improved efficiency in every sector. Now firms can use these technologies and improve their services while reducing costs and accelerating TAT.