The COVID-19 epidemic has brought the world to a standstill due to which industries have an unprecedented impact on trade. And it is estimated that almost every region is being affected by this epidemic. During the COVID-19 epidemic, everyone is looking for an alternative or opportunity to help them sustain and grow their business.
The COVID-19 epidemic is pushing industries in every region to move quickly into new business environments where the focus is on reduced physical dependence. This epidemic has also helped prepare many industries to face any other such problem in future.
Nowadays more and more businesses, especially small businesses, have started to move from the traditional way of managing financial records to adopting accounting software. With the help of different software for accounting and other purposes to ease their work, these types of accounting software give you a variety of options to manage and control your work, like work anywhere and anytime. As no one knows when the outbreak of coronavirus and lockdown will end. In such a case, all these software will help you to run and manage the day to day business activities very easily in the current scenario of COVID-19 epidemic.
Some Problems Businesses are Facing in COVID-19
- Businesses started working from home to maintain social distinctions.
- Business operations of various industries are severely disrupted.
- Still using manual operations.
- Software that does not support cloud computing.
- Lack of system integration.
- Problems related to inventory management, to manage accounts receivable and payable and other processes ranging from production to distribution.
There are many accounting software out there. As every business has a certain accounting structure for which, the software is needed and different types of software are developed for different purposes like Simple accounting, Cloud-based accounting and Tax accounting software, etc.
In this current situation, the accounting system is playing the most important role. It helps to operate entire industries with the ability to maintain business operations through remote access, automated reporting, electronic data exchange and real-time data control.
Features offered by the Accounting Software
- Manage your inflow and outflow of cash.
- Allow you to do multi-currency invoicing.
- Expense tracking.
- Voucher creation and customization
- Payment gateway integration
- Inventory management and control.
- Manage sales order, purchase orders & quotes.
- Vendor management.
- Payroll Management.
- Reporting, analysis as well as data reconcile.
- Tax filing.
Benefits of using Accounting Software in COVID-19
- Reduce Cost: As every industry is facing a financial crisis, everyone wants to reduce costs more than ever. The biggest advantage of accounting software is that you can save a lot more resources than you can save in the manual process.
- Cloud-based: Most accounting software provides cloud-based technology which helps you access and controls your data anywhere, anytime, via mobile or any other device without complex technical configuration or robust IT staffing.
- Offer Work from Home: Accounting system empowers employees working from home, keeping production at the facility on track, and managing demand patterns effectively. This is one big advantage during COVID19.
- Real-Time Analytics: One of the most significant advantages of accounting applications is the usage of real-time analytics. It also enables you to share information on a real-time basis.
- Improved Collaboration and Workflows: The accounting system streamlines the process of collaborating with others by accessing the data when they need it. Where all information from each department is transported to a centralized location, so anyone can access it easily.
- Improved Supply Chain Management: In the current situation, the most affected part of every business is supply chain management. With the help of a good accounting system, your supply chain can become better and more sensitive through better supply forecasting, inventory management, purchasing and more.
- Work Smarter and Faster: Bookkeeping includes billing, invoicing and transactions. Accounting software ensures you that all tasks here will be completely accurate and can be maintained very easily with little effort which reduces the workload.
Best accounting software for your Business
These are some of the best accounting software that provides almost every feature and benefits you can think of.
- Marg ERP
- Tally ERP
- QuickBooks India
- Zoho Books
Due to the disaster of COVID-19, all businesses are facing huge impact, no matter how old or new. Everyone is rethinking their business remodelling and operating their business, including working alongside their business plan. We also strongly recommend you to update your work culture. So you can effectively manage the operation of your business without any worries in COVID-19.