Accounting is necessary for the proper upkeep of records to prepare financial statements and to comply with various statutory formalities like filing of various tax returns etc. In the conventional form it is quite mundane activity and always get the secondary treatment. However, with the increasing the volume in business, number of inventory items, varied pricing structure, complex GST structure etc. the accounting has become of prominence and would lead the way from just upkeep of records & statutory compliance to track business process and efficient business decision making.

In the present-day context, there is no scope for manual records keeping, an accounting software is a must and with the spread of internet and cloud technologies, the cloud-based accounting software is an in thing. With the help of cloud accounting software, the entrepreneurs and professionals would not be dependent of specific system for accounting but would be able to do the accounting anywhere, anytime and with any system (it would be as convenient as accessing your email).

There are cloud-based accounting software like AlignBooks that are not only providing cloud based accounting solution but also providing features that simply does not do record keeping but facilitates to record the complete business process and also provide the timely information in the form of updated dashboards and other specific report formats to take efficient business decisions.

We will discuss how the AlignBooks accounting software records the sales process. Before a sales order been received by a supplier the buyer first asks for the estimation in many of the cases, hence the sales process starts with the Estimation and on the basis of this estimation the buyer send the order to the supplier. Since, the sales order is based on estimates provided by the supplier, hence if estimates is generated from the software it would enable the supplier to know against which estimate there is no sales order so it can help the supplier to revisit these customers that have asked for estimates but does not order. And, in case where the sales order is received against the estimate then the Order could be recorded in the books from this Estimates itself that would save time and efforts. In similar fashion against this order the goods could be dispatched and delivery challan could be generated from this order itself again reducing time and efforts. If certain goods are left for delivery because that were out of stock or otherwise than the software would itself keep the record for pending delivery. Later the delivery challan so generated for orders could be used for the purpose of invoicing. Hence, tremendously reducing time and effort and moreover keeping the track against which delivery challan no invoice has yet been generated.

After raising invoices, the software would keep the track of payment receipt against each invoice hence would facilitate the outstanding invoices as on date against which the payment are still pending. So, with the single data entry at the time of estimate the complete sales process could be manged with minimal data entry. This not only reduce the time and effort but also left trail and provide MIS in respect of pending orders, pending delivery, outstanding payment etc.

Similarly, the new age accounting software are providing real time report in the form of dynamic dashboard. For example, sales dash board could consist of details of five top customers and similarly 5 customers that has not issue any order since long. The details of 5 most outstanding customers, details of monthly details could also form part of dashboard.

It could be understood from the above that new age cloud-based accounting software just not only provide the convenience of any time anywhere working but also laced with feature that saves lot of time and efforts and also provide the relevant timely information for smart business decisions.

Published by Shubhi Gupta