Accounting software is a type of computer program or application, which plays a helpful role in recording the financial transaction information of small businesses to corporate offices, banks or other organizations as well as creating reports. Today, accounting software in Bangladesh has become an essential tool for almost all types of businesses, from small businesses to multinational companies.
Importance of Accounting Software
The most important thing behind the success of a business is to keep a proper account of the income and expenditure of the whole business and take action accordingly. So traders try to keep an account of their business in various ways. Many traders still rely on ledgers, pens, calculators, etc. for accounting, which has cost them a lot of time and labor. As a result, there is a huge deficit in the management of the organization to make the business bigger. Double entry accounting software can solve this problem easily.
Accounting software can easily keep track of all business accounts and since it is software and computer dependent it can work very fast. As well as being user friendly it does not require any separate skilled staff to use it. Many things can be done simultaneously with an accounting software. As receipts can be given to the customers in a very beautiful and organized way. Besides, it is very easy to calculate the daily, monthly and annual income and expenditure of a business. Another big advantage is that there is no possibility of losing the data of the organization as a result of using the accounting software as now the data of many accounting software is stored through the cloud server and its backup is also kept. It also allows you to view the current state of the business from anywhere on the Internet.
What kind of feature does the Accounting Software have?
Invoice Processing: Invoice processing plays an important role in accounting software systems as per the basic needs. Moreover, through invoice processing, accounting software helps to keep track of who owns what, which merchant is receiving payments, and whose payments are due by date.
Payroll: One of the features of the accounting software is the payroll system. Through the payroll system, all expenses including salaries and allowances of the employees working in the organization can be stored in the accounting software. Also, hourly deployment helps to pay employees salaries and allowances on a daily or weekly basis.
Budget Forecasting: Using accounting software in Bangladesh from small businesses to large-scale businesses provides an idea of current business expenses and forecasting of next year's expenses. As a result, it helps businesses estimate sales targets and get an idea of production volumes.
Banking System: Accounting software helps in managing seamless and smooth operations in the banking sector. This type of accounting software provides real-time access to all bank account holder information, including tracking transactions and multiple accounts.
Online Payment: Nowadays online payment has become very popular for doing business transactions in Bangladesh. Both companies and customers benefit from online payments by integrating almost all payment gateways using accounting software.
Inventory Management: Some accounting software includes inventory tracking facilities, which help businesses manage stock levels, track product sales, and generate reports on inventory values and turnover.
Real-Time Reporting: The most significant advantage of accounting software is the facility to report and track real-time transactions. Real-time reporting allows all financial transactions of the company to be easily calculated and tracked, including costs, sales, and inventory.
Bookkeeping Automation: Accounting software automates routine bookkeeping tasks such as invoicing, bank reconciliation, and payroll. thereby reducing manual errors and saving time.
Tax Management: Accounting software simplifies all tax-related processes by calculating tax due, generating tax reports, and ensuring compliance with tax regulations. thereby simplifying the tax filing process.
Also, customized accounting software is available at affordable price in Bangladesh, which can be modified with the help of developers as per the needs and requirements.
What kind of Accounting Software is available in Bangladesh?
1. Advanced Accounting Software: Advanced accounting software provides advanced features beyond simple accounting including advanced financial reports, multi-currency, budget forecasting, and fixed asset management. This type of accounting software caters to the complex accounting requirements of large-scale businesses as well as multinational companies. Advanced accounting software in Bangladesh is available on a budget of Tk 55,000 to Tk 60,000.
2. Inventory Management Software: Inventory management software is primarily designed to track and manage stock levels, and product movements, automate reordering processes, and generate reports on inventory valuation and turnover. This type of accounting software helps optimize inventory levels, reduce holding costs, avoid stockouts, and streamline supply chain operations. Inventory management software in Bangladesh is available with a budget of Tk 20,000 to Tk 60,000.
3. Payroll Accounting Software: Payroll accounting software automates the payroll process of a business or company, including payroll calculation, tax charges, administration benefits, and generating pay stubs. Moreover, this type of accounting software ensures accurate and timely payroll and helps comply with tax and labor regulations. Payroll accounting software in Bangladesh is available in a budget of Tk 50,000 to Tk 60,000.
4. Double-Entry Accounting Software: Double-entry accounting software basically follows basic accounting rules, every financial transaction affects at least two accounts. It maintains a balanced set of debit and credit entries, ensuring accurate financial transaction records. In addition, double-entry accounting software helps large-scale business organizations, and multinational companies to generate large-scale reports. Double entry accounting software in Bangladesh is available in a budget of Tk 45,000 to Tk 55,000.
5. ERP/Cloud Accounting Software: Enterprise Resource Planning or Cloud ERP accounting software is primarily designed to integrate many business functions including inventory management, sales, human resources, etc. It improves real-time data access, collaboration, and sorting processes of every department, effectively supporting overall business efficiency and decision-making. ERP/cloud accounting software in Bangladesh is available with a budget of Tk 55,000 to Tk 120,000.
6. Easy Accounting Software: Easy Accounting Software is mainly designed for small-scale businesses and people with little accounting knowledge or experience. It provides a user-friendly interface and smooth workflow. In addition, general accounting tasks including invoicing, expense tracking, and transaction reports can be performed. Easy Accounting Software in Bangladesh is available on a budget of Tk 55,000 to Tk 65,000.
7. Online Accounting Software: Online accounting software usually works through a web-based platform, which helps users access transactional data securely from anywhere with an internet connection. It is smooth, reliable, and provides remote access capabilities, ideal online accounting software for remote businesses. Online accounting software in Bangladesh is available on a budget of Tk 50,000 to Tk 60,000.
8. VAT Management Software: VAT management software mainly helps businesses to manage VAT-related processes such as VAT calculation, and reporting. Moreover, this type of accounting software ensures accurate VAT calculations, generates VAT returns, and helps businesses comply with VAT regulations. VAT management accounting software in Bangladesh is available in a budget of Tk 80,000 to Tk 90,000.
9. Invoice and Billing Accounting Software: Invoice and billing accounting software generally helps in creating, sending and tracking invoices and payments. This type of accounting software automatically generates invoices, tracks payment status, sends reminders, and provides reporting capabilities. As a result, the billing process is simplified and provides better cash flow management. Invoicing and billing accounting software in Bangladesh is available with a budget of Tk 15,000 to Tk 30,000.
10. Audit Management Software: Audit management software helps businesses streamline and automate the audit process. This type of accounting software helps in planning audits, creating checklists, documenting findings, tracking remedial actions, and finally generating audit reports. Audit management accounting software in Bangladesh is available in a budget of Tk 50,000 to Tk 60,000.
Off-the-shelf or customized accounting software - which is better?
Some accounting software is sold at a low price as ready-made with many features. However, many accounting in Bangladesh are maintained in their own way so it is better to customize as per the requirements. Then, it will be able to provide perfect results for your business.
What other features should be looked?
The software must be very fast and browser based so that it can be accessed from anywhere. If the need arises in the future, it should be added to the software. The software should be linked to inventory system, payroll management, and leave system.
How much does it cost to buy accounting software in Bangladesh?
Accounting software in Bangladesh is very cheap and available as low as 6,999 Taka. Ready-made accounting software is available in the market at a very low price i.e. under 20,000 Taka good quality accounting software can be found and they have all the benefits of accounting as well as various reporting which is good for the company. And if you want to make it according to your needs, the cost will be a little more and it will take more time, but all the necessary things will be available. However, for small calculations, low-cost ready-made accounting software will be enough, but in the case of large calculations, some customization will have to be done with high-cost accounting software. So it can be said that the price of accounting software in Bangladesh is determined depending on various features, customization, and other features.
What to check before buying Accounting Software in Bangladesh?
- Feature and Function: Accounting software should be considered with features and functions as per business requirements and demands. Also features like invoicing, expense tracking, transaction reports, tax management, inventory management, and double-entry support must be checked.
- Interface: Before buying accounting software, one must check whether the interface is user-friendly and easy to navigate. Also, check whether adequate training support is available to use the accounting software.
- Scalability: The scalability of the accounting software should be considered considering the growth potential of the business, which will help to increase the volume of transactions and expand the financial needs.
- Local tax compliance: Consideration should be given to whether the accounting software is compliant with specific tax regulations in Bangladesh, in addition to providing VAT management, and tax filing facilities.
- Data Security: Data security is very important when using accounting software. Therefore, purchasing accounting software should consider strong security measures including data encryption, user access controls, and regular data backups to protect transactional information.
- Integration Capability: The business should check whether the accounting software can be integrated with other software systems. Integration capabilities essentially facilitate data sharing between different systems while reducing manual data entry and ensuring improved efficiency.
- Vendor Reputation: Be sure to review the vendor's reputation and track record when purchasing accounting software. Because a reliable vendor helps ensure the smooth operation of the software as well as providing support when needed.
- Budget check: Before buying accounting software, you must check the necessary features as well as consider whether it is compatible with the budget.
- Mobile Access: Mobile is the easiest way to access and manage accounting software data from any location. Therefore, before purchasing accounting software, check whether mobile access is available through a dedicated mobile app or a web-based interface.
Can Small Businesses Be Managed With Free Accounting Software?
Yes, small businesses can be run with free accounting software. However, a certain charge must be paid for accessing the advanced features. However, it is better to use customized accounting software, because any feature can be used according to business transactions, and scope of work.