Running a business also means looking at the backend of the work which is usually ensuring all the taxes are filed with the GST compliant rules, invoices are made and paid on time, the business accounts match, payroll or salary of employees and wages of workers is done on time, and honestly a lot more. But while you’re concentrating on running and growing the business is it very difficult to stay on top of all the ledger accounting systems. That is why you and your business need ledger accounting software that will do the backend work for your business seamlessly, letting you concentrate on the work at hand and the growth of your business. A ledger accounting software looks at everything right from the business accounting data to the payroll systems, data privacy and gives you an accurate real-time representation of what your books of account look like on any given day.
Why use myBillBook?
What is a Ledger Accounting Software?
A Ledger Accounting Software is a one-stop shop for all yotur accounting needs for your business. Right from payrolls for employees to managing the inventory and having receipts and payments for customers, a ledger accounting software can do it all. A business has so many verticals that are related to accounting, having just one person manage it is not easy. And hiring more employees can get difficult and expensive. But with the help of ledger accounting software, all your accounting solutions can be done from just a single platform and with the help of just a few clicks. A ledger accounting software is built on a cloud system that means all the data is online and you will never lose the data or run out of storage. You can even pull out the data from 5 years ago because a software system saves all the data and does not delete anything. With this, you’re never worried about losing important documents or not finding the right documents when you need them.
Ledger Accounting has made life easy for so many businesses and individuals running the business as they do not need to worry about the small details of accounting. myBillBook ledger accounting software is a seamless software that will integrate with your business in no time. By installing the myBillBook ledger accounting software you can ensure all your bills are paid on time, your clients pay you on time, a reality check on the inventory and many other features which we will get into now.
What are some of the main features of Ledger Accounting Software?
A ledger accounting software can do it all, right from creating personalised invoices for clients, to ensure all the accounting is done according to the GST rules, have an extensive audit trail and so on. With the ledger accounting software, you can also personalise the features of the software on how you want it to work for your business. Not only that, the myBillBook ledger accounting software can be accessed from anything, anytime via a phone or a computer. So whether you’re on holiday or away for a business, you can always keep a check on the accounts or other business practices.
Some of the features of myBillBook ledger accounting software are:
- GST Compliant, Invoicing and Billing
Goods and Service Tax, GST has multiple tax sections heads, exemptions and other rules and regulations that are difficult to keep track of all the time. With the help of ledger accounting software, the software is already a GST complaint. So you manually do not need to take care of each and every detail and let the software do the work for you. The software can help you quickly generate GST compliant invoices that you can send to your customers or clients. It also has an inbuilt GST calculator that lets you know the tax bracket on certain goods and calculates the GST for you on it and also lets you divide it into CGST and SGST.
You can also create customise invoices for your customers which can be sent over different platforms based on whatever the customer prefers. The invoices can be sent over email, What’s App, PDF formats and so on.
- Full Secured, Private and Access to Multiple Users
While we’ve mentioned that the data stored on software will be there for years, one of the questions that are often raised is the privacy of the data and how exposed can the data be. One needs to know that once you’re using accounting software, all your data is completely secure and private. Outside bodies or external parties cannot access your data with the help of strong passwords and protection. myBillBook data centres are the best-in-class security protocols and ensure the data is never hacked or lost.
Another great feature of ledger accounting software is that the owner can give access to multiple employees and the software can have multiple users. This means that people who are in charge of different categories can access the software and input the data from their end, making work a very centralised platform, diving duties from all angles.
- Business and Financial Reports
The best feature of ledger accounting software is the business and financial reports they give out every once in a while. You can decide the type of business reports you like and within just a few clicks the report is in front of you. These reports are great to have an overview of how your business is doing, what areas need improvement and what areas are doing well. To make these reports manually is also possible but it just takes time and effort and may not be 100% accurate. With the help of software, all you need to do it, press a few buttons and you have the desired report in front of you.
- Payment Gateway and Receivables
You can integrate any desired payment gateway on the system of your choice and the software will adapt to it. You can also have more than one payment gateway if that is the option your business prefers to use. The software also lets you send timely reminders to customers who need to pay up their pending bills and this helps in collecting your receivables and reducing the lag time between receiving them.
- Manage Inventory and Accounting
Lastly, one of the main features of ledger accounting software is how to helps the business keep track of the inventory at stake. In case the inventory for a particular product is running low, notifications will be given about that low inventory. At the same time, in case of expired products or goods, a business will be told about them with the help of the software as they have the details of the products.
A ledger accounting software also gives real-time data such as the profit and loss statement, balance sheet and cash flow statements, all of which are required for the financial accounting of the business and for the growth of the business.
These are some of the features of ledger accounting software and everything you need to know about them.
FAQs about Ledger Accounting Software
- What is ledger accounting software?
A ledger accounting software is online software that keeps all the data of your business from the accounting point of view, helps you organise the accounts of the business better, and does all the backend work of accounting that is required in a business.
- Is the myBillBook ledger accounting software free of cost?
No. There are different paid plans that range from standard to premium that you can choose from. But paying for ledger accounting software is far cheaper than paying for a full-time accountant and the benefits of the software are plenty.
- Who is a ledger accounting software for?
Anyone. Whether you’re a retail business, wholesaler or manufacturer, ledger accounting software will adapt to your business and make it customised for you.