How To Maintain Multiple Financial Year Accounts

As the new financial year is knocking at the door, business owners are now busy in between closing and opening of the financial year. Many business owners are thinking how would they get ready for the next year? How to make their new financial year resolution? For most of the small business owners, year-end is a time to panic. From sending customer invoices, restoring multiple bank accounts, to updating financial data, and tax filing, there are so many things to take care of. First of all, your account should be up to date with accuracy. And accuracy in balance sheets comes from the best accounting software.

Without having a proper business accounting software, your account books will never be in order. There is a possibility that you may skip few payments or the financial reports of your business will be a mess with errors. The best way to avoid errors, and maintain multiple financial year accounts, is to own the small business accounting software. Only an accounting software can lighten your financial year-end burden.

Accounting Software Vs. Manual

Many small business owners till now preferring manual bookkeeping over small business accounting software. They believe, buying accounting software will cost the earth. Manual bookkeeping is nothing but a nuisance. And it becomes clear with every year-ending. Manual accounting system consists of numerous paper ledgers, required for keeping the record of the financial transaction. For every part of accounting, there is a separate ledger. These several ledgers become a heavy burden when they need to be maintained and updated for the next financial year. Manual bookkeeping cannot be mistake-proof. And if there is a mistake, it will bring loss to the company.

On the other hand, business accounting software is a computerized accounting system, available in online and offline. You can enter your transaction records, edit and save them under the same roof. Your financial data will be organized and synchronized in a far better way. If you use the cloud-based online accounting management software, you will have no fear of losing your data. You can update your transaction records, prepare customer invoices, bills, GST returns, in daily, weekly, and monthly basis. The end of the fiscal year will never prick you like the thorn. With the best accounting software, you can easily manage multiple financial year accounts.

Advantages of Using Accounting Software

• Compared to manual bookkeeping, the best accounting software will save your time while calculating your payable advanced tax, service tax dues, checking your fixed asset, and managing inventory. All will be done within a blink of the eye.

• With business accounting software, you can prepare your year-end balance sheet with ultimate accuracy. It uses the mathematical algorithm to calculate your transaction detail and then enters it into ledgers. Hence, bookkeeping software minimizes the mistake in your financial statements.

• In case of paper ledger books, if one ledger book or a data from a ledger goes missing, it brings about the catastrophe. The fiscal year-ending will become a nightmare for you. But, with the cloud-based online accounting management software, there is no chance of data missing. Your data will be organized and safe in the cloud, even if your system gets crashed.

• Buying business accounting software is the smartest decision for filling the tax. It will display how much tax you need to pay for which invoice. Some small business accounting software even allows you to direct e-file your GST returns.

Align Book offers the best accounting software to get you out from your year-end nightmare. With our online accounting management software, you will become able to manage multiple financial years accounts skilfully, like a professional.

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