What is the best accounting software in Bangladesh?
A good accounting software can warn if your business is in trouble. Not having good accounting software would create problems that might be one of the main reasons your businesses will fail. So, how can you choose the best accounting software in Bangladesh for your small business to keep your accounting system efficient?
You can choose to set up an accounting system either manually or using accounting software. If you want to bring your business online which will be accessible from anywhere, a cloud-based accounting software is the best choice of all. There are many accounting software companies available and you have options to try and choose the right accounting software in Bangladesh.
What to consider for better accounts management software
Every business has different accounting requirements based upon business system and transaction perspectives. When choosing the best accounting software you can consider the following questions:
- Can the accounting software calculate all transactional requirements?
- Do the system track stock, customers, orders, services, and other task management requirements?
- Will the system be able to handle multiple cash & bank accounts?
- Was the system developed for standard business systems or specialized business system?
- Can the system track all financial records within the business?
- Can the system run smoothly on laptop, desktop, tab, mobile with same functionalities?
- Can the system keep detailed records of the Customer Relationship Management system?
List of Best Accounting Software in Bangladesh
There is a lot of software that allows businesses to maintain accounting records efficiently. Some of them are free and need no cost to use. Some software has specialized features to fulfill specific business accounting problems. Some commonly used accounting systems used by small businesses are:
Getting advice about best accounting software
If you’re unsure which software to choose, talk to your accountant or business adviser. You can use software on a trial basis to make sure the software has Standard Business Reporting system needed to analyze business accounting status. You can also ask other business owners of your business type what they use and if the software is good for them. Additionally, you may hire a professional accounting consultant to help you analyze available options for your accounting system.
Setting up the accounting software
Accounts setup can be done by grouping the transaction names & types, also known as a chart of accounts. A chart of accounts is the list of all accounts heads to manage the financial transactions of the business. Accounts Heads are used to separate profit and loss calculations to show if a business is earning or losing money. It’s also used to estimate the overall financial position of the business in a balance sheet.
How to set up a chart of accounts
The chart of accounts is very important to the overall effectiveness and accuracy of your accounting system. You can discuss in further detail with your accountant before setting up your accounting records.
When setting up your chart of accounts, you have to make :
- Various accounts to be used for the business, such as different types of assets, liabilities, expenses, sales/revenue, equity balance etc.
- Allocate various sub-accounts under these accounts groups.
- Allocate all of Control Accounts under each Sub Accounts.
- List of accounts heads under the financial groups, types & classifications – each different type of account for assets, liabilities, revenue, expenses, and equity.
- Allocate a numbering system for each account within the chart of accounts, such as all asset accounts will have been classified under the 1000 number, and all liability accounts will be classified under the 2000 number. Many software can maintain these tasks automatically.
Most of the best accounting software has a predefined chart of accounts which you can allocate to your own financial transactions.
A chart of accounts templates free download link below so that an accountant can easily set up a chart of accounts.
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