New Delhi India- August 26: As we know it, accounting is undergoing a cultural shift, with the preference shifting from conventional to technology solutions. Sage’s report from 2019 showed that 90% of accountants agree that this shift is genuine.
But does that make any difference? Yes, because the latest reports show that the online accounting software market will likely grow at an annual rate of 13.6% from 2024 to 2031. Then, the latest technologies, such as Big Data, Artificial Intelligence (AI), and cloud technology, play their unique role here.
So, what does all that mean for you and me? This means that we need to start using proper online accounting software. But before you start looking for proper accounting and software, read this blog till the end and make an informed choice.
Do you need an online accounting software?
Businesses today need proper online accounting software since relying on manual processes is no longer an option. Find it hard to believe? Then, this ACCA study found that more than 50% of C-level executives in accounting expect automated accounting systems across all industries.
This shows that technology’s intervention in accounting is inevitable, and it’s only a matter of time before this becomes widespread. You also have to consider the advantages of using online accounting software since these factors will play an important role in accelerating the adoption of these solutions.
Must-have features in an online accounting solution
You need to accomplish a lot with proper online accounting software. This ensures the software has all the necessary features to meet your diverse accounting needs. But what are these features we are talking about? Well, here’s your list of some of the must-have features in an online accounting software:
• Seamless Navigation: Accounting is a game of numbers. How do you make sense of any number without proper navigation? Hence, navigation should be one of your top priorities when choosing online accounting software.
• Business Reports: Data is the new gold, and accounting is the tool you need to make the most of this data. But that would not be possible without you having access to proper accounting reports that give you fresh insights. Therefore, you must choose an online accounting and inventory software that provides a wide range of reports for better decision-making.
• GST Compliant: GST changed accounting and made it a more valuable service in the market. So, buying online accounting software without GST compliance makes no sense. Instead, you must invest your money in GST-compliant accounting software that helps generate professional-looking GST invoices.
• Supports Multiple Billing Format: Businesses have diverse needs, and billing needs are also one of those diverse needs. So, if you are dealing with products or services, always make it a point to get an accounting solution that supports multiple billing formats.
• Seamless Invoice Sharing: This is a fast-paced world, and you need online accounting software to share invoices remotely. This is your best bet to keep up with the rapid evolution of accounting solutions and meet your client’s unique expectations.
Top online accounting software in 2024
Accounting is changing and you have no alternative but to keep up with the right accounting software. This is why we recommend you get business management software like TallyPrime to simplify your accounting tasks. This effective solution com3e with many unique features that make it simpler to manage your accounts.
You can use this software to create professional looking GST compliance invoices, access multiple billing formats, manage your sales and purchases, and share invoices via WhatsApp. These unique features will help eliminate all clutter from your accounting processes and make things more manageable.
