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Modernizing your Traditional Accounting processes

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Modernizing your Traditional Accounting processes

Traditional Accounting practices

Traditional accounting practices help in tracking business performances based on the systems and standards established a long time ago. Such practices should perform close functioning to the business they gauge, however, while trying to do so, they fail to respond swiftly to the business environment changes sometimes. Modern practices can render accounting practices of this kind unfit with their better capabilities. Some of the problems that traditional accounting practices comprise of are the following

• Maintaining records in books: Maintenance of records in books is not only time-consuming and tough, but also slightly misleading in the age of technology. What can be searched within the click of a button, may take ages for a person to physically search it in books. The unnecessary labour just takes away the time that could have been invested elsewhere.
• Exhaustive use of Excel and macro-based tools: Traditional practices include uses of Excel that are on the verge of being exhaustive. The macro-based tools do not do justice to what can be made greater with modern practices.
• Unnecessary pileup: The unnecessary pileup of materials can cause several problems for a business. The traditional ways do not take all of that into account. Businesses of small scale can be handled with such a pileup; however, larger businesses suffer in such consequences.
• Excessive manual work: Human effort is precious, so why not put it in something more useful? There are many processes in accounting that can be handled by machines with no itch. However, that is not the case in traditional practices where everything is handled by humans.
• Prone to human errors: If there is involvement of human beings, surely there will be chances of errors. It is not that bad of a thing, but it is unnecessary. Modern methods put all the work needing error-proof handling into the hands of machines that are designed for specific functions.

Adapting to modern accounting management tools

Modern accounting management tools have various sets of functions. Financial planning, analysis of financial statement, cost accounting, standard costing, marginal costing, budgetary control, revaluation accounting, statistical techniques and management reporting are some parts of the essential techniques and tools in modern accounting. Numerous available tools like Tally, Mehtaji, Zoho Books and Quick Books focus on different aspects of a business. However, they also pose certain difficulties while using them in every business. The following are some of them

  • They are very generic
  • They do not focus on each aspect of your business like you would prefer
  • It is quite difficult to learn and understand the usage of it at one go
  • It requires a trained person to manage the software
  • They can adapt to business specifics which can make it hard to compare because of inconsistency

Getting customized accounting management software

Customized business tools are the need of the hour for the proper optimization of your business processes. The variations present in multitude of management tools may not prove to be that beneficial for a particular venture. So, it becomes critical to adopt custom tools for the success of your endeavours as you grow your business gradually. Custom business management software helps in integrating every aspect of your business into one in various ways. Here are some of the ways:

  • The custom tools develop a complete circle of purchase and sale to create a better understanding of your business and help you manage it proficiently
  • It integrates business operations closely with accounting tools
  • The flexible workflows adapt to the growing needs of your business in order to give you no hindrance
  • It automates processes which do not really need human efforts

Benefits of Custom business software

Software that is customized for your business needs, tends to be completely adapted to your venture’s requirements. Such features of customized tools draw a total distinction to the packaged software that you can acquire off of shelves and have the same functionalities for everyone. The guaranteed exclusiveness in solutions for business issues prompt higher demand for making such software products. Companies have understood that and aim to design according to your requirements. Following are some of the benefits of custom business software:

  • Each process of business that is involved will be managed separately and efficiently
  • You will be able to generate reports about the traits and functioning easily
  • Custom attributes enable you to perform faster operations
  • Custom bill formatting helps customers as well as you
  • Managing everything under one software lets you gain access over quicker and more efficiently
  • Cloud managed deployment help in making your data safe

ABK Multiservices is here to provide you with hybrid mobile and web application solutions that coincide with the on-going trend in the market. Our web design specialists and app developers are here to offer you tailor made web applications specific to all your business needs. Some of the services we provide at ABK are; Building custom web-based solutions, Custom desktop applications and Web as well as Mobile app-based solutions.

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