Popular tech products that Chartered Accountants should know about
In India, Chartered Accountancy (CA) is one of the most respected professional courses. It is a three-level program offered by the Institute of Chartered Accountants of India. CA is a dream profession for many and is quite rewarding too. However, in order to be successful, there are some software programs that CA professionals should learn. Here are five popular tech products for CAs.
Tally is one of the most commonly used accounting software. Getting a good grip on it will help CA professionals a lot. It is used for various purposes like performing basic accounting functions, managing payrolls, inventory management, maintaining cash inflows and outflows, filing tax returns, preparing balance sheets, managing profit and loss statements, budget scenario management, synchronizing and managing data from different locations, etc.
For CA professionals, learning about the Microsoft Excel spreadsheet software is necessary. Excel is designed for recording and analyzing numbers/data, and mastering it can help CAs in a number of ways. They should know how to use Excel for analytics, accounting, financial management, calculating taxes, formulas, and other purposes. They should also have knowledge of other Microsoft tools like MS Word and PowerPoint.
Busy is another leading business accounting software in India that CA professionals should learn about. It has three different variants: Basic, Standard, and Enterprise. Some important features of the accounting software's Enterprise version are financial accounting (supports multiple currencies), inventory management (for multiple locations), multi-branch management, financial management, taxation management, TDS and TCS, GST invoicing and reports, payroll management, analytics, etc.
SAP ERP, which is an enterprise resource planning software that incorporates key business functions, is another software useful for Chartered Accountants. SAP ERP offers different modules. For CAs involved in financial accounting, costing, taxation, statutory reporting, etc. the most relevant modules are FI (Financial Accounting) and CO (Controlling/Management Accounting) - these are also commonly referred to as SAP FICO.
QuickBooks is another good accounting software CAs can learn about. It is developed by American business and financial software company Intuit. It helps in managing multiple clients and their accounts, creating invoices, payroll management, managing expenses and cashflows, viewing profits/losses, maintaining financial transaction records, etc.