Chartered accountants are the backbone of any company; they are the people who help the management to make decisions and steer the course. Chartered accountants assist businesses with bookkeeping and financial management. CAs, whether employed by a company or working on their own, provide strategies for achieving a company's financial goals and objectives.
CAs are the people who work on data, generate reports, analyze information, comply with taxes and rules and regulations of government authorities.
If we look at the typical day spent by CA we can see that they have lots of work to do especially with the input of Data, Data Processing, etc. Today we are going to show 7 tools to help CA professionals perform tasks faster and save more time and ensure efficiency with minimum possible errors.
Whether you are a seasoned accountant practicing accountancy or studying to be one. This blog will surely help you to be better at day-to-day tasks.
Key responsibilities of Chartered Accountant professionals
- Designing and controlling an efficient budgetary system
- Determine the best way to utilize business capital
- Install and manage the cost accounting system
- Monitor financial performance and status of the organization and cultivate methods for effective delegation of fund and budget
- Advising the Board of Directors on international taxation joint ventures, foreign cooperation, and double taxation agreements
- Prepare feasibility studies on expansion schemes and new projects by the organization
- Act as a registrar in matters about the transfer of shares and other securities
As seen above, their work requires maximum precision and minimum chance of error as the data is susceptible. To deal with all the work mentioned above, some tools or software are necessary which can assist them in the best possible way. They need to choose the tools wisely as per the nature of business and to suit their requirements.
Let’s look at the tools that can assist Accountants to ease their tasks and help them grow
Tally is accounting software that is widely used in India. Getting a good grip on it will be very beneficial to CA Professionals.
It is used for several things, Including fundamental accounting duties, payroll administration, Inventory management, cash inflows and outflows, tax filling, balance sheet preparation, profit and loss statement management, Budget management, and synchronization.
- Invoice creation with single/ multiple items, multiple tax types, and currencies
- Connection with various Microsoft applications
- Provides comprehensive solution focused on accounting principles, inventory, and data integritySupports multiple users
- ERP9 can easily be used in conjunction with the Internet, enabling global financial reports to be produced.
- Users can start recording transactions and creating invoices within minutes of installation
- One-stop solution for compliance
We all have seen and are aware of the fact that Suvit is the most popular accounting software due to its simple approach. One particular point is still there which can be taken care of for better efficiency.
Data entry is still a crucial part that takes lots of human productive time and still, CAs need to do it manually.
This is where Suvit could be used and suggested. Suvit can Extract data from Excel, PDF, or “Scanned PDF”, and directly pushes it into Tally.
Below mentioned are major features of Suvit
- Data extraction ( Excel, PDF, or Scanned PDF)
- Data Input into Tally automatically
- Make changes once data is extracted and before pushing into Tally
- Store data into relevant ledgers of tally automatically
- Select bulk entries and push into Tally in a single click ( Useful for Bank statement entries )
- Entry of Payment against specific invoices directly through bank entry
- Cloud Access
Genius is a complete Office Automation solution to help CA, CS, Finance & Tax industries.
It’s a complete set of 6 modules mentioned below.
- GEN BAL
- GEN IT
- GEN CMA
- GEN FORM MANAGER
- GEN E-TDS
- GEN E-AIR ( Annual Information Report )
A complete database of clients are maintained, including their address book and phone directory, partner information, and signatory details. Billing is included with the. Backup, Restore, and Password Settings are among the additional features provided.
4. MS Excel
Microsoft Excel Spreadsheet is a necessary tool to be learned by all CA professionals.
Excel is designed for Data recording and analysis. It can process numbers/ numerical data. This could be proved as the best tool that can ease the day-to-day tasks as under.
- Data entry, Storage and Verification
- Calculations and automatic validation using formulas or rules
- Data Analysis & Interpretation
- Reporting & Visualization
- Automating routine tasks
ClearTax is one of India’s leading Tax and financial service software platforms.
It is simple to use provided step-by-step guidance to avoid confusion.
They offer 4 different options containing specific features to choose from to suit your business needs mentioned as under.
◘ Tax Experts
- ClearPro (App)
- Clear App
- ClearOne: Invoicing for Small Businesses<> - Create & Share Professional invoices on the go. - Reduce Billing Time to Under 30 Seconds.
- File ITR
- Clear Services
- Black ( App )
The major feature of ClearTax is to serve in day-to-day operations of E-invoicing, GST & ITR. This platform could be useful for anyone running an Enterprise or Serving clients with Tax related services.
ClearTax is completely online software that eliminates the use of paper and visiting places or necessary for certain needs of stationery like papers.
Hence users can use it from anywhere anytime.
6. Google Workspace
Google Workspace has the potential to be a game-changing system that can help in ways that no one can imagine It includes all the apps which are being used in one or another way by individuals. This could play a major role as it is cloud-based, gets updates in real-time and more than one person can work simultaneously on the same documents from anywhere with internet connectivity. In recent times due to pandemic while many workers are working from home using tools like Google workspace could help both the employees and employers. Some of the applications available on Google Workspace are as follows.
- Making Data Entry into Google Sheets
- Writing or making notes/letters in Google Docs
- Making Presentations or analysis reports in Google Slides
- Creating a virtual conference room in Google Meet
- Chatting with employees via google chat inside an organization
- Sharing all the final work directly via Shared google Drive.
The major benefit of adapting Google Workspace is it removes the need for continuous data transfer via e-mails between the other department’s employees. The chances of data getting lost are zero as everything is stored on remote servers. Users can have all the data ready on any computer having an active internet connection. Hence, It makes this tool the best solution to solve many problems, especially while working from home with limited I.T. infrastructure.