Main Features That a Balance Sheet Software Should Have
Businesses in the present world should keep their money and things appropriately. Balance sheet is one of the key document that supports the same. This document shows what a company owns, what it owes, and how much it’s worth. Special software is being utilised by many businesses to make and update a balance sheet. For perfect reporting and effective working, ensuring to choose the right software is significant.
Features of Balance Sheet Software
A balance sheet software should have the following features-
Import the Trial Balance
The Balance sheet software must permit you to bring in data from other accounting programs. Entering data will be simpler from the same without the need for manual typing. The software must work with various file types, like Excel or CSV files, and enable you to import data directly from tools like Tally, Busy, or Miracle.Financial and Ratio Analysis
A perfect software not only shows numbers but also elaborates on what those numbers refer to. Analysing financial ratios and examining working capital are the feature that supports both accountants and business owners to comprehend the financial health of a company.
Automated Balance Sheet Generation
Software’s objective is to support you in making balance sheets with the use of the data you furnish. It must perform the function of sheet formatting in distinct ways, like either vertically or horizontally. You must be able to customise the titles, subtitles, and any extra notes to make the balance sheet reflect what you desire.
Customizable Report Formats
Concerning reporting, every organisation has its requirements. For financial documentation like balance sheets, profit and loss statements, schedules, and fund flow reports, the software must furnish easy-to-use templates and formats. It is effective for the professionals who are required to share such reports with clients, auditors, or management.
User-Friendly Interface
Software’s design must be simple, user-friendly, and easy to explore. Despite the same managing the tough financial chores, it must allow the users to finish the actions without the need for experts. Supportive features such as dragging and dropping items, searching easily, and seeing changes in real-time could make it simpler to use.
Export and Print Support
Users must be enabled to save balance sheets in formats like PDF, Excel, or Word, making it easy to share or keep for records. Concerning printing, there must be options to customise how the document looks, set up the page, and choose which parts to include or leave out.
Integration with Other Finance Tools
To file the taxes and handle finances, the software must function effectively with the tools. For example, connecting with the programs that support Goods and Services Tax (GST) and income tax could make it simpler to prepare the reports and keep track of finances appropriately. The same integration supports in ensuring that everything is organised and compliant with the financial norms.
Audit and Tax Report
The software for the chartered accountants should assist with the audit report formats such as Form 3CA, 3CB, and Form 3CD. The operation generates the reports that follow the income tax and company law regulations, which saves time and ensures precision.
Security and Data Backup
Keeping the financial information safe is crucial. The software that we are using should permit access only to authorised users based on the user roles, use encryption to protect data, and offer regular backups. Such measures support ensuring that client records stay private and secure.
Final Words
Holding accurate financial records and making effective business decisions are important when choosing the correct balance sheet software. For an accountant, a finance manager, or a small business owner, discovering a solution is crucial that proposes the ability to customise, functions effectively with other tools you use, and keeps your data safe.
SAG Infotech’s software is a reliable choice is Gen BAL, which is made to build professional balance sheets, perform ratio analysis, and integrate seamlessly with third-party tools. It is a trusted software that understands your financial statements. Your operations shall be facilitated through its use.