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Accounting Report

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24 views3 pages

Accounting Report

Uploaded by

sindhujakundrapukundrapu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Study on Zoho Books

1. Brief Overview of Zoho Books


WHAT IS ZOHO BOOKS?
Zoho Books is your one-stop platform for managing your accounting tasks and
organizing your transactions. It's a single secure location to keep up with your
company's bills and invoices, reconcile your bank statements, control your
spending, oversee projects, and eliminate GST compliance worries.
Since introduced Zoho Books to the world in 2011, Zoho Books has
become one of the top players in the accounting market. The huge number of
satisfied clients around the globe is a tribute to how Zoho Books grows with its
clients and their businesses. Zoho Books is set to help you achieve every goal
you set for your business, now and in the future. Zoho Books walks you through
the process of getting your organization up and running. Configure your
personal settings and import your existing data to accelerate the data collation
process in every module.
Storing all your documents in one place is essential for business owners.
Zoho Books enables you to upload documents like receipts and attach them to
transaction records. Clients can also email them directly to your scanning
inbox, where it is automatically categorized and transacted.

2. Benefits of Computerisation of Accounting


Process
Computerising the accounting process offers several advantages:

Automation
To make sure that all calculations are correct and accurate it is important to
use something other than pen and paper

 Data Access
Using the software becomes easier and gives you easier access to data files
when you need them. You no longer have to search through endless piles of
paper and files to find a certain date, data file or piece of information as they
are all there for you at the click of a button.

Accuracy
An accounting system is designed to be completely accurate right down to the
final detail. It also automatically does additions, subtractions and calculations
once you have submitted data making the whole process quicker.

 Speed

A computer is always going to be faster than a human being and when it comes
to accounts they are faster than ever before. Statements, reports, analysis and
everything you need can be created at the push of a button so you can get
access to your accounts in quick time.

 Security
The systems can always be restored from old data files and backups are vital to
make the most of clever accounting. With password protected areas and
certain accounts for different parts of the business you can control who has
access to the systems for extra safety.

 Visuals
It is always easier to look at your accounts and customer’s accounts on a
computer rather than trying to read handwriting that is impossible to read. You
can arrange them in a way that suits you and quickly view reports and data
sheets in quick time.

 Cost Effective
Using a computerised system is a lot cheaper than other forms of data filing
due to it being overall more efficient. As the work is automatically done and all
reports are kept in one area, everything is completed quicker and will save time
massively.

3. Overall Process Adopted in Zoho Books


Zoho Books follows a streamlined process to manage the
accounting needs of businesses:

 Setup and Configuration:


Users start by setting up their business profile, adding bank accounts,
and configuring tax settings. Zoho Books supports multiple currencies
and tax jurisdictions, making it suitable for global operations.
 Invoicing and Payments:
Users can create and send customized invoices, set up recurring invoices,
and accept online payments through various payment gateways.
Automated payment reminders help in managing receivables efficiently.
 Expense Tracking:
The software allows for the tracking of business expenses, categorizing
them, and attaching receipts. This helps in accurate bookkeeping and
expense management.
 Bank Reconciliation:
Zoho Books offers bank reconciliation features that automatically fetch
bank transactions and match them with recorded entries, ensuring
accurate financial records.
 Inventory Management:
Businesses can manage inventory levels, track stock movement, and set
reorder points to ensure optimal inventory levels.
Tax Compliance:
Zoho Books supports GST compliance, enabling users to generate GST
invoices, file returns, and manage tax liabilities seamlessly.
 Reporting:
The software provides a variety of financial reports, including profit and
loss statements, balance sheets, and cash flow statements. These reports
can be customized and scheduled to be generated automatically.

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