Accounting Management SystemBatch-4.pptx

Freelancing Based Accounting
Management System (AMS-4)
Orientation Session

What Is Accounting
 Accounting is the systematic process of recording, classifying, summarizing, analysing, and
interpreting financial transactions of a business or organization, and communicating the results
to stakeholders for decision-making.
 👉 In simple words:
Accounting is often called the “language of business” because it provides financial
information about an organization’s activities, performance, and financial position.
 Key Points in the Definition:
 Recording – Keeping track of all financial transactions (bookkeeping).
 Classifying – Grouping similar transactions into categories (e.g., sales, expenses).
 Summarizing – Preparing reports like the income statement, balance sheet, and cash flow.
 Analysing & Interpreting – Understanding what the numbers mean.
 Communicating – Sharing financial information with management, investors, regulators, etc.

What Is AI Based Accounting?
 AI-based accounting refers to the use of Artificial Intelligence (AI) technologies
(like machine learning, natural language processing, robotic process automation,
and predictive analytics) to perform and enhance accounting tasks. Instead of
relying only on manual processes, AI automates, analyses, and provides insights
from financial data more efficiently and accurately.
 QuickBooks & Xero – AI categorizes expenses automatically.
 SAP, Oracle, Odoo, Zoho Books – AI-based modules for reconciliations and
reporting.
 Bank Reconciliation Bots – Match transactions automatically.
 Fraud Detection Systems – Flag unusual transactions.
 AI-based accounting is transforming the traditional accounting profession from
manual record-keeping to intelligent financial management, saving time,
reducing errors, and enabling accountants to focus on strategy and decision-
making.

What Is ERP?
 ERP (Enterprise Resource Planning) is a type of software used by
organizations to manage and integrate core business processes, such as
finance, HR, supply chain, manufacturing, procurement, and customer
relationship management.
 E= Enterprise, Group Of Companies, Companies & SBU.
 R= Resource, Money, Machine, Material, Manpower, Marketing & Method
 P= Planning, HR Planning, Finance & Accounts, Production Planning & Sales
or distributions.

Key Features of ERP (Enterprise
Resource Planning)
 Centralized Database – All business functions operate from a single source of truth, reducing data duplication and
inconsistencies.
 Automation of Business Processes – Streamlines repetitive tasks like invoicing, payroll, and inventory management,
improving efficiency.
 Real-time Data and Analytics – Provides up-to-date insights into finances, operations, and customer interactions for
informed decision-making.
 Financial Management – Tracks income, expenses, budgeting, and compliance with financial regulations.
 Supply Chain & Inventory Management – Monitors stock levels, demand forecasting, procurement, and logistics.
 Human Resource Management (HRM) – Manages employee records, payroll, recruitment, performance tracking,
and compliance.
 Customer Relationship Management (CRM) – Helps track customer interactions, sales, and support to improve
relationships and marketing.
 Manufacturing & Production Planning – Supports production scheduling, quality control, and resource allocation for
manufacturers.
 Integration with Other Systems – Connects with third-party applications like eCommerce platforms, payment
gateways, and BI tools.
 Scalability & Customization – Adapts to business growth and can be tailored to industry-specific needs.

Why ERP Is Required?
 Centralized Data Management
 Improved Efficiency & Productivity
 Better Decision-Making
 Cost Reduction
 Scalability & Flexibility
 Regulatory Compliance & Security
 Enhanced Customer Satisfaction
 Supply Chain & Inventory Optimization
 Competitive Advantage

Traditional Accounting Software
Prior to cloud, most accounting software was
desktop-based. In other words, the actual
application was installed and run from the hard
drive of your office desktop computer. This has a
number of drawbacks, including limited access to
your data, the need for constant software updates
and the ongoing cost of backing up all this
financial information.

Cloud Accounting Software
Cloud accounting (or online accounting) has all the
same functionality as desktop accounting, but moves
the whole process to the cloud and expands upon it.
There’s no desktop application – you log in to an
always-up-to-date online solution and all data is safely
stored on a cloud server. Most cloud platforms will
also have an open API, which basically means third
party software can connect with your system to
provide even further value to you as a business owner.

Benefits Of Cloud Accounting
 Access your accounts anywhere
 Access to real-time information
 Access to the app ecosystem
 Live bank feeds
 Always working with the latest software version
 Secure sharing of data
 Connected online payment

Why Should Company Use Cloud
Accounting?
 The enhanced real-time data capabilities of cloud accounting make it ideal if
your business wants fast access to detailed financial breakdowns,
management information and key performance indicator (KPI) metrics. And
with most platforms offering an open API, there’s a wealth of choice when it
comes to building an app stack and creating a custom suite of business apps.
 Using automation to reduce workloads
 Getting more insight from your financial data
 Paying VAT or GST online
 Getting MTD-compliant
 Working remotely

Top Accounting Software's In The World
For Small & Medium
Businesses (SMBs)
For Large Enterprises &
Corporations
For Industry-Specific
Needs
QuickBooks Online SAP S/4HANA Finance Tally ERP 9
Xero Oracle NetSuite MYOB
Zoho Books Microsoft Dynamics 365
Finance
Kashoo
FreshBooks Sage Intacct
Wave Accounting
Tally ERP 9 & Tally Prime Tally ERP 9 & Tally Prime

Tally ERP 9
 Tally. ERP 9 is the world's fastest and most powerful concurrent Multi-lingual
business Accounting and Inventory Management software. Tally. ERP 9,
designed exclusively to meet the needs of small and medium businesses, is
a fully integrated, affordable and highly reliable software. Tally. ERP 9 is easy
to buy, quick to install, and easy to learn and use. Tally. ERP 9 is designed to
automate and integrate all your business operations, such as sales, finance,
purchasing, inventory, and manufacturing. With Tally. ERP 9, accurate, up-
to date business information is literally at your fingertips anywhere. The
powerful new features and blazing speed and power of Tally. ERP 9
combined with enhanced MIS, Multi-lingual, Data Synchronization and
Remote capabilities help you simplify all your business processes easily and
cost-effectively

Functional Features Of Tally ERP 9

SAGE 50 Cloud
 Sage 50 Accounts is the UK’s most popular small business accounting solution and is
recommended by over 90% of accountants. It is designed to streamline all your
accounting routines, reduce data entry and save you time. The software integrates
seamlessly with other Sage products, as well as with Microsoft® Office software to
create a complete business management system, offering multi-user and multi-
company configurations to suit all business types. Sage 50 Accounts will save you
time and money, and is ideal if your business is growing or developing. Sage 50
Accounts will assist you in managing your business in the following areas:

Features Of SAGE 50 Cloud
 Managing your Customers
 Managing your Products
 Managing your Suppliers
 Managing your Accounts
 Managing your Finances
 Managing your Business
 Managing your Funds

Quick Book
QuickBooks is an accounting software package
developed and marketed by Intuit. First
introduced in 1983, QuickBooks products are
geared mainly toward small and medium-sized
businesses and offer on-premises accounting
applications as well as cloud-based versions that
accept business payments, manage and pay
bills, and payroll functions.

Features Of Quick book
 Streamlined Bank Feeds
 Automated Receipt Management In QuickBooks Desktop
 Rule-Based Customer Groups
 Automated Statements/Payment Reminders
 Advanced Inventory Improvements in QuickBooks Enterprise
 Payroll Liability Reminders
 Customized Payment Receipts in QuickBooks Desktop
 Setup & Reuse Email Templates
 Automatic Merchant Services Payments Reconciliation
 QuickBooks ToolHub

Xero
 Xero is entirely cloud-based accounting software for small businesses.
 It performs bookkeeping functions like invoicing and payroll and allows you to
connect the program to a live bank feed.
 Xero allows for both cash-based and accrual accounting systems so it is perfect for
companies adhering to UK GAAP or IFRS.
 Business snapshot is a dashboard-style report displaying performance measures to
help you understand your business’s financial position.
 You need to have at least two or more months of reconciled transactions in Xero
before any financial metrics are displayed and meaningful. The metrics include your
business profitability and the average time it takes for your customers to pay you.
 To ensure your information on the Dashboard is current, you need to reconcile your
bank transactions regularly.

Features Of Xero Online
 A Clear Financial Overview
 Access from Anywhere, Anytime
 Easy Creating and Tracking of Invoices
 Automated Daily Bank Feeds
 Free Product Updates
 Interactive Credit Control

Zohobook
 Zoho Books is online accounting software that manages your finances,
automates business workflows, and helps you work collectively across
departments.
 Zoho Corporation is an Indian multinational technology company that makes
web-based business tools.[3] It is best known for the online office suite
offering Zoho. The company was founded in 1996[4] by Sridhar Vembu and
Tony Thomas and has a presence in seven locations with its global
headquarters in Chennai, Tamil Nadu, India, and corporate headquarters in
Pleasanton, California. Radha Vembu, Shridhar Vembu's sister, owns a
majority stake in the company software is a solution used by bookkeepers,
accounting professionals, and business owners to process accounting
transactions and manage accounts. Here are some of the most important
features, benefits, and things to consider when you pick an accounting tool
for your business.

Features Of Zoho Book
 Invoicing-Create customized invoices and get paid faster with our online payment options.
 Estimates- Create professional quotes, then convert them to invoices in a click.
 Client Portal- Empower your customers to view their transactions in one place.
 Expenses-Upload your receipts to stay organized and track where your money is going.
 Bills- Generate bills to track the payments you owe to your vendors.
 Banking- Fetch your bank transactions, categorize, and reconcile your accounts with ease.
 Projects- Keep track of every billable minute with timesheets and turn time into money.
 Inventory- Monitor inventory levels to identify fast-moving items and keep them well stocked.
 Sales Orders- Send sales orders and confirm each sale before shipping goods to customers.
 Purchase Orders- Communicate your requirements to your vendors with clarity.
 Tax- Keep track of your tax liability and stay tax season ready at all times.
 Online Payment- Accept simple, swift and secure online payments from customers.

Odoo Online Accounting
 Odoo is a suite of business management software tools including, for example,
CRM, e-commerce, billing, accounting, manufacturing, warehouse, project
management, and inventory management. The Community version is a
libre software, licensed under the GNU LGPLv3. The Enterprise version has
proprietary extra features and services. The source code for the framework and
core ERP modules is curated by the Belgium-based Odoo S.A. Odoo is available
for both on-premise and ready to use SaaS environment. The source code for the
Open Object framework and the core ERP modules are provided by Belgium-
based Odoo S.A. managed. The current open source release is version 15.0

Brief Discussion Of Odoo
Odoo's extensible architecture allows a large number of freelancers and organizations to
develop Odoo Apps or Modules and place them in the marketplace for sale or to be
downloaded for free. The main Odoo components are the framework, about 30 core
applications (also called official modules), and thousands of community modules.
In 2005, Fabien Pinckaers, the founder and current CEO of Odoo, started to develop his first
software product, TinyERP. Three years later, the name was changed to OpenERP. The
company started to grow quickly and in 2010, OpenERP had become a 100+ employee
company
In 2013, the company won a Deloitte award for being the fastest-growing company in Belgium,
with 1549% growth over a five-year period
In 2014, the company was renamed Odoo, to diversify itself from the term "ERP".[16]
In 2015,
Inc. Magazine placed Odoo in the top 5000 fastest-growing private companies in Europe.
In 2021, Odoo products were used by more than 5 million customers.[

Why You Choose Odoo For Your
Company?
 Establish a strong internal control system.
 A centralized enterprise management system.
 Fully Integrated Business Application.
 Scalable & flexibility to meet demanding and varied business requirement.
 Immediate access to information.
 Increase brand value.
 Robust MIS system.

Accounting Management SystemBatch-4.pptx

Accounting Management SystemBatch-4.pptx

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Accounting Management SystemBatch-4.pptx