Finance

5 Best Finance Software of 2022

5 Best Finance Software of 2022

1. Fixed Assets Manager/Depreciation Calculator

Managing fixed assets or calculating depreciation is vital for any business. And what any application provides you to calculate depreciation with SLM (Straight Line Method) and WDV (Written Down Value Method) with ease in compliance with Income Tax Act, 1961?

Want to calculate monthly depreciation to be used in MIS reporting? If you are an MNCs, are you looking to calculate from Jan to Dec for Group Reporting?

Here is a perfect application crafted to suffice all your needs.

Additional features:

  • Change the financial year in a single click.
  • Migrate old fixed asset records data by simple copy/paste.
  • Export Tax Audit Data.
  • Share Fixed Asset Data with your peers.
  • Import data from Tally Prime and ERP 9.
  • Calculate Profit/Loss and Capital Gain.
  • Calculate Extra Shift Charge.
  • Customise Useful life and Residual value for best estimation.
  • Bespoke schedules for P&L and Balance Sheet.

The software also maintains asset records in an ideal way.

2. GST Compliance Software from Zoho Books 

After the inception of GST in India, it’s imperative to have finance software that covers all features required for submitting GST data.

You don’t have to worry about GST laws updates anymore. This tool enables you to remain updated and compliant with online GST for online accounting. File online GST and manage finances efficiently with this software – all from a single platform.

Additional features:

  • Creation of invoices that are GST compliant.
  • Allows to associate your customers with their GSTIN and assign the correct tax rates. These can be auto-populated later for transactions.
  • You can categorise your items as Goods or Services by filling their corresponding HSC or SAC codes. It helps in proper taxation.
  • The clever GST reconciliation software saves time and resources.
  • Generate e-way fills effortlessly.
  • Enables to send e-invoicing.
  • Helps to file GST returns without errors with approval.
  • You can generate return reports effortlessly.

3. Accounting Software from Waveapps

If you want to track your income and expenditure without any hassles, this is the software designed for you.

Additional Features:

  • Connect your bank account to the software and forget manual entries.
  • You can view your cash flow comparing monthly or yearly basis to monitor your cash flow trends.
  • All records are maintained systematically, saving a substantial time during taxation time.
  • The software is helpful for accountants.

4. Salary Tax Calculator

With the inception of old and new ways of filling Income-Tax, the salary tax calculator plays a crucial role in your business. And what if the software offers to calculate the monthly TDS of your employees?

Additional Features:

  • Calculate salary tax according to the old and new systems of Income Tax.
  • You can compare the Old vs New Tax system in a graphical and visually appealing way.
  • The application will show you the scope for saving tax.
  • Calculate income tax for salary, house income and other income sources.
  • Completely automated tax calculation.
  • Make calculations irrespective of single or multiple employees.
  • You can export multiple tax computations in PDF format.
  • Compute monthly TDS liability for all employees efficiently.

5. Expense Tracker from Quickbooks

Concerned about too much expenses? This software will help you to track your expenses in an easy way.

Additional Features:

  • You can have a clarity on your expenses.
  • Connect all accounts including debit and credit cards.
  • Allow automatic sorting and build your customised rules.
  • Help you to organise and prepare for tax time. 
  • Enables to keep a tab on your expenses.

Conclusion

Any business can benefit from robust software to keep accounting tasks in check. There are many accounting tasks which need to be accurately managed and maintained.

Manual maintenance can be tedious and prone to errors, but with an application, things become accurate, uncomplicated and quicker.

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