Accounting System Features
A full-fledged online multi-currency, multi-user, and multi-location accounting software that is designed to keep the needs of a small business in mind. Where transactions are made in a currency other than your base currency, the accounting system carries out forex gain/loss computation automatically.
The accounting process in BusinessAhead comprises the following activities:
- Creation of fiscal years.
- Recording transactions that create assets, liabilities, income and expenses, in the books of accounts such as General Journal/Day Book, Ledgers, Cash Books and Bank Books.
- Accumulating balances pertaining to each type of account.
- Measuring the impact of these transactions on the company's profit or loss.
- Assessing the value of the company's assets and liabilities.
- Communicating financial information relating to the above activities using relevant reports such as trial balance, consolidated ledger balances, vendor accounts payable, TDS payable, customer accounts receivable, credit-ageing, forex gain/loss report, fixed asset chart, COA drill down; and financial statements such as cash flow, profit & loss statement and balance sheet.
BusinessAhead not only performs the activities of traditional accounting and book keeping listed above; but also facilitates management of accounting activities. To enable carry out the above activities, our accounting system is built around the following components:
- Fiscal Years (Accounting Periods)
- Chart of Accounts
- Control Accounts
- Default Accounts
- Payment & Receipt Methods
- Journals & Vouchers
The accounting philosophy of BusinessAhead is woven around:
- Real time information
BusinessAhead provides you real time information by automating the accounting process but not at the cost of the advantages that traditional accounting methods provide you. BusinessAhead follows the time-honored concept of entering all transactions in appropriate journals first. Entries are posted to the ledger accounts only when you decide to do so. This allows you to review the entries before posting them to the accounts. System generated entries are automatically posted to ledgers.
Accounting Principles: BusinessAhead follows the Generally Accepted Accounting Principles (GAAP). GAAP are rules that govern how businesses measure, process and communicate financial information. These are general principles that act as the building blocks for accounting and help to ensure consistency when reporting accounting information to other users.