A tool for any business like retail, restaurant, distribution, construction, logistics, service sectors to manage their day to day cash flow, transactions done and taxes around these accounting transactions. To keep the financial accounting system accurate and to take calculated insight-driven decisions, every business has to adopt a financial accounting software. Learn about latest changes in financial accounting
FREE financial accounting software
1000's of sales bills and 100's of purchase bills will be recorded per month in a medium-sized retail business like supermarket, F&V / a restaurant/ FMCG or pharmacy distributors. Out of these most of them would occur on a credit basis which needs to be recorded, adjusted and paid later. Every transaction made in the ERP software will atleast involve one taxation. Hence, to record and track these high volume cash flow and the taxes involved, every such industry should opt for an accounting software. Also, businesses would need online accounting software to perform accounting, approve transactions, and take decisions on the go, anywhere at any time. The freedom that online accounting POS software provides to a decision-maker is infinity.
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Manage multiple accounts of multiple companies under one financial accounting system.
Insightful reports derived from the transactions made in the software enabling a user to make smart decisions.
Avoid manipulation by freezing and processing the ledgers in the accounting system after any periodical audit.
Predefined values to simplify recording banking activities.
Purchase and sell items with/ without inventory management.
Have a track of every banking activity by recording in the accounting system.
Ability to control and decide what action has to be taken and by who.
Easing the effort spent on taxes by auto calculating the tax amount and providing the details in expected format to be directly filed.
Ability to effortlessly make and track vouchers such as purchase, sales, payments, receipts, journal, contra, debit note and credit note.
These accounting software features will help you boost your business with minimal staff and least skills, enabling you to gain complete control over accounting.
Add/ edit basic details of the company like Address, GST number, PAN to reflect in all GST invoices and returns automatically
Mark the date from when the software is going to be used (i.e) transaction begin date, to have the correct opening balance of ledgers and a flawless balance sheet
To manage the accounting of two or more companies with different PAN and GST number under one roof, create the "n" number of new companies as required. Transactions can be recorded separately for each company in the accounting POS software
Manage accounting with area wise, location wise and division wise segment reporting for better clarity in day to day business processes
AccountsEasy provides basic ledger groups like sundry creditors and debtors, other accounts payable and receivables, direct and indirect expenses to categorize ledgers. Sundry creditor/ debtor ledger group-wise transactions can be made and reports of all ledger groups can be viewed
Create new ledger groups if they are not available in default and set cash flow projection amount to predict the cash flow in upcoming days
Add ledgers like bank and cash accounts, sundry creditors, sundry debtors and map it to the appropriate ledger groups. Fill in basic and tax details like GST number, GST rate, SAC code, TDS type, TCS applicability to automatically calculate GST/ TDS/ TCS split up while recording a transaction. Also, the GST number of party will be validated while creating the ledger. PAN and state will be auto populated from the GST number
To maintain an accurate financial accounting system, add the opening balance of all ledgers before recording the first transaction. Also, payment and receipt vouchers can be made against these opening balances. For bank accounts, add un-reconciled cheque entries while adding the opening balance.
For a smooth transaction from your previous financial accounting software to AccountsEasy, migrate the ledger details and balances in one shot to avoid manual effort and errors
Decide whether vouchers made for a ledger should have the amount adjusted against a bill or should be marked as an advance/ on-account
To keep a check on receivables and to pay bills on time, set credit limit and credit days for ledgers especially, customers and suppliers
Assign ledgers to specific company, location and cost centre category to make location wise and cost category wise voucher entries
Set default bank account names for receivable ledgers so that they get mapped automatically while making a receipt voucher
Add/ edit basic details of the company like Address, GST number, PAN to reflect in all GST invoices and returns automatically
Mark the date from when the software is going to be used (i.e) transaction begin date, to have the correct opening balance of ledgers and a flawless balance sheet
To manage the accounting of two or more companies with different PAN and GST number under one roof, create the "n" number of new companies as required. Transactions can be recorded separately for each company in the accounting POS software
Manage accounting with area wise, location wise and division wise segment reporting for better clarity in day to day business processes
AccountsEasy provides basic ledger groups like sundry creditors and debtors, other accounts payable and receivables, direct and indirect expenses to categorize ledgers. Sundry creditor/ debtor ledger group-wise transactions can be made and reports of all ledger groups can be viewed
Create new ledger groups if they are not available in default and set cash flow projection amount to predict the cash flow in upcoming days
Add ledgers like bank and cash accounts, sundry creditors, sundry debtors and map it to the appropriate ledger groups. Fill in basic and tax details likeGST number, GST rate, SAC code, TDS type, TCS applicability to automatically calculate GST/ TDS/ TCS split up while recording a transaction. Also, the GST number of party will be validated while creating the ledger. PAN and state will be auto populated from the GST number
To maintain an accurate financial accounting system, add the opening balance of all ledgers before recording the first transaction. Also, payment and receipt vouchers can be made against these opening balances. For bank accounts, add un-reconciled cheque entries while adding the opening balance.
For a smooth transaction from your previous financial accounting software to AccountsEasy, migrate the ledger details and balances in one shot to avoid manual effort and errors
Decide whether vouchers made for a ledger should have the amount adjusted against a bill or should be marked as an advance/ on-account
To keep a check on receivables and to pay bills on time, set credit limit and credit days for ledgers especially, customers and suppliers
Assign ledgers to specific company, location and cost centre category to make location wise and cost category wise voucher entries
Set default bank account names for receivable ledgers so that they get mapped automatically while making a receipt voucher
Multiple recurring transactions like rent payables and receivables, salary payments, and daily expenses can be templated. These templates can be loaded and converted to voucher entries in one click. In the template, either the transaction amount can be added directly or can be set as a variable. Values can be given to the variables during the one-shot voucher creation
Accountants/ auditors might be comfortable with accounting in Tally. To ease the accounting practices followed, mrakaf has Tally integration where purchase and sales bills can be imported to Tally software in XML format directly
Give transparency to payments and make them more meaningful in reports with split-ups. Create multiple elements called cost categories like salesperson, department and add cost centres like the salesperson names, the department names under these categories. While making monthly employee expenses, we can record the amount given to each sales member and department wise expenses can also be recorded
Collections are made by the sales representative from the debtors and commission is given based on that. Map the right rep to every collection entry that is made. The commission percentage can be added while creating the sales representative. Exclusive accounting reports will fetch you the collection rep wise
Transactions that might or might not occur in the future can be prepared in advance as a memo. Once the transaction happens in future, it can be converted to a voucher. The transaction amount can be fed while making the memo and can be altered while converting it to a voucher
Never miss out on a payment, schedule them: In the accounting POS software, every payment against a ledger, from supplier payments to monthly rent expense can be scheduled and its a one-time effort. On the day of payment, vouchers will be created upon our approval. However, how do they get to the approval stage? Payments can be scheduled with the amount to be paid as "last transaction amount", "net balance amount", "purchase/ sales bills". If we choose, last transaction amount as the amount to be paid in case of rent, then on the day of rent payment, the last transacted amount will wait for our approval. Scheduling is applicable not just for payments but for all voucher types
Feed the details of cheque book like bank name, starting cheque leaf number, number of leaves into the financial accounting POS software so that they get automatically added while making payment vouchers
Almost every bank name across the world is already available in the bank master. However, remote bank if any, can be added and loaded during receipt entries
Add bank beneficiary details (bank account number, IFSC, account holder name, bank account type) of parties to auto load while making vouchers. These details of multiple parties can be uploaded in one shot too
Every recurring narration can be pre-loaded in the accounting POS software making it easy to select narrations from the master list during voucher creation
Instead of manually writing cheques, get the cheque details printed on the leaf directly
Maintain the front page of a cheque book in the accounting software which has details of cheque number and payee details
Whenever a cheque gets bounced, record it in the software along with cheque bounce charges. A debit note will automatically be created against the party in case of a cheque receivable. The bounced cheque when submitted again can be marked as represented
At one place, track the status of each cheque issued/ received, whether they are in-transit/ cleared/ bounced/ deposited
Record the bank and cash (contra) transactions like cash transfer, cash deposit, cash withdraw and bank transfer using the contra. Multiple transactions of this kind can be done one by one as well as in one single shot
Have a track of even 1 rupee spent/ received by reconciling the bank e-statements (BRS) in the software. Achieve 100% accuracy by making sure that the balance as per book is reconciled with the balance as per the bank statement
Obtain accurate BRS effortless by uploading the e-statement directly to the software in the right format. Cleared date/ realized date will automatically update if the cheque numbers are added correctly while voucher creation
To avoid manipulation in entries, freeze the accounts till the last reconciliation date so that the reconciled BRS remains intact
Certain banks like the ICICI Bank, print the cheques with a digital signature and send them to the bank account owner. These cheques can be given directly to the payees. To get the cheques printed, the bank account owner has to share the details to be filed in the cheque in .xls/ .csv format. Once the cheques payable vouchers are made in the financial accounting software, they can be exported in the required format reducing hours of manual effort and errors
Most of the urban banks initiate online transactions for their customers, provided, the customer shares the payee details along with the amount in the required format. Once the online payable vouchers are recorded in AccountsEasy, they can be exported in the required format from the bank payment advice and can be uploaded to the net banking portal. Entering OTP for every online transaction gets skipped in this process, thereby reducing hours of manual effort and errors
100 payments in one shot: ICICI bank customers can initiate multiple online transactions from the accounting software at one shot, reducing up to 95% effort
Live current balance and payment status: Stay updated on the status of payments for better decision-making by checking the status of payments initiated and by downloading e-statement for any period in the software
One-click BRS: Reconcile ICICI Bank e-statements with one click, provided all transaction entries are available. Even if they aren't, the software will let know the entries which aren't in the software in just one click. E-statements will be fetched from the bank and auto-matched in the software reducing up to 90% effort in reconciliation. New voucher entries can be made for missing entries from the BRS screen itself
To decide which credit bill has to be paid first, enable the pre-approval process in the financial accounting system. Selection of bills can be made by the management and payment voucher entries can be made by the accountant. Due date crossed purchase bills can be loaded and converted into a voucher using the pre-approval process
Always keep a watch on your expenses and sales by budgeting. They can be set for different periods like monthly, yearly, quarterly and even as per our wish. Sometimes, electricity for a period might be high or low in specific months of a year so. Budgets can be set specifically for each month/ quarter. Limits can be set for all ledgers in the financial accounting system with 4 enforce types which are,
Whenever the accountant isn't available in the shop to give payments/ to receive cash, it can be done by the counter person using bill enquiry and bill proposal. Once the accountant is back to the shop and after their approval, the payable/ the receivable will reflect in ledger books
Set approvals for every voucher entry screen in the accounting POS software using voucher rules. Eg, Payment vouchers made by the accountant will reflect in the ledger book only upon the approval of management. Also, payments made by the senior accountant will not require approval. These approvals can be set for each ledger/ group and software user wise too
Convey a task/ information to any user in the accounting POS software via the chat window
Control who does what in the organization by enabling and disabling the screens like ledger master, payments, receipts with AccountsEasy's security manager. Likewise, restrict access to unique functionalities by enabling and disabling configurations, user/ group-wise. Apart from this, set password to restrict access of any screen in the financial accounting software
Once the cash handover process is done for the day, freeze the day's transactions by day end processing in the accounting POS software. Regular day end processing keeps your accounting neat and flawless. Also, restricts any user other than admin from manipulating older data. After every month-end audit, even the respective month's data can be frozen using the month-end processing in financial accounting software. Monthly MIS reports can always be matched with the underlying transactions by effective month-end processing
Perform a year-end process to transfer the ledger balances from one financial year to another financial year or else every payment/ receipt entry made will become an on-account/ advance entry. To avoid manipulation of previous financial year data, it is recommended to freeze the previous year transactions as well as stock value. Using the opening and closing balance mismatch report, the balance mismatches, if any can be found and corrected by performing the year-end process again
Even if auditing happens on a random day rather than on a month-end or a year-end, the accounting book can be frozen till the date of the audit
Periodic stock auditing is mandatory to keep the financial accounting system neat. However, in case of irregular stock auditing or for miscellaneous reasons, the stock value (in amount) can be added manually in the accounting system. Usually, the closing stock value in POS will be updated in the financial accounting system automatically
In day to day business, two suppliers might join to become one organization, transactions of one ledger might be added into another ledger by mistake. In these scenarios, either transaction data of one ledger can be merged into another ledger or an entire ledger can be merged into another
The MCA (Ministry of Corporate Affairs) has mandated the recording of all transactions in a company and to compulsorily have audit trails in the accounting software from 1st April 2022. Every bit of an action occurring in day to day business activities from ledger creation to voucher edit as an audit trail report. Audit trails cannot be disabled by the user as per the statutory mandate. These are so in-depth that we can even ascertain at what time, by who, in which counter, was the change/ manipulation made. Any edit that happens in the software will be brought to attention immediately via our WhatsNow app
Get to know what happened in business today and plan the next day with the daily reports such as daybook, cashbook, bank book, day-wise transaction summary and session wise summary
Get an overview of how a particular segment (i.e) a group of ledgers, has functioned for a period with the group-wise report. Eg, the Daily expense group report will fetch the details of expense ledgers mapped under the group and also the total amount spent daily. As a decision-maker, one can plan on controlling the daily expenses with this group report. Likewise, to understand how a particular ledger has functioned for a period and its balances, a ledger report can be referred to
Build a relationship with the parties namely, suppliers, customers and creditors by knowing their outstanding amount to be paid on which date from reports such as customer/ supplier outstanding, ageing report, bill-wise settlement, balance status, rep/ area wise outstanding
With Voucher wise/ register wise reports, fetch the transaction details of all vouchers made under one voucher type. For eg, to check the payments made for a day, the payment register report can fetch the required details like party name, amount, cheque details. Likewise, reports of receipt, purchase, sales, contra, journal, credit note, debit note can be fetched
Exclusive payment and receipt voucher type reports like payment/ receipt history of suppliers and customers, salesman wise, customer wise, bill wise adjustments will keep the owner updated on a party's behavior and outstanding
From looking for cheque status till bank reconciliation (BRS), all functions related to banking can be viewed in 10+ in-depth reports
To submit an accurate balance sheet for auditing, the trial balance report will act as a guide. The difference in opening balance of ledgers will be reflected in the trial balance, if any
Estimate the efficiency of an organization using the profit and loss (P&L) report. Expenses and income will be netted off and the gross profit/loss, as well as net profit/ loss, will be showcased. Also during auditing, auditors expect a set of reports called exceptional reports. The financial accounting software provides them with all, namely, uncleared party ledgers, negative outstanding balance, manual sales/ purchase, mismatch in opening/ closing balance, GSTR troubleshooting report, Cheque in hand journal entries
Determine the efficiency of the organization with accounting ratios and percentages like gross margin, profit margin, return on investment, asset turnover, DSO ratio, receivables turnover ratio, payables conversion period
Plan your investments and expenses by checking out the predicted cash flow depending on your existing transactions done in the financial accounting software. Also, view how your cash flows and fund flows have performed in the past
Add Interest on receivables and payables using interest calculation reports and also pass a journal voucher directly from the report
Even though all GSTR related reports are available in the mrakaf's Tax filling app, GSTR reports are also available along with other statutory reports inside AccountsEasy like TDS forms (16A, 17, 27A, 26Q,24Q), TDS deductions and calculations, GSTR register wise summary, GSTR inward summary, GSTR-1, GSTR-2A, GSTR-2B, TCS reports, Kerala flood cess deductions
Export an accurate GSTR-1 (B2B, B2CS, B2CL outward supplies, exported supplies, credit/ debit note, bill rated supplies, advance received, advance adjusted) from the tax filing web app in excel/ CSV format. The exported file is ready to upload and requires zero manual changes
Export a ready to upload GSTR-2 (B2B inward supplies, unregistered reverse charge supplies, credit/ debit note, nil rated supplies) from the tax filing web app in excel/ CSV format
The consolidated GSTR-3B with details of Outward Supplies and inward supplies liable to reverse charge, details of inter-State supplies made to unregistered persons, composition taxable persons and UIN holders, details of eligible ITC, details of values of exempt, nil-rated and non-GST inward supplies and TDS/ TCS tax credit can be exported in ready to upload, excel/ CSV format
Annual returns have to be filed in GSTR-9. The GSTR-9 report will be accurate enough to upload right away in the GST government portal, provided every transaction is recorded correctly in the accounting POS software with proper GSTR details.
GSTR-2A can be downloaded from the tax filing web app directly and updated to verify the sales and purchases booked by the organization,
In GSTR - 1 and GSTR - 2, we can fetch HSN code summary item wise giving us an overview of items that were sold and bought during a period
In case of any mismatch in the HSN of items sold/ purchased, tax calculation of any sales or purchase and mismatch in an invoice for registered users will be identified by the tax filing web app, enabling us to edit and clear the mismatch in GSTR
Any taxpayer can be identified in the tax filling software if we have the GST number of the party. Details such as the legal name of business, centre and state jurisdiction, date of registration, the constitution of business, taxpayer type can be fetched
Details of every filling done by the mrakaf's tax filling portal user can be fetched from the tax filing web app itself along with GST amount and date of payment
E-invoices can be generated for the applicable businesses based on turnover and either IRN can be generated automatically or by a manual push from the user. Either way, the effort is reduced down to one click or negligible
Once, the E-way bill portal is linked with the tax filling solution, for every dispatch invoice with a bill amount above the cut off limit, an E-way number will be automatically generated
The mrakaf POS and its CRM software are tightly integrated with the AccountsEasy module. Hence, all bills made and ledgers created in the POS will reflect in AccountsEasy immediately
The accounting software has simplified voucher creations and has drastically reduced the effort spent on multiple transactions
mrakaf AccountsEasy is suitable for small businesses till multi-chain outlet businesses
With automated tax calculations, one click is all it requires to export filing ready GSTR, TDS, TCS etc... reports
The bookkeeping software helps make smart decisions by getting an overview of the business with 160+ insightful reports
Accounting on the go with AccountsEasy
A good accounting software accounts for half your success; your hard work ensures the rest. If you are convinced and looking for a good accounting software, look no further than mrakaf. You could be rest assured it can account for your success. All you need to do is to click on the button below and download the ERP software suitable for business. In the ERP software navigate to the accounting module to experience the benefits of AccountsEasy. To know more about mrakaf, check out the website.
Free financial accounting software
