If you are using an accounting software that requires you to pass journal entries by selecting the ledgers to debit and credit, then you are using a calculator in the age of computers and your business will be suffering from signi...
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Do you ever wonder why your accounts closure gets delayed? why your accountant spends hours or even days on accounts reconciliation? why there are repetitive errors in your accounting? why your audit report has observations which are repeated month after month? If you research, you will see that most of these issues occur due to inefficiencies in the software you use and process that you adopt.
Accounting does not start with recording a transaction in the accounting software. In fact, there are important steps which precede the actual recording of the transaction in accounts. These steps include basic internal control compliances as well as regulatory and tax compliances. For example, recording a simple sales transaction and generating an invoice, requires the user to check if the customer has exceeded his credit limit, whether there is an advance received from the customer which needs to be adjusted and whether correct GST / VAT has been applied on this sales. Similarly if an expense transaction is being recorded, it is necessary to check if the transaction is within the budget, whether the purchase is being made from a vendor approved by your business, whether the expense is approved by the manager and whether there is a receipt to support this expense?
Does your accounting software verify these aspects and help you to manage these processes? If your answer is no, then its imperative that you replace your current accounting software, because you are obviously using a legacy software which is seriously impacting your operations and slowly, but surely eating into your profits.
IDOS enables you to overcome the issues described above and functions like your Digital CFO. The uniqueness of IDOS is in its functional architecture and user experience, which is very intuitive and simple to use. IDOS simplifies every accounting, compliance and reporting activity, so that you can focus on your core business. In fact IDOS even provides you automated business reports, which will help you to take informed business decisions on a timely basis. IDOS has automated all your routine accounting transactions and will pass entries to update the ledgers automatically eliminating the possibility of human errors. It even updates your financial statements and reports in real-time to give you business reports at any time at the click of a button.
Launched: June 01, 2014