Business starts with a lot of to-dos! And sometimes the list seems to be never ending. Starting from building team, finding out the perfect location, producing the awesome products or service, marketing it, targeting your audience and building a brand people love! Really, a hell lot of tasks!
Entrepreneurs manage everything, most of the cases, successfully if they do under a proper plan. These are GREAT, but one thing entrepreneurs forget to implement, the PROPER ACCOUNTING SYSTEM! My opinion is, this should be implemented properly if you want to make your company healthy in the long run. As an entrepreneur, you have to keep the line in mind, “Money management is critical for the survival of your business.”
Questions I receive…
As an entrepreneur, this is one of the common questions for me, hey Shafiul Bhai, How do you manage accounts of your business? ‘It’s too complicated for me’, ‘I can’t get it’, ‘OMG- this is really painful’… ‘Which Accounting software do you recommend’ blah blah!
I get confused what to answer actually, and the idea of this blog post comes!
Today I’m going to write a guideline for my fellow entrepreneurs choosing accounting software in Bangladesh. Before going for my suggestion, let me discuss why I recommend accounting software to maintain business accounts properly!
It’s about Treating Your Business like a Business
While managing business accounts on the fly may work in the very beginning days, anyway, you’ll need to go for EXACT double-entry accounting system if you want your business to grow.
Believe me, once you’ve analyzed your needs and decides on an accounting software to help you managing accounts department; you’ll sure be wondered how you ever managed without it!
Free or Premium?
This is a crucial question to answer directly!
I’m a huge fan of open source, so definitely, will recommend some free and open source accounting software here. However, let me discuss a dark side first, as you are in a serious business, SUPPORT matters! Problem can happen anytime to your system, and you need it to be resolved as soon as possible. But this is almost impossible in Bangladesh to get from support for Open Source accounting software!
If you want to use free and OpenSoure software anyway, I would definitely recommend going for Gnukash. If your business is small, and don’t need huge business insights and management features, go for WaveAccounting, It’s free.
Accounting Software available in Bangladesh
I’m going to discuss about premium software. I see almost a dozen accounting software is available in Bangladesh now. However, the market leader is, Tally.ERP 9. The software is developed by Tally Solutions from India (and distributed by Tally Software Bangladesh) and it’s used in 80% of modern business in India. The software is also popular in Bangladesh, Bhutan, Srilanka and Middle East.
Another, accounting software in the market is Quickbooks; I see a company providing the software sales support in Bangladesh. However, Quickbooks doesn’t sell any software here officially, so not recommended to go for the software for many reasons.
Bangladeshi companies are also doing great developing accounting software, Troyee, Nikash and Billing Master is developed in our country; however, most of them are targeted to small business and shop. They are not ready to be implemented in the large corporations. If you are just starting your business, you can go for one of them; they are cost-effective as well.
It’s Your Turn
The article was written based on my very personal thoughts and suggestions, I want to listen from you as well. Do you use any accounting software? What’s your experience? Share leaving comments, or if you have any question, can ask me. I will get back to you with an answer! 🙂