Technology in third world countries has been slow to arrive. Internet speeds serve as a perfect example of this. While the world reaped the benefits of lightning speed connections like LTE, countries like Pakistan were slowly beginning to embrace 3G.
Hence, it is no surprise Pakistan has also been slow to embrace the growing tide of Fintech. Short for financial technology, Fintech revolutionizes the management of money within. With the advent of a “cashless economy”, countries like China are entering a new era.
Although Pakistan is a long way from this, the building blocks of financial integration are slowly being laid out in the business landscape. Several IT and software development firms have risen to provide robust solutions for businesses.
Accounting software is a key part of those solutions. By digitalizing the entire financial ecosystem of a business, an accounting software streamlines the functionality of a business, allowing it to run faster and smoother.
The benefits of using an accounting software are manifold. They’ve been highlighted below under broad categories.
The most basic benefit of an accounting software is error-free and fast bookkeeping. The advantages of automated bookkeeping might not initially seem profound, but when assessed from a larger timeline, they are crucial to the success of a business.
Save Business Resources
Manually keeping books takes effort. Even using excel spreadsheets takes prolonged deliberative effort. Most businesses have accountants or employees handling their books. An accounting software completely automates the process. This reduces bookkeeping to filling mere word on pre-filled boxes. The software lays out everything. Startups and small businesses not using accounting software are bereft of a huge advantage. What they would pay a full-time employee for handling their accounting can be substituted for a measly software subscription fee.
Improve Cash Flow
It is no secret most businesses fail within six months because they could not manage cash flow. Managing cash flow requires an acute awareness of the movement of money. If the reserves of liquid cash drop, an avalanche of problems descend. To make matters worse, it prevents a business from investing in opportunities to grow. Caught in a financial deadlock, businesses spiral through poor decision making.
Amid business crises, reflecting to find financial solutions becomes impossible without a careful record of business finances. An accounting software saves the day, not only by providing concise records but also by analyzing financial progress.
Get Paid Faster
Delayed payments weigh heavily on the minds of business owners. Repeatedly asking customers for money damages the professionalism of a business. Often the best solution seems waiting. Waiting comes at a painful cost—a dwindling business.
An accounting software sends automatic reminders to clients, helping a business get paid faster. A business owner can choose the frequency and nature of those reminders, letting him lay back and focus on growth. Automatic reminders exude professionalism, upholding the brand outlook of a business.
Having answered the “What” and “Why” of an accounting software, let’s look at the “Which”. Pakistan’s limited options makes this question relatively easier. Below we have listed the Top 6 Accounting Software in Pakistan.
Pricing: RS. 3000 per month (Unlimited Users)
Moneypex is on top of the line in accounting software in Pakistan due to its powerful features and simple and user-friendly design.
Moneypex is Developed in the United Kingdom, Moneypex offers features updated with the latest trends in technology. Moneypex is the only software in Pakistan that allows businesses to scan and upload documents. This testifies to its superior technology.
However, Moneypex’s true power lies in its simplicity. Moneypex has an easy-to-use interface, making it amazingly simple to use. It is a favorite for layman and experts alike. Moneypex is also cloud-based; all data is always safe to access online and never gets lost.
Unlimited invoice creation
Auto payment reminders
Cash flow forecasting
1 user: RS.2300 / Month
3 users: RS 3900 / Month
5 users: RS 5400/ Month
Designed for inventory management, Splendid Accounts caters to industry-wide businesses. Splendid has developed a reputation for its organizational efficiency and transparency.
A rising accounting software, Ecoaccountant offers accounting services to all businesses. It aims to integrate different units of a business. Through automated integration, Ecoaccountant reduces your accounting duties to merely glancing statistics on a screen.
Hisaab.pk has yet to launch their complete software. Currently, a demo is available. Although pricing for the software has yet to revealed, Hisaab offers two versions. A premium one with limited features and an enterprise one with all features. On the surface, Hisaab.pk seems a powerful inventory focused software. More cannot be said without using the complete version of Hisaab.
Income tax calculator
Automated receipt generation
SolutionDot is an anomaly in this list. It isn’t solely an accounting software. It is also an ERP system. SolutionDot merges accounting management with a cloud ERP system. SolutionDot caters to various industries: Retail & consumer services, healthcare, manufacturing, and telecom.
Retail ERP solutions
An accounting software drastically improves business efficiency by automated bookkeeping and financial reporting. Accounting software is used all over the world to streamline business needs. Streamlining goes beyond mere automation; it allows businesses to generate financial records, create invoices, and get paid faster.
There is no reason businesses in Pakistan should not transition to a faster, smarter, and easier way of managing their expenses.