Busy Accounting Software Shop
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Busy is the complete accounting software for small, medium, and large businesses. It has been allowing SMEs across geographical regions, industry verticals, and customer divisions such as FMCG, Retail, Trading, Manufacturing, Distribution, wholesale, and Service by helping them manage their business effectively. Busy accounting software is across 20 countries and with over 6 lac users. Busy is one of the leading accounting software in India. Busy is known for its simplicity and reliability. It is available in Single-User(desktop), Multi-User (LAN), and Client-server edition. This website is mainly developed for busy accounting software price checklists.
The major part comprises data and sees the data in an organized and desired format in software. Two main major portions of accounting software are data entry and reports. And the same is the case with busy software. You can manage your day to day activities. The data entered forms the basis for reports, reports are based only on data entered by users.
Some concepts in BUSY accounting software
Account and Capital:- Account is a record of various transactions also known as ledger accounts. and Capital is the money where the owner invests to start the business and it can be claimed from the business.it can be defined as the positive difference of assets over liabilities
Debit and Credit:- Debit and credit refer to the additions to or subtractions of an account. The debit is an accounting term used to describe a payment, debt, or an entry in recording a transaction, the effect of which describes a liability, income, or capital account or increase to an asset or expense account. And the credit is the opposite of debit. It is an accounting term used to describe an entry, records that increase an income, liability, or capital account, and decreases an expense or asset account.
Assets and liability:- Assets are the resources of the business.it can be anything that enables a business to get benefits. for example, land building, stock of goods, and cash. and liability can be defined as the business owes to a third party in the form of an obligation to pay.
Income and Expense:- Income is money received by a person or organization because of work done by the person. Income is returned on done work. and the expense is the amount in order to produce and sell the goods and services, which produce the revenue.
Debtor & Creditor:- a debtor is a business concern that owes money to another business concern, and a creditor is a business concern to which a business concern owes money.
Stock:- stocks refer to the goods lying unsold on particular data. Stock can be opening stock or closing stocks. Opening stock is the stock lying unsold at the beginning of the accounting period and closing stock refers to the stock lying unsold at the end of the accounting period.
Inventory:- Inventory is an integral part that helps in the smooth running of the business and in determining the excess of stock at any given time. Inventory has included stocks like raw materials, semi-finished goods, and finished goods.
The main objective of this unit is to familiarize the User with the basic concepts of accounting &
inventory management. As accounting & inventory management is an integral part of a business, we will learn how the need for efficient and correct accounting & inventory management has given birth to business accounting. The unit also describes that with the passage of time, how business accounting from being managed manually is now largely dependent on computerized accounting.
Topics covered under this unit:
The genesis of Business Accounting
Advantages of Computerized Accounting
Introducing BUSY SOFTWARE
1.1 Genesis of Business Accounting
Accounting is the art of classifying, summarizing and recording the transactions of the business in a
prescribed format so as to use this information to make managerial decisions and to ensure the smooth running of the business. In a business, there is a need to keep a record of multiple things such as expenses, amount receivable and payable, tax submission, stock maintenance and so on. The recording of all these entries or managing all such issues is jointly termed business accounting.
One of the major purposes of accounting is to provide data needed for decision-making and efficient operation of the business. For example, the owners, who provide capital for the business, are interested in interest yield on the capital and the financial stability of the business. This can be done only by maintaining accounts of the company. Similarly, accounting also serves creditors’ purpose by displaying a fair view of the assets and liabilities of the company. In addition, the government relies on
accounting for assessing the taxable capacity of the business. Thus, accounting is an inevitable part of a business. Busy Software (busywin)
1.2 Advantages of Computerized Accounting
Computerized Accounting has lots of benefits. With the availability of User-friendly accounting software at a relatively low cost, it is a wise decision to maintain accounting records through accounting software instead of manual maintenance of records. Given here is a list of the advantages
of computerized accounting: