ProfAcc - Accounting System for Professionals

ProfAcc is off-the-shelf financial accounting & back office management system for Professionals like Chartered Accountants, Tax Practitioners, and Lawyers etc.

How does ProfAcc differ from other popular ready-to-use Financial Accounting Systems?

In the nutshell, there are two different book keeping methods prevalent in the business spectrum. One being Mercantile (Accrual) method of accounting and the other being Cash method of accounting.

  • Cash Method of Accounting:

    Under the cash method, incomes and expenses are taken into account on actual receipt or payment. i.e. those transactions are considered which physically happen through cash or bank accounts. For example, if you pay your telephone bill on say 15th April 2017, it will be accounted for in the financial year 2017-18 (1-Apr-2017 to 31-Mar-2018) although the bill may be pertaining to the month of March 2017. Same is the case for income.

  • Mercantile or Accrual method:

    Under this method transactions are considered as and when they are incurred or earned whether they are received or not. For example: Sales Invoices generated in a particular financial year is taxable in that year irrespective of payment against that invoice is received or not.

All popular Off-the-shelf software offers Mercantile Method of accounting ONLY whereas ProfAcc offers Cash Method of accounting.

List of Important Features & Functionalities of ProfAcc

  • Multiple Companies:

    User may have more than one company to cater the clients.

  • Creation of Clients and associating the same client with multiple companies.

  • Proforma Invoice:

    Unlike Service Tax, if the invoice is submitted to a client, GST is due payable to Government in the respective month – even if you have not received any payment against it. On the flip side, if invoice is not submitted to the client, no payment can be processed. To end this dilemma, ProfAccoffers creation of Proforma Invoice. Proforma Invoice does not attract any GST liability whereas it can serve as a document enough to process payment on client end. Once the payment is received, the same Proforma Invoice can be converted to actual invoice with a single mouse click.

  • Cash Method of Accounting:

    Client’s accounts are maintained at two levels. Proforma Invoice or Normal Invoice will give effect in Client Outstanding only (off the statutory books of account) while Payments received from the client will reflect in statutory books of accounts as well as in Client Outstading.

  • Client Journal:

    At many instances, expenditure on behalf of the client is incurred which needs to be jolted down eventually recovered from the client, either in form of Cash or through Bank. Client Journal is the place to keep such records.

  • Standard Accounting Modules& Reports:
    • Bank Receipt/Payment
    • Cash Receipt/Payment
    • Credit Expenses
    • Journal
    • General Ledger
    • Bank & Cash Book
    • Profit & Loss
    • Balance Sheet
    • Due Receivable & Payables
    • Reminder Letter Generation
  • Multi Year and Multi Company Reports
  • Client Grouping: One Client may have multiple companies & multiple individual
  • Zooming Facility at every level in the application
  • GST Compliant
    • Auto GST posting in respective accounts
    • Generation of GSTR 1 and GSTR 3B
  • Bank Reconciliation
  • TDS Management
    • Assisted Deduction of Tax at time of preparing payments
    • Record of Tax deducted from payments received from various clients
    • TDS Reconciliation with 26-AS
  • Reminders/Notification to Clients (via Email & SMS) – Both Manually & Automatic as scheduled
  • Task assignment to each employee
  • Daily Activity Report for each employee
    • Task worked on during the day
    • Tagging of the client whose task was worked upon
  • Client wise Profitability Analysis
  • Employee Productivity Analysis

Technologies

Technologies

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