As part of my course at the Nigerian Law School, I have recently been learning about profit/loss statements, balance sheets, billing and accounts, and taxation. These are particularly important for Corporate Law Practice and Property Law Practice. Today, I am super excited because I recently got acquainted with a new accounting system that enabled me to put what I have been learning into practice. The accounting system is called Universal Accounting.
Developed by ITExpress GmbH, Universal Accounting is a user-friendly accounting software that is ideal for small businesses, accountants, students, and accounting enthusiasts generally. Some of the key benefits of the software are:
- It helps you easily create a profit/loss statement for your business.
- It helps you easily create a balance sheet for your business.
- It helps with record-keeping.
- It helps with calculating tax payments automatically, thereby improving tax compliance.
- It helps with auditing.
And as the name implies, Universal Accounting provides a standardised system that can be used in any country.
While there are many features in the software, I will walk you through the process of creating a profit/loss statement and a balance sheet. When you open the software and click on the ‘new accounting’ icon, you would be prompted to name your project and enter the details of your business or client – name, description, address, etc.
You would also be prompted to select your country, base currency, and account frame (sole proprietorship, small company, or society). Then, you can enter your VAT rate or select the VAT-free option. This is to help with calculating tax payments.
Once you insert these details, the software automatically generates a template for a balance sheet and a profit/loss statement. You can then easily edit the figures and add or delete elements. Once you are done inputting the figures, you click on the ‘report’ button and a report is automatically generated, which you can then export to pdf or excel – all at the click of a button!
If you know me well, you’ll know I’m a fan of learning new things and making seemingly complex processes easier for the everyday person. Universal Accounting does just that. Having no prior practical knowledge of accounting systems, I was able to easily navigate through the software and develop a sample report within minutes. It goes without saying that Universal Accounting is a must-have for small businesses and accountants today.
If this sounds like a software for you, you can download it from the Microsoft store or on the website (uni-accounting.com). You have the option of getting Universal Accounting Light which is free and has some basic features, including the templates for profit/loss statement and balance sheet highlighted above. If you want something more advanced, you can get Universal Accounting Plus which is paid and has more features.
Having fun exploring the software and making your accounting process much simpler!
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KIKI 