LedgerFusion :- Automated Balance Sheet preparation tool

 

LedgerFusion: Automated Financial Statement Preparation Tool

Overview

LedgerFusion is an automated tool designed to streamline the preparation of financial statements by integrating with accounting software, primarily Tally, using an ODBC server. It can pull opening and closing balances for the current and previous years and is also compatible with other accounting software like Zoho, Miracle, Buzy, or any software that allows for trial balance uploads in Excel format.

Key Features

Types of Financial Statements

  1. Schedule III Format:
    • Balance sheet
    • Ratio analysis
    • Cash flow statement
    • Deferred tax calculation
    • Income tax/MAT calculation
    • Straight-line depreciation calculation
    • Management Representation Letter (MRL)
    • Audit report
    • Director’s report
    • Earnings Per Share (EPS)
  1. Vertical Format: Suitable for non-corporate audits.
  2. Horizontal Format: Traditional balance sheet format.
  3. Trust Balance Sheet: Specific format for trusts.

Unique Features

  • Consolidation of Balance Sheets: Combines multiple financial statements into a single consolidated statement.
  • Current Year Balance Sheet Option: Facilitates the preparation of financial statements solely for the current year.
  • Customizable Currency Presentation: Allows figures to be presented in various units (e.g., Rs in 00, Rs in 000, Rs in lakhs, or Rs in crores).
  • Detailed and Condensed Views: Provides both comprehensive and summary formats.
  • Excel Output: Statements can be downloaded with all cell linkages and visible formulas, mimicking manually prepared statements.
  • One-Time Configuration: Data mappings are configured once and reused annually.
  • Unlimited Statements: There is no limit to the number of financial statements that can be created.
  • Comprehensive Configuration:
    • Includes questionnaires for data not available in Tally, such as:
      • Details on authorized capital
      • Promoters’ holdings
      • Names of directors
      • Auditors’ details
      • Unique Document Identification Number (UDIN)
      • Dates
      • Profit-sharing ratios in partnerships, etc.

Benefits of Using LedgerFusion

  1. Reduced Dependency on Skilled Staff: Simplifies the process, making it accessible without needing highly skilled personnel.
  2. Standardized Output: Ensures consistency in financial statements.
  3. Time and Energy Savings: Automates the preparation process, significantly reducing the manual effort involved.
  4. Accuracy and Completeness: Enhances the reliability and thoroughness of financial data.
  5. Compliance: Ensures adherence to statutory requirements.

LedgerFusion streamlines financial statement preparation, making it an efficient and reliable tool for businesses to manage their financial reporting needs effectively