Accounting software maintains records and processes business transactions, automating the bookkeeping tasks. Check out the top Accounting Software vendors in the Indian Market right now. Want us to help? Book your Free Consultation now!
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One of the best accounting software in India
Tally. ERP 9 has a hard-earned prestige for helping businesses grow by offering relatively stable, advanced accounting software products, such as Tally. ERP 9 goes one step further. Tally.ERP 9 would include all of the features needed for efficient business administration. Tally.ERP 9 software is a full-fledged product that retains its original simplicity while providing comprehensive business operations and processes like Bookkeeping, Financial, Stock control, Revenues, Purchase, and Department Management, as well as Mandatory Methods, Excise, and so on. Tally.ERP 9 on-demand makes life much easier. They enable entrepreneurs and associates to grow more by delivering an ideal combination of function, control, and customizability. Benefits: *Remote capabilities that are incredibly powerful to promote teamwork *It is simple to find competent individuals. *Customization is simple. *Low ownership cost by implementation Tally Integrator, Support TeamCheck Tally ERP 9 Profile
GST system that is Simple and Economical.
Vyapar is the simplest and easy to use Accounting and Inventory management application. Our Mission is to help every business owner manage his accounting and finances hassle free, even if he does not have any prior accounting knowledge.Check Vyapar Profile
India’s No.1 Accounting and GST Billing Software
myBillBook helps small and medium-sized businesses digitise invoices, streamline accounting processes, and automate business operations. It is a complete GST billing and accounting system designed specifically for aspiring SMB owners. MyBillBook supports Hindi, Gujarati, and Tamil in addition to English. Because of its over a million active members, SMBs currently record over $1 billion in transactions on myBillBook each month.Check myBillBook Profile
Advanced Accounting Software for your business
With Marg's GST-compliant accounting software, you can accurately complete every significant accounting action from the Bill-to-Balance sheet. You can stay on top of all your finances with its time-saving, advanced features such as easy and fast GST filing, efficient internal audit reports, shortcuts, easy GST tax calculation, integrated banking, online payment options, and collaborative commerce.Check MARG ERP 9+ Accounting Software Profile
All in One Software, Power to your Business
HostBooks, an NSDL-listed GST Application Service Provider (ASP), provides an Automated-All-In-One Accounting and Compliance Solution for GST return filing and billing, TDS return filing, invoice and E-way Bill generation, Accounting, Payroll, and Tax. It reduces compliance time by at least 50% and reduces value by half. Moreover, as an Amazon Web Services (AWS) Consulting Partner, HostBooks guarantees low latency. It also provides Bank Grade security and saves you time by simplifying the procedure of dealing with TDS, GST, E-way Bill, Accounting, Payroll, and Tax.Check HostBooks Accounting Profile
An Excellent Accounting Software
Banana Accounting is an excellent accounting tool for new businesses, established businesses, and individuals. This simple accounting software is more than just spreadsheet software; it gives users complete control over their business accounting and finance. The software is intended to manage invoices, time sheets, planning, reporting, and inventories in addition to accounting core processes. Because blockchain technology is used to support software security, it is superior.Check Banana Accounting Profile
Billing Made Easy With Small Business Accounting Software.
Freshbooks is a comprehensive accounting and invoicing software designed for business owners, accountants, and small and medium-sized enterprises (SMEs). Users can become more productive by automatically tracking expenses, cash flows, generating reports, billing and invoicing, accounts payable, recurring billing, and so on. By integrating it with the Gusto payroll system, businesses can eliminate the complexities associated with payroll accounting, time, and expense. Businesses can integrate FreshBooks with over 100 partners to fully realise its potential and simplify the accounting process. The double-entry accounting software is inexpensive and simple to set up. FreshBooks makes business services look professional, whether it's creating a project proposal for a client or tracking expense management.Check FreshBooks Profile
Best Accounting Software
Newgen Finance & Accounting is a complete designed to serve Startups, SMBs, SMEs and Agencies. This for Web-Based has a simple interface and is easy to use. Newgen Finance & Accounting provides end-to-end solutions for Windows operating systems and is compatible with Desktop. Newgen Finance & Accounting Accounting Software helps with Procurement,Order-to-Cash,Fixed Asset Management and Master Data Management. It also assists in Record-to-Report.Here are some of the most common features of Newgen Finance & Accounting: Newgen Finance & Accounting is primarily used for Procurement,Order-to-Cash,Fixed Asset Management,Master Data Management and Record-to-Report. It has an intuitive interface and is simple to use. For more information, you can also refer to user manuals and take online Newgen Finance & Accounting demo.Check Newgen Finance & Accounting Profile
Restaurant POS Software
A complete designed specifically for restaurants/bars, the software is an excellent open source solution catering to IT needs of F&B industry. The software is flexible and scalable as it can be deployed at multiple outlets of the same brands and can be customized to meet specific business needs. The software supports Touch based POS machines, assists in CRM activities and daily managerial activities like recipe management, inventory management, F&A, CRM, BI, etc.F&B POS by Sanguine is an excellent open source solution catering to IT needs of F&B industry. The software is flexible and scalable as it can be deployed at multiple outlets of the same brands and can be customized to meet specific business needs.Check Sanguine F&B POS Profile
One unified business management suite.
Oracle NetSuite Global Business Unit established the world's first company dedicated to delivering business applications over the internet in 1998, ushering in the Cloud Computing revolution. Today, Oracle NetSuite Global Business Unit offers a suite of cloud-based financials / Enterprise Resource Planning (ERP), HR, and omnichannel commerce software that helps businesses in over 100 countries run their operations.Check NetSuite ERP Profile
Maintaining and tracking the accounts is a crucial step to understanding the stance of any business. A lot of financial data including sales, revenues, employee expenses, inventory costs, etc., makes manual accounting a daunting process. Imagine writing all the information or entering the data manually into a computer!
No matter the size of the business, accounting software can help track all the financial aspects of it. From eliminating redundant information to segregating the records properly; the account software tools help ease the analysis of this workflow.
However, choosing the best accounting software for your business is a tedious task, owing to the number of options present in the market. So, here’s our simple guide to help pick the best one for your business.
Here’s what accounting software can do and what one can expect from it.
Accounting software keeps a record of all the accounting information. Be it bookkeeping, invoice generation, payment tracking, payrolls, or general ledger, this tool does it all. It also helps analyze the real-time cash flow and every aspect of your firm’s finances.
This automated tool is also referred to as bookkeeping software. Based on the type and size of your company, you can find different types of accounting software to manage all the monetary records. Modern accounting software tools streamline these operations effectively and provide a seamless way to check the records at any time.
Accounting software is not just something that automates the accounts. There is a mammoth of tasks performed here that improve the dynamics of your organisation. Here are some significant benefits you can expect from the best accounting software.
Payable accounts for any company are the dues owed by the company to its creditors, suppliers, etc. This software automates the processes like invoice capture, payment authorization, and approval management. All the recorded information is reflected in the general ledgers and accounts payable columns.
Typically, payable accounts are segregated as short-term and long-term payables.
Short-term – payments to be made within a year
Long-term – debts that’ll need more than a year to be paid in full
Generally, short-term payable accounts are recorded as current liabilities and long-term accounts are noted under the long-term liabilities section. Some payable accounts are common for most businesses. They are:
Close tracking of the payable accounts helps business owners in having a better idea of their supplies and vendors.
2. Receivable Accounts
Receivable accounts for a company refer to the inflow of money for the services provided to it. Accounting software keeps a track of all the credits to the firm and reflects the same in the general ledger automatically. Receivable accounts fall under the current assets column of a company’s balance sheet.
Such accounts remain in the balance sheet from the date of billing to the date the payments are made by the clients. Terms like turnover ratio for the account receivable, average collection period, etc., are the metrics used to calculate the condition of your company’s accounts receivable.
Some types of receivable accounts are:
Accounting software also generates invoices to keep track of the receivable accounts, helping business owners receive their payments soon.
3. General Ledger
Generally, a ledger involves the list of all the company’s assets (receivable accounts) and liabilities (payable accounts), along with its revenue, expenses, and equity. Accounting software records these transactions properly to help prepare the firm’s financial statements.
4. Bank Reconciliation
The debits and credits in the account often lead to chaos and loss of money in businesses. The accounting software captures these transactions and aids in identifying discrepancies and missing entries. Comparing the company’s accounts with the bank statements helps correct the missing information.
5. Billing and Invoicing
The best accounting software tools come with billing and invoice modules. These automate the payments and invoices, send them to the customers, and record the same into the accounting system. You can find a diverse range of billing and invoicing systems from accounting software based on the firm’s requirements.
6. Payroll Management
Tracking employee payrolls is another important part of accounting software. These systems automate payments to employees and check the payable taxes on a regular basis. They also generate the necessary reports to avoid penalties and late payments.
7. Fund Accounting
This feature from the accounting software is especially for government entities and non-profit organisations. It keeps a record of the grants and expenses of such organisations, helping them meet the requirements of their investors.
8. Project Accounting
As the name suggests, this feature from any accounting software tracks all the attributes related to the company’s projects. The information like billable hours, expenses, incurred costs, payments to the clients, etc., is recorded and tracked on a timely basis.
9. Managing the Inventory
Inventory management in accounting software gives you complete control of your warehouse inventory. Issues like overstocking, understocking, etc., are easy to identify through this module. From noting the product levels to recording the sales, orders, and deliveries, the inventory management feature minimises the depreciation costs and maximises profits. It also keeps a check on overspending.
10. Fixed Asset Accounting
Accounting software isn’t just about managing the money inflow and outflow. Fixed asset management also makes up for crucial financial records. There are specific modules dedicated to managing the accounts of a company’s fixed assets. This includes the data related to the assets like location, scheduled maintenance, costs, audit history, etc. Depreciation schedules form the importance of fixed asset accounting.
Another core feature of the best accounting software is financial reporting. It provides a detailed graphical analysis of all the stored information. Moreover, you can also get customizable reports, summaries, cost predictions, etc., for better understanding. You can easily analyze the payable and receivable accounts, cash flow analysis, sales reports, and the entire data in your accounting system.
We just saw what accounting software is and its features. However, do you really need one for your business? Yes! Accounting software does a lot more than automating your financial records. Have a look:
Outsourcing the company’s accounts and finances demand a heavy price. It involves hiring labour, printing, and a lot more. With online accounting software, you can store the entire financial database securely and can access it easily, while avoiding printing and labour costs. The entire thing becomes in-house and easily accessible, making it easy for firms to reduce their price tags.
As your business expands, you’ll need to hire an accountant to manage the accounts. Through the accounting software, you can integrate all the records and access them easily. These software tools are so easy to understand and use that you’ll not need any training to operate them.
3. Enhanced Efficiency
Manual accounting usually involves a lot of data entry and paperwork, which is both time-consuming and prone to errors. Automating and digitising these processes reduces the scope for human errors. Any accounting software ensures error-free calculations and data storage. With all the financial information updated regularly, there are minimal discrepancies, leading to a significant improvement in efficiency.
4. Tax Compliances
Paying taxes on time and producing the necessary documents are crucial to any business. Any delays in the payments lead to penalties. This tedious process also involves a lot of paperwork. Accounting software updates all the financial information time-to-time and provides error-free data to stay up to date.
Losing financial information happens to be the worst nightmare for any company. This data is quite sensitive and needs protection from outsiders. Accounting software secures all the databases properly and lets you decide who can access the core information. Advanced tools from this software also keep a copy of the records, in case you need to retrieve the same.
When it comes to finding the best accounting software for your business, it can vary based on your priorities and requirements. The following considerations can help you choose the perfect fit for your company.
Accounting is a vast area and requires extra effort in choosing the best one. Every module deals with a unique functionality helping businesses organise their accounts in a better way. However, the primary aspects like pricing, usability, etc., land every business owner with the apt choices available in the market.
Generally, the pricing of accounting software increases as you require more modules. However, one can still find a considerable option with advanced features at a reasonable price. Not necessary that you need to pay a hefty sum for the best software.
One best way to sort the pricing is to consider the budget constraints that suit the business. Sort all the vendors falling within this limit and then proceed to consider the remaining aspects. We’ve already listed some best vendors offering the best accounting software tools at a convenient pay to ease the job!
The immediate question following the pricing is the number of users. Any business owner looking for the best accounting software needs to choose how many users would have the access to it. Moreover, buyers need to figure out if they need a cloud-based system or a desktop version.
The cloud-based system lets the users access the data from anywhere and at any time. Advanced accounting software versions come with a mobile application too, to further simply access the software. The desktop version of the software is accessible only on the device where the software is installed.
Another crucial consideration when choosing accounting software is its features. As in, business owners have to decide what the software has to do for them. For example, buyers need to choose if their business requires both accounts payable and accounts receivable or either of them. Together, these features aid in tracking the cash flow management and due accounts.
Apart from these, companies can also ask for ancillary services like project management, time tracking, payroll, etc. Accounting reports’ generation is another feature with a considerable difference. Business owners can clearly understand the slides in their revenue by just looking at different charts generated by the accounting software. Some vendors let the users customise their reports too!
These primary aspects help buyers segregate some best accounting software vendors in the market. The following aspects will lead you to the perfect match for your business needs.
One solution doesn’t necessarily cater to every business. So, look for software that lets you customise its modules as per your business needs. You don’t need a complex tool to manage the records all the time. Find a vendor that provides different customizable options for easily managing your accounts.
Some accounting software modules come with different customization tools for reports, maintaining records, etc. For example, you can choose from pie charts, graphical representations, etc., to analyse a specific account as a whole. Likewise, buyers can choose how they want to segregate every account in a way that helps them understand the information easily.
3. Data Security
As discussed above, securing financial information from outsiders is a crucial thing for any business. Accounting deals with sensitive information like credits, assets, payrolls, etc., making it an easy target for hackers. So, data security becomes a primary thing you’ll need to look for in any accounting software. Different vendors use different techniques to provide data security. Make sure to ask for these methods from every vendor in your consideration.
In case there’s uncertainty about the security offered by software vendors, get in touch with them and put forth every concern. Only if you find that their systems are secure and they take proper measures is when it is best to make the payment. Checking previous user reviews is of a great deal here, for you’ll know how the vendors assure their services.
Modern businesses are quite advanced and need third-party integrations for efficient working. So, accounting software cannot be isolated. Instead, it needs a proper ecosystem with different integration capabilities. Some of them include emailing software, digital wallets for payments, and point-of-sale solutions.
Existing solutions like sales platforms, payroll applications, shipping systems, etc., need proper integration with your accounting software. Any software working with these solutions leads to less complexity and minimises time-consuming errors.
In the case of buyers owning multiple businesses, look for accounting software that supports different businesses with no additional costs. Paying separately for every entity will consume a lot of money. Handling multiple software tools dedicated to different businesses is clumsy too.
5. Ease of Usage
Anyone reading this is aware of the complications involved in accounting. You wouldn’t want software that complicates it further, right? So, look for an option that is easy to understand and use, irrespective of the number of modules it provides. Easy navigation, user-friendly interface, etc., are some must-haves for good accounting software.
Moreover, buyers also need to consider the type of deployment needed for their business. As in, owners must decide if they need cloud-based or on-premise deployment. Usually, small business owners prefer on-premise deployment while medium- and enterprise business owners opt for cloud-based modules.
6. Customer Support
Since we are dealing with software, it is obvious that we’ll face technical issues at times. So, you’ll need a vendor that provides quick resolutions to such concerns. Usually, every software vendor claims to be available round the clock but takes days and months to hear you out. Ensure that you check the vendor’s customer service before paying for their software.
Consider the following questions to understand the customer support provided by a vendor in general:
Finding answers to these questions delineates the quality of customer services provided by the software vendors. You can also check their existing and latest reviews for this purpose.
Typically, accounting software is designed based on all skill levels. Be it a professional accountant or a general shopkeeper looking for software to manage his store, buyers can find different types of accounting software as per their requirements. These are some factors that can help business owners choose the best accounting software to suit their company. Now, let’s discuss the possible types of this software and their usage in different businesses
In general, accounting software options are classified based on the scope of their work and the deployment.
Depending on the functions offered by accounting software, you can find the following categories in the market.
Full-suite – this category usually integrates multiple modules as a whole. It supports a wide range of requirements for accounting including, receivable and payable accounts, invoicing, bookkeeping, ledgers, tax management, etc. In this case, you cannot purchase separate tools to address a specific area of accounting.
Stand-alone – this category is a perfect fit for small businesses looking for solutions to address specific areas of concern. These modules cater to particular accounting services, helping you avoid paying so much for the aforementioned integrated modules.
So, you can choose a specific module or the whole set of advanced and integrated modules based on the business requirements. Once you are clear with this, you can now head to the deployment options for this software.
2. Based on the deployment
As mentioned above, you can find different accounting software options based on the deployment. Basically, the modules can either be on-premise or cloud-based.
On-premise – this module restricts access to your information on a certain premise. That means you need to bear the infrastructure costs, installations, and necessary upgrades too. This case limits access to your financial data but gives complete control over it.
Cloud-based – this category is server-based, allowing you to access the entire database through the internet. Some vendors also provide mobile versions of their software to ease access. So, you can track the entire financial information whenever and wherever possible, if choosing cloud-based options.
Now that we know why accounting software is essential to any business, let’s understand its costs before heading to pick the best one.
Generally, the price of this software depends on the deployment type and the number of users. Some basic factors influencing the price of your accounting software package are:
From the basic price per user, the costs can go up based on the advancements and your firm’s requirements. In case you wish to try a sample, you can try out the free trial periods from some vendors. There are some free-to-use options too, but these mostly provide the basic tools.
Some software vendors also provide custom pricing plans for business owners. Buyers can negotiate with the vendors at convenience and end up with a convenient package. You can also look for multiple integrations, add-on packages, etc. when negotiating the price.
Not every accounting software can fulfill your business needs. From manual bookkeeping to e-accounting, there is indeed a significant evolution in the accounting systems. Keeping up with the market fluctuations and needs, the following software vendors provide the best accounting software in India right now.
Zoho Books is most buyers’ go-to solution for their accounting needs owing to its tax compliance and automation abilities. Zoho, a multi-national firm with operations across the middle-east provides this software for businesses. Zoho books cover most features of a general accounting software listed above. However, it comes with confusing work patterns and might be a little confusing for Indian accountants.
Realbooks is one scalable accounting software for India in 2023. This service provider presents different features alongside its business intelligence system. Users get to access multiple dashboards and make use of several modules to update their accounts.
Tally is the most used and well-known accounting software in India for more than a decade. It comes in both cloud-based and desktop versions. Tally hosts several users and has slightly higher price margins in all the packages. This software comes with single and multi-user versions too.
Another accounting software that matches the current market trends in India is Quickbooks. This software has a specific module to import necessary information from the owner’s bank accounts and segregate the same to different accounts. However, the Indian version is only available online at the moment.
Marg is another famous accounting and inventory-based software in India. This tool is widely used in sectors like jewelry, pharmacy, etc. However, it can cater to the accounting needs of any business at the moment. There’s a special license for practicing CAs opting for Marg software. It provides different mobile applications too.
A little pricey
Time and again, we’ve been mentioning that you’ll need to pick accounting software based on your company’s requirements. Understanding this area can help fix a budget and choose the best tool for the business. In most cases, the buyers can be any of the following categories:
Small-scale businesses are usually on the verge of expanding their systems. Standard accounting software with customization can work well in this case. For growing businesses, they need expansion of the modules for increased users, data storage, demand forecasting, etc. In that case, you can start with the basic models and upgrade the services as and when the business expands.
2. Enterprise Buyers
As the name says, these buyers usually own large firms and multiple organizations. In such cases, these buyers will need the entire suite that covers vast areas including global operations, managing various companies, etc. In this case, buyers will need accounting software that focuses more on seamless integration rather than specific modules. However, it is best that you consider both options and decide the best, for there is a considerable difference between the two.
This category of buyers focuses more on specific modules rather than integrations. Businesses like construction, non-profit organizations, etc., need specific modules of accounting software to analyze their financial status. If you are a buyer belonging to these areas, look for the features and modules from the options rather than the possible ecosystem and integrations.
Accounting software comes with a wide range of advantages along with saving a lot of time. So, when considering buying accounting software for your business, consider the following market trends too.
Mobile Applications – mobile apps have immense popularity in the present day, irrespective of the field. Different vendors in the market provide accounting software with mobile versions too, for the users to modify and monitor their accounts remotely. If you wish to go further, you can also ask for the working platform (Android and iOS) before integrating the software.
SaaS – Software-as-a-Service is the booming trend in the market right now. Cloud-based deployment is taking over on-premise versions, as the service providers understand the flexibility in SaaS services. Be it equipment and operational costs or access, SaaS has several advantages in every possible way. Most business owners at the moment are opting for cloud-based accounting software rather than desktop versions. This version is easy to implement and can be accessed from anywhere through the server at any time.
Specialisations – horizontal features no longer interest the buyers currently. Several vendors understand the industry-specific requirements put forth by their buyers and started providing industry-specific modules in their versions of the accounting software. Some vertical features apart from the general accounting features that are common to every industry are now a part of most vendors’ software modules. Best that the buyers look out for these specialisations based on their businesses while choosing an accounting software vendor.
Integrations – another crucial focus in the market is business intelligence. Here, the software takes a mammoth of data and generates different reports to analyze the accounts. Specific tools also organize these reports and information at the user’s convenience for better understanding. Widely preferred software vendors like Realbooks stand out in this aspect by integrating business intelligence systems into their financial and accounting management software tools.
Based on the current market dynamics, accounting software covering most of the features listed above is essential for business owners to manage and monitor their financial data. So, invest considerate time and put your money in the best hands for that matter.
Summing it up, we have presented a guide to choosing the best accounting software matching your business needs. Check out our list of the best options in the market to find a feasible solution easily. Most vendors on the list provide a detailed demo of their software and different modules within the tool. Hope you find the right accounting software that fits the best for your company!
Accounting software takes care of the financial aspects of your business. It provides different tools to manage the accounting tasks like bookkeeping, inventory management, billing and invoice, payroll, etc.
2. How to find the best accounting software for my business?
The choice will depend on your business type and requirements. Refer to our guide to choosing accounting software to find the appropriate software to manage your firm.
3. How much time will the accounting software implementation need?
The implementation time of the accounting software depends on the option you chose. Generally, a normal system needs around 3-4 months for complete implementation. If you are using advanced versions, the implementation can take longer. However, present-day vendors are providing feasible solutions with easy access which are only taking 45-60 days for complete implementation.
4. Is cloud-based accounting software safe?
Accounting software vendors usually provide you with user credentials to access your financial data. For cloud-based accounting, most vendors use different encryption methods to secure the database. You can check with the vendors for the same, before paying for your software.
5. Can I customize the accounting software?
You can find both pre-set and customizable modules from accounting software. Modern businesses usually rely on customizable accounting software, owing to constant market fluctuations. So, you can customize the features if you choose customizable accounting software.
You must conduct thorough research and read user reviews to choose the best software for your needs. So, take a look at our website to understand better!
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