When searching for the best accounting softwares, SMEs look for the ones that serve their business objectives, are affordable and are easy to use for them. A business accounting software keeps your Book Keeperinancial data organized and provides you the relevant information whenever you need it.
List of the Best Accounting Software in India
Here's the list of top 10 accounting software for small business to ensure smooth and efficient accounting transactions
- Tally.ERP 9
- Busy Accounting Software
- Marg Accounting Software
- Saral Accounting Software
- Zoho Books
- Wave Accounting
- Zoho Expense
- NetSuite ERP
- HDPOS Smart Accounts & Billing
- Giddh Accounting Software
- Reach Accountant
- Book Keeper
- Reeleezee for Accounting
Choosing a good business software is a tedious task as it involves a lot of research on your part. This selection can make or break a business, as an accounting solution helps small businesses to take informed decisions. At present, a lot of accounting solutions are available in India, and being an SME you wouldn’t want a complex solution for your accounting operation.
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What is Accounting Software?
Accounting software is an application software used to manage and record accounting operations and compute financial data of a business. These in the best accounting software list helps in keeping track of all financial transactions of a company and generating reports.
Accounting is one of the most important administrative tasks in any business or organization. It provides necessary data for external and internal audits, periodic reports and financial analyses of a company’s finances, required for internal and legal purposes. Apart from this, it also provides insights on various quantifiable parameters such as inventory management, payroll, sales, purchases, credits, and debits, to name a few.
Types of Accounting Software
Before choosing from the wide variety of accounting software solutions, understanding different types of accounting software is crucial. Overall, the diverse accounting software list can be classified into four categories:
Electronic spreadsheets are one of the most convenient accounting tools for small businesses. The prices of leading spreadsheet software available in the market is inexpensive. Moreover, it can be customized easily, depending upon the needs of the business.
However, there is a chance of accounting errors when it comes to spreadsheets, as data entered in the charts are done manually. If the organization is small, the chances of making errors are fewer.
- Commercially Available Software
Commercially off-the-shelf software is one of the most widely used software across the globe. It is can be customized to meet the requirements of businesses and provide multiple stages for the detection of data errors. It also provides reports that can be customized depending upon the user’s requirements.
There are a number of COTS packages which have been designed for specific industries. Each of these packages have necessary tools required by particular industries to manage their ledgers.
- Enterprise Resource Planning Software (ERP)
ERP Software collects and assimilates data from various parts of a business and collates them in one place. This helps in keeping records of different departments and branches, eliminating the problem of managing the data individually.
Most of the ERPs provide cloud-based record-keeping and accounting tools to manage ledgers and books remotely. This software is used by large organizations who have multiple offices and branches. ERP Software solutions take time to be integrated, depending on how big a company is.
- Custom accounting software
This software is custom developed for an organization. This approach is usually taken when an entity's needs are so specific that they cannot be met by a COTS or ERP package.
However, this rarely happens, as most of the features that any organization needs are available in the packages. In addition, custom software tends to glitch and needs more upkeep than commercial packages.
List of Accounting Software in India
Tally.ERP 9 is considered a market leader in the business accounting software for small and medium sized businesses. It serves the purpose of accounting, sales, purchase, inventory and payroll for an organization. It is a user-friendly software developed by Tally Solutions Pvt Ltd., specifically designed for accounting purposes.
Tally.ERP 9 is a comprehensive solution that helps track GST related statutory changes. It enables business compliance and minimizes any chance of rejections of GST returns filed by you. Any error in your GST filing will be automatically detected and corrections will be done. In-built correction capabilities make GST filling error-free and quick. Right from generating invoices to filing GST returns, every process can be made easier with this best GST accounting software in India.
Check Free: Tally erp 9 educational version free download
It helps in managing:
- Journal & Ledger
- Debit & credit notes
- Trial balance
- Balance sheet
- Cash flow, and more
SMEs can streamline their finance and control related operations such as bank reconciliation, budgeting, inventory valuation, internal audits, etc. through this accounting solution.
Profitbooks is a cloud accounting software specifically designed for small businesses. It is a cloud-based accounting solution that lets you create invoices, track expenses and manage inventory, helping you save time and manage finances efficiently.
After creating purchase orders, businesses can easily email them to their vendors by using ProfitBooks accounting software. Further, this GST ready accounting software helps with the allocation of inventory to the right warehouse so that the purchase record can be maintained accurately. The inventory management module of accounting software India allows tracking of every item while it’s transferred from warehouse to the logistics packaging.
This solution also helps with:
- Tracking your receivables
- Managing online payments
- Get detailed tax reports
- Track inventory lifecycle
- Creating unlimited customers & vendors
As it is a cloud-based accounting solution, the information can be accessed remotely, thus ensuring mobility.
Busy Accounting Software
Busy accounting software is developed by Busy Infotech Pvt Ltd. It is an integrated business software helping SMEs manage accounting, sales, purchase, VAT, CST, currency, payroll and multi-location inventory. Businesses with global outreach can rely on this accounting software to have a better control over their finances. Its multi-currency feature along with user-configurable invoicing makes accounts management easier for businesses. User-configurable documents further make reporting and analysis easier for growing businesses.
Salient features of Busy accounting software are:
- Multi-currency financial accounting packages
- Bill of Material
- GST invoicing & reports
- Multi-location inventory management
It is available in three different editions: Basic, Standard and Enterprise. For Busy Accounting Software Download.
Marg Accounting Software
Marg Accounting Software is developed by Marg Compusoft Pvt Ltd and is well known among small and medium enterprises of India. It is simple to use, easy to configure and flexible in customization. Whether your business operates in retail, distribution or manufacturing, this GST accounting software India is an ideal pick. With Marg free accounting software, you can complete payroll processes and tax requirements accurately. Its bill audit feature leaves no scope for mistakes, making bill generation and delivery easier. From GST billing to filing, all processes can be streamlined with Marg accounting software.
This accounting software ensures:
- Easy & fast billing
- Efficient reporting
- GST tax calculation
- Barcode management
- Tax reconciliation, etc.
It can also effectively manage transactions related to accounting, purchase, taxation, invoicing, inventory etc. of the SMEs.
Saral Accounting Software
Saral accounting software is developed by Relyon Softech Limited, and helps in managing complete inventory and accounting transactions. GST complaint accounting and billing is possible with Saral accounting software. It also assists with voucher entry, TDS and financial statements and is getting quite popular among thriving businesses. This GST-enabled accounting software is widely used by retailers, distributors, and other types of businesses. It is a user-friendly software allowing
turing, trading, service as well as non-profit organizations to create their book of accounts and:
- Audit log as per GST guidelines
- TDS management
- Generate GSTR 1, GSTR 2, GSTR 3
- GST Computation for monthly GSTR-1 & GSTR-2 Return Filing
- Separate auditor login to track audit dates and results
- General ledger conciliation and auto bank reconciliation
- Pre-set ledger and voucher template
Perform GST-compliant billing & purchase.
Zoho Books is a user-friendly online accounting software designed for SMEs. Using this accounting software, you can send professional invoices to clients and ensure that you are receiving online payments really quick. Businesses are widely using this accounting software to know every detail of their expenses and bill their clients easily. This accounting software helps track and categorize expenses in real-time to have better control over a company’s cash outflow. You can connect Zoho Books to your bank account and updates regarding your cash flow will start showing up. Not a single transaction will go unnoticed with Zoho Books accounting software at your disposal.
Zoho Books key features include:
- Automatic bank feeds and payment notifications
- Online collaboration with customers
- Time tracking
- Inventory management
- Invoice tracking
With automated workflows, Zoho Books is helping businesses to manage all their accounting operations effectively on a single platform.
MProfit accounting software is a leading portfolio management and accounting software for Indian Investors, traders, family offices, advisors, CAs and corporates. This accounting software helps with automatic posting of entries and assists in portfolio management. Entries like dividend pay-out, interest income, dividend reinvestment, capital gains and P/L can be tracked accurately with this accounting software. You can also import bank statement, which will help in maintaining bank and cash accounts efficiently. Accounting will not be a cumbersome task anymore, as this accounting software provides balance sheet and trail balance reports which are simple and easy to understand.
This software makes business processes easier and effortless by promising simplified accounting solutions, including:
- Loan and advances
Other important features are for financial management solution along with mobile support.
Quickbooks accounting software is designed by Intuit Inc for various types of small businesses. It is an online accounting software with an easy to use interface and tools. You ca directly connect your bank account to Quickbooks to import and categorize transactions automatically. Also, you can sync this software with your popular apps to take pictures of your expense receipts and maintain records automatically.
Other popular features of Quickbooks are invoice tracking, payment reminders, reports and expense management. You can access dozens of reports to keep track of every expense. Its mobile app is ideal for managing all your accounting processes on the go!
It offers more than 40 reports including:
- Profit & loss account
- Balance Sheet
- Cash Flow Statement
It helps manage day to day accounting transactions, billing and invoice activities, inventory, and budgeting, with mobile support for iOS and Android users.
Wave is a free cloud accounting software for small businesses. It is a secure and popular accounting solution to manage day-to-day business transactions and generate financial statements such as Profit & loss statement and Balance Sheet. Key features of this business software include invoicing, payroll, receipts, and direct deposit.
You can connect your bank accounts with Wave accounting software in minutes, so that all transactions start appearing in your bookkeeping records instantly. It’s finally the time to say goodbye to manual receipts and track everything automatically.
Wave Accounting makes it easy to:
- Track all your income & expenses
- Prepare smartly for the tax time
- Ensures multiple bank and credit card transactions
- Ensures data transactions
- Makes tax handling easie
Also, with a comprehensive insight of your accounts and transactions, you can make better business decisions to increase the cash flow.
Zoho Expense reporting software is designed for businesses of all sizes to automate expense reporting. It’s a GST-compliant online expense reporting software, that makes every expense management task easier. Using this expense reporting software, you can streamline approvals and ensure faster reimbursements. Further, it automates the expense report creation process to help businesses get rid of phony expenses and ensure hassle-free tax season.
Even your remote employees can update their expenses on the go with just a click. All they have to do is click the receipt picture and every important information will be parsed automatically. Also, transactions via corporate cards can be reconciled with ease. Big and small businesses are leveraging the functionalities of Zoho Expense alike, to examine their expenses properly. Multi-level, automatic approval process can be created to avoid any chance of delay in reimbursements.
With Zoho Expense, You Can:
- Auto-scan expenses on the go
- Ensure multi-level automatic approvals
- Audit expense reports accurately
- Perform expense accounting efficiently
- Ensure expense policy compliance
- Reconcile corporate cards
You can also manage Zoho Expense through your smartphone. The Zoho Expense app comes with all essential features to record business mileage, track multi-currency expenses and record business mileage.
FreshBooks is a one-stop solution for accounting and finance management in a business. It helps businesses meet their basic accounting needs such as raising invoices, and subscription management with ease.
Since it is intuitive and minimalistic, one doesn’t have to spent time on paperwork and can generate enterprise-standard invoices. It can also automate usual accounting tasks such as recording expenditures, time-tracking and following-up with clients.
FreshBooks helps with:
- Time Tracking
- Reports and much more.
The accounting software can easily be integrated with other compatible applications, to provide a seamless experience. As it is a package, it comes with all the relevant tools required for accounting, eliminating the need for additional software.
One of the best features of FreshBooks is that all the financial processes can be executed from its dashboard. Since FreshBooks is a cloud-based software solution, one can be assured of it being secure and can remotely access it on multiple devices, such as phones, tablets and laptops.
NetSuite ERP is another cloud-based enterprise resource planning (ERP) software powered by Oracle. It enables businesses to manage their financial processes while also generating insights regarding the overall performance of the company.
NetSuite manages and automates various practical accounting areas such as finance, revenue, inventory, orders, invoices, billing, CRM and e-commerce. NetSuite ERP provides seven inter-connected components and utilizes data from a common database.
This offers businesses component-specific features such as:
- Users can manage accounting-related tasks and map financial insights and forecasts.
- It provides tools for billing and raising invoices are provided which can be used in sales and billing departments for seamless processing
- The revenue recognition feature helps businesses with scheduling and compliance.
- With the financial planning and reporting feature, users can execute budgeting, scheduling, and predicting, rendering real-time, data.
- The software helps in the automation of processes, and assists in legal, regulatory and risk addressal.
The well-known ERP software in the market, especially in medium businesses, Netsuite ERP provides a comprehensive package for businesses of all sizes.
FreeAgent is a complete, accounting software package especially created for small and medium businesses, accountants, expenditures, payroll managers. It also offers accounting management tools to other employees involved in the financial part of the business. In addition, it also provides mobile apps for Android and iOS operating systems. Some of its salient features are:
- FreeAgent provides features such as scheduling invoices and setting up of periodic payments, while it also sends automated reminders to the clients.
- With the help of this software, accountants can keep a record of expenditures by uploading photographs of receipts, on FreeAgent app.
- The software solution provides an inbuilt stopwatch tool for the management of employee working hours and timesheets.It also provides a common dashboard for all the tools, which offers insights to main metrics. With the help of this, businesses are able to keep a record of estimates, invoices, and target statuses.
Vyapar is a free business accounting software designed keeping Indian SMEs in mind. It provides a plethora of different tools for tasks such as inventory and invoice management, GST application, etc. It has all the features required for small businesses to assist in their regular accounting requirements while also reducing manual paperwork.
Some of its salient features include:
- Vyapar provides a variety of GST invoice templates to choose from. They also provide GST mobile app, through which businesses can print their online invoices.
- With the help of this accounting software you can keep a track of your organization’s stocks in real-time, receive stock alerts and get information about the inventory whenever you want.
- With its free accounting app, you can track your inventory quantity and stock value along with information on parameters like expiry date, batch number, slot number etc.
- Keeping track of unpaid bills and proforma invoice can be managed with Vyapar GST billing software-based app and payment reminders can be sent to prompt customers.
- Focus on billing while this free accounting software takes care of tracking pending payments and reminds customers to ensure payment is collected faster.
Vyapar provides a comprehensive package for businesses of all sizes.
HDPOS Smart Accounts & Billing
HDPOS is a comprehensive accounting management and billing software, which is designed keeping SMEs and their business needs. It’s a popular name across industries, such as retail and garment shops, bookstores, electronics showrooms, cafes and bistros, restaurants, bakers, salons, etc.
It comes with an array of features like:
- Easy billing
- Stock Management
- Product Management
- Unlimited Reports
- Payment Management
- Financial Accounting
- Gift card management
HDPOS is one of the most suited accounting software application for all kinds of businesses; from small to large. It assists businesses in sales management, procurement and cash account management under a single umbrella.
HDPOS is able to manage various financial account and can also be integrated with other modules like sales, inventory, customer-facing, and supply accounts making automated entries in the requisite accounts whenever a transaction is recorded in the system.
Xero Accounting software has been developed by Xero, a public technology company based in New Zealand and is steadily building its global presence.
Xero provides three different plans based on the journey of a business. Early Plan is for businesses that have just started their venture. Growing plan is for those companies which have made their mark and are slowly growing. Established Plan is for those companies which have had a long run and are at the top tier of the industry.
Let’s have a look at its important features:
- Payment integration
- Asset management
- Contacts Management
- Inventory management
- Bank connections & reconciliation
- Business performance dashboard
- Multi-currency accounting
- Bill payment
- Pay runs
- Income tax solution
- Project management
- Purchase orders
One of the best accounting software in the market, especially in medium businesses, Xero provides a comprehensive package for businesses of all sizes.
Giddh is an extensive billing and invoicing software designed for businesses to manage accounts and share with concerned stakeholders. This is done by e-mail or a secure link which is usable for 24 hours. Users, with the help of this software, can create, import/export books and spreadsheets from any external source or software, generate invoices and update payment status amongst several other things.
It comes with the following features:
- Banking Integration
- Financial Management
- HR & Payroll
- Inventory Management
- Invoice Management
- Multi-user login
Giddh helps users to send data to stakeholders with the help of bulk mails and SMS. With multiple-user access several users can work on a particular task simultaneously from different physical locations.
Reach Accounting is a cloud-based accounting software aimed at catering SMBs. They provide several software modules for different functions such as accounting, POS and CRM. One of the best features of Reach is that all the accounting and billing-related business operations are assimilated in one comprehensive software so that businesses can make the most out of it.
Some of its features include:
- Expense Tracking
- Payroll Management
- Warehouse Management
- Sales Tracking
- Purchase, Inventory Management & Consumption Tracking
- Billing & Invoicing
- Sales Management
Reach accountant also enables sturdy double-entry bookkeeping management designed specifically for Indian companies of any size. Being a cloud-based software, companies can access the records remotely.
Book Keeper is one of the most simplified accounting software available for Windows, Android and iOS platforms. Its easy-to-use UI enable users to manage inventory and invoices, map estimates, monitor expenses & generate receipts, keep a track of daily transactions, manage reports & ledgers and much more. Furthermore, it helps as GST invoice generator and provides access to your data across devices with the help of its synchronization feature.
Some of the key features of Book Keeper include:
- Expense Management
- Inventory Management
- Manufacturing management
- Expense Tracking
- Mobile Support
- Multi-user login
Falls under the best accounting software available in India market, especially in small medium businesses.
SlickAccount simple GST Accounting Software lets you create GST ready Invoices, send them to clients, manage inventory and stock, get amazing reports and file GST returns.
With SlickAccount you will get many features all in one place. And to top that you can also customize the features that you want for your business at a very cheap & affordable price. They also keep on developing & adding new features that make the cloud software easy & extremely user-friendly.
Some of its popular features include:
- GST enabled invoicing & billing
- Income & expense management
- All business reports
- Bank integration & reconciliation
- Purchase order & warehouse management
- Inventory management
- Multi-user facility
- Invoice tracking
- Expense Tracking
- Financial Management
SlickAccount provides trial session and most of the time they provide many offers for their new customers.
Reeleezee for Accounting
Reeleezee for Accounting is a dynamic accounting software solution that comes with a simple user interface. As the name suggest its USP is clear input and language with no pointless accounting jargons.
Reeleezee developed this simple yet smart accounting solution for scanning and taxes. Businesses with limited accounting experience can easily manage their accounts with this accounting software.
Some of its key features include:
- Banking Integration
- Email Integration
- Inventory Management
- Multiple Company
- Online document storage (back-up)
- Task Management
- Taxation Management
- Time Tracking
The software solution provides automated bookkeeping is and also offers cloud-based services for easy access from anywhere.
myBooks is one of the leading accounting software that caters to the requirements for the Indian businesses. The accounting software provides exemplary GST compliance system that allows users to work effortlessly. It facilitates even beginners to get started as it simplifies accounting processes. It uncomplicates accounting jargons and streamlines daily workflows.
Important features of myBooks accounting software:
- Automated bank feeds to get the transaction-related information in real-time.
- Enterprise level data security system prioritizes data confidentiality.
- Simplified Invoicing for accurate management of billing details.
- Multi-currency transactions facilitate your business to interact with global markets with precise forex rates.
- Easy-to-use dashboard provides in-depth reports on daily accounting workflows.
myBooks has a free version available that interested buyers should try out. If you want to buy the full version, there are two versions available: Standard and Premium.
How to choose accounting software?
Before zeroing in a specific product from any accounting software list, it is crucial to first understand and analyze which of the various software solutions in the market suits your business requirements.
An ideal accounting software solution with features well-suited for your business has the potential to reduce time, effort and scope of errors significantly.
But with so many packages available in the market, making the most ideal choice can prove to be difficult. Therefore, it is really important to keep the following points in mind before choosing an accounting software for your business:
- Consider Your Business Requirements
While looking for the right software to fulfil your accounting needs, it is really important to take your business operations and requirements into account. There are a variety of options in the market but choosing a software which provides assistance in the fields you require, is to be considered.
It is also advisable to choose accounting software based on the industry your business belongs to. As mentioned before, there are specialized software products designed for specific industries and businesses. Choosing a specialized software for your business is a smart investment as it provides tools that will provide assistance.
No matter how sophisticated and state-of-the-art a software is, it is merely a tool to help you in your accounting needs. Therefore, if its functions are complex and redundant, it is of no use to your business.
- Cloud-Based Vs On-Premise
With cloud computing emerging as a deciding factor when it comes to modern software solutions for businesses, it is important to consider its benefits for your enterprise.
Cloud-based applications bring a gamut of benefits for modern businesses; whether small, medium or large.
They can be accessed remotely and come with their own servers. This means that the cost of getting separate servers can be saved. Moreover, the software can automatically be upgraded on the server end by the service provider, saving you the time, cost and resources that would have been spent on upkeep and maintenance.
One of the most prominent features of cloud-based applications is that it can be accessed on any device; laptops, tablets and smartphone. Moreover, the classified and crucial data will be secure at the data centre, far from your physical site ensuring safety, in case of any mishap.
While there is state-of-the-art accounting software list available in the market, it is important to look at both the budget and the functionality. There are software solutions available for all budgets.
Application packages with the most basic functionalities and tools are available at a very reasonable price in the market.
The cost of specialized software solutions varies depending upon the tools and features that they provide. Therefore, it is important to carefully select the one that fits your budget while also fulfilling your organizational requirements.
- Add-on Features
Add-on features in software solutions provide the extra legroom for additional ease and flexibility. For instance, a software solution may provide remote access, and options for online payments through third-party software integration.
There are some software applications in top accounting software lists that provide integration with tax software for better compliance-based recordkeeping and report management.
- Accountant’s Opinion
Last but perhaps the most crucial of all, it is highly recommended to take your accountant’s advice before choosing a software. In the end, it will be the job of your accountants to work with the accounting software.
Hence, they would have a better perspective on which software is best for the business. In addition, they would also need a first-hand understanding of the software through product demos.
1. How can accounting software help us?
Accounting software can become the financial pivot of your business. With the help of a suitable accounting software, you can keep all financial and transactional records in order. Also, you can map your expenditure and profits, periodically.
Any standard accounting software lets you execute tasks like:
- Making and raising invoices
- Calculating and producing quotes
- Keeping records of expenditure
- Calculating taxes for tax related tasks
- Analyzing financial trajectories
- Calculating profits and losses
- Creating reports on financial forecasts
- Making budgets
Accounting software applications can also be used to automate the accounting related tasks, which are often done manually and are repetitive in nature. For example, if fixed payments need to be made to vendors every month, accounting software can automatically process standing instructions. Additionally, it will also maintain auto-generated records of the transactions in the ledger.
Apart from saving time and effort, accounting software provides analytical tools which help understand your finances in detail. As the accounting software keeps a record of all the fiscal data, it can easily generate reports of the company’s financial position.
Finally, accounting software helps manage legal or income tax requirements of your business. For instance, it automatically calculates GST by integrating tax software and processing income tax returns.
2. What's the difference between desktop and cloud accounting software?
Desktop accounting software comes with a package installer in a physical storage device such as DVDs, external hard drives and pen-drive. In addition, data related to the software is stored in the local computer.
Whereas, cloud accounting software is installed from the internet and you can access the software online with a single sign. Whatever work you do on the software is stored remotely on the servers. This enables users to access the accounting software from any location with internet connection, and on any device, including smartphone and tablets.
Today, most of the accounting software provide cloud versions for SMEs specifically. This also helps the software accounting companies to update and fix bugs remotely, without hassles.
Moreover, cloud accounting software is overall more user-friendly and doesn’t take technical know-how to install.
3. Do we need to know about accounting to use accounting software?
If you choose a standard accounting software, it will have most of the basic accounting functions automated. The accounting software can compile your business’s financial information and present to you in a simplified manner. Accounting software helps users identify business trajectories and provide a basic understanding of how ledgers are maintained.
However, it still requires a basic understanding of accounting processes to understand what needs to be done. For instance, if you put wrong data in a field, you will end up getting inaccurate information about the figures. Hence, it is important to have a grasp of the basic concepts of accounting in order to manage basic functions such as receipt management and bookkeeping.
4. Our company is doing fine without an accounting software. Do we still need an accounting software?
Several businesses today prefer maintaining their accounts on paper or spreadsheets. While it is a traditional method and businesses are used to it, accounting software helps you:
- Saves time: Any accounting software has a number of tools to automate tasks and execute them quickly, as compared to manually doing the same work and wasting reso
- Decision-making:Accounting software provides seamless navigation and information retrieval process. This speeds-up the process of data analysis and decision-making based on facts.
- Reduces Scope for Errors: Since all the calculations are done by the software, there is less scope for errors in tasks such as invoicing, billing, ledger management, etc.
Hence, getting an accounting software will get you into the habit of adhering to modern accounting practices as your business grows.
5. What should consider while choosing accounting software?
Most of the standard accounting software solutions offer a free trial, but it is advisable to first do extensive research before choosing a software package for testing. At times, you might find that an important feature that you were expecting is missing from the package.
Here are a few thinks to keep in mind before choosing any accounting software:
- Who will be using accounting software?
- How many user accounts do you require?
- Would you require remote and multiple access?
- Are the users adept in accounting processes?
- Which accounting tasks do you need to execute?
- What other software do you use?
- Can the accounting system be integrated with other solutions such as tax management software?
- Do you need tools such as currency converter?
- Does your business needs scheduling of payments?
- Do you wish to integrate with a payroll management software?
Make sure you get key employees involved when evaluating different packages. They may be able to provide a different perspective or offer helpful insights into how the software might be used.
6. We're just starting up. Isn't accounting software overkill?
It is always wise to initiate a proper mechanism in the early stage of your business. This enables a systematic management which will help in adaption and evolution as the business grows.
7. Should we get a package that does payroll, too?
If your organization needs an accounting software which has an inbuilt payroll management system, you can definitely find such products in the market. Moreover, if you are currently using a payroll management software, there might be a possibility that the same provider can help with accounting management software integration.
This will help in a more synchronized integration between the management systems and allow the linking of payroll and accounting tasks.
Otherwise, you can also switch to a pre-integrated payroll and accounting software for seamless execution. It will not only be more cost-effective but also provide integration tools for better accounting and payroll management.
However, it is also important to analyze your requirements and budget before then taking decisions. In addition, at times, when you purchase a combined package, there might be a monthly subscription fee involved. Hence, it is crucial to keep these factors in mind.
8. Which accounting software will be right for my business in the long-term?
While choosing the ideal accounting software for your business, it is important to plan ahead and think about its implementation in the long-term.
For example, if your plan is to expand, it’s wise to choose a cloud-based accounting software, which will help you access all accounts and ledgers remotely.
It is also advisable to choose a package which provides the option of periodic updates and to opt for additional features as the requirements change with time.
Most of the cloud-based packages allow users to upgrade or customize instantly. Several accounting software packages also allow plug-ins or add-on services to optimize the software when needed.
9. Is free accounting software useful?
Free accounting software is sufficient if your business needs to manage simple accounting processes such as managing spreadsheets and raising invoices. However, it is advisable to evaluate free software the same way as any other software. If the free software doesn’t provide standard functions, then it’s of no use.
When choosing a free software, it is just as important to verify the name and reputation of the brand. The reason for this is, in case any problem arises a reputable brand will provide assistance for troubleshooting, while a non-reputed brand most likely won’t.
Some free software come with tiered pricing options. In the initial phase they’re free, and as business requirements grow, they allow more functions, upgrades and user additions with different pricing options to choose from.
10. Who should we consult while choosing accounting software?
While choosing accounting software for your business, it is advisable to consult:
- Similar Businesses: Similar businesses which have been working with an accounting software solution might be willing to share their experiences with you. Learning effective implementation of the software from similar businesses can prove to be really informative.
- Your Accountant: As discussed earlier, your bookkeeper or accountant, can prove to be excellent advisers when it comes to getting an ideal software. However, a word of caution; some accountants get commission from software brands to endorse their software. Hence, it is very important to take suggestions from trusted sources.
- Your Employees: It is important to hear opinions of the people who would be using the accounting software, i.e. the employees.
Accounting software is a necessity for every SME because it gives them a wider picture of their company’s financial health. They are used to prepare invoices, track expenses and generate a variety of report and more. Choosing an accounting business software can be challenging for most of the SMEs, as many software are available in the market with varied features. This list of accounting softwares will be handy for you in selecting the right software for your business, which fits your requirements and budget and helps you to streamline your accounting functions.
Now you must be thinking that when there are so many free accounting software India and GST accounting software free, why bear an additional cost? That is simply because free GST accounting software offers limited features. There isn’t much scope of error detection free GST accounting software India. Thus, it’s better to invest today than regret later!