List of Best 20 Accounting Software for Small Business for 2023 (Features and Ratings)

List of Best 20 Accounting Software for Small Business for 2023 (Features and Ratings)-feature image
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The accounting needs of small businesses are completely different from those of large enterprises. SMBs need accounting software that is easy to use, agile and affordable. When searching for the best accounting software, SMEs look for the ones that serve their business objectives, are affordable and are easy to use for them.

However, choosing the best good accounting software for your business is a tedious task and involves a lot of research. 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.

Editors Pick for Best Accounting Software

  • Overall Best Accounting Software for Small Business: Tally ERP
  • Best Smartphone Accounting Software: Vyapaar
  • Best Accounting Software for eCommerce Sellers: Zoho Books and QuickBooks
  • Best Accounting Software for Service Providers: FreshBooks
  • Best Accounting Software for Shopkeepers: KhataBook
  • Best Accounting Software for Retailers: myBillBook
  • Best Accounting Software for Online Merchants: Zoho Books
  • Best Accounting Software for Self-Employed Professionals: Vyapaar
  • Best Accounting Software for Freelancers: Xero
  • Best Accounting Software for Manufacturing Business: Busy
  • Best Invoicing and Accounting Software for Traders: Marg ERP

Top 5 Accounting Software Comparison

NameTally PrimemyBillBookZoho BooksBusyKhatabook
Starting Price₹ 708/month₹ 471/Year₹ 1061/Month₹ 10620/YearCustom Pricing
Suitable IndustryAll typesTrading, Retail and Service ProviderEcommerce, Mutti Branch tradingManufacturing, FMCG, HealthcareSelf Employed, Freelancers and Stores
DeploymentWeb BasedHybridWeb BasedOn premiseWeb Based
USPComprehensive accountingAffordable and GST CompliantIntegration with eCommerce vendorsEnd-to End process Accounting and overhead trackingAffordable and smartphone optimized
iOS AppNoYesYesNoYes
Android appNoYesYesNoYes

What is Financial Accounting Software?

Financial Accounting software is 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.

20 Best Accounting Software List for Small Business in 2023

Here’s the list of top 30 accounting software for small business to ensure smooth and efficient accounting transactions.


  • TallyPrime (Tally.ERP 9)

tally accounting solution

Tally.ERP 9 is now is considered a market leader in the business accounting software category for small and medium sized businesses. It serves the purpose of accounting, sales, purchase, inventory and payroll for an organization. It is 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.

SMEs can streamline their finance and control related operations such as bank reconciliation, budgeting, inventory valuation, internal audits, etc. through Tally accounting solution.

Check Tally ERP 9 Free Demo: Tally ERP 9 Educational Version Free Download

TallyPrime or Tally ERP 9 helps in managing:

  1. GST compliant Invoicing and GST return filing
  2. Payroll Preparation
  3. Stock control and item wise inventory keeping
  4. Journal & Ledger posting
  5. Debit & credit notes for returns and refunds
  6. Trial balance preparation for financial audit
  7. Balance sheet Finalization
  8. P&L, Cashflow and Fund Flow Preparation
Best ForFree TrialStarting PriceDeployment
End-to-End accounting and GST invoicing of multi-branch businesses.7-days₹708/month for one userWeb based

  • myBillBook

myBillBook is smartphone accounting software for small and medium businesses. Available at a very nominal price, it has a user-friendly interface specially designed for Indian shop owners who are smartphone friendly. myBillBook keeps track of payments made to suppliers, customers, and staff. You can also easily manage your GST and manage stocks with this app.

This GST billing software allows businesses as it records all purchases, sales, expenses, and profits of a company. myBillBook offers customizable GST invoice templates and advanced analytical reporting helping business owners the financial health of the business

This online accounting software for small businesses can be integrated with your bank account and GSTN enabling businesses to reconcile accounts and generate e-way bills.

Distinguishing Features of myBillBook:

  1. E-invoicing, account Payable (AP) and Accounts Receivable (AR) management and expenses tracking
  2. Tracking and communicating dues, payments, and receipts
  3. Generating advanced reports through smart phone
  4. Reconciling bank accounts and GST returns
  5. Generating e-way bills
  6. Managing inventory, Stock lever and re-orders
Best ForFree TrialStarting PriceDeployment
Single Branch/Store bookkeeping14 days₹ 471/YearHybrid, Windows, Android, and iOS
  • Profitbooks

small business accounting software

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. As it is a cloud-based accounting solution, the information can be accessed remotely, thus ensuring mobility.

ProfitBooks Software also helps with:

  1. Tracking your receivables
  2. Managing online payments
  3. Get detailed tax reports
  4. Track inventory lifecycle
  5. Creating unlimited customers & vendors
Best ForFree TrialStarting PriceDeployment
Remote Bookkeeping and invoicingFree Forever Plan₹499/month for SMB PlanWeb based, Android and iOS

  • Busy Accounting Software

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 best account 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:

  1. Multi-currency financial accounting packages
  2. Production
  3. Bill of Material
  4. GST invoicing & reports
  5. Multi-location inventory management
  6. Cost budgeting
  7. Over head tracking
  8. Process accounting
Best ForFree TrialStarting PriceDeployment
Complete financial accounting and advanced inventory management30 days₹10,620/YearOn premise

Suggested Read: Best Free and Open Source Accounting Software

  • Marg Accounting Software

Marg ERP

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.

It can also effectively manage transactions related to accounting, purchase, taxation, invoicing, inventory etc. of the SMEs.

Marg accounting software ensures:

  1. Easy & fast billing
  2. Efficient reporting
  3. GST tax calculation
  4. Barcode management
  5. Tax reconciliation, etc.
  6. GST Billing
  7. E-Way bill Generation
  8. Industry specific accounting solution
Best ForFree TrialStarting PriceDeployment
Invoicing and managing account payablesNone₹9,558/YearOn premise

  • Zoho Books

Zoho Books Online

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 account software to know every detail of their expenses and bill their clients easily.

This billing and 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.

With automated workflows, Zoho Books is helping businesses to manage all their accounting operations effectively on a single platform.

Zoho Books Key Features Include:

  1. Automatic bank feeds and payment notifications
  2. Online collaboration with customers
  3. Time tracking
  4. Integration with eCommerce platforms
  5. Inventory management
  6. Invoice tracking
  7. GST and Bank Reconciliation
Best ForFree TrialStarting PriceDeployment
Core accounting of multi-branch company, and online Sellers14 days₹1,061/MonthWeb based, iOS and Android

  • MProfit

mprofit software

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 software for accounting provides balance sheet and trail balance reports which are simple and easy to understand. Other important features are for financial management solution along with mobile support.

This software makes business processes easier and effortless by promising simplified accounting solutions.

Major Features of MProfit Software

  1. Multi class asset tracking
  2. Data auto import /export for 700+ broking software in 5000+ formats
  3. Analytical and performance reporting along with portfolio insight
  4. Capital Gain calculator for both long term and short term gains
  5. Budgeting
  6. Investment
  7. Complete portfolio management along with F&O, equity , bonds and mutual funds.
  8. Bonus calculations
  9. Loan and advances
Best ForFree TrialStarting PriceDeployment
Managing accounts of investment companies and clients30 Days₹3000 + GSTWeb-based, Android and iOS

  • Quickbooks

quickbooks online

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 can 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 online accountant 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!

QuickBooks payroll offers more than 40 reports including:

  1. Profit & loss account
  2. Balance Sheet
  3. Cash Flow Statement

Quickbooks payroll helps manage day to day accounting transactions, billing and invoice activities, inventory, and budgeting, with mobile support for iOS and Android users.

Best ForFree TrialStarting PriceDeployment
Automating bookkeeping of growing service and SaaS providersNoneCustom pricingHybrid, Android and iOS

Suggested Read: Top Advantages of Accounting Software for SMBs and Startups

  • Khatabook

Khatabook is a comprehensive mobile bookkeeping app that facilitates small business owners to generate GST-compliant invoices, and track sales, expenses, and payments through their smartphones. It has an extremely user-friendly mobile interface that allows shopkeepers and laymen to manage the finances of their entity without hassle.

Khatabook has a digital ledger app that allows proprietors to record, manage and track sales, purchases, refunds, and returns. It could also send automated payment reminders to your customers and also reminds you of payment due dates. It also has BizAnalyst app that allows users to view Tally data on phone.

With Khatabook, you can:

  1. Keep track of daily sales, purchases and expenses
  2. Send bill reminders and get notified when payments are due
  3. Create and send GST-compliant invoices through smartphone
  4. Reconcile your finances with ease
  5. Get real-time insights into your business health
  6. Manage your supplier ledger along with all the transactions
  7. View your entire Tally data on your phone
Best ForFree TrialStarting PriceDeployment
Record keeping and expense tracking of shops, restaurants and other small businessNoneCustom pricingHybrid, Android and iOS
  • Wave Accounting

wave accounting software

Wave accounting 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.

Also, with a comprehensive insight of your accounts and transactions, you can make better business decisions to increase the cash flow.

Wave Accounting makes it easy to:

  1. Track all your income & expenses
  2. Prepare smartly for the tax time
  3. Ensures multiple bank and credit card transactions
  4. Ensures data transactions
  5. Makes tax handling easy
Best ForFree TrialStarting PriceDeployment
Invoicing, managing account payables and preparing Financial StatementsFreeEntirely freeWeb based

  • FreshBooks

freshbooks review

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.

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.

FreshBooks cloud accounting helps with:

  1. Invoicing
  2. Projects
  3. Expenses
  4. Estimates
  5. Time Tracking
  6. Payments
  7. Accounting
  8. Reports and much more.
Best ForFree TrialStarting PriceDeployment
Invoicing and Accounting of BPO ‘s and KPO’s30 Days₹600/monthWeb based, Android and iOS

  • NetSuite ERP

net suite erp software

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.

NetSuite accounting software offers businesses component-specific features such as:

The well-known ERP software in the market, especially in medium businesses, Netsuite ERP provides a comprehensive package for businesses of all sizes.

  1. Manage accounting-related tasks and map financial insights and forecasts.
  2. Revenue recognition and tracking
  3. Financial planning, reporting, budgeting, scheduling, predicting and rendering real-time data.
  4. The software helps in the automation of processes, and assists in legal, regulatory and risk addressable.
Best ForFree TrialStarting PriceDeployment
Comprehensive accounting of businesses with multiple branches, departments and outletsFree Demo onlyPrice on RequestHybrid

Suggested Read: Best Free Accounting Apps for Small Business and Bookkeeping

  • FreeAgent

freeagent software for accounting

FreeAgent is a complete, accounting software package especially created for small and medium businesses, accountants, expenditures, payroll managers. It also offers accounting management tool 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

  1. FreeAgent provides features such as scheduling invoices and setting up of periodic payments, while it also sends automated reminders to the clients.
  2. With the help of this software, accountants can keep a record of expenditures by uploading photographs of receipts, on FreeAgent app.
  3. 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.
Best ForFree TrialStarting PriceDeployment
Bookkeeping, invoicing and expense tracking of multi-project businesses30 days Free trial₹810 per monthWeb based, Android and iOS

  • Vyapar

vyapaar software

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. Vyapar provides a comprehensive package for businesses of all sizes.

Vyapar accounting software salient features include:

  1. 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.
  2. With the help of this account software for PC, 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.
  3. 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.
  4. 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.
  5. Focus on billing while this free accounting software takes care of tracking pending payments and reminds customers to ensure payment is collected faster.
Best ForFree TrialStarting PriceDeployment
Bookkeeping of retail shops and self-employed businessesNo ₹  599/ year for Mobile access onlyHybrid, Windows, iOS and Android

  • Xero

xero software

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 important features of Xero software:

  1. Payment integration
  2. Asset management
  3. Contacts Management
  4. Dashboard
  5. Inventory management
  6. Invoicing and Billing
  7. Bank connections & reconciliation
  8. Business performance dashboard
  9. Multi-currency accounting
  10. Pay runs
  11. Quotes
  12. Reporting
  13. Tax filing
  14. Project management
  15. Purchase orders
Best ForFree TrialStarting PriceDeployment
Bookkeeping and accounting payable and receivable management30 Days ₹1800/ monthCloud Based

  • Bookkeeper

book kepper software

Bookkeeper 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 Bookkeeper include:

  1. Expense Management
  2. Inventory Management
  3. Invoice
  4. Manufacturing management
  5. Expense Tracking
  6. Mobile Support
  7. Multi-user login
Best ForFree TrialStarting PriceDeployment
e-Invoicing and accounting of   eCommerceNoPrice on RequestWindows, Android and iOS

Suggested Read: Best Bookkeeping Apps for Android and iPhone to Manage Small Business Accounting

  • myBooks

myBooks is one of the leading accounting software that caters to the requirements for the Indian businesses. The best account 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:

  1. Automated bank feeds to get the transaction-related information in real-time.
  2. Enterprise level data security system prioritizes data confidentiality.
  3. Simplified Invoicing for accurate management of billing details.
  4. Multi-currency transactions facilitate your business to interact with global markets with precise forex rates.
  5. Easy-to-use dashboard provides in-depth reports on daily accounting workflows.
Best ForFree TrialStarting PriceDeployment
Bookkeeping and financial record preparation for FMCG, Manufacturing, Retail and Service30 days₹ 1179/YearCloud, Android, iOS

  • Logic ERP

online accounting software

Accurate forecasts and financial planning are important for managing the budget of an enterprise. Built-in within Logic ERP and accounting software, you will thus find robust tools for not only budget management but also financial consolidation and franchisee accounting.

The general ledger support option is another key feature in this accounting management software that helps companies maintain balance sheets and undertake profit/loss analysis with ease.

Businesses also rely on this ERP software for managing inventories as well as handling retail operations such as billing, customization of reports and stock auditing. Logic ERP is critical for one more reason, which is that it helps different departments across a company make informed financial decisions.

How do departments do this? They do this by utilizing the available management solutions for handling assets, human resources and cash. You can efficiently run your business operations using Logic accounting software solution’s finance and accounting management capabilities.

Aside from financial accounting, you can also use Logic ERP and accounting software for:

  1. Sales order tracking
  2. Centralized procurement system
  3. Dynamic pricing for avoiding overhead costs
  4. Assortment and merchandizing analysis
  5. Integration with eCommerce portals
  6. Recording business transactions
Best ForFree TrialStarting PriceDeployment
Automating, integrating, and streamlining entire accounting processFree DemoCustom PricingCloud, On-premises

  • AlignBooks

types of accounting solution

Use GST enabled AlignBooks business accounting software for e-way bills generation and submitting returns. Besides quick backups for preventing data loss, the platform’s advanced billing and accounting capabilities are critical for managing daily business operations.

Built-in further into AlignBooks online accounting software, you would further find MIS reporting and asset management functionalities for periodic regular depreciation statements.

This advanced accounting and online invoicing software are deployed primarily for advanced support features such as IMEI and batch management, performance tracking as well as double unit systems. You have the option to deploy a document classification feature to segregate brand or category wise the different transactions. The best part about using AlignBooks is the supplier master that helps with automated TDS deduction.

Besides business setups of different kinds, the software is an ideal choice amongst professionals for multifunctional support available in the form of:

  1. Service invoices and customizable templates
  2. Automated GST form filling
  3. Easy management of outstanding bills
  4. Approval hierarchies for monitoring every transaction
  5. Barcode generation for adding more information inside documents
  6. Predefined excel file formats for bulk vouchers and invoices
Best ForFree TrialStarting PriceDeployment
Invoicing and managing AP/AR of retail stores and other sole proprietorship businesses30 days₹ 2950/YearWeb based, Android and iOS

  • ZipBooks Computer Accounting System

ZipBooks accounting management software is a reliable solution for tracking transactions and maintaining accounting records. The software also has a history option for maintaining account receivables to monitor how the business is performing. You are further free to prepare a snapshot of payment trends to plan budgets as per loan-cash-flows.

The business accounting software makes a note of taxes collected to ensure accuracy of tax payments. Trial balance statements are available as well for recording debits/credits for every general ledger account. The best part is the system attached for making double entries so that checking balance for every account is easy.

One main advantage of using this software is it helps single click option for entering bank information so that accessing information of any bank account is super quick.

Core support features ZipBooks Computer Accounting System:

  1. Bank reconciliations
  2. Auto categorization of transactions
  3. Project accounting
  4. Account receivables and payables
  5. General ledgers for developing financial statements
  6. Accounting access for developing financial reports
Best ForFree TrialStarting PriceDeployment
Auto billing, payment and expense tracking and financial reporting of growing organization30 days₹ 1220/monthAndroid App, Web based

Key Features of Small Business Accounting Software

When we talk about accounting software for small businesses, the key features that come to our mind are:

  • User-friendliness: The software should be user-friendly and easy to operate so that even a layman like a shopkeeper or self-employed person can use it without any difficulty.
  • Affordability: The cost of the software should be reasonable and within the budget of a small business.
  • Timesaving: The software should save time by automating various accounting tasks, such as monthly recurring invoicing, payment processing, sending payment alerts, etc.
  • Smartphone Enabled: Having a mobile app for accounting software would make it extremely agile and easy for business owners to keep track of transactions.
  • Scalability: It is important that the bookkeeping solution is scalable so that it can grow along with the business.
  • Integration: Small business accounting systems should be able to integrate with other business applications like CRM, Payment apps, and eCommerce sellers.
  • Billing and Printing: It must have the capability to generate invoices and also support thermal printing.

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 account software list can be classified into four categories:

  • Spreadsheets

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 management 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.

Conclusion

Accounting software is a necessity for every business because it helps them to prepare invoices, track expenses, manage inventory, track payments, and generate reports and much more. Choosing an accounting software for SMB can be a challenging as many solutions are available in the market with varied features.

This list of accounting solution 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

Related Categories: GST Software | Expense Management Software | Income Tax Filing Software | Debt Collection Software

FAQs

  1. 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.

  2. 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.

  3. What are the top 10 accounting software in India?

    Giddh Accounting, Zoho Expenses, Quickbooks, Freshbooks, Wave, Busy, Marg, Vyapar, HDPOS and AlignBooks.

  4. What is the best accounting software for small businesses?

    There is no easy answer to this question as it depends on the specific needs of your business. Small businesses should always choose easy, agile, and scalable accounting software. myBillBook, Vyapar, Tally Prime, Busy and Zoho Books are some popular accounting solutions for SMBs.

  5. What are the benefits of using accounting software for small businesses?

    There are several benefits of using accounting software for small businesses like automated billing, expense, payable and receivable management, sales/purchase tracking, and much more. In addition, it also keeps track of tax obligations, statutory compliance, and inventory management effectively.

  6. What are the different types of accounting software?

    There are many different types of accounting software available, from simple bookkeeping software to fully-featured ERP systems.

    Book keeping software allows users to prepare bills, record expenses, sales, purchases, returns, payments, receipts, etc. However, it doesn’t perform core accounting functions like tax compliance, preparation of financial statements, and payroll management. An ERP accounting system manages end-to-end financial management from basic billing and bookkeeping to core accounting like preparation of financial statements, tax compliance, and more.

  7. What is the best way to choose accounting software for my small business?

    The best way to choose accounting software for your small business is to first identify your specific needs and preferences. Then you can shortlist and compare different accounting software based on their features, ease of use, deployment and agility.

  8. How can accounting software help us? 

    Accounting software can help you manage your finances effectively by providing accurate and up-to-date records of sales, purchases, expenses, returns, payments and receipts. It also helps save time by automating recurring invoices, reconciliation, and payments.

  9. Do we need to know about accounting to use accounting software?

    No, you don’t need to be an expert in accounting to use accounting software. However, it is important to have a basic understanding of accounting concepts so that you can set up your software correctly and interpret your financial reports accurately.

  10. Our company is doing fine without accounting software. Do we still need accounting software?

    It will always be beneficial to use accounting software, as it helps improve accuracy in bookkeeping and reporting, and ensures compliance with government regulations.

  11. What should you consider while choosing accounting software?

    There are many factors to consider when choosing accounting software, including the size of your business, your industry, your specific needs, and your budget. Besides, also make sure that the accounting software is easy to use, intuitive, and doesn't require expertise.

  12. We're just starting up. Isn't accounting software overkill?

    If you're just starting up, it's important to get organized from the beginning and have a good foundation for your financial reporting. You can implement bookkeeping software for billing and tracking account payables and receivables. This will make sure you have adequate records of finances when your business grows.

  13. Should I get accounting software with the payroll feature or without a payroll feature?

    This will depend on your specific needs. If you have more than 10-15 employees, calculating their taxes, deductions, net pay and preparing salary slip manually would be tough. It would be wise to use accounting software with payroll features if your business has more than 15 employees.

  14. Which accounting software will be right for my business in the long-term?

    The best accounting software for your business in the long term is the software that meets your specific needs today and is able to grow with your business. Also, it's important that the software is easy to use, has an intuitive UX and the software provider provides hands-on training.

  15. Is free accounting software useful?

    There are many free accounting software options available, and they can be a good option for businesses with a limited budget. However, free software is often limited in terms of features and functionality, so it's important to consider your needs before choosing free software.

  16. Who should we consult while choosing accounting software?

    You should consult with your accountant or bookkeeper to get their recommendation on which accounting software is best for your business. You can also look at your competitors and consult your employees while choosing accounting software.


Also, you can check the comparison between Zoho Books and TallyPrime!

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