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. A best accounting software keeps your BookKeeper financial data organized and provides you the relevant information whenever you need it.
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.
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.
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:
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.
31 Best Accounting Software List for Small Business in 2021
Here’s the list of top 30 accounting software for small business to ensure smooth and efficient accounting transactions.
- Tally.ERP 9
- Ezy Rokad
- PEASx GST Inventory & Accounting Software
- 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
- Logic ERP
- Horizon ERP
- Billing 360 Accounting Software
- Fraxinus Books
- ZipBooks Computer Accounting System
TallyPrime (Tally.ERP 9)
Tally.ERP 9 is now 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 Tally ERP 9 Free Demo: Tally ERP 9 Educational Version Free Download
TallyPrime or Tally ERP 9 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 tally accounting solution.
Ezy Rokad accounting software is designed for small businesses to manage their accounting functions without any external help. Even those with limited knowledge of computers can use this accounting software to perform billing in multiple units and generate customized invoices. Ezy Rokad provides trade specialized solutions and helps with accounting in both Hindi and English languages.
It helps businesses perform multi-tasking by working simultaneously on sales/purchase and the cash book. You can also view multiple entries at the same time while you are feeding entries.
Ezy Rokad helps with the following features:
- Fully integrated system to handle inventory
- The software offers no-coding integration with Tally
- Detailed MIS reports for bikri/chatni list and fardi/takada list
- Compliance with GST and other Indian laws for maintaining accounts
- Helps upload GSTR1, GSTR-3B & GSTR4 without any error
- E-Way bill generation for moving consignments
- Comes with in-built GST ledgers & master
- Provides ledger statements for running total balance
- Helps with barcode creation & scanning
It’s available for free online demo and the basic plan of Ezy Rokad starts at ₹5,999 per annum.
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.
ProfitBooks Software 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.
PEASx GST Inventory & Accounting Software
PEASx inventory & accounting software is one of the trusted solutions for tracking sales, sending invoices and managing inventory. It has quite a simple user interface and can be used by your employees right away for expense management, vendor & supplier management, taxation and smart analysis.
PEASx accounting software provides detailed reports to track your business growth and analyse loopholes in your existing financial management process.
PEASx software helps in:
- Creating professional invoices
- Managing vendors & suppliers
- Track your business expenses
- GST billing & purchase orders
- Comprehensive analytical report
- Adding price to your items, including taxes
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:
- Multi-currency financial accounting packages
- Bill of Material
- GST invoicing & reports
- Multi-location inventory management
Busy software is available in three different editions: Basic, Standard and Enterprise.
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.
Marg 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 billing and accounting software is widely used by retailers, distributors, and other types of businesses. It is a user-friendly software allowing 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 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.
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 software for accounting 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 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:
- Profit & loss account
- Balance Sheet
- 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.
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.
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.
Use the Zoho Expense reporting software for automating expense reporting processes. The GST compliant expense reporting software for not just organizing expense management procedures but also reimbursements and approvals. For hassle-free tax filing as well as creating expense reports, the software is the best.
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 Management Software, 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 cloud accounting 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.
NetSuite accounting software 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 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:
- 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.
Vyapar accounting software 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 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.
- 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.
HDPOS smart 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 important features of Xero software:
- 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 Accounting 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.
Giddh software comes with 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 tool 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 account software for PC 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.
SlickAccount 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 account software for PC.
Key features of Reeleezee 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 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:
- 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.
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. Aside from financial accounting, you can also use Logic ERP and accounting software for:
- Sales order tracking
- Centralized procurement system
- Dynamic pricing for avoiding overhead costs
- Assortment and merchandizing analysis
- Integration with eCommerce portals
- Recording business transactions
Efficiently run your business operations using Logic accounting software solution’s finance and accounting management capabilities.
Horizon ERP is a GST accounting software used for billing management and report generation. The accounting application also helps enterprises handle account receivables, create bill wise reports for profit and develop sales breakups. Along with ledger summaries are also available options for issuing debit and credit notes.
Built-in further into this accounting software, you would find another module for doing GST filing and rectifying all kinds of data errors. Additionally, are also available multiple formats for preparing GST invoices. As one of the best accounting software available, Horizon ERP is critical for tracking a customer’s outstanding and controlling the inventory.
Key features of Horizon ERP Software:
- Reports for financial accounting
- Option for multiple price listing
- E-way bills for easy movement of all goods
- Barcode printing
- Scanning for EAN codes
- Bulk processing of sales orders
- Cash collection statements
Horizon software accounting software is best used for accounts, credit and warehouse management.
Billing 360 Accounting Software
Developing purchase orders, managing taxation or filing data entries, Billing 360 is best for managing the entire billing processes of an organization. What makes the software unique is its ability to prepare customized orders for sales using rate inputs.
Attached also is this online payment gateway for faster tax management as well as a single-click option for creating sales/purchase invoices. A system for sending automated email reminders to clients is also available for invoicing customers.
Get critical insights related to how your business has been performing or record how much have the total expenses been with Billing360 cloud accounting software. Used by businesses of all types, the accounting management software also supports an easy interface for tracking time used on different projects as well as preparing bills.
Use Billing360 business accounting software for not just managing purchases but also sales orders. Its core support features are:
- Database for saving purchase orders
- Easy conversion of sales orders into GST invoices
- Generating multiple challans
- Rate histories for matching customer details with sales orders
- Quotations for proforma invoice
This business accounting software is relied upon by different industry verticals for its easy to use GST billing solutions.
CraveInvoice is an online accounting and invoicing software used for preparing invoices and developing advanced receipts. The online accounting software helps with managing business expenses as well as creating purchase journals with ease.
While the invoicing solutions offered by CraveInvoice are used by companies to offer excellent customer service to its clients, option for preparing stock statements helps with maintaining a regular track of inventory items.
You will find in this small business accounting software multi-user support mode to give permissions to several users at a time for granting access to reports and access forms. Easy management of multiple bank accounts is another functionality that is useful for tracking cash expenses and receipts.
The system for preparing purchase orders offered by the software is used by business enterprises to keep track of items received from suppliers. Some of the other core technicalities are:
- Data import and export
- Multi-currency for sales/purchase invoices
- Expense and inventory management
- Pre-built templates for creating service invoices
- Conversion of estimates into invoices
- Cash journals for preparing bill statements
Use this enterprise and resource planning software for simplified data export and import. You can utilize CraveInvoice for other functionalities highlighted above.
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.
Besides business setups of different kinds, the software is an ideal choice amongst professionals for multifunctional support available in the form of:
- Service invoices and customizable templates
- Automated GST form filling
- Easy management of outstanding bills
- Approval hierarchies for monitoring every transaction
- Barcode generation for adding more information inside documents
- Predefined excel file formats for bulk vouchers and invoices
The best part about using AlignBooks is the supplier master that helps with automated TDS deduction.
Viewing books for multiple years or undertaking salesman-based tracking, Fraxinus Books ERP is best used for doing incentive calculations and viewing a company’s performance through detailed reports. Further inbuilt into the software, you would a special feature called one shortcut key to search easily ledger accounts and item stocks.
Order management is another core support feature of Fraxinus Books accounting software, which is used by businesses to manage key processes starting from order generation till final payments. What further eases this entire system is the ability of the accounting software to auto send reports at specified time to the selected email addresses.
There are some basic features that you would find attached in Fraxinus Books excel accounting software such as data exports and backups. Then there are key advanced features that include:
- Automatic updating of asset’s register
- Sales management for tracking incentives
- Dispatch and receipt notes for tracking received goods
- Auto calculations for VAT
- Recording itemized attributes
- Inter branch issues and receipts for maintaining stock updates
Organise your company’s accounting functions with this business accounting and management software.
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.
Core support features ZipBooks Computer Accounting System:
- Bank reconciliations
- Auto categorization of transactions
- Project accounting
- Account receivables and payables
- General ledgers for developing financial statements
- Accounting access for developing financial reports
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.
- How can accounting software help us? 📑🙄
Accounting software can become the financial pivot of your business. With the help of suitable accounting management 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:
1. Making and raising invoices
2. Calculating and producing quotes
3. Keeping records of expenditure
4. Calculating taxes for tax related tasks
5. Analyzing financial trajectories
6. Calculating profits and losses
7. Creating reports on financial forecasts
8. 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.
- 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.
- 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:
1. 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 resources.
2. Decision-making: Account software provides seamless navigation and information retrieval process. This speeds-up the process of data analysis and decision-making based on facts.
3. 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.
- 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:
1. Who will be using accounting software?
2. How many user accounts do you require?
3. Would you require remote and multiple access?
4. Are the users adept in accounting processes?
5. Which accounting tasks do you need to execute?
6. What other software do you use?
7. Can the accounting system be integrated with other solutions such as tax management software?
8. Do you need tools such as currency converter?
9. Does your business needs scheduling of payments?
10. 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.
- 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.
- 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.
- 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 account software for PC packages also allow plug-ins or add-on services to optimize the solution when needed.
- 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.
- Who should we consult while choosing accounting software?
1. 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.
2. 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.
3. Your Employees: It is important to hear opinions of the people who would be using the accounting software, i.e. the employees.
- What are the top 10 accounting software in India?
Giddh Accounting, Zoho Expenses, Quickbooks, Freshbooks, Wave, Busy, Marg, Vyapar, HDPOS and AlignBooks.
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 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!
Also, you can check the comparison between Zoho Books & Tally!