With the help of an accounting software, one can centralize the management and processing of all the financial details of an organization.
This is particularly helpful for accountants and the bookkeeping sections of any organization in their task of governing accounts as well as the automation of systematic operations.
Some of the accounting software out there can also record such financial data, make measurements of indicators and create reports following the data.
We Highly recommend you to read the Accounting Software Buying Guide at the end of this article to get in-depth knowledge about latest accounting software technologies and tips on making an informed decision about which product to buy for your needs 🙂
Top 10 Best Accounting Software in India
Although my favorite among all is Tally but you must check all of them to make your buying decision.
For over two decades accounting software for the Indian audience has been synonymous with Tally. The first versions of this software were meant of the MS-DOS operating system.
These days it has evolved into a complete ERP suite. The latest version of the software is its version 9.
Tally is quite expensive, and a single user version will set you back by over Rs.20k. The multi-user version costs Rs.62k.
You will have to fork out an additional Ts4k per year for updates to the software.
You can use tally from a remote location, but it is cumbersome, and your server needs to be up and running.
It would be wise not to use the easily available pirated versions of Tally as there are regular complaints of corruption and loss of data and also data mismatching.
Intuit’s Quickbooks is popular of its kind when it comes to accounting software. India welcomed this top-quality software in the year 2012 when it was launched here.
The desi software variant can work only online. One of the key features that make
Quickbooks so popular is that it can import data from the website of the bank and allocate it to an account automatically.
It is worthwhile to mention here that the Indian version of QuickBooks may appear to be quite different from the usual vanilla software used by Indian accountants.
It will set you back by Rs.4999 on a yearly basis.
If you are looking for accounting software that’s particularly strong on its inventory features then Busy is just absolutely what you were looking for.
The software shipped in three variants viz. basic, enterprise and of course standard. These will cost you about Rs. 7200, 19,800 and 13,500 respectively.
With six lakh users and counting it appears the Busy has found its way into the hearts of Indian business owners.
#4. Zoho Books
Zohobooks is yet another name that is recognized instantly whenever we are talking of accounting software.
Zoho was previously well known for its quality CRM but its foray into the market for accounting software meant for the Indian audience has met with similar success.
But some Indian accountants find the working pattern to be confusing.
If you are looking for accounting software that leverages the power of the cloud and is designed keeping in mind the needs of small businesses.
This solution based in the cloud lets you generate invoices, keep tabs on your expenses as well as manage your inventory.
The end result is that you can save time while at the same time manage the finances of your business with ease and efficiency.
The software lets you access stored information remotely,
This ERP stands out by its innovation in the automation of the various components that together constitute an ERP.
This software is divided into a number of categories which let you manage and control the various ERP aspects like sales, inventory, procurement, distribution, accounting, and the likes.
The software is really easy to use without in any way compromising on flexibility thereby giving the user an ERP solution that can be customized according to their needs.
The software suite lets businesses achieve optimum productivity as well as performance in the several spheres of the business.
A product of the firm Reylon Softech, it is one of the rare pieces of software that does full justice to its name.
It is indeed as the name would suggest one of the simplest accounting software meant for Indian users you can find anywhere.
One thing which makes Saral truly stand out is the ability to just go ahead and download it after signing up which is, in fact, free and then go full throttle towards integrating it with your computer.
Besides the easy installation and integration Saral can also be justifiably said to be the best of its kind when it comes to the maintenance of books of accounts for a business entity.
The software provides all the flexibility you are going to need to create bills and maintain the various accounting aspects of your business.
If it’s the ease of use of the interface of your accounting software, then the HDPOS will not disappoint you in any way.
It comes bundled with almost all the features you are going to need in your accounting software. With HDPOS you can install the software multiple computers simultaneously.
Installation is a real breeze and you can have it set up in less than five minutes. All billing and accounting needs of your business are met with HDPOS.
In addition to all these, it also acts as a multiple cash register and facilitates the accounting system to run smoothly.
If you are a small business here in India and need a software solution for your accounting, inventory and invoicing needs then Vyapar will let you do all that and more.
With it, you will be able to manage receipts, invoices, payments, estimates, inventory and even clients.
It is close to being a perfect accounting solution for your firm more so if your organization is small. The software comes with the ability to work perfectly offline too.
With this software application, you can generate invoices that comply with GST norms and share them and tally them too.
You can also create financial reports that stand out by their accuracy, calculate taxes automatically and even file your taxed GST returns.
Irrespective of whether you have a large or small business, Accodone is a comprehensive ERP for your business and a solution that’s integrated as well.
The ERP features the best features and methods applied that technology has to offer when it comes to Payroll, Inventory and of course Accounting.
Accodone stands out by virtue of its ease of use and makes the day to day activities of businesses really simple and easy.
The integrity of data is another characteristic which makes accodone stand out. Its set of features are comparable to the best software out there in the market.
The user interface is really easy to figure out and operate.
Buyer's Guide - How to Purchase Accounting Software
Accounting software is a business solution that gathers under the same software framework all systems and applications dedicated to processing and managing financial data.
Bookkeeping teams and accounting professionals use these programs to manage accounts and automate operations that take place systematically, while certain systems are also enabled to record accounting data, measure indicators, and report on the company’s financial activity.
Why you need accounting software?
It is vital that you know why you need to use accounting software. It is one of the foremost weapons in the arsenal of a finance professional that helps in reducing costs and enhancing productivity.
With the right software organizations are able to automate tasks related to bookkeeping and create reports for use in taxation. However, some find the ability of accounting software to predict expenses and thus devise an investment strategy that’s smarter to be its greatest use.
The Main Benefits
The prime benefits of using accounting software are as follows:
With the help of accounting software, a non-professional can control the financial accounting aspects of an organization. With their help, it is easier to make meaning of numbers and to make complex calculations in an automated manner.
Now business owners can take care of legal necessities and perform accounting tasks without any specialized training without the need of having to pay to other specialized professionals.
With the help of an accounting software, there is no need for seeking the help of a finance professional in order to perform calculations, procedures related to financial administration and even the revenue framework.
This is of mighty use in saving valuable money besides eliminating the need for repeated printing and distribution of documentation. It also helps to keep data that might be sensitive at a monitored and secure location.
Total transparency in finances
As far as the auditor, as well as the business owners, are concerned, accounting software addresses the key issues faced by them i.e. avoiding expensive and costly human errors and making inaccurate calculations of totals and failure to create timely reports with the data respectively.
This might be said to be one of the key benefits of having accounting software. With this, you get insights into the trends and patterns that emerge from your financial performance which in the absence of automated software is heavily time-consuming.
The forecasts prepared by such software help you in deciding where you should put more money in and where you should cut the expenses. With clarity thus brought in it is far easier to allocate resources and develop strategies that are smarter and better informed.
If you are really keen on buying software to digitize the business with the aim of enhancing performance, then the first thing you must get for your business is accounting software.
They help you in drilling deep down into the daily cumbersome tasks carried out by company personnel, collect sensitive data, organize them before finally analyzing them. All this ensures that you get smarter about spending every rupee.
Compliance with taxes
These days most of the really good accounting software out there are designed to assist in payroll management. Besides they help you in reporting as well as adhering to the tax regulations of the land automatically.
After the system has once been firmly put into place they become the prime source of audit and tax information for the business owners and keep detailed records of all the data.
Better customer relationship
It would be foolish to think that customer relationship and accounting software are two non-convergent entities. It is very common to find accounting software shipping with invoicing and billing modules which helps to eliminate delays and miscommunications.
These modules can also be customized to a great extent which helps the company deliver a consistent brand message and appear professional and credible.
It is obvious that the data regarding the finances of a company are among its most sensitive information. If this inadvertently falls into the wrong hands the results of the development may prove to be catastrophic for the business concern or even if the details are lost or misplaced.
Accounting software has been specifically designed to address these issues and helps you to prevent the accounts from being compromised. You can further access an extra copy just in case.
However, you need to sort out the security structure that your business is going to follow internally and decide on the people who you are going to give access to these sensitive data.
Different Types of Accounting Software
It is only natural to want to know of the various types of accounting software after learning what it is and how it stands to benefit businesses. Accounting software can be classified into four different categories according to the type of operations.
Enterprises have the freedom to opt for specialized accounting software solutions that have the best features from all of the four categories.
Systems Specialized in Invoicing and Billing
With this variant of accounting software companies are able to perform basic tasks that are required to be completed on a daily basis. This includes handing out payments as well as reminding present customers about their dues.
They help in ensuring that the accounting figures remain accurate besides making the business more professional and credible in the eyes of the end user. The company also stands to gain from the documentation of all financial activity and make it ready to be validated and authorized.
Payroll management systems
In case you want to retain control over the payables and the receivables of your account then payroll management systems with due features are definitely what you want.
This variant of accounting software was made keeping in mind the ability to perform a wide variety of tasks which include calculation of the salaries of employees, cutting deductions, ensuring that salaries of staff are deposited to the bank, produce payslips and tax forms among other features.
Using these tools will help to ensure that your financial transactions are secured, expenses are reduced to a minimum and also help in the preparation of detailed reports.
ERPs or Enterprise resource planning systems
This type of accounting software is perhaps the most important category that the former can be divided in to. It is a combination of various systems put in to use for planning products, purchasing materials, controlling and managing inventory, accounting, distribution, finance, HR and marketing.
These days ERPs also ship with CRM and BI or business intelligence modules which aids the company in learning from its current set of processes and practices and formulate better strategies for the future.
Systems specialized in time and expense management
These types of software apps were meant to cut short the time of billing cycles and also ensure that the expenses are approved even when the decision makers are mobile. They stand out by their high configurability which lets businesses of all sorts to adjust them according to the pace of their operations.
The reason for doing this is to hasten the process of collection of payments. It also helps in identifying the practices that were invisible hitherto.
One of the biggest advantages this sort of accounting software brings to the table is the creation of reports represented as graphs laying out the details of usage of time and resources in the company.
Things to consider while choosing an accounting software
The features you are going to need in the accounting software of your choice will obviously be determined by the specific needs of your business and its priorities. But there are certain things that each must have in order to be effective and give you value for money and maximum impact in the intended direction.
Integrated invoicing module
Not only do you need core accounting functions and features like management of inventory in your accounting software, but you also need rudimentary functions of invoicing and billing. You will spare yourself the trouble of migrating data or purchasing other software in addition if you do this.
You should be aware that there is simply no accounting software that will by default suit your business to perfection. The reason behind this fact is that different companies follow different rules and perform particular financial calculations.
In the rare case that you can’t find an exact match for your business in terms of the business model then it would be worthwhile to go for a program that offers enough flexibility to adjust it according to the nature of your business operations.
Easy to use
As you might well know accounting is really complex, so it helps to have an accounting software which is intuitive as well as easy to use.
By ease of use in this context, we refer to the desirability of the neat and proper arrangement of information, accessibility to all functions through a single dashboard along with navigation which allows you to perform tasks according to a known pattern.
It should be kept in mind at all times that accounting software has to deal with data that is part of the most sensitive ones in use by the organization and the most important numbers in the business are dependent on them for reliability and accuracy.
In order to ensure the security of your data, you need to make sure that the accounting system is free from flaws, is developed by a reliable and reputed company. You would do yourself a world of good if you can check out the security features by yourself prior to purchasing the software.
Typically, before buying an accounting software you already have bought a considerable amount of software. This necessitates that you find out whether the accounting system has tools with which it can integrate with your existing software tools.
In case that is not so, you may need the feature of an open API which will let you connect the piece of software with other utilities. If you fail to do this you might have to change your accounting software or worse still the entire existing software architecture.
Usability in mobiles
With accounting software becoming increasingly affordable, it is now common to find the feature of accessing the accounting system from your mobile device.
These days accounting software meant for even small and medium businesses provide native iOS and Android apps for the users with almost the same set of features that can be found in the software’s desktop counterparts.
Like many things, software loads of features do mean an extra burden on your budget. If the financial resources permit you and you could do with the extra features, you get then, by all means, go for an accounting system that is priced slightly on the higher side.
You should at the same time keep in mind that you can indeed get quality accounting software at a low cost or in some cases even for free.
This is something really tricky to ensure as usually things turn out that you do not really know the quality of support provided by the software vendor unless you require it. So, it would definitely be wise for you to give support a task to solve well in advance.