What is an Accounting Software?
An account software is a computer program that assists clerks and accountants in recording and reporting a establishment’s fiscal deals. The functionality of account software differs from product to product. Larger enterprises may choose to apply a customized result that integrates a vast quantum of data from numerous different departments. But small enterprises frequently choose an out-the-shelf product.
Hence, in every business, it is important to use accounting software for the steady streamlining and automation of the finance management processes. This will ensure accurate records and also increases the operational efficiency on the processes like invoicing and reconciliation.
In every organisation, the accounting software used is different, depending on its complexity and functionality. Accounting software needs to meet up with the requirements like payroll processing, invoicing, reconciliation, bill and expense management, and financial reporting. In addition, some accounting solutions include industry-specific features like project accounting for professional services companies or fund accounting for non-profit organizations. Accounting software exchanges data with payment solutions or banking software.
What are the expectations from an accounting software?
These are the qualities an accounting software must have: An accounting software must maintain a company’s general ledger and chart of accounts. It must have the features that can automate accounts receivable and for invoicing. The software must generate accounts payable workflows for payments and purchase orders. It is important that the software allows the user to keep journal entries to make changes in the transactions and in the account balances.
The accounting software should keep a track on the costs and revenues, and at the same time, regulate the profitability of the products and services sold by the company. It should also handle cash flow, keep a check on the bank accounts and the payment methods, like for example, cheques, credits cards etc. It should aid the users with their financial process at the end of a financial year. And distribute the standard reports like financial statements and dashboards to keep a track on the KPIs (Key point indicators.)
Some of the top accounting softwares used in India
These accounting softwares have emerged to be the favourite among the companies for their performances and quality provided. They have stayed for a very long time in business and users or companies find them quite efficient and trustworthy. They are:
This most popular software has been in use for over two decades. It is a complete ERP package and the latest version is Tally ERP 9. The single-user version is available at Rs.21,000 and the multi-user version is available at Rs.62,000. You can opt for the remote desktop version that allows you to access it from a remote location. But the server has to be switched on all the time. It is the most pirated software in India. It is advised to use the licensed version of Tally. Tally has larger acceptability and is good for business with huge transactions. New users might find it expensive and hard to learn.
The most widely used accounting software in the world is QuickBooks from Intuit. They launched the Indian version in 2012 and are available in an online mode. The important feaure of a QuickBook is their capabilities to import data from a bank’s and automatically allocate it to the accounts. The Indian version is priced at Rs4, 999. It offers good support and the features are rich in nature. Since it is using the US accounting concepts, Indians might find it quite hard to learn, and it is also priced quite high.
Known for its inventory features, Busy provides its software in three different versions: basic, standard and enterprise. They are priced at Rs. 7,200, 13,500 and 19,800 respectively. It has great inventory features, is widely accepted, and rich with features. Some features have typical concepts.
Another well-known accounting software in India are Zohobooks. It comes in free, standard, professional, premium, elite, and ultimate packages starting from Rs. 749 per month for standard. Also they can be accessed from anywhere, offers good support, and is priced reasonably. Users may find it hard to learn and set up.
Marg is a Windows-based accounting software that is being used in pharmacy and jewellery sectors. It can also be used by any business and it provides a lifetime licence for Rs. 7000 to CAs who are practising.
NetSuite by Oracle is one the best accounting software. From pre-revenue startups to small and mid-size organizations, fast-growing businesses use NetSuite to automate core processes and get real-time insights into operational and financial performance. But NetSuite does not have a free version and is priced at Rs. 38,000.
Asia’s first neobanking platform for SMEs and startups, Open help businesses to automate finances and collect online payments, manage bulk pay outs, reconcile transactions and integrate banking into their business workflows through a bunch of developer-friendly APIs. Also it comes in a free version and in a Growth-Yearly-All-In Open plan of Rs. 14999.
Deskera Books, with a monthly plan of Rs. 599, helps you to create professional invoices, track bills, and to get paid online. Deskera Books also gives you a complete online accounting tool with JEs, notes, all financial reports – P&L, Balance Sheet, General Ledger to Cash Flow, in-built tax compliance, and multicurrency options also.
Smart, Secure & Easy to use ERP System for growing small size and mid-size businesses, Accnu delivers the proven and comprehensive financial, back office and sales functionalities to take your business beyond traditional accounting software. It also offers you real-time dashboard of your entire organization sales and financial data to make effective decisions. You can try it for free.
Vyapar is the only Business Accounting, Invoicing and Inventory app made for small Indian Business that lets you manage, invoices/receipts, estimates, payments, inventory and clients. It is a GST app and works in offline mode. There are three plans available: Basic, Saver and Mobile Plans. For both mobile and desktop, it is priced at Rs. 2399 and the Saver plan comes at Rs. 5499. Mobile plans are: 599 and 1349.
myBillBook is India’s No.1 GST Billing and Accounting Software, which has been designed to aid SMB owners to run their operations from anywhere and anytime. Available both on mobiles and desktops. It offers a safe platform for business owners to record transactions and track business performance on the go. It is available in English, Hindi, Gujarati and Tamil. Also, it is by far the most affordable accounting software available in India. Diamond plan is 142 per month and Platinum plan is 242 per month.
Finprov learning is providing various accounting software learning programs like QuickBooks and Tally Prime which makes you well-versed in using these softwares. Join us and build a respectable career for yourself.