If you have a plan to start a business or restructure your business, one of your prime priorities should be to keep an eye on the money you bring in and pay out. Reasonably, the softwares you should purchase is accounting softwares to record your company’s income and expenses.
Adoption of accounting software for your business is a vital and confusing task, the software must provide accurate and real-time data to make useful decisions.
There are plenty of products on the market, and selecting one among them is really a confusing task. Also, if you are aware of the pros and cons of all the options you have, it will help you choose the software that is suitable for your organization. In this article, you will be able to know more about the accounting softwares, its benefits, limitations, and the availability in the market.
1) Tally Prime
Tally makes life easy for business owners.TallyPrime is the newer version of Tally ERP 9, which has been made easier to use and better for businesses. Both versions focus on accounting, inventory management, and keeping up with business rules, but TallyPrime brings in some improvements to make things smoother and more efficient.
Tally Prime is desirable for small and medium-scale companies that have a limited budget for accounting software, where their data volume is not very high and the data management is controlled. They can assign different access rights to their employees based on their roles and responsibilities. Tally Prime is usually preferred due to flexibility, integrity, ease of operation, and lower cost involved in implementation & maintenance. It is used by electronics and electrical supply vendors, fashion accessories, paper companies, leather products, small and medium enterprises, and real estate companies.
TallyPrime has made a lot of updates from Tally ERP 9, especially when it comes to being user-friendly. The new simple interface helps new users navigate easily. With the ‘Go To’ feature, you can jump straight to reports and functions, saving you time. You can also manage multiple reports and transactions without reopening the app. The improved search feature makes it quicker to find what you need. Overall, TallyPrime is a more user-friendly choice than Tally ERP 9.
Please also note that SAP is more advisable than Tally Prime if you are concerned about customized reports, information security, and multi-location operations. Tally Prime is adding new features to its application in every version, keeping in mind the Indian business accounting problems.
2) Zoho Books
Zoho Books is an online accounting tool that can help you handle your finances, whether you’re running a small shop or a large company. It’s not just your standard accounting software either. It is all about teamwork, allowing everyone to participate in the action at the same time. It works on almost any device, and it also keeps you more compliant with GST regulations. If you want to handle payments in several currencies, then Zoho Books is a good choice for you.
Zoho Books just got a bunch of cool updates to make accounting less of a headache. Now, you can tag your teammates in comments and even format text to draw their eyes to what matters. They’ve hooked up with WhatsApp, so businesses can send payment and order updates straight to customers. You can now automatically tack on late fees for those slow-paying invoices. Finding items and records in transactions is way quicker now, too. Got a transfer order you don’t need? Just cancel it or tweak it as a draft. Keyboard shortcuts speed things up, and we’ve given the reports section a makeover with a cleaner design, improved filters, and a search function. All this should help businesses keep their money in order without the stress.
Zoho Books is popular with small and medium-sized businesses in many fields like retail, services, e-commerce, manufacturing, IT, and healthcare. Freelancers, consultants, and small businesses often choose it for handling invoices, expenses, and inventory. It’s easy to use and works well with other Zoho apps, making it a good pick for businesses that want an affordable accounting tool that does the job.
3) SAP
The accounting software SAP is desirable only for big-scale companies possessing a multinational, cross-border, multi-location operation with multipoint control for distinct functions (Minimum turnover is advisable at Rs. 200 crores). SAP ECC was the previous version of SAP that needed much tuning on its own computers. Cloud-based SAP, especially SAP S/4HANA, is faster and can also process data in real time. One of the most important advantages is that they can now offer tools to help firms shift more simply to the cloud.
SAP is also rolling out AI tools to help better manage pricing, inventory, and deliveries. They’ve improved their data management tools too, making it easier to handle and analyze data. SAP wants businesses to switch to SAP S/4HANA for its better adaptability and ability to grow.They’re adding AI to their software and checking out quantum computing to make things like supply chain management better. These changes should help companies be more productive.
Flexibility is one of the advantages of SAP. It allows companies to generate their own rules within the SAP structure. These rules set the parameters for acceptable and unacceptable transactions. The software enables companies to manage financial transactions, product life cycles, and supply chain activities. It has various analytical features, such as evaluating performance, reporting and decision making. These traits allow SAP to meet the needs of many complex business organizations.
SAP supports companies in combining all data from various departments, such as production, sales, human resources, finance, and accounts, into a single platform for making decisions. This is desirable for companies that need high data security via entry log details, restrict pass entry for the department, give access to a particular person only, and want customized reports and quick and detailed information to make decisions.
SAP has a high cost of purchasing and implementing this program, so it is advisable for companies that have no cost constraints. Due to its high cost, SAP is primarily used by Heavy engineering companies, FMCG companies, Pharmacy sector companies, IT companies, Oil exploration and production companies, the Automobile industry, and significant Audit firms.
Function and Software preference from least to most
- Cost: Tally Prime < Zoho Books < SAP.
- Data Security: SAP < Zoho Books < Tally Prime.
- Anywhere Access: Zoho Books < Tally Prime < SAP.
- Internet Technology-driven Applications: Zoho Books < Tally Prime < SAP.
- User Friendly: Zoho Books < Tally Prime < SAP.
- Use Requirement Customization: SAP < Tally Prime < Zoho Books.
- Specialists: Zoho Books < Tally Prime < SAP.
- Implementation Speed: Zoho Books < Tally Prime < SAP.
- Multi-Function/Multi-department: SAP < Tally Prime < Zoho Books.
- Startups: Zoho Books < Tally Prime < SAP.
- Traders, Dealers, Retailers: Tally Prime < Zoho Books < SAP.
- Single Premises Operation: Tally Prime < Zoho Books < SAP.
- Reports / Decision Making: SAP < Zoho Books < Tally Prime.
- MNC (Multinational Corporations): SAP < Tally Prime < Zoho Books.
Choosing the right accounting software that is completely suitable for your organization is a very critical decision which needs lots of consideration.
Conclusion
In conclusion, selecting the right accounting softwares is crucial for your business’s financial management. If you’re looking for an affordable and user-friendly option, Zoho Books is one of the top accounting software programs for small to medium-sized businesses. It has a bunch of features like invoicing, reporting, and automation. If you’re a business looking for a solid option with good local support, Tally Prime is a great pick, especially popular in places like India. SAP is one of the top accounting software programs for big companies because it can be changed to fit what you need. It works with many parts of a business, which is useful if you have offices in different countries. To keep your finances in order, just pick the one that’s the right size and price for you.
