Looking for software for accounting? Scroll below to find the best.
Accounting is a tricky thing. It is the most crucial aspect when it comes to businesses, be it small or big. The Oxford dictionary defines accounting as “The process or work of keeping financial accounts.” Accounting helps organizations keep records of all their transactions. You might have seen people do it on Microsoft Excel. It has been used (still used) for maintaining accounts, but it isn’t a dedicated software for accounting. Video editors edit videos on DaVinci, Premiere Pro, or Final Cut Pro because their main goal is to let users tweak the footage they import.
Similarly, there is software for accounting that aims to make your work relatively easier. There is over 100 accounting software in India alone, and it is impractical to try all of them and settle for the one that suits your business. I have listed ten software of accounting that will help you keep records of invoices, GST, banking, payroll, etc. So, let’s dive in!
What does accounting software do?
As I mentioned in the introduction, every profession has software that caters to their needs. Accounting offers the functionality for accountants or businesses who want to manage everything related to their accounts. To give it a meaning, accounting software records and executes a few aspects of accounting, such as computing financial data of businesses and other operations. The software assists in keeping track of the financial dealings of companies, along with creating reports. It also keeps records of sales, purchases, payroll, credits and debits, inventory management, etc.
Best Software for Accounting in India
1. Tally.ERP 9
The first on our list of software of accounting is Tally.ERP 9. It is made in India, and those who don’t belong to the finance field know about India’s top business management software. With Tally.ERP 9 can manage your accounts, GST, banking, inventory, payroll, and banking. Twenty lakh businesses use this ERP software to keep track of GST related statutory changes.
It is also adept at detecting and correcting any errors in your GST filing. You can download a trial version of Tally.ERP 9 but the premium costs ₹18,000 (silver) and ₹54,000 (gold).
Developed by Xero, Xero is the second on our list of software of accounting. The developers are based in New Zealand, but the brand had gone global a long time ago. The software lets you manage assets, bill payments, contacts, dashboard, invoicing, and helps you with inventory management, bank connections & reconciliation, multi-currency accounting, etc.
It’s a robust software that offers three plans: Starter ($10/₹735 per month), Standard ($30/₹2,200 per month), and Premium ($40/₹2,950 per month). If you want to test it, you can opt for a trial period that lasts for 30 days, but you’ll have to sign up. Xero also offers Android and iOS apps to make expense claims, track sales and income on the go, and do invoices.
Profitbooks are a cloud-based accounting solution, and thus all the information can be accessed remotely. Small businesses can benefit from this software much more since it assists you in doing a lot of things without you having to break a sweat. Profitbooks can handle finances quite efficiently by helping you manage inventory, tracking expenses, creating invoices.
It also has the option to email invoices to vendors directly. Profitbooks’ inventory management lets businesses keep track of every item while transferring from the warehouse to the logistics packaging. You can also get detailed tax reports, tracking your receivables, managing online transactions, adding unlimited customers and vendors, etc.
The next on our list of software of accounting is Quickbooks. It’s an online accounting software developed and designed by Intuit Inc. The software aims to help more small businesses. Users can connect to their bank accounts to manage and categorize transactions. QuickBooks swiftly handles invoice tracking, reports, expense management, payment reminders, balance sheet, cash flow statement, profit and loss account, etc. Its Android and iOS apps come handy for managing all your accounts.
5. Wave Accounting
Wave Accounting is a free cloud-based accounting software that is a must-have for small businesses. Yes, it is entirely free! There are no hidden charges. It’s a well-known and secure software that will assist you in keeping track of day-to-day transactions. Wave is also efficient in generating balance sheets, profit and loss statements, direct deposit, invoicing, payroll, receipts, etc.
Connect the main account of your business with Wave, and it will show all your transactions without manually typing them. You can prepare smartly for the tax time with Wave. Try it from the link below.
6. Zoho Expense
The next on our list of software for accounting is Zoho Expense. It is suitable for all businesses. This software is fantastic when it comes to automating expense reporting. Zoho also manages GST, which makes it a complete software for accounting. Ensure faster payments and approvals with the help of this software.
Zoho Expense also auto-scans expenses on-the-go, ensures multi-level approvals, review expense reports flawlessly, ensures expense policy compliance, etc. It’s a good software that can do anything you command.
FreshBooks is an excellent solution for managing your accounts and finances. It supports businesses in doing basic tasks such as subscription management, raising invoices, handling projects, expenses, estimates, tracking time, payments, reports, and much more.
It’s a minimal yet intuitive software that is capable of generating bills that are enterprise-standard. Try it by clicking on the link below.
Vyapar is apt for Indian small and medium-sized enterprises. It is impeccable at handling invoice and inventory management, GST application, track of organization’s stock, etc. Small businesses can take advantage of Vyapar’s services to better manage their regular account work. This, in turn, reduces paperwork.
This service helps in everything related to GST. There are many GST invoice templates that Vyapar has to offer. Their GST mobile application allows businesses to print online invoices, which is super helpful. Try the service from the link below.
9. NetSuite ERP
The penultimate app on our list for software for accounting is NetSuite ERP. This enterprise resource planning (ERP) is a cloud-based service developed by Oracle. This service not only opens doors for companies wanting to manage their financial processes but also generates insights about the business’s overall performance.
It is an expert at handling revenue, finance, invoices, billing, inventory, orders, CRM, etc. When it comes to invoicing, NetSuite ERP offers impressive tools for billing and raising invoices that can be used in billing and sales departments. This leads to a hassle-free process. Database managing is top-notch as it provides a total of seven inter-connected components and uses the date from a joint database.
The penultimate app on our list for software for accounting is SlickAccount. This service lets you create GST-ready invoices that then sends to the clients. It also manages stock and inventory, reports, and files GST returns. SlickAccount enables the user to customize its services at an affordable cost.
The cloud-based experience is clean and user-friendly. The features that most users have given thumbs up include income and expense management, business reports, bank integration and reconciliation, GST-enabled invoicing and billing, multi-user support, expense tracking, budgeting, etc. Try SlickAccount from the link below.
How many accounting software are there in India?
Presently, there is over 100 software that caters to people’s accounting needs. The software mentioned above is more popular, but there are many others.
What software do accountants use?
Accountants use Tally.ERP, QuickBooks Desktop Enterprise, Xero, QuickBooks Desktop Pro, QuickBooks Online, Zoho Expense, Wave Accounting, etc. to maintain their accounting records and other needs.
What is the latest accounting software?
Tally.ERP 9, Xero, Zoho Books, Sage Intacct, QuickBooks Pro, QuickBook Online, Sunrise, Wave Accounting, Kashoo, etc. are the latest accounting software.
Is Excel accounting software?
Microsoft Excel is a spreadsheet-based software that helps to manage calculation, graphing tools, tables, etc. Even though the application is ubiquitous, the spreadsheets created in it aren’t as sturdy as dedicated accounting software. More businesses are opting for dedicated and robust accounting software since its very purpose is managing everything related to accounting.
These were some software for accounting in India. They will reduce the “human” workload by letting you manage every day accounting tasks without breaking a sweat. Keep in mind that you’ll be paying for some of them. Since they are widely used, the cost might be a bit much. You can opt for trial runs and purchase the one that suits your needs and budget.
Have you ever used any software for accounting? Did I miss any prominent name? Let me know in the comments below.