Are you in search of compatible accounting software for your business?
Then, here is the article for you. This article will brief you about the best accounting software that are widely being used by many profit earning businesses.
As we all know, how modern we are becoming day by day with the latest technology! Similarly, in the accounting field also, modernization has taken a shape with the introduction of digital software and technology for managing business activities and its operations.
There was a time, long ago, when every business transactions, records or data used to be offline, recorded on pages or registers but now as we have step ahead in the digital world and digital software like online accounting software, our burden is reduced and our time is saved. Hence, accounting software have been developed to help the management of the business smoothly.
With time, business and its operations increases and it becomes difficult to manage all the transaction and records so, in that case businesses can opt for accounting software. According to the business requirement, accounting software can be purchased.
Now let us get to know the latest accounting software used in India.
Latest and demanding accounting software:
The Offline accounting software:
- Tally– A software that brings you the best business management experience
Tally is recognized as the oldest yet widely being used accounting software in India. This software believes in providing with the best of accounting services to their clients and that is the reason why till today it is the most popular accounting software.
Tally is suitable for small businesses and MSMEs, where the number of employees in the company are very less (10-15 employees) and have minimal turnover of Rs.20-50 Crores only.
The reasons why Tally is a demanding accounting software:
- Very simple to learn and work upon as its process and steps are every short and many shortcuts keys available which makes it easy to learn the tasking of Tally. Also, as it is the oldest form of accounting software you can find many videos on YouTube and can learn by yourself. Every other person in the accounting field is familiar with Tally software because of its quick and efficient working.
- Provides with customization of reports as per your convenience. Tally, known to be the best accounting software keeps on updating with its new updated version to make it easy for itsaccessibility by the client. Tally has grown so financially well that any customization that you wish to have can be created in the accounting software just be contacting the Tally.
- Accessibility of easy year wise entries. In other accounting software, you might have faced a lengthy or bit confusing procedure to open entries of each year. However, in case of Tally, you can easily open entry of the required year just by using the shortcut keys. No doubt, shortcut keys provided in Tally makes it very enjoyable to work. Recording of entries, vouchers and bills can be done within few minutes. Also, the Gateway of Tally, which makes it easy to find any required information.
- Busy – Trusted by over 3,60,000 Customers around the world
Busy is a new accounting software in the market which provides the clients with the facility of –
- Mobile App
- Complete Financial Accounting
- Fully Configurable Invoicing
- Advanced Inventory Management
- Complete Operations Management
- Comprehensive GST/VAT Module
All this this, you can avail by purchasing Busy Accounting Software.
The reasons why Busy is a popular accounting software:
- Busy is an affordable option as compared to Tally accounting software. So, for those small businesses with shortage of funds, Busy software will be the suitable option for your business.
- It is used widely by manufacturing industriesas it becomes easy for manufacturing, retail, trading, distribution industries, to generate Bill of Material (BOM) easily. The bill can be generated through Tally also, but in Tally it is a complex procedure. Therefore, manufacturing industries prefer to bus Busy.
- Easy handling of invoices like GST invoicing, multiple taxes in a single invoice, POS data entryscreen for fast billing.
- It is a leading accounting software which has five different editions namely, Express, Basic, Standard and Enterprise which contains different characteristics. Express edition is there which requires minimal operational requirement. In Basic edition, it covers Invoicing, Accounting, Basic Inventory and Statutory Reports. Standard edition gives advance features covering all the features of basic edition plus a lot of other business management features like Order/ Quotation/ Challan Management, Multiple units of terms, item barcode/POS Biling, Direct SMS/ Email facility and much more. And the last new edition is Enterprise edition specially made for companies which are larger in size and have multiple branches of business.
- QuickBooks Online – Smarter features for your business
Overall, QuickBooks Online is considered the best accounting software for small businesses. Not only the small business owners but the online service providing businesses are opting this accounting software for effective management of their business transactions.
Why to choose QuickBooks Online?
- Cloud Accounting – makes it easy to access accounts and manage business smoothly and stay organized. It allows you to work anywhere anytime may it be from computer or mobile.
- Invoicing – using QuickBooks online make it easy to create custom, professional invoices and sale receipts as well.
- Online Banking – it facilitates you with the QuickBooks Online Software banking integration feature which automatically updates the statements and the transactions of the company.
- Accounting Reports – Providing you with Customizable reports and dashboards, you can easily at any time view your business performance.
- Cash Flow Management – enter bills from venders, and pay them only when they are due. Schedule recurring payments to save time.
- Time Tracking – Clock employee time and billable hours. Track billable hours by client or employee and automatically add them to invoices.
- Accounting Reports – QuickBooks Online gives you the facility of mobile app that is included in the subscription. Through mobile app, accessing information is a great advantage.
- Multiple users – You can easily control your books with robust roles & permissions.
- Free unlimited support – you can contact them and get support.
- Zoho Books – Powerful financial platform for your business
It is a one-stop platform where accounting tasks and transactions can easily and in less time be organized. It is generally suitable for micro small businesses as it a very good accounting software that one can purchase at an affordable price.
- End to end accounting – to keep full focus on increasing profits of a business and less on day to day accounting transactions, Zoho Books allows you to handle the books of accounts.
- GST Compliance – Through Zoho Books you can continentally create GST invoices, identify your tax liability and file your tax returns directly.
- Integrated platform – Zoho Books being an integrated platform offers 40+ plus apps for you business to run well in all aspects.
- Marg – Empowering businesses, Enabling Better India Through IT
Marg has served almost 1Million of business worldwide which illustrates that it is software used by many in the previous years. The businesses which can opt for this software are:
- Retail ( Pharmacy, POS, Supermarket, Jewellery, Restaurant, Garment, Retail Shop, Kirana/Grocery, Departmental, Salon/Spa, Bookstore, Footwear )
- Distribution ( Pharma & Healthcare, FMCG, Automobile, Warehouse, Mandi (AADHAT), Electronic Appliances, Jewellery, Textile & Apparel, Import/Export Trading )
- Manufacturing ( Pharmaceutical, Food & Beverage, Ayurvedic & Homeopathic, Automobile, Textile, Assembling, Process Manufacturing, Electronic Manufacturing )
- ERP ( Retail Chain, Supply Chain, SFA i.e. Sale Force Automation, ERP Solution, pharma ERP )
- Payroll (EPMS i.e. Employee Payroll Management System, HRMS i.e. Human Resource Management System, ECMS i.e. Employee Compliances Management System, EOU i.e. Employee Other Utilities )
- SFA ( Reports, Management, Activity, Analysis )
- DMSXpert Multi-Location business ( Report Analysis, Deployment Scenarios, Branch-wise analysis )
Advantages of Accounting Software for Businesses:
- It saves times as no data entry is required to be made. Accounting Software has the feature of sync business accounts with the software that ease out the daily time taking work of a business.
- It is a convenient method, as there will be no error and every information synced will be appropriate and no rechecking will be required.
- It helps in keeping up-to-date track record of every business transaction, cash flow and other necessary records.
- It reduces the cost of staff required for maintain books of accounts, financial transactions of the company as automated entries are recorded without the manual processing.