What is the best accounting software in India? Let’s find out!
Businesses of all types and sizes need great accounting software to manage their finances. This handy tool helps to track transactions, offers a clear understanding of the company’s profitability, and helps the owners be prepared for the tax seasons. If you are looking for the best accounting software in India, there are quite a few choices available. You need to choose the one that will be ideal for your company’s specific needs.
How to choose the best accounting software in India?
In the old days, managing the books meant relying on paper-based processes. You would have to maintain a ledger, make lots of columns, and write down all the essential financial data. Times have changed. In today’s age of digitalization and automation, you need good accounting software to stay on top of your finances. Since the financial aspects vary based on the size and nature of the business, the software of your choice must be compatible with your requirements.
The three main things you need to consider when choosing accounting software are:
Would you use the software for both accounts payable and accounts receivable? What reports would you want it to generate? Would you be using it to track inventory? Would you prefer a tool with ancillary services such as project management, time tracking, and payroll? Look for features based on the answers to these questions.
How many people would be using the software? Would you prefer a cloud-based system that can be accessed from anywhere? Do you also want it to have a mobile app? What sort of capabilities do you want the app to have?
Would you prefer a basic accounting tool that is inexpensive? Or, would you like one, which has lots of advanced features including finance cloud, but comes with a higher price tag? Make sure to check your budgetary restrictions before making the final decision.
What is the best accounting software in India?
Over the years, there have been some significant reforms in India’s tax structures. Earlier, there were several indirect taxes, which have now been replaced by GST. There are four different slab rates associated with GST, and they require precise calculations. Maintaining the books and managing taxes is a daunting task that becomes easy and hassle-free with the help of good accounting software.
Here are 3 best accounting software to choose from:
For over two decades, Tally has been dominating the accounting sphere. It still ranks as one of the best accounting software in India. Since its introduction, the software has gone through many changes. Today, it is a complete ERP package that also acts as an end-to-end solution to tax statutory regulations. Tally.ERP 9 is the latest version of the accounting software that offers single-user and multi-user versions.
- Manage your accounts easily
- Perfect GST-ready software
- Banking made easy
- Ideal for large businesses with hefty transactions
- Difficult to learn for a newcomer
- Expensive for small businesses
If you are looking for a reliable online accounting tool, check out Zoho Books. Noted for its automation for easy compliance, the software lets you easily manage your finances. It automates business workflows, keeps you GST-compliant, and helps you work collectively across various departments. Zoho Books includes accounting modules such as payables, receivables, banking, inventory, contact management, timesheet, and reporting.
From negotiating deals and increasing sales orders to invoicing, Zoho Books helps you with it all. Using this software, you can create GST invoices, find out about your tax liabilities, and file your tax returns. This full-fledged GST-compliant accounting software is undoubtedly one of the best out there with over 40 apps that can help you scale your business.
- Access from anywhere
- Reasonable price
- Ideal for small businesses
- Good support
- Hard to set up
- Difficult to learn as it uses US accounting concepts
Ask any reputed software consulting company, and they will tell you that Quickbooks is robust accounting software with over 4.5 million customers around the world. A popular choice among small businesses in India, this tool comes with some unique features including online banking, invoicing, and customized reports. Quickbooks allows you to create professional-looking, custom invoices, estimates, and sales receipts within minutes.
Want to know how your business is performing? Check out the dashboard and generate customizable reports! You can also enter bills from the vendors and make payments when they are due. You can also save time by scheduling recurring payments. The software can also track billable hours and add them automatically to the invoice.
- Tons of features
- Good support
- Ease of access
- High pricing
- Difficult to learn
When it comes to accounting software, there are numerous options available. However, these 3 are our top picks because of their features, reputation, and user base. Measure these tools against your business needs and see if they are compatible.
Talk to a software consultant to find the ideal accounting software for you
If you are struggling to find the ideal accounting software for your business, get in touch with a reputed software consulting company such as iTrobes. Being one of the leading software development and consulting companies in India, we help businesses find the perfect solutions to their software-related problems. Our in-house team is made up of some highly experienced and dynamic professionals from various technical fields. So, if you are looking for expert guidance, we are here to help.
Since our inception, our IT consulting services have become highly popular among businesses of all types and sizes. We have worked with small and medium-sized businesses as well as large enterprises. Our experience and industry exposure has helped us develop a unique perspective, which always works in the favor of our clients. To know more about our services and how we can help you choose the best accounting software, get in touch with us. Give us a call or drop us an email today!