Top 10 Best Accounting Software in India in 2023
Accounting software is a computer program that assists bookkeepers and accountants in tracking and reporting a company’s financial activity. The features of accounting software differ based on the product. Larger companies might choose to employ a specialized solution that aggregates a sizable amount of data from different departments. Small businesses typically select a pre-made product.
- A computer application known to be accounting software helps accountants record and report a company’s financial activities.
- The requirements for accounting software vary in businesses. Some people could merely want standard, off-the-shelf accounting software, while others could need complex, specialized accounting software.
- Accounting computations are simple to finish, comprehend, and analyze, thanks to accounting software.
- Accounting software reduces the need for physical data storage, reducing the rent cost. It makes it easier to retrieve historical accounting data, which is helpful for internal and external audits.
- Oracle, SAP, Intuit, and Microsoft are the businesses that sell accounting software.
Knowledge of Accounting Software
Accounting software is a crucial tool for modern enterprises. The software allows fast reporting, analysis, and thorough tracking of financial transactions. Before accounting software, these duties had to be carried out manually, using big transaction journals.
Due to the labour-intensive nature of combining the manual entries, ad hoc reporting was not feasible. These duties are automated by accounting software, which lowers accounting expenditure and allows improved financial judgments through timely reporting.
Additionally, accounting software allows the storage of large volumes of data without requiring physical space. Companies consequently need less office space because they no longer need big file rooms to keep data binders. Cost reductions are possible with less office space.
It is simpler to finish audits, especially those that call for analyzing data from years in the past, thanks to accounting software’s accessibility to accounting information. This helps with internal audits and external companies like the Internal Revenue Service. (IRS) that could need to look into financial information for tax purposes.
Options for Accounting Software
From products from Microsoft, SAP, and Oracle for big companies to Intuit’s Quickbooks for small to medium businesses, there are accounting software programs for all companies. Functionalities in expenditure accounting, LIFO and FIFO inventories trying to report, point-of-sale connectivity, batch control, records management, and multi-currency events recording are a few of the different aspects.
The location or process of hosting the accounting software—on-premises, as an application (SaaS), or in the cloud—is crucial. While some accounting software systems may be used immediately by all kinds of businesses, others need to be customized to meet the unique requirements of a given sector or company. Accounting software can be priced in a variety of ways, depending on the amount of service, including a fixed charge (like a subscription fee), time-based, per-user-user, and tier-based pricing.
Based on the accounting software selected, personnel from the software vendor may visit a customer’s office to present the accounting software and help the firm’s accounting department implement it correctly and safely.
Accounting software maintains the correct financial data company, providing precise and detailed information when required for small companies’ daily operations. When necessary, they assist a business person in making educated decisions.
There is currently a large selection of accounting software that is GST-ready on the market in India. This analysis predicts that by 2021, the Indian market for accounting software will have exceeded 14%. We’ve compiled a list of the best small and medium-sized accounting systems in India for this article.
1. Zoho books
One of the amazing and most popular online accounting programs in India, ZohoBooks is renowned for its efficiency and tax collection. The product is controlled by Zoho, a multinational company with offices in the Middle East, Europe, the United States, the United Kingdom, Australia, and India. You can live by your means, maintain GST compliance, automate business processes, and collaborate across departments using ZohoBooks.
Accounting modules, including receivables, accounts payable, inventories, banking, timesheet, contact forms, and reporting, are in the features of Zoho Books. With over 40 apps to help businesses like yours grow, Zoho Books is unquestionably one of the top accounting programs available in India. And when your company expands, combine your accounting system with extra applications.
Zoho Books manages all accounting duties, so you can focus on your business, from contract negotiations through sales order creation and invoicing. Connecting the GST site with your financial application using an API may generate GST invoices, determine your tax burden, and file your tax returns immediately. For your company, Zoho Books is a complete online accounting tool that complies with GST.
In order to simplify tax filing for businesses, Zoho is one of the certified GSP members in India that provides a GST Suvidha Supplier Portal connection. Businesses can file their taxes online through a government portal called the GST Suvidha Provider Portal. By automatically populating their tax return with data from their ZohoBooks account, companies can file their taxes more quickly and easily, thanks to the connectivity between ZohoBooks and the GST Suvidha Supplier Portal.
One of the newest and best accounting programs in India is called Realbooks. Realbooks is scalable and capable of processing millions of transactions, which professionals and businesses need to have reliable accounting software. Along with a host of additional capabilities, Realbooks accounting software comes with a redesigned business intelligence system for medium-sized to large businesses.
Therefore, with MIS, KPIs, and Dashboards, you can access all the data and facts for your main accounting objective.
Realbooks provides auto-posting for entries between branches and group companies, consolidated reporting for departments and group companies, and the ability to set user rights for different elements. As a result, it is small company accounting software for medium-sized to large businesses. Dues, free cash flow, and profitability measurements may all be tracked in real time for multi-location companies, along with other crucial strategic information. Therefore, an important query is: Why should you use Realbooks?
Realbooks is scalable, easy to configure and free eternally for a single user, which is the clear response to your query. Pay for what you use instead of upgrading your customer base or switching to a higher plan. Additionally, it provides industry-leading security because all of its servers are provided by Amazon Web Services.
This small business accounting software is well-liked. Many companies in India and across the world use the robust cloud-based business application Reach accounting software, which allows easy business application integration. Reach is yet another of India’s top accounting programs.
This business automation program is potent enough to operate 21 different companies fully. Additionally, it is one of the cloud-based business accounting programs ready for use. Reach is an integrated accounting program and application suitable for many organizational roles. Consider these critical reasons for why you ought to consider upgrading to Reach, according to Attain Business Automation:
- Reach Accounting is specifically tailored to your business
- Multi-User Support Access and Control
- Manage Inventory
- Show Branch-Wise/State-Wise Profitability
- Highly Secured and Auto Online Backup
- Free Cloud Server
- Centralized Data
- Day End Reporting
- Support 99.9% Uptime on Cloud
- Support Inventory
- Support Mobility.
Quickbooks is a brand of Intuit Corporation, with global offices in nine different countries and over 9000 staff members globally. It is clear from the 4.5+ million customers around the world how widely Quickbooks Accounting System is used. Quickbooks powers amazing features like personalized reports, billing, and online banking for small Indian businesses.
People can manage your company and maintain the company with Quickbooks whenever, wherever, and on any device. People can quickly and easily create and distribute personalized, expert estimates, sales receipts, and invoices. The online banking connection function allows automatic updating of your transactions and statements.
You can quickly understand how your business is doing with customizable reports and dashboards. Enter the invoices from the vendors, make the payment just when it is due, and set up recurring payments that can save time.
Keep track of billable hours for each client or worker, and bills will be automatically updated. QuickBooks subscription now includes mobile apps so that you may access data on a tablet or phone. With the help of important roles and permissions in QuickBooks, you can manage your finances and invite your accountants to access them for easy collaboration.
There is limitless help accessible, including advice on managing your business and solutions to your questions. Consequently, it is regarded as the top accounting program for small companies. One of the top accounting programs in India is QuickBooks.
ZipBooks is a healthy online inventory and accounting tool for exceeding enterprises in India. An expandable and fully ascendable system that can expand along with your company. The order to money and procurement to pay lifecycles are fully developed in ZipBooks and other dynamic elements like CRM. Consequently, if you are a company searching for a practical business solution.
Zipbooks Accounting Software has the following features:
- Multi-User Capabilities
- Access Anywhere, Anytime
- Data Security and Access Control
- Highly Secured
- Robust Data Protection and Access Control
- Hassle-Free Installation and Maintenance
- Fully User Friendly
- Integrated Accounting, Selling, Purchase, and Inventory
Additionally, if your company has a turnover of much more than 10 Crores, you can switch to ZipERP. However, it does not support TDS, current TCS, or E-Invoicing functionalities.
In India, a cloud-based accounting program called Alignbooks has an offline option and a safe data backup. It is a fully GST-enabled online accounting program with simple return submission and direct E-Way bill production. Alignbooks is a clear billing program with sophisticated inventory and accounting management features and integrated operational controls.
Additionally, the system includes sophisticated MIS reports integrated into the core of the accounting information system for entrepreneurs. Additionally, a flexible deployment design allows the accounting system’s on-premises and cloud deployment. Sale, buy, profiles, inventory, point-of-sale (POS), job work, manufacturing, payroll, and investment management are Alignbooks’ fundamental features.
Alignbooks’ features include:
- User approvals
- Multi-user access and privileges
- Dashboard and MIS reports
- Customizable templates.
Profitbooks is a complete online accounting tool for small Indian businesses and corporations. With your first registration, the company is currently providing a single client with a 100% free online accounting trial. An innovative accounting program called Profitbooks can help you remain on top of your business.
It is clear to use and has amazing UI/UX, so even if you aren’t well-versed in accounting, you can still use it. Profitbooks is made for business owners who wish to manage their finances effectively and quickly reach more competent judgments.
It is the recommended top free accounting software since it makes it simple to create lovely invoices and track spending and inventory levels without any accounting experience.
The most crucial features of Profitbooks are:
- Creating invoices using pre-made invoice templates
- Creating estimates or quotations and turning them into invoices
- Producing detailed tax reports
- Collaborating online with your accountant
- Keeping manual journals
- Tracking business expenses
- Creating sales orders
- Supporting multiple currencies
- Creating multiple warehouses
Integrating online payments like Instamojo or Cashfree; and financial analysis with Balance
It is an element of Zenscale ERP, Zenscale Accounting can function independently or in conjunction with the other modules of the ERP. A SaaS-based application with ready-to-use software modules and a pay-per-use business model makes it simple to manage a business. Zenscale is a cloud-based Accounting module, and the backend automatically contains all necessary software configuration, upgrades, and backup.
People can easily exchange any financial data across all departments because the application is handled online. While on the road, create and update records, and base important company choices on comprehensive financial statements and compliance requirements like GST filings and other legal reports.
Zenscale Module and Application Architecture have several crucial advantages, including:
- Great UI/UX
- Real-Time Data Insights
- Auto Backup
- Access anytime, anywhere.
9. Simple GST
Easy GST Accounting is a streamlined online accounting, payroll, and inventory program that supports both composition and standard GST. Gain access to in-depth reports that can give you a general idea of the financial health of your business. Bank balances, profit and loss statements, trial balances, aging debtors, and creditors are just a few of the detailed reports that may help you manage your money and make the comparative reports you need.
People can effortlessly make invoices, bills, and expenditures with the software. People can store papers and track their time with a built-in bright sheet. When a quote is approved, it can be converted to an invoice using Multi-Currency, which allows for creating quotes and bills in different currencies.
To handle all of your employee’s information in one place, other capabilities include project management, asset management, CRM, and payroll management. Along with the accounting system, you may compute salaries, statutory deductions, debts, and bonuses and provide thorough payroll, adherence, and tax reports.
A further advantage and useful function of Easy GST Bookkeeping for manufacturers is its ability to build simple job work.
What benefits does Easy GST Accounting offer?
For Easy GST, big more features have already been put in place, and more are always being added. People can even view the Easy GST project’s development plan on the official website to learn about new features and benefits that can surprise you and help you with your issue. More importantly, yearly subscription fees for Easy GST Accounting are more flexible and inexpensive than those for other online accounting programs.
10. Tally ERP 9
One of the oldest and best-known accounting programs in India and the Middle East is Tally ERP 9. However, it has roots outside India and the Middle East and has spread to countries like Bangladesh, Indonesia, and Kenya. Perpetual and rental licenses are available for Tally ERP, and with the Tally ERP. Net module, people can access the program from any location using a website browser.
For all organizations and professionals that need to use Tally Solutions while on the go, the DotNet Module in TallyERP 9 provides a huge comfort. Tally ERP 9 isn’t a complete piece of online accounting software. However, it established firm roots in accountancy in 1986 and is now acknowledged because the industry pioneer in accounting software development.
Tally ERP 9 offers two unique items.
- Tally ERP 9: The Tally ERP 9 provides several features, including payroll management, tax, banking, controlling costs, cost-benefit analysis, and stock, credit, and cash management.
- Tally Server 9: Large businesses typically use the Tally Server 9 variant of Tally Software when more active customers are operating in the system.
Accounting software has four benefits.
1. It saves time.
Your accounting software requires some first setup time, just like any new computer system, but once it is set up, it will handle moment manual bookkeeping and financial operations automatically, saving you hours of effort every week. For a moment, using accounting software eliminates the need to manually enter data into a spreadsheet and download CSV documents from your bank or credit card accounts to evaluate your transactions.
2. It produces important financial reports right away.
No more waiting for your office manager to compile your monthly reports: Platforms for accounting software come with built-in, continuously updated reports.
Your P&L Statement (or Financial Statements), Balance Sheet, and Cash Flow Statement, which displays essential information like revenue and expenditure for the month, quarterly, or year, may all be downloaded with the press of a button. In most cases, you can modify reports by limiting the information or adding further detail and saving them from running once more in the future if you have more specialized reporting needs.
3. All of your financial info is synced.
Going back and forth across platforms to get the needed information can take hours if your data is spread over several different media, such as payroll services, credit card accounts, and bank accounts.
Accounting software will integrate the data from all of your accounting software tools through API, saving you the time and effort of downloading financial data from different sources and manually entering it to create an accurate financial record.
4. It encourages accurate data.
If you change your records, accounting software eliminates the need to update several cells in numerous sheets manually. Instead, any adjustments you make will be automatically reflected in your statements and reports, assisting you in maintaining accurate data. ( Not persuaded that information quality is a serious issue?
edited and proofread by nikita sharma