What is Accounting Software? Types and Top 11 Accounting Softwares
Running a business is not an easy task. Managing all the documents, invoices, sales register, bills, vendor list, dues, and limits is time-consuming. And if you are planning to maintain all theses manually, then there is a high chance that it will lead to error. Also, in case of any loss of documents held physically, the business will suffer. So what is the solution to all these? Well, it is quite simple, go for some accounting software.
The accounting software will not only help you to save your time but also will lead to efficient management. You can actually access everything with just a click. Also, you would be playing the role of a concerned businessman towards nature by reducing paper usage and saving trees. So, let us find out the best accounting software in India to select from.
What is Accounting Software?
Accounting software is an integral and prominent part of all business organizations. It is used to manage all the inflows and outflows of a business. With various kinds of modules available like General Ledger, Account Receivables, Account Payable, Invoicing, Assets, Liabilities, and others; it helps to analyze the financial position of the organization. This software also manages payroll and reporting management. They also help to calculate and pay taxes. With all the features, the accounting software serves a crucial role in managing; the business incomes as well as expenses and ensures smooth working.
Types of Accounting Softwares
When we say the types, it basically refers to the classification of the accounting software based on the service and purpose. The main types are:
SpreadsheetsSpreadsheets are some of the most basic and convenient accounting software used by businesses. This software is inexpensive too. It can also be customized based on the need of the business. The data as well as the charts are entered manually, which can lead to errors. Spreadsheets are preferable for small business units.
Commercial Accounting SoftwareCommercial accounting software is advisable for small to mid-sized business enterprises. With a customization option, one can get them configured to meet the need of the business under consideration. There are various modules created based on the specific industry need. Also, error detection at different levels ensures better analysis. This type of software helps to manage separate departments easily.
Enterprise Resource Planning Software (ERP)ERP is one of the most advanced types of accounting software. The user can collate and store the data from different departments in one place. With different modules to deal with different areas such as billing and payrolls, maintaining the ledger, budgeting and forecasting, and various others, it ensures better management and tracking. It is highly expensive and is mostly used for the complex business structure.
Custom Accounting Management SoftwareThis accounting software is custom developed for the organization needing it. If the business is unable to find the requirements in some pre-made software, then this type of software is adopted. This situation happens quite seldom. These are usually less preferred as they are expensive and buggy, which leads to a lot of errors.
List of Accounting Softwares
When we talk about the types, there is a list of accounting software that one can select from.
|Ezy Rokad||Giddh Accounting Software|
|Busy Accounting Software||Xledger|
|Marg Accounting Software||FINSYNC|
|Saral Accounting Software||Cashflow Manager|
|Zoho Books||Acme Insight|
|MProfit||Fraxinus Books ERP|
|Zoho Expense||PACT Accounting Software|
|NetSuite ERP||Gravel Invoice|
|Deltek Costpoint||Reeleezee for Accounting|
|Vyapar||HDPOS Smart Accounts & Billing|
Table: List of Best Accounting Softwares
The list of accounting software that is available in India is big and vast. So, let us find more about the top 11 accounting software in India.
11 Best Accounting Softwares in India
Here we are listing down for you the best accounting software that you can select from for your business to run and manage your finances smoothly.
Tally ERP 9
Tally ERP 9 is one of the most commonly used accounting software in India. It can be considered as the leader and pioneer in the market. The features available include the accounting, sales, inventory, purchase, and payroll management for the organization. It is user friendly and helps in managing journal, ledger, cash flow, balance sheet, profit and loss, trial balance, as well as credit and debit notes. One can also file GST using this accounting software, making it the best software to adopt.
Marg Accounting Software
Marg is developed by Marg Compusoft Pvt Ltd and is quite popular among small and medium enterprises. It is quite easy to configure and use. This is a GST accounting software that helps you to complete payroll processes and tax requirements accurately. This feature makes MARG ERP 9+ the best software for GST purposes. It can effectively manage transactions related to accounting, purchase, taxation, invoicing, inventory, etc. for the enterprises.
Saral account software is developed by Relyon Softech Limited. This accounting software helps to manage complete inventory and payroll transactions. It can also help with voucher entry, TDS and financial statements, GST filing, invoicing, and is getting quite popular among emerging businesses. It is quite user-friendly and easy to use.
Busy accounting software is developed by Busy Infotech Pvt Ltd. It is an integrated software that helps SMEs as well as other businesses to accounting, sales, purchase, VAT, CST, currency, payroll, and multi-location inventory. It also comes with a multi-currency feature that allows the user to manage invoices for foreign transactions as well. It comes in three packages namely; basic, standard, and enterprise.
Vyapar accounting software is designed to focus on SME requirements. It has different tools that serve the purpose of inventory management, invoice management, GST management, and various others. It reduces the manual paperwork by regular accounting practice. It tracks the inventory in real-time and also generates alerts for the same. It also allows managing a list of unpaid bills. One can even send the payment reminders using this software making it one of the best accounting software in India.
Giddh is a type of sharing accounting software that shares and manages the accounts with the stakeholders. It is done by e-mail or link which remains active for 24 hours. The files from the external sources can also be imported or exported making it even better. The data is sent to stakeholders by bulk SMS and e-mails. It allows banking integration, accounting, budgeting, and various other features as well.
Ezy Rokad is designed for small businesses. The aim is to enable them to manage their finances without any external help. The person with minimal knowledge of computing or accounting software can also use this. It can do multitasking as well. It is a fully integrated system to handle inventory as well as helps in GSTR1, GSTR-3B & GSTR4 filing without any error. It is also available free for an online demo and is quite inexpensive.
QuickBooks accounting software is developed by Intuit Inc., focusing on various small businesses. The user can directly connect the bank account to this for quick and easy access. It has options for more than 40 reports like profit and loss account, balance sheet, cash flow statement, and various others. Also, the daily transactions, invoicing, billing, inventory, and other transactions can be managed from Android or iOS mobiles as well.
Zoho Books is user-friendly and online accounting software. It can be used to send the invoices as well as receive the online payments. It also helps to categorize the business expenses in real-time to better understand the business cash flow. It also has automatic bank feed and allows online collaboration with customers. This accounting software helps the business to effectively manage all the operations on one single platform.
MProfit is one of the leading portfolio management and accounting software for Indian Investors, traders, family offices, advisors, CAs, and corporate. It helps in simplifying the process of budgeting, investment, bonus, and loans and advances. It provides financial management support and mobile support as well.
HDPOS Smart Accounting and Billing
This accounting software is quite popular between retail and garment shops, bookstores, electronics showrooms, cafes and bistros, restaurants, bakers, salons, etc. It has many features like simple billing, various reports, stock management, accounting management, scheduler, gift card, management, and many others. It can be easily integrated with modules like sales, inventory, customer-facing, and supply accounts, making; automated entries in the required accounts, whenever a transaction is recorded in the system.
The computerized accounting system or software is really a boon for business enterprises. This helps them to manage the daily financial needs in a better and more systemized manner. At low cost and with minimal efforts, small and medium enterprises can actually manage everything effectively without any external help. The accounting software in India is really a boon for shop shopkeepers and retailers, powering them to focus on business growth. So, just analyze your needs, prepare your budget, and with the features required, get the accounting software you need and flourish your business. Happy Accounting!