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Why Are More Indian Business Owners Choosing to Use Accounting Software

4 minute read

By Check

In the past, companies used to depend mainly upon manpower in their transactions. Since the whole process was performed by hand, companies needed to hire more accountants to do the job and more space to store binders of data. That’s where accounting software comes in. It is designed to help accountants by recording and reporting on company financial transactions. Thanks to this software, the process is done automatically, which saves manpower, money, and space.

Benefits of Using Accounting Software

Simple and Fast Data Entry

The features that are available in accounting software are designed to make the process of data entry easier and faster. Thanks to automation and automatic calculations, data entry becomes much simpler when it’s done at a faster pace. It also benefits from a large library of pre-existing templates and reports.

Improved Accuracy and Productivity

Accounting software is an important tool that not only helps in the day-to-day accounting duties, but also identifies and prevents fraud and errors. Accounting software can also help make the company more profitable by eliminating human errors, reducing fraud, and spotting money laundering.

Saving Time and Money

Improved collaboration between departments through a centralized database leads to reduction of time needed previously for approvals. Reduced need for staff and resources for manual accounting saves the company’s money.

Simplified Tax Compliance

Software can be altered to accommodate local tax codes. Simplified tax compliance offers a lot of benefits for accountants, but it doesn’t always mean that you can forget about taxes. For example, it may be a good idea to keep an eye on your company’s cash flow and how much money was spent on taxable transactions.

Better Decision-Making Process

Accounting software has enabled companies to take better decisions. However, this is not a limited to the business world. Individuals are now able to use these apps for personal finance and tax purposes.

It would be difficult for people to make decisions without accounting software because it provides them with different information in a comprehensive way. It also helps them manage their finances and meet their financial goals more easily.

Best Available Accounting Software in India

Tally

With two billion users and a 75 percent market share, it’s easy to see why Tally is considered the best accounting software in India. Available in more than 140 countries, Tally even has a huge presence outside of India.

Pricing

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Vyapar

With over five million downloads, Vyapar is one of the most popular accounting software that is used by both individuals and businesses. From easy invoicing to handy reminder alerts, take control of your company’s finances with everything Vyapar has to offer.

Pricing

The Vyapar mobile app is completely free to use. However, users will need to pay for the premium plans in order to:

The premium plans are as follows:

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myBillBook

With myBillBook, users can manage inventory, record transactions, send and receive payments, analyze business reports, and send greeting and business cards. myBillBook is such a highly regarded service that more than 7,000 Indian cities and towns and 500,000 businesses use it.

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QuickBooks

QuickBooks can make many aspects of running a business easier by calculating sales tax, tracking products automatically, and entering approved transactions. It can help give users more time to focus on what matters most to their company.

Pricing

In India, Quickbooks is only available for small businesses. To help take some pressure off of small businesses, Quickbooks is currently offering 90 percent off for the first three months. After those three months, users will pay INR 1,059 per month.

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Zoho Books

Zoho Books allows users to easily manage the money flowing in and out of their business. There is a free plan. However, it comes with limited features.

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