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
- TallyPrime Silver: INR 18,000
- TallyPrime Gold: INR 54,000
- TallyPrime Developer Silver: INR 9,000 per year
- TallyPrime Developer Gold: USD 27,000 per year
- TallyPrime Server: INR 270,000
- TallyPrime Silver Rental: Starts at INR 600 for one month
- TallyPrime Silver Rental: Starts at INR 1,800 for one month
- Shoper9 Silver: Starts at INR 600 for one month
- Shoper9 Gold: Starts at INR 1,800 for one month
- Shoper9 Diamond: Starts at INR 12,000 for one month
Pros
- Wide range of features.
- Can access account remotely through Tally.NET.
- Supports multiple languages.
- Won’t lose data if the operating system shuts down in the middle of an update.
- Easy to multitask due to its various functions.
Cons
- Weak data security.
- Difficulty retrieving data for users that forget their ID and/or password.
- No back office for users who find trouble using Tally.
- Need to manually backup data.
- Single window software.
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:
- Remove the Vyapar branding from invoices;
- Sync data between multiple users, and;
- Use the desktop application.
The premium plans are as follows:
- Mobile Basic: INR 1,411.68 for one year
- Mobile Saver: INR 3,714.94 for three years
- Only Desktop: INR 3,714.19 for one year and INR 6,686.14 for three years
- Desktop + Mobile: INR 4,828.67 for one year and INR 7,429.13 for three years
Pros
- Available on both mobile and desktop.
- Excellent security features.
- Very easy to back up data.
Cons
- Unable to upload any other software data into the Vyapar app.
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.
Pricing
- Silver: INR 699 per year
- Gold: INR 1,299 per year
- Diamond: INR 1,699 per year
Pros
- Safe and secure.
- Automatic backup.
- Hindi language support.
- Easy data transfer.
- Optimized for businesses.
Cons
- No Mac or iOS support.
- Not made with individual users in mind.
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.
Pros
- Comes at an affordable price.
- Easy to use.
- Integrates well with other systems and third-party applications.
- Easy to access from any device.
Cons
- Lack of industry-specific features.
- Instability/system crashes.
- Only allows a limited number of users.
- Only for small businesses.
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.
Pricing
- Standard: INR 891.58 per organization per month or INR 742.99 per organization per month when billed annually
- Professional: INR 1,783.17 per organization per month or INR 1,485.97 per organization per month when billed annually
- Premium: INR 2,674.75 per organization per month or INR 2,228.96 per organization per month when billed annually
Pros
- Available at affordable price.
- Strong selection of features.
- Can be customized to fit a wide range of industries and models.
- Regular new features and updates.
Cons
- Lack of integration with third-party applications.
- Tutorials need improvement.
- Not available offline.
