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83 Best Accounting Software in 2021

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Last Updated on : 19 Jan, 2021

Buyer's Guide for Top Accounting Software

Found our list of Accounting Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!

What is Accounting software?

Accounting software is a computer application for manage payable, receivable accounts and financial data in organizations. It also helps to generate online invoices, bills, track and analysis of inventory reports. It main key features essential accounting functions like account journal, general ledger, payroll, and trial balance, among many others. This accounting software assist and improve bookkeepers and accountants in recording and broadcasting a firm's fiscal transactions. It provides detailed tracking of every last spent and reduces the chances of human error in bookkeeping.

Online Accounting Software

Online accounting software functions just like any other SaaS (Software as a Service) solution. Every critical accounting & financial information is stored in the data center, and all you need is the internet connection to access the information. This type of software also ensures higher data security and backup, with restricted online access. Web-based accounting software promotes single ledger or common ledger accounting from anywhere and at any time. Instant data sharing through cloud-based accounting software eliminates the chance of repetitive data entry. It ensures that every user gets access to the latest list of products, invoices and customers to manage the general ledger, categorize transactions, generate payroll, and track payments efficiently.

Accounting Software Automate Any Business

Accounting software for every business, whether it’s a large and small enterprise, confectionery, supermarket, MNC, educational institute, NGO, or your local Kirana shop, needs an accounting solution. Your local grocery store can keep track of its expenses.

Accounting Software For Financial Business

Number crunching is the first step when it comes to making sense of your financial data. This is where an accounting solution comes into the picture. Business accounting software gives numbers meaning, so you can decide whether you need to cut down on expenses or start pumping up investments. By using an accounting software solution, you’d have a clearer overview of your present financial state. This, in turn, would help you devise strategies to steer your business to new heights by allocating resources prudently.

In addition, through the magic of innovation, you can program your accounting software to send recurring invoices, alerts, and notifications, helping you save time. You can effortlessly execute accounts reconciliation by matching transactions. Have to submit quotes or estimates? Go for accounting solutions that can convert those documents to invoices in a few clicks. Reorder products when your inventory levels drop below a set threshold by generating purchase orders automatically. Basically, you can automate a great many tasks with effective accounting software.

Business Accounting Software Modules

Payroll - An integral part of any accounting software, the payroll accounting software module lets you process employee payroll, expenses, and reimbursements due to them. This module also helps in the preparation and printing of cheques while taking care of all legal and tax obligations.
Inventory - The main purpose of an inventory management system module is to keep track of your stock levels. You can sort out issues related to procurement, availability, and movement of your goods. Also, you can keep a close eye on your inventory to avoid overstocking or understocking.
Project Accounting - This is a customized module found in top accounting software India used primarily by project management and deployment teams. Herein, both costs and applicable rules differ from one project to another. It helps in making project estimates concerning overheads and costs pertaining to labor, material, and equipment.
Fixed Asset Management -This module helps in the management of a company’s financial data related to fixed assets in a more accurate and precise fashion. It helps in taking care of audit history, cost records, depreciation calculation, resource allocation, etc.
Billing and Invoicing - An integral module of any accounting ERP software, billing & invoicing helps automate several routine tasks. From cheque writing and bookkeeping to advanced double-entry apps, billing & invoicing helps eliminate manual data entry. It also ensures that your accounting figures are exact and accurate.
Tax Management - An essential module of any accounting software, tax management assists in carrying out tax calculations automatically, along with tax reporting and integration of multiple tax rates. You can easily collect tax information from all financial documents into one single repository to generate reports necessary for tax filing.
Receivable and Payable - For the layman, accounts receivable refers to the money owed by customers to the business. The accounts receivable module assists in managing customer invoices and processing of customer payments. This module is chiefly used to create bills or invoices for customers. You can also keep a tab on individual deposits to bank accounts so that deposit information can be uploaded and applied to customer accounts automatically. This module’s master files contain information related to the customer, including name, address and phone number. It also shows the amount due to a business along with the length of time the customer’s balance has been outstanding.
Online Accounting Software - Accounts payable refers to the money owed by a business to its vendors. With the accounts payable module, you can track money due to vendors, discounts, and payment terms for all invoices. You can also print cheques directly to vendors. In addition, you can find master files containing vendor information, including name, address and phone number.
General Ledger - The central repository of the accounting records and data, the general ledger module acts as the command center for accounting information. Herein, you receive entries from other modules, such as accounts payable, accounts receivable and payroll modules. Without the general ledger, you won’t be able to create vital financial documents, such as trial balance, balance sheet, and profit and loss statement. This module is used to record financial transactions not recorded in other accounting software modules. It helps create a trail of information needed for audit purposes.

Types Of Accounting Software

Spreadsheets
Personal Accounting Software
Commercially-available Software
Small Business Accounting Software
Enterprise Accounting Software (Medium and Large Size Business)
SaaS Accounting Software
Custum Accounting Software
ERP Accounting Software
Billing and Invoicing Software
Payroll Management System
Time and Expense Management System
Online Accounting Software (Cloud-Based)
Offline Accounting Software
Installed Accounting Software
Hybrid Accounting Software

Business Accounting Software Features

GST and Filing - This particular module helps you file GST returns seamlessly by pushing transactions directly into the GST portal. Make your business GST compliant by preparing and filing GSTR-1, GSTR-2, GSTR-3, and GSTR-4 return online effortlessly.
Debt Collection - Through the debt collection module, you can keep track of whether the overdue bills have been collected or not. You can also quickly identify and resolve issues which may be affecting the debt collection process.
Budgeting and Forecasting - So, you’ve crunched your numbers for the current year and balanced the books, crossed your T’s and dotted the I’s, now what? You’ve got to assess the financial performance so that you can set a budget for the next year. Based on your budget, you can establish estimates of sales targets (both realistic and challenging) with the help of an accounting solution.

Business Accounting Software Benefits

Basic Accounting - The major benefit of accounting software is that it enables even the non-accountants among us to crunch numbers to make sense of them. You can perform automated calculations putting you firmly in the driver’s seat. You don’t require any special training to execute the entirety of your accounting operations. And you get to do it in compliance with the legal standards of your state/country through the convenience of your mobile device. What’s more, you don’t have to hire an accountant’s services, thereby, saving you cost.
Accounting Mobile App - Most top accounting software offers mobile app functionality to help take care of your needs on the go. These solutions are easy on the pocket and nowadays offer native Android and iOS apps for their users. This accounting software are high on operability, and in some cases, even match the desktop version of the solution.
Increased Productivity - By migrating your financial data to an accounting ERP software, you can automate and streamline your mundane everyday tasks. Tasks such as collection, organizing, and analysis of your most sensitive data become a breezy affair. This is turn helps you invest your money in areas where it can be better utilized.
Accounting system of tax compliance - Accounting software helps adhere to tax regulations of the land. The tax rules can be pre-set and are taken care of by the vendors whenever an update happens. It also acts as a source of information pertaining to audit and tax making your job easier. All you have to do is take it out for a run and sit back while the accounting system does the work for you.
Accounting Pricing - Basically go for an accounting solution that fits your budget. If a barebones system can do the trick for your business, that’s the one you should choose. If you want the whole bells and whistles (accounts receivables/payables, project accounting, fixed asset management), then that should be your top pick. There’s a caveat though. It’ll be heavier on the pocket.
Accurate Forecasting - So, you’ve crunched the numbers and made sense out of your financial data. What next? Well, you’d have realized by now that analyzing the different financial performance patterns and trends would take a while without a solid system. To give meaning to numbers you need to deploy a top accounting solution. It’ll assist you in situations where you’ll need to cut expenses or where you’ll be making investments. This will help give a clear view of your present financial scenario helping you devise innovative strategies to funnel resources in the right direction.
Security - For any accounting software, the protection of the organization’s financial data is of utmost priority. This information is considered critical and must be prevented from falling into wrong hands. This is where an accounting solution comes in handy, helping you keep your data secure either through maintaining a backup copy or having multiple security clearance levels for access to sensitive data.
Reliable Support - Buying a business accounting software is just the tip of the iceberg. You’ve got to test their support function to assess whether their service is up to the mark or not. Most accounting software vendors promise to deliver quality, quick and reliable support. But a promise is one thing, and fulfilling it is another. So, we’d advise you to test their support in advance.
Computerized Accounting - Have you heard the phrase, no shoe fits all feet? It’s the same case with accounting systems and businesses. Try as you might find ‘one-size-fits-all’ accounting information system, you won’t be able to. There’s a very simple reason for this. Each company follows specific finance calculations and observes a distinct set of rules. Find a scalable accounting solution that fits your requirements like a glove and it can grow in line with your business as your operations expand.
Ease of Use - Usability is an important parameter when it comes to choosing which accounting software to go for. Since, accounting procedures and calculations, are not a piece of cake, it helps to have an intuitive solution where information is arranged neatly on a single dashboard. Once you get the hang of it, you should easily be able to run your tasks by following a navigation pattern you’ve learned.
Cost Savings - Which business doesn’t like to save a few bucks on the side, huh? Most business accounting software help you do just that! By automating administrative tasks and core calculations, you won’t have to devote valuable resources or outsource finance management to a financial expert.

5 Points Consider Before Buy Business Accounting Software

Do I Need It or Not? - The first step on your journey to buy accounting software is an assessment of your needs. Whether you really need it or not.
Do you want a core accounting solution that takes care of your major financial accounting tasks like salary processing, and leave and expense management?
Do you need accounting software to execute your payroll needs seamlessly?
Or you require a customized accounting software solution that helps you take care of employees’ tax declarations and filings?

After you’ve performed the internal assessment, you’ve to choose the best accounting software in India according to your defined needs from a list of available accounting software.
Compare prices and make the budget - The beauty of accounting software in India which is currently available is that you have several options to choose from. Options that are available at different price models. If you’re a heavy hitter, you can go for an on-premise accounting solution. If you’re working on a limited budget, you can take a monthly/yearly subscription. You also have the option of ‘pay per use’ where you pay as per the amount of bandwidth you utilize.
Free Demo and Month Free Trial - Check if the accounting software in India offer free demos or trial version. This is especially useful if you don’t want to make a significant investment without having a look at the software first. Find out from the list of accounting software whether it fits the bill and offers the features/modules you’re looking for. After going through the demo, evaluate if you’re comfortable and willing to take the plunge.
User Freindly UX / UI - UX plays an important role when it comes to choosing an accounting software solution. The design aesthetic of the system, how pleasing it is on the eye, its user-friendliness can swing the buyer’s decision. A comprehensive accounting software overflowing with modules, will not overwhelm the user if it backed by a clean interface.
Accounting Software Solution Cost

Business Accounting Software Price
Standard	Starting Price	₹300.00
Advanced	Starting Price	₹5,000.00
Premium	Starting Price	₹25,000.00

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