Top 5 Accounting Software Packages in India
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Top 5 Accounting Software Packages in India

  • Highlights

  • GST requires extensive reporting by SMEs

  • Facilitate financial reporting

  • Financing your software needs

  • List of top accounting software

With the roll out of GST, the government requires even small and medium enterprises (SMEs) to maintain financial transparency and uniformity. This makes them look to CAs to provide an efficient and robust accounting system and comply with GST laws. To maintain such an accounting system, having an accounting software becomes imperative.

A business accounting software helps in keeping an enterprise’s financial data organised, and prepares and presents accounts and financial statements as per issued standards. It is the computerised systematic measurement, verification, interpretation, summation and classification of financial data of a business.

It is imperative for CAs to have a good accounting software that can generate tax invoices and create and manage GST levied at different levels (CGST, SGST & IGST).

Additional Read: Impact Of GST On Small And Medium Businesses - Benefits And Challenges

Financing your software requirements

The Bajaj Finserv Flexi Term Loan for Chartered Accountant Loans is a smart way in which practicing CAs can manage their finances. An industry-first facility allows you to make multiple withdrawals as per your financing need and repay as and when you have extra funds. A Flexi Term Loan saves you upto 45.3% of the amount that you repay in Term Loans. A Flexi Term Loan helps you expand your working capital and your firm’s client base. Expenses and costs like hiring contractual or specialized personnel and training

existing ones, paying rent and subscription fees and all other unforeseen expenses can be taken care of with a Flexi Loan.

Bajaj Finserv Business loans for chartered accountants

Here are 5 recommended accounting software packages, along with their pricing and features.

1. Tally.ERP 9

Considered the market leader in business accounting software, Tally helps firms prepare and manage journal(s), ledger(s), debit and credit notes, trial balance, profit and loss statement, balance sheet, cash flow and more for an organisation.

Pricing:

Silver (Single user edition for standalone PCs) – Rs.18,000 (online price)
Gold (Unlimited multi-user edition for multiple PCs on LAN environment) – Rs.54,000 (online price)

Features:

HR and Payroll management
Multiple company support
Financial management
Inventory management
Invoicing and billing
Taxation

2. ProfitBooks

ProfitBooks is a popular cloud accounting software that lets you create invoices, track expenses and manage inventory, helping you save time and manage your finances more efficiently. Being a cloud-based solution, information can be accessed remotely, thus ensuring mobility.

Pricing:

Professional Plan (Good for service-oriented businesses): Rs.5,999 per year
SMB Plan (Good for resellers and traders): Rs.8,999 per year
GST Company plan (Good for busy business owners who want to outsource): Rs.1,999 per month

Features:

GST invoicing with payment gateways integration
Expense management
Inventory management
Warehouse management
Multi-currency support

3. Zoho Books

oho Books is a user-friendly online accounting software designed for Small and Medium enterprises. Its key features include automatic bank feeds and payment notifications, online collaboration with customers, time tracking, inventory management, invoice tracking, reconciliation and automated workflows. It helps businesses manage all their accounting operations effectively on a single platform.

Pricing:

For One Organisation – Rs.2,499 per year
Zoho Finance Plus – Rs.2,999 per organisation per month / Rs.19,999 per organisation per year

Features:

Files GST returns
Creates estimates and invoices
Tracks bills and expenses
Connects to secure, automatic bank feeds
Creates projects and timesheets
Creates sales orders and purchase orders

Borrow as you need, prepay when you can

A Flexi Term Loan is a very efficient and smart way to tackle unplanned expenditure. When you opt for a Flexi Loan facility:

- You are given the maximum amount you qualify for.
- You can withdraw the funds you need right now pay interest only on what you borrow, rather than the whole loan amount sanctioned. The rest is available to you when you need it.
- You don’t need to apply for it again, or follow a time-consuming process to access. Just borrow more when the need crops up.
- You can prepay funds when you have excess income at no extra cost. You can even re-avail the prepaid funds if you need them.
- You can choose to pay interest-only EMIs to further reduce your cash flow management and pay off the principal at the end of the tenor.
- You save up to 45% on your regular EMIs.

4. BUSY

BUSY is an integrated business accounting software for Micro, Small and Medium businesses. It helps businesses in multi-currency financial accounting, GST invoice and report generation, TDS and TCS compliance along with MIS reports and analysis.

Pricing:

Basic Edition (Micro & Small businesses) – Rs.6,400

Standard Edition (Small & Medium businesses) – Rs.12,000
Enterprise Edition (Small & Medium enterprises) – Rs.17,600

Features:

Inventory management (Multi-location)
Production and Bill of Material
Sales and Purchase Quotations
Sales and Purchase Order Processing
Fully user-configurable invoicing

5. QuickBooks

QuickBooks is an online accounting software with an easy-to-use interface and tools. It offers more than 40 reports including profit & loss account, balance sheet and cash flow statement. It helps manage day-to-day transactions, billing, invoicing, inventory and budgeting. It comes with mobile support for iOS and Android users.

Pricing: Rs.4,999 per year

Features:

Creates and sends professional GST invoices
Generates GSTR1 and GSTR2 reports
Designs and create quotations
Tracks sales, invoices, supplier bills and payments
Tracks cash flows with P&L and Balance Sheet
Imports transactions automatically with online banking

A good accounting software can provide insights on your business and its financial health, helping you take well-informed decisions. With GST requiring regular filings, every business needs to maintain proper accounts of their sales and purchases. Efficient and streamlined accounting functions, enabled with the right accounting software would aid in thorough compliance with the GST laws.

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