Best Accounting Software in India for 2024
Accounting is the backbone of any business for any kind of business. Be it small, SME, or large scale. Many companies are catering to the growing accounting software market. As a result, it is tough for business owners to select the right one for their accounting needs. To help you make an informed choice; we have compiled a list of the best accounting software in India available online today. Whether you are just starting up or running a small venture or expanding business venture there is always something for everyone out here. Now let us examine further.
Table of Contents
What are the top accounting software for SMEs in India?
1. Tally Prime
TallyPrime is one of the premier accounting solutions in India. This software has dominated the Indian accounting software market for almost two decades in the small and medium industry sectors. The software has been developed by Tally Solutions Pvt Ltd. It is well known for its features simplicity and sturdiness. This software is suitable for all types of businesses because it has some of the most complete accounting tools kits such as inventory management, payroll handling and taxation compliance.
Key Features:
- GST Compliant: TallyPrime’s simplified handling of GST invoicing and returns makes it a must-have among Indian companies.
- Inventory Control: With this, you can follow stock levels, orders and storage spaces without much hassle.
- Multilingual Capability: The program can be operated in many languages thus making it available to any Indian entrepreneur.
- Simple Interface: Even those who do not have much accounting knowledge will find the interface easy to use.
Pricing: TallyPrime has several price modules. The minimum is Rs. 750 plus 18% GST monthly for single-user.
Why Choose TallyPrime?
When it comes to accounting TallyPrime stands out as a name that any company can trust; small or medium-sized enterprises have double the benefit of strong functionality that meets their needs as well as those related to taxation regimes like GST compliance that make it an attractive proposition today.
2. Xero
Xero is a cloud-based accounting software. It is popular in many countries for its user-friendliness, dependable characteristics and smooth integration with other business tools. In India also, Xero accounting software is becoming popular. There are many Xero accounting experts in the country. You can manage accounting jobs like invoicing, bank reconciliation, stock control, and payroll. You can also set up GST (Goods and Service Tax) in Xero.
Key Features:
- Invoicing and billing: You can create professional invoices, set up recurring invoices, and accept payments via the Internet.
- Bank Reconciliation: Import bank transactions automatically and categorize them making the reconciliation process easier.
- Multi-currency Support: It is best suited for businesses which have international clients.
- Extensive Integrations: Connects- with over 800 third-party applications among them are CRM software as well as payroll.
Pricing: Xero starts from ₹2,500 per month for the Starter plan after which various higher tier plans are presented to firms that have complex features.
Why Go For Xero?
It is ideal for developing organizations looking for a scalable cloud-based ERP with a good multi-currency support system along with numerous integration options. Amongst others, it has become popular among start-ups online traders and companies that appreciate modern intuitive user interface design.
3. Marg ERP9
Marg ERP 9 is a business management software that has it all for any Indian business. The software is developed by Marg Compusoft Pvt. Ltd. It integrates accounting with inventory and order management to offer a comprehensive all-in-one solution for sectors like retail, distribution and manufacturing.
Key Features:
- Industry-specific solutions: Marg ERP provides customized solutions across several industries such as Pharmaceuticals, FMCG and retail.
- GST compliance: Complete GST solutions from billing to filing are included.
- Barcode Integration: Makes stock management easier through sales processes.
- Payroll Management: Employee payrolls are simplified including PF and ESI compliance.
Pricing: Marg ERP 9 will cost approximately ₹8991 plus 18% GST a year for single-user which makes this one of the less expensive options but with more features.
Why Choose Marg ERP 9
Marg ERP 9+ is meant for those businesses that need an accounting system that also covers inventory and order management as well. Many small and medium enterprises in India opt for it because it is affordable and understands their specific needs.
4. ProfitBooks
ProfitBooks is another popular cloud accounting software. It is easy to use and has been made specifically for small businesses. The software is well-known for features like billing, inventory management and detailed financial reports. Anybody can use it without much accounting background.
Key Features:
- Invoicing and Billing: You can create professional invoices, track payments, and manage sales orders.
- Inventory Management: The software can track stock levels, and manage purchase orders and vendors.
- Expense Tracking: It monitors business expenses and generates detailed reports.
- Multi-Currency Transactions: ProfitBooks is particularly fit for companies handling international clientele.
Pricing: It offers a limited free plan and paid plans start from ₹499 per month
Why Choose ProfitBooks?
ProfitBooks is the best choice for small-scale enterprises looking for a low-cost cloud-based accounting system. It can be installed quickly and easily. Its inventory management features are particularly strong for retail and trading businesses.
5. Saral Accounting
Saral Accounts is another commendable choice of accounting software for Indian enterprises characterized by its straightforwardness and efficacy. Its accounting functionalities integrated with GST compliance make it viable even among small and medium-scale operations. This software is promoted by Reylon Softech Limited based in Bangalore.
Key Features:
- Absolute Accounting Modules: Oversee everything from ledgers to trial balances without difficulty.
- Tax Compliance: Produce GST returns and e-way bills.
- Bank Statements Match: Simply align your bank statement records to that of your accounts.
- Many distinct users’ entry points: Allow many distinct users with defined roles and permissions.
Pricing: Single-user yearly license for Saral Accounts starts at ₹7,500; while additional charges apply if optional multi-user access is required or particular features are desired.
Why Choose Saral Accounts?
It is a better option because it targets small businesses requiring simple but efficient options that comply with accounting standards hence enabling appointment accuracy. The other reason is its ability to support multiple users hence making it more suited for bigger organizations.
6. Busy
Busy Accounting Software is one of the most robust accounting packages that have gained great popularity among micro, small and medium-sized enterprises in India. It has several attributes that are aimed at easing the burden of accounting, management of stocks and the filing of GST. Busy Accounting Software is developed by Busy Infotech Pvt. Ltd.
Key Features:
- Multi-Branch Management: Manage multiple branches from one platform.
- Comprehensive Financial Reports: Generate detailed financial statements inclusive of P&L, balance sheet etc.
- TDS Management: Manage your calculations and returns for TDS easily.
- Customization Available: You can customize the software as per your requirements.
Pricing: Busy has a wide range of pricing structures. Prices start at ₹9,000 yearly for the basic version.
Why Choose Busy?
Busy Accounting Software is a good choice for companies looking for an effective and value-for-money accounting system. Also, its multi-branch management feature is particularly useful for businesses operating in various locations.
7. Zoho Books
With Zoho Books all-in-one accounting software you can send your clients invoices, accept online payments through PayPal and Stripe, track your expenses, and manage your inventory. The beauty of using Zoho Books is that it is a trustworthy partner when it comes to managing your finances; it helps you create an accurate picture of what is happening on a financial level.
This cloud-based accounting program provides for large businesses with specific user control levels who create their reports, chargebacks and rules to be violated by those who work for them.
Key Features:
- Automated Bank Feeds: Automatically fetch your bank transactions to simplify reconciliation.
- Expense Tracking: Allow business owners to track expenses.
- GST Filing: Users can generate GST-compliant invoices and file returns directly from the platform.
- Multi-Currency Support: Good option for businesses dealing with international clients or suppliers.
Pricing: Zoho Books price starts from ₹749 per month.
Why Choose Zoho:
Zoho Books can be a good choice for small to medium businesses and startups looking for modern, cloud-based solutions with mobile applications.
8. Wave Accounting
Wave Accounting Software is a free accounting solution offered. It is a cloud cloud-based platform and designed for freelancers, solopreneurs and small businesses. It is one of the best web-based accounting software solutions available at present. This free accounting software provides essential features such as invoicing, expense tracking and financial reporting at no cost at all making it highly attractive to budget-conscious users.
Key Features:
- Free Invoicing and Billing: Create Unlimited Expert Professional Invoice Forms And Accept Online Payments.
- Expense Tracking: Easily categorize and manage your expenses categorize your expenses with ease.
- Financial Reporting: Generate profit & loss statements, balance sheets etc.
- Receipts Scanning: Capture receipts and manage your expenses wherever you are with the mobile app.
Pricing: Wave is completely free for accounting, invoicing, and receipt scanning. However, there are charges for credit card processing and payroll services.
Why Choose Wave?
Wave is a good choice option for small businesses and freelancers who require basic accounting functionalities without incurring any costs. This would be great if you have just started and want to monitor your finances without having to buy any software products.
9. Reach
Reach Accounting Software is a cloud-computing solution and is tailor-made for Indian companies. This accounting software can be useful across diverse fields like the manufacturing sector, retail trade as well as service industries. It also offers accounting services coupled with CRM integration, inventory supervision and sales tracking functions.
Key features:
- Corporate-Specific Solutions: Manufacturing, retail trade, trading and service-oriented enterprises enjoy tailored features.
- GST Compliant: It offers full-fledged GST invoicing, return filing and reporting facilities.
- CRM Integration: Effectively manage leads, customers and sales pipelines
- Expense Management: Keep track of all business expenditures while generating detailed reports.
Pricing: Reach Accounting Software’s starting price point is ₹600 per month. Also, the pricing depends on the size of your business or your requirements.
Why choose Reach?
If you are seeking a customizable cloud-based solution focused on specific industries then Reach Accounting Software is ideal for you. Moreover, its combination of accounting with a Customer Relationship Management system (CRM) plus inventory management makes it a comprehensive tool for new business enterprises.
10. Vyapar
Vyapar is a simple, easy-to-use accounting app. It has been specifically created for small businesses in India and is an ideal application for startups, freelancers, and small traders who want to keep track of their sales, expenses and inventories without the hassle of handling complex accounts.
Key Features:
- GST Billing: Generate GST-compliant invoices and bills effortlessly.
- Expense Tracking: Track expenses and manage cash flow seamlessly.
- Inventory Management: Keep an eye on stock levels, receive alerts and create reports.
- Mobile App: Run your business from anywhere with the Vyapar mobile application.
Pricing: Vyapar offers free versions for single-device use. Paid plans will be charged for additional features and the ability to support more than one device.
Why Choose Vyapar?
Vyapar is an easy-to-use mobile-friendly accounting solution suitable for small businesses that need basic services without hassle. Its low cost and user-friendliness have made it very popular amongst small traders and freelance workers within a short period.
Read: Best GST Software in India
Comparison of Accounting Software in India
Here’s a comparison table to help you quickly compare the best accounting software in India:
| Software | Best For | Mobile App Availability |
|---|---|---|
| TallyPrime | SMEs needing robust, feature-rich offline solutions | No |
| Marg ERP 9+ | Retail, distribution, manufacturing | No |
| Zoho Books | Small to medium businesses | Yes |
| Saral Accounts | Small to medium enterprises | No |
| Busy Software | Micro, small, and medium businesses | No |
| Xero | Growing businesses and startups | Yes |
| ProfitBooks | Small businesses and startups | Yes |
| Vyapar | Startups, small traders | Yes |
| Reach Accounting | Manufacturing, retail, services | Yes |
| Wave Accounting | Freelancers and small businesses | Yes |
Frequently Asked Questions
What is Accounting Software & What Purpose Does it Serve?
Accounting software is a business tool that finance professionals use to manage the accounts of companies. It helps in day to day financial transactions of a business. One can understand and monitor the financial health of a business at any given time using accounting software. However, business owners need to first analyze the exact accounting needs of the company before finally selecting the right accounting software best suited for them.
What are the Key Features of a Good Accounting Software:
Before buying accounting software, you must check some basic features. Find below some of the aspects of accounting software that must be looked at:
- Billing & Invoicing
- Quotation & Estimates
- Production Management
- Taxation handling
- Inventory Management
- HR & Payroll
- Multiple Currency
- Outstanding Handling
- Payment & Expense handling
What are the Different Types of Accounting Software?
There are different types of accounting software available in the market. Some of the popular types of accounting software are as follows:
- Spreadsheets
- Commercial Accounting Software
- Enterprise Accounting Software
- Customized Accounting Software
The business owner of today has plenty of options in choosing the right software. However, it is important to mention here is small business owners don’t need complicated software for their accounting operations. Money spent and money generated are the most two important factors in small business accounting.
Footnote: When you choose a business accounting software, find out the features and post-sales support. Choose the software which suits your business operation most. We hope this article will help in making an informed decision in your selection.
