Accounting software is a computer program that assists bookkeepers and accountants in tracking and reporting financial activity for a business. Accounting software features vary according on the product. Larger corporations may opt for a bespoke system that collects a large amount of data from many departments. Pre-made products are frequently chosen by small firms.
Accounting software is a computer application that assists accountants in recording and reporting a company's financial activity.
Accounting software requirements vary by business. Some people may only require ordinary, off-the-shelf accounting software, whilst others may require complex, specialist accounting software.
Accounting software makes accounting computations easier to do, grasp, and analyse.
Accounting software eliminates the requirement for physical data storage, lowering rent costs. It simplifies the retrieval of past accounting data, which is useful for internal and external audits.
Accounting software are sold by companies like Oracle, SAP, Intuit, WheelHouse, and Microsoft.
Accounting Software Expertise
Accounting software is a critical tool for modern businesses. The software enables quick reporting, analysis, and detailed tracking of financial transactions. Prior to accounting software, these tasks had to be performed manually, utilising large transaction notebooks.
Ad hoc reporting was not possible due to the time-consuming nature of integrating the handwritten data. Accounting software automates these tasks, lowering accounting costs and allowing for better financial judgements through timely reporting. Accounting software also enables the storage of enormous amounts of data without the need for physical space. As a result, companies use less office space because they no longer require large file rooms to store data binders. With less office space, you can save money.
Accounting software makes it easier to complete audits, especially ones that require evaluating data from years ago. This aids internal audits and external firms such as the Internal Revenue Service (IRS) that may need to investigate financial information for tax purposes.
Accounting Software Alternatives
Accounting software systems are available for all sizes of businesses, ranging from large corporations using Microsoft, SAP, and Oracle to small and medium-sized firms using Lead Accounting Plus by Wheelhouse. Expense accounting, LIFO and FIFO inventory reporting, point-of-sale connectivity, batch control, records management, and multi-currency event recording are just a few of the features.
The location or method of hosting accounting software—on-premises, as a service (SaaS), or in the cloud—is critical. While some accounting software systems may be utilised by all types of organisations right away, others must be adapted to match the specific needs of a specific industry or firm. Accounting software can be priced in a variety of ways dependent on the quantity of service provided, such as a fixed payment (similar to a subscription fee), time-based, per-user-user, and tier-based pricing. Depending on the accounting software chosen, professionals from the software vendor may visit a customer's office to demonstrate the accounting software and assist the firm's accounting department in correctly and safely implementing it. Accounting software preserves accurate financial data for a firm, delivering exact and detailed information as needed for small businesses' day-to-day operations. They aid a businessperson in making informed judgments when necessary.
In India, there is currently a big selection of GST-ready accounting software on the market. According to this research, the Indian accounting software industry would approach 14% by end of 2022. For this article, we've collected a list of the top small and medium-sized accounting systems in India.
1) LEAD Accounting Plus
Microsoft has recognised Lead Accounting Plus as a valued partner, with an emphasis on assisting small and medium-sized enterprises in India. We strive to make an impression on our customers by providing them with up-to-date information on their business. Lead Accounting Plus is an accounting and ERP software solution designed to bridge the gap between general accounting solutions that are complex and expensive for SMBs.
Features of Lead Accounting Plus:
Billing : Lead offers a highly straightforward and user-friendly billing interface. Customer card (loyalty point system), barcode, row by row and total margin report, taxes details, recurring invoice processing, online order processing, and much more are all included.
Inventory Management : Separately manage your inventory in various locations. Control inter-branch transfers. Get reports on top-selling items, top-moving items, and so on.
GST: Do your billing and enter your purchase information peacefully. GST will be calculated automatically on each bill. GST reports can also be made available in the format that is required for uploaded. In addition, the software can instantly generate and download E-way bills and E-invoices.
Online & Offline : Lead is a desktop application that may be used both online and offline. To gain internet access, you can store your data on a personal server with a static IP address or on a cloud service supplied by any service provider of your choosing.
Reports: Various reports in both graphical and tabular formats to assist you in real-time analysis of facts about your organisation to make critical business decisions.
Document Designer: Inbuilt document designer allows you to create templates for printed documents such as invoices, receipt vouchers, and delivery notes. You can customise the entire document with logos and data fields of your own.
Industry Specific Features: Lead contains industry-specific features such as unique solutions for manufacturing, service centres, and construction enterprises, among others.
Sales Schemes & Loyalty Points: Set up sales plans for any item, such as customised discounts or special prices for any time period. When your sales team logins and attempts to create invoices, special rates and discounts can be applied.
Web Application: Website enables your company's management to access reports online. Customers can use it to order online, and salespeople can use it to generate orders for your customers.
These orders can be processed immediately by the application.
Get live reports on all of your projects, such as if you own a construction company with many projects. You will require information such as supplies consumed, expenses incurred, interactions with the concerned consumer, and so on in a single report.
If you own a medium-sized manufacturing company, finding an ideal software solution to track information is critical. However, optimal solutions for such uses are exceedingly expensive. There was a clear market need for accounting software with a manufacturing function, which Lead fills. Keep track of raw material usage by batch, budgeted and actual production, unit cost, and so on. Create a computerised replica of your actual production process.
Our work order feature aids in the tracking of tasks that may take some time to complete, such as vehicle service at Vehicle Service Centres. In such circumstances, you must track inventory consumption for the specific work in real time and, once completed, convert it to a final invoice. You will also be able to link these works to clients and refer to these work reports later using their unique ID, vehicle number, or phone numbers. You can check the report at any moment to see the status of the work, and you can send an email or SMS to the client directly from the report window.
2) Zoho books
ZohoBooks, one of the most amazing and popular online accounting solutions in India, is well-known for its efficiency and tax collection. The product is under the ownership of Zoho, a worldwide organisation with operations in the Middle East, Europe, the United States, the United Kingdom, Australia, and India. You can live within your means, maintain GST compliance, automate business procedures, and collaborate across departments using ZohoBooks.
Zoho Books includes accounting modules such as receivables, accounts payable, inventories, banking, timesheet, contact forms, and reporting. Zoho Books is clearly one of the best accounting tools in India, with over 40 apps to help businesses like yours flourish. When your company grows, connect your accounting system with other applications. From contract negotiations to sales order preparation and invoicing, Zoho Books handles all accounting tasks so you can focus on your business. By integrating the GST site with your financial application via an API, you may produce GST invoices, calculate your tax burden, and file your tax returns instantly. Zoho Books is a complete online accounting product that is GST compliant for your business.
Zoho is one of the accredited GSP members in India that offers a GST Suvidha Supplier Portal connection to ease tax filing for businesses. Businesses can file their taxes online via the GST Suvidha Provider Portal, a government portal. Companies may file their taxes more quickly and easily by automatically populating their tax return with data from their ZohoBooks account, owing to the integration between ZohoBooks and the GST Suvidha Supplier Portal.
Realbooks is scalable and capable of handling millions of transactions, which is essential for professionals and enterprises who want trustworthy accounting software. Realbooks accounting software includes a revamped business intelligence system for medium-sized to large firms, in addition to a slew of other features.
As a result, with MIS, KPIs, and Dashboards, you may access all of the data and facts for your primary accounting goal.
Realbooks supports auto-posting of entries between branches and group companies, unified reporting for departments and group companies, and the ability to assign user privileges to various aspects. As a result, it is small business accounting software for medium- to large-sized organisations. Dues, free cash flow, and profitability assessments, as well as other critical strategic information, may all be tracked in real time for multi-location businesses. As a result, an important question is: Why should you use Realbooks?
Realbooks is scalable, simple to configure, and perpetually free for a single user, which is the obvious answer to your question. Pay only for what you use rather than expanding your customer base or moving to a more expensive plan. Furthermore, because all of its servers are hosted by Amazon Web Services, it provides industry-leading security.
Accounting software can help small businesses with a multitude of operations, including managing their expenses and tackling tax season. But every business is different.
LEAD Accounting Plus topped our list because of its scalability, its easy user friendly interface, and its adaptability. If LEAD Accounting Plus isn't the right choice for your small business, you're sure to find a good fit with one of our other options.