Accounting is an essential process for any company, large or small. It involves recording revenue, assets, and liabilities, as well as completing financial reports such as cash flows.
However, many accountants today feel that traditional accounting is no longer enough to stay competitive.
That’s where accounting tools come into the picture. They make the accounts department’s job easier, faster, and more seamless while giving them more time to focus on the decision-making.
This is probably why more than 64% of SMBs are using accounting software in their organizations. Read more to learn the best accounting software for your organization.
Don’t just opt for the most popular software; instead, examine your needs and select software that offers the right features and scalability. Remember that accounting is a lot more than just computing data; it is about making informed judgments based on reliable financial data. Software Suggest provides a comprehensive selection of the best accounting software for your business.
What Are Accounting Tools?
Accounting tools are software that helps companies precisely track and record financial activity in accordance with legal and tax rules.
Business owners can utilize these tools to document and reconcile bank accounts and cash transactions, accounts receivable and accounts payable revenue and profit, as well as generate financial statements.
Commonly used accounting systems for businesses include online accounting applications, payroll systems, and billing and invoicing software.
Our selection of these Accounting Tools is based on thorough research and analysis. We have listed this software based on usability and satisfaction scores that include features, ease of use, customer support, ratings, and the number of reviews from SoftwareSuggest. Our goal is to help businesses select the right software that can help them optimize their business processes.
11 Best Accounting Tools for Business
When it comes to business accounting software, there are multiple options available on the market. Below is a list of top tools for accounting based on popularity and features.
1. Xero Accounting
Xero Accounting
Xero Accounting simplifies everyday business administration by automating multiple typical accounting tasks, allowing you to stay up-to-date on your finances no matter where you are.
Xero Accounting provides solutions to help small business owners and accountants/bookkeeping professionals streamline their business operations.
With a seamless interaction with over 1000 third-party apps, Xero offers a comprehensive, simplified accounting solution for your business.
Features
- Invoicing
- Online Quotes
- Reconciliation
- Expense Tracking System
- Multi-Currency Accounting
Pricing
- Starter/Early: $13.00 per Month
- Standard/Growing: $37.00 Per Month
- Premium/Established: $70.00 Per Month
- The platform allows you to access accounting data from anywhere and anytime.
- It offers an intuitive interface that gives visibility into your financial position.
- The platform provides you with a free 30-day trial to explore its features.
- The tool recently excluded built-in payroll from its plans.
- The platform lacks a built-in feature for debtor chasing.
2. Zoho Books
Zoho Books is a simple, cloud-based accounting solution designed specifically for businesses. It is suited for businesses with one to fifty staff members and includes accounting features like invoicing, payment tracking, bill payment, and project management.
Features
- Mobile Accounting
- Audit Trail
- GST Filing
- Document Management
- E-invoicing
- Collaboration and Portal Management
Pricing
- Free Plan – ₹ 0 (For businesses with revenue <25 Lakhs per annum)
- Standard Plan – ₹ 749 (Per Organization/Month, Billed Annually)
- Professional Plan – ₹ 1,499 (Per Organization/Month, Billed Annually)
- Premium Plan – ₹ 2,999 (Per Organization/Month, Billed Annually)
- Elite Plan – ₹ 4,999 (Per Organization/Month, Billed Annually)
- Ultimate Plan – ₹ 7,999 (Per Organization/Month, Billed Annually)
- The platform is relatively cheaper as compared to other tools.
- It offers a simple lay out with invoice creation and tracking.
- The tools help users with an automated payment reminder option.
- It also offers a customized brand quote feature for a personalized touch.
- The platform cannot customize more advanced financial reports.
- The tool lacks integration with other Zoho One modules.
3. FreshBooks
FreshBooks
Freshbooks is a prestigious and popular accounting solution for small businesses, catering mostly to small and medium-sized organizations. It is driven by a complete set of capabilities that automate time tracking and customer billing.
This software is reliable, fast, and easy to use, and it turns complex business accounting into a seamless, enjoyable process. It allows you to create professional invoices in a few clicks, along with automating client follow-up and tracking processes to save you more time and resources.
Features
- Online Invoicing
- Expense Tracking
- Time Tracking
- Accounting Reports and Taxes
- Monitor Business Bank Account
Pricing
- Lite: USD 9.50/per Month
- Plus: USD 16.50 per Month
- Premium: USD 30.00/month
- The tool offers an affordable price at the lower tier.
- The platform provides easy-to-use accounting software for freelancers.
- You can also track the total time spent on projects and tasks and convert them into an invoice.
- The platform is not tailored for large-scale businesses.
- There is an additional cost per month to add an extra team member.
4. Sage Intacct
Sage Intacct
Sage Intacct is a powerful cloud-based accounting software designed for medium-sized businesses. It provides extensive capabilities, including multi-entity administration, revenue recognition, project accounting, and financial consolidation.
Sage Intacct’s versatility and customizable features make it ideal for complicated company contexts.
Features
- Global Consolidations
- Spend Management System
- Grant Tracking and Billing
- Multi-Dimensional System
- SaaS Intelligence
Pricing
For Pricing: Contact team Sage Intacct
- The tool provides sustainable location management options for its users.
- The platform has an effective Payroll and CRM integration system.
- Customized reports can be created to monitor key business metrics.
- The platform is a little costlier for smaller organizations and startups.
- There is a lack of support during the onboarding procedure.
5. Vyapar
Vyapar
Vyapar is an invoicing and accounting tool available for small businesses. It gives owners the ability to manage their finances, track expenses easily, and generate invoices. It’s versatile and customizable, making it perfect for businesses of all sizes. Additionally, it is packed with features such as GST filing, sales and purchase tracking, and custom reports.
Features
- GST Compliance
- Inventory Management
- Expense Tracking
- Mobile App
- Invoicing
Pricing
- Silver Plan (Valid for 1 Year)—Desktop + Mobile—₹ 3059.10
- Gold Plan (Valid for 1 Year): Desktop + Mobile: ₹ 3599.10
- The tool allows you to make a list of the products you want to order or receive.
- The platform is very easy to use and available free of cost.
- It offers a very simple and clear GST program for new users.
- The tool may face some technical issues while syncing with a PC.
- The platform is not yet available for iOS devices.
6. myBillBook
myBillBook
myBillBook is a user-friendly, intuitive accounting solution for small businesses. It helps users quickly manage their expenses and generate invoices.
It also includes an integrated customer management feature, which allows you to keep track of who owes you cash and follow up on payments.
It also automatically prepares typical reports, including balance sheets, cash flow statements, and GST summary reports.
Features
- Recurring Invoices
- Automatic Payment Reminders
- E-Invoicing and e-Way Billing
- Online Marketing
- Customized Invoices
Pricing
- Silver Plan (1 Mobile Only): ₹ 399 (1 Year Plan)
- Diamond Plan (Unlimited Multi-User and Business): ₹ 2599 (1-Year Plan)
- Platinum Plan (works with and without internet)
- Enterprise Plan: (Add features with customizable plans)
- The platform offers an easy tax filing system for its users.
- The tool offers readily available business reports which are easy to understand.
- It has user-friendly WhatsApp support at an affordable price.
- The tool is available in various languages.
- The platform does not provide warehouse features.
- It does not have effective customer support facilities.
7. QuickBooks
QuickBooks
QuickBooks is a household name in accounting software, known for its comprehensive features and reliability.
This cloud-based accounting tool helps you manage financial activities such as projects, expenses, and invoicing. Its integrated dashboard enables you to define and use key performance indicators (KPIs) to gain detailed insights into business performance and upcoming accounting trends.
Features
- Accounts Receivable and Payable
- Project Accounting
- Payroll Management
- Vendor Management
- Purchase Orders
- Expense Tracking
Pricing
- Simple Start: $20 per month
- Essentials: $40/per month
- Plus: $70 per month.
- Advanced: $150 up to 25 users per month
- The platform offers an online portal for viewing and paying invoices.
- It offers a free trial period to test the software before purchasing.
- The tool allows easy integration with third-party applications and plugins.
- It is available on devices such as phones, tablets, and computers.
- The platform lacks direct end-to-end professional support.
- The data is not always backed-up and there are risk of losing data.
8. Wave Accounting
.jpg){kind=logo}
Wave Accounting
Wave Accounting offers free accounting software aimed at small businesses, freelancers, and entrepreneurs. It includes features like invoicing, spending tracking, receipt scanning, and financial reporting. Wave’s low cost and user-friendly interface make it an intriguing option for startups and sole proprietorships.
Features
- Invoicing
- Mobile Reciept
- Payroll
- 24/7 Personalized Advisory
- Unlimited Credit Card Connections
Pricing
- STARTERPlan- $0
- PROPlan- $16/month Billed monthly
- The platform accepts all major credit cards, bank transfers, and Apple Pay.
- It provides unlimited, customizable invoices and automated payment reminders.
- It syncs all your transactions with your accounting software.
- The platform has less effective customer service.
- The tool has no options for payroll.
9. ProfitBooks
ProfitBooks
ProfitBooks is a user-friendly accounting software developed for small enterprises and startups. It includes tools for invoicing, spending tracking, inventory management, and tax compliance. ProfitBooks’ low cost and simplicity make it a popular choice for micro-enterprises and first-time users.
Features
- Multi-Level Security
- Online Inventory Management
- FREE Billing System
- GST Invoicing
Pricing
- STARTUP-FREE Forever
- SMB: $20/month, or Rs. 749/month
- The program provides an error-free taxation management system.
- The platform has a SAAS-based payment system for its users.
- It provides Innovative modules with a user-friendly dashboard interface.
- The CRM is still under development on the platform.
- The mobile app can be daunting for the new users.
10. TallyPrime
.png){kind=logo}
TallyPrime
TallyPrime is a comprehensive business management software that meets all of your needs, from accounting and invoicing to inventory management, intelligent business reports, and cash flow management, thereby increasing corporate efficiency.
TallyPrime provides real-time and secure access to essential company reports through a web browser on any device, anywhere.
Features
- Inventory Management
- GST Compliance
- GST Returns
- Taxation
- Advance Balance sheets
- Multi-lingual Support
Pricing
- Silver: INR 22,500 + 18% GST (INR 4,050) – (Single-user edition For Standalone PCs)
- GOLD-INR 67,500 +18% GST (INR 12,150) – (Unlimited multi-user Edition For multiple PCs in a LAN environment)
- The program supports complex GST calculations.
- The payroll module handles complex payroll calculations effortlessly.
- It offers user-level access control and encryption that protects sensitive financial data.
- It does not have any customizable dashboards or chart options.
- The platform does not offer any free trial for new users.
11. MARG ERP 9+ Accounting
MARG ERP 9+ Accounting
MARG ERP 9+ Accounting is a strong and comprehensive business management software that simplifies accounting operations and improves operational efficiency.
Whether you’re a small startup, a developing accounting firm, or an established company, MARG ERP 9+ Accounting has the resources you need to optimize your accounting processes, assure tax compliance, and make educated business decisions.
Features
- Free -Invoicing
- Barcode Management
- Online Purchase Import
- Live Credit Limit Management
- eRetail Web Application
Pricing
- Basic Edition: ₹ 8991 (1 User Full Rights)
- Silver Edition: ₹ 12600 (1 user with full rights, 1 user for viewing only)
- Gold Edition: ₹ 25200 (unlimited users)
- The platform offers a range of reports for its users.
- It provides easy GST reports and bank reconciliation statements.
- The tool has started doorstep support & services across the whole of India.
- The platform is not purely an accounting software and focuses on Pharma features.
- The channel partner of this platform has lack of technology.
Why Are Accounting Tools Important?
Accounting tools are important because they help companies manage their finances successfully.
Here are some major reasons why your organization needs to invest in an accounting software suite:
1. Complete Automation
Accounting mobile applications automate computation and transactions, which reduces the possibility of human error.
Accounting systems, for example, ensure that all of your calculations for invoices, receipts, cash flows, and ledger maintenance are completed in minutes, allowing your accounting tasks to run smoothly and efficiently.
This guarantees that financial records are accurate and precise, resulting in credible financial statements and reports.
2. Enhanced Security
One of the most difficult responsibilities for any business is to ensure total privacy and protection of its confidential financial records.
However, an accounting tool is an invaluable asset to any firm because it can maintain complete and stringent security protocols concerning financial information.
Sensitive personal details such as credit card numbers, usernames, passwords, and account data remain completely private, and protection is the first focus of current accounting tool systems.
3. Improved Cash Flow Management
Tools used in accounting allow organizations to track cash flow in real time. Businesses that examine their income and expenses can identify cash surpluses or shortages and take appropriate action to manage liquidity effectively.
Radical tools of accounting also include inventory management modules that allow organizations to monitor their stock levels so that they can replenish quantities well in advance.
It ensures that information can be generated quickly and reliably, allowing company managers to make smarter decisions that will augment performance parameters.
4. Reduced Expenses
As tools in accounting are simple and user-friendly, your workforce can manage them without any additional training—it eliminates the need for professionals to run your accounts function!
They also minimize the need for manual labor and paperwork, leading to cost savings in the long run.
Outstanding assistance and support facilities make certain that you do not require expensive maintenance and that installment is a quick and easy process.
Factors to Consider While Choosing Tools for Accounting
When selecting the basic tools of accounting for your business, consider the following factors:
1. Features
Ensure that the software includes the functionality you require, such as invoicing, expense tracking, and financial reporting.
Features such as profit and loss reports, balance sheets, and cash flow statements are an integral part of any business. It is essential to consider all these features before onboarding any software.
2. Scalability
Scalable accounting systems enable centralized financial data management while supporting decentralized activities across multiple sites.
As businesses evolve, their accounting needs may change. Choose a tool that can grow with your business and accommodate increasing accounting needs.
3. Integration
Look for an accounting tool that can integrate seamlessly with other business applications you use, such as CRM software or payroll systems.
For example, sales data from a point-of-sale (POS) system can automatically update the accounting system, reducing errors and saving time.
4. Ease of Use
Ease of use is an important consideration in accounting software, referring to how user-friendly and intuitive the accounting software application interface is.
Intuitive design and clear instructions enable users to quickly learn how to use the software, saving time and resources on training sessions.
5. Cost
Evaluate the pricing structure and ensure it aligns with your budget and expected return on investment.
Look for those accounting tools that fit into your business budget and provide all the necessary features required to accomplish your daily tasks.
6. Support & Security
Check the level of customer support provided and the security measures in place to protect your financial data.
An efficient system of firewalls, password protection, and encryption ensures that intruders do not hack the accounting information system, thereby making sure all your data remains safe and secure.
7. Accessibility
Choose cloud-based software that allows you to view your accounting data at any time and from any device.
This is great for decision-makers who often travel for business purposes. You will be able to process payments quickly, check a document, create financial reports, and more without even being present in the office.
Conclusion
Accounting software is undeniably useful for small business accounting, offering a range of features to help organizations take control of their finances.
With the right accounting tool, companies can automate tedious processes, gain insight into customer spending, and make more educated decisions.
If you’re looking for the best accounting tools list– Vyapar, myBillBook, TallyPrime, and MARG ERP 9+ Accounting are all great solutions. So choose the option that best fits your needs and get started today!
Pratiiek Mavani is a seasoned professional in accountancy, taxation, audit, and finance, boasting over 16 years of industry expertise. He specializes in conducting audits for diverse entities including banks, optimizing their core processes through cost management and budgeting. With a focus on income tax and GST, he has represented various clients in cases and appeals concerning direct and indirect taxes across different levels.
Upgrade your business operations with modern software solutions tailored to your needs.
