15 Must-Have Accounting Automation Software in 2024

Amaey Anand

Senior Writer

Accounting Automation Software

Accounting is not everyone’s cup of tea. It is a challenging task that involves bookkeeping, calculating, procurement, and generating invoices. To master the art of it, an accountant has to embrace the accounting basics to achieve the desired results.

Looking for Accounting Software? Check out SoftwareSuggest’s list of the best reliable accounting software solutions.

But you can not deny the inevitable that is human error — one of the primary reasons to bring the accounting automation process into play.

Gone are the days when accounting books were maintained on paper. For every company, including small businesses, accounting software is the core of its success.

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Expert Advice

While technology can streamline and automate many tasks, it is still important to thoroughly understand and review your financial data regularly. Don't rely solely on automation to make decisions for your business, but rather use it as a tool to support your own financial expertise.

 

An accounting software solution records and processes all financial transactions as an accounting information system. It drastically reduces the potential for human errors and allows you to access critical information in just a few clicks.

However, choosing the right business accounting software from a never-ending list of vendors is tedious. But fret not, this article will give you quick business accounting software selection and implementation tips to help you evaluate.

What Is Accounting Automation Software?

Accounting automation software is a tool that uses advanced algorithms and machine learning to automate the repetitive tasks involved in accounting, such as data entry, financial reporting, and accounting reconciliation.

By implementing accounting automation software, you can save time and reduce the risk of manual errors. The best accounting automation software integrates with third-party solutions, like enterprise resource planning software, providing a more comprehensive view of business operations.

Modern accounting automation software has advanced features like fraud detection and compliance monitoring. They help ensure the integrity of your financial data and compliance with relevant regulations, giving you peace of mind.

What Are the Challenges of Manual Accounting?

Manual or traditional accounting involves keeping financial records by hand, using paper ledgers or spreadsheets. While this method may have been effective in the past, it is becoming increasingly challenging in today’s digital age. Some of the challenges of manual accounting include:

  • Time-consuming: Manual accounting requires significant time to perform tasks like data entry, reconciliation, and report generation. This can be a drain on resources and may lead to delays in decision-making.
  • Prone to errors: Manual data entry is highly susceptible to human error, resulting in inaccuracies in financial statements, incorrect reporting, and noncompliance with regulations.
  • Limited accessibility: Financial records are typically kept in physical ledgers or files with manual accounting, making them difficult to access remotely or share with others in real time.
  • Lack of scalability: Manual accounting is not scalable, meaning it may not be able to keep up with the growth of a business, leading to more complex and time-consuming accounting tasks.
  • Security risks: Manual accounting involves storing sensitive financial information in physical files, making it vulnerable to theft, loss, or damage.

What Are the Benefits of Using Accounting Automation Software?

The benefits of using accounting automation tools are improved efficiency, better accuracy, real-time access to financial data, and reduced costs. Let’s understand these benefits in more detail.

Accounting Automation Software Benefits

1. Improved Efficiency

Accounting automation software increases efficiency by automating repetitive tasks like data entry and report generation. This allows finance professionals to focus on more complex tasks. As a result, businesses can increase productivity and shorten turnaround times for accounting processes.

2. Enhanced Accuracy

Manual accounting processes are often prone to human error, leading to compliance issues and financial inaccuracies. Accounting automation software can minimize these errors by automating tasks like data entry and reconciliation, which ensures that financial records are accurate and compliant with regulations.

3. Better Insights

Automated accounting processes provide real-time access to financial data, which can help businesses make informed decisions. Analyzing financial data in real-time allows businesses to identify trends, manage cash flow, and make more informed strategic decisions.

4. Improved Collaboration

Accounting automation software provides a centralized platform for collaboration between finance professionals, which enables easier communication and real-time sharing of financial information. This improves teamwork and leads to more effective decision-making and a better understanding of the business’s financial health.

5. Reduced Costs

Accounting automation software helps businesses save money by reducing the need for manual labor, paper-based record-keeping, and other costly inefficiencies. In addition, by reducing the risk of errors and improving the accuracy of financial data, accounting automation software can help businesses avoid costly mistakes and penalties arising from non-compliance with regulations. This can further contribute to cost savings by mitigating financial risks and ensuring a more stable financial footing for the business.

What Features Does Accounting Automation Software Offer?

Key features of an automated accounting system include data entry, reconciliation, invoicing, financial reporting, and forecasting. Let’s look at these features in detail.

 Features Accounting Automation Software

  • Automated data entry: Accounting automation software can import and process data from various sources like bank statements, invoices, and receipts automatically, reducing the need for manual data entry, saving time, and minimizing errors.
  • Reconciliation: The software can reconcile bank and credit card transactions with accounting records, ensuring the accuracy and up-to-dateness of financial records.
  • Invoicing and billing: The software generates and sends invoices to clients, tracks payments, and manages outstanding balances automatically.
  • Financial reporting: Accounting automation software allows you to generate customized reports, such as PnL, income, and cash flow statements.
  • Budgeting and forecasting: You can automatically create forecasts and budgets using historical financial data and future projections to assist with strategic planning and decision-making.
  • Integration with other software: Accounting automation software can integrate with third-party tools, such as CRM and ERP systems, to streamline processes and improve efficiency.
  • Tax preparation: The software can help businesses prepare and file tax returns, stay up-to-date on tax law changes and compliance requirements, and avoid costly errors.

How to Choose Accounting Software?

Whether handled by a sole accountant or a team of CFO, business software should easily let users access and analyze data, manage efficient budget processes, ensure regulatory compliance, and distribute financial reports.

Here are some factors you must consider.

Choose Accounting Software

1. Data Accuracy and Security

The information and business data generated by the system must be precise and secure.

Look for high-level security solutions like two-way authentication sign-in, admin-based control, and more. It will protect your data from falling into the wrong hands and keep your important business information confidential.

Always enquire where the data is stored and who has access to that data.

2. User Interface and Complexity

The UI/UX design plays a significant role in choosing the accounting system for small businesses.

The main purpose of online accounting software is to make maintaining and accessing data easy. The system should have a well-designed interface with easy navigation so that your employees can access it even without much technical knowledge. 

In other words, go for the system that has a clean interface, allowing you to focus on the important task while reducing the learning curve. 

3. Functionalities Requirements

List all the essential features you need in your small business accounting software. You don’t want to burden the system with unnecessary features that will only slow down your process and cost you more than required. 

Some of the features to look at — 

  • Track expenses and reimbursements
  • Maintain accounts payable and receivable
  • Create a journal and ledger account
  • Create and manage tax
  • Ensure statutory tax compliance
  • Support for multi-currency transactions, & much more. 

4. Scalability

You may start your business small, but you aim to grow your business with time. Without realizing this, most businesses buy an application that suits their needs at the time of purchase.  

But later, the accounting system later fails to accommodate more users and features when the business grows. Thus, it requires them to switch to a completely new solution, which can be painful. Plus, it’s a waste of time and money. 

So select a small business accounting software that scales with your business. Vendors offer entry-level and ad feature-rich versions to upgrade once you start growing. Therefore, investing in a scalable accounting solution from the outset is a strategic move that prevents disruptions as your business evolves. Prioritizing adaptability saves resources and ensures seamless progress. Choose wisely to set a solid foundation for sustainable growth. That said, let’s look at the automated accounting system examples. 

What Are the 15 Best Automated Accounting Software?

The best accounting automation software not only helps save time but also reduces human resource expenses. Besides, it eliminates manual errors and prevents hefty penalties or fines for non-compliance.  Here are the 15 best-automated accounting software of 2024.

Software Name
Demo
Mobile App
Free Trial
myBillbookYesYesFree trial for mobile app
TallyprimeYesNoFree trial available
ZOHO BooksYesYesFree trial for 14-Days
EzyRokadYesNoFree trial for 30-Days
HDPOS Smart AccountsYesNoFree trial for 7-Days
Saral AccountsYesNoFree trial available
VyaparYesYesFree trial available
MARG ERP 9+ Accounting SoftwareYesNoFree trial available
MProfit for AccountingYesNoFree trial available
ProfitBooksYesNoFree trial for 15-Days
Busy Accounting SoftwareYesNoFree trial available
Book KeeperYesYesFree trial available
QuickbooksYesYesFree trial 30-Days
BlackLineYesYesFree trial available
XeroYesYesFree trial 30-Days

1. myBillBook

myBillBook

myBillBook

4.6 out of 5 stars

44 Reviews

myBillBook is a simple-to-use GST billing & accounting software designed to help small businesses manage their day-to-day operations using mobile or desktop. No prior accounting knowledge is needed to use this accounting software. You can create bills, maintain stock, track account payables/receivables, record expenses, track cash & bank balance, etc.

Features

  • Business accounting reports
  • GSTR reports
  • Account receivable and payable
  • Billing and invoicing
  • Stock management
  • Multi-user functionality
  • Expense tracking

Pricing

myBillBook offers three plans.

  • Diamond
  • Platinum
  • Enterprise

However, you’ll have to contact the company for a quote as they haven’t made their pricing public.

Pros and Cons

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  • MyBillBook is easy to use, even for users with limited accounting experience.
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  • It streamlines the billing process, allowing users to create and send invoices quickly and easily.
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  • MyBillBook's mobile app allows users to manage their billing and invoicing tasks from anywhere.
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  • The tool provides auto-reminders, payment gateway integration, and customer management features to make billing and invoicing more efficient.
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  • MyBillBook has limited features compared to more advanced accounting software.
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  • The software has limited options for customization, which may not suit businesses with specific branding or formatting requirements.
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  • MyBillBook does not include payroll functionality, which may be a disadvantage for businesses that need to manage employee payroll.
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  • As a cloud-based software, MyBillBook requires an internet connection to access and use, which may be a problem for businesses that operate in areas with poor internet connectivity.

2. TallyPrime

TallyPrime

TallyPrime

4.7 out of 5 stars

321 Reviews

TallyPrime is the leading and best accounting automation software available in the market. This automated accounting system is well-versed in everything from accounting to inventory management, banking to payroll. Its comprehensive yet straightforward architecture makes it wieldy.

Features

  • Thorough control over bookkeeping that comprises accounting, payroll, and inventory management.
  • GST-enabled invoicing for dealers
  • Manages inventory and product databases 
  • Manage and generate electronic bills as per the business requirement
  • Files all kinds of GSTR precisely
  • Manages assets, keeps track of sales, and ensures account reconciliation
  • Excellent customer support with a live chat feature

Pricing

TallyPrime has four plans.

  • Silver Rental: INR 600/month
  • Silver: INR 18,000 (perpetual)
  • Gold Rental: INR 1800/month
  • Gold: INR 54,000 (perpetual)

Pros and Cons

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  • TallyPrime streamlines accounting processes and reduces manual data entry thanks to its high degree of automation
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  • The software includes various automated features, such as automatic voucher numbering, automatic tax calculation, and bank reconciliation, which can save time and reduce errors.
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  • TallyPrime is highly customizable and can be tailored to meet the specific automation needs of a business.
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  • The software provides real-time updates and reports, which can help businesses to make data-driven decisions and stay on top of their financial performance.
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  • TallyPrime's automation features may be complex and require effective training, which could disadvantage businesses with limited resources or expertise.
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  • The software may be expensive for small businesses, particularly if they only require basic accounting functionality.
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  • The desktop version of TallyPrime requires installation and maintenance, which may be a disadvantage for businesses that prefer cloud-based software.
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  • TallyPrime may not be suitable for businesses that require industry-specific features or advanced customization, as it is primarily designed for general accounting purposes.

3. ZOHO Books

Zoho Books

Zoho Books

4.6 out of 5 stars

100 Reviews

ZOHO Books is the smartest automated bookkeeping software application available to automate your accounting workflow and manage back-office operations. You can access this accounting automation software on iOS, Android, and Windows.

Features

  • Pre-integrated with other Zoho applications
  • Generates and sends professional invoices 
  • Administers the expenses and inventory in real-time
  • Manages financial documents, performs account reconciliation, and generates profit/loss statement
  • Automated follow-ups to the clients for delayed payments
  • Banking integration to track the cash flow in real-time
  • Multi-linguistic and multi-currency support for extensive reach

Pricing

Zoho Books has six plans.

  • Free: $0 per month
  • Standard: $12 per month
  • Professional: $24 per month
  • Premium: $36 per month
  • Elite: $129 per month
  • Ultimate: $249 per month

Pros and Cons

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  • Zoho Books provides many integrations with other Zoho apps and third-party software, allowing businesses to connect different parts of their workflow.
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  • Its mobile app enables users to manage their accounting tasks on the go.
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  • Zoho Books offers multi-currency support, making it a good fit for international businesses.
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  • The software includes a client portal, allowing businesses to communicate and share documents with clients in a secure manner.
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  • Zoho Books can be pricey for businesses with larger accounting needs, particularly if they need to upgrade to a higher pricing tier to access more features.
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  • The software’s user interface can be cluttered and overwhelming for some users, particularly those new to accounting software.
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  • Zoho Books’ customer support can sometimes be slow or unresponsive.
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  • Some users have reported difficulty setting up integrations with third-party software.

4. EzyRokad

EZY Rokad

EZY Rokad

EzyRokad is an easy-to-use accounting automation tool. It has been designed to fulfill the requirements of business owners who have no idea about DR/CR accounting & GST. Moreover, it can be customized to serve 25+ trades. 

EzyRokad is a 3-page software and sales purchase tool. It can also minimize the necessity for after-sales support.  You can complete your daily accounting work with EzyRokad in just 5 mins and get reports and balance sheets in a single click. 

Features 

  • Handle multiple customers on a single system 
  • Issue items in challan and convert them into bills
  • Auto production of finished goods & by-products
  • Convert sale orders into bills
  • Auto interest & TDS calculation

Pricing

EzyRokad has seven plans.

  • Basic: INR 6,999/user
  • Accounts: INR 9,999/user
  • Silver: INR 12,999/user
  • Gold: INR 16,999/user
  • Kacchi Mandi: INR 12,999/user
  • Mandi: INR 16,999/user
  • Shares: INR 10,000/5 users

Pros and Cons

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  • EzyRokad offers auto bank reconciliation and auto interest/mahajani and TDS calculation, which helps automate financial tasks and reduce errors.
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  • The software offers auto production of finished goods and by-products, which can help streamline inventory management and production processes.
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  • EzyRokad allows for data transfer, deletion, and freezing, along with user-wise powers, which can improve data management and security.
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  • The software offers SMS and email bills, outstanding, and offers, which can help automate customer communication and reduce manual effort.
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  • EzyRokad is designed for those with a limited computer, accounting, and GST knowledge, which may limit its functionality for more advanced users.
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  • The software offers limited billing features and reports compared to other accounting software options.
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  • The small size and simplicity of the software may not be suitable for larger businesses or those with complex accounting needs.
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  • Customer support options may be limited compared to some other accounting software providers.

5. HDPOS Smart Accounts and Billing 

HDPOS Smart Accounts and Billing

HDPOS Smart Accounts and Billing

4.6 out of 5 stars

24 Reviews

HDPOS Smart Accounts and Billing is a boon to small and mid-sized businesses. It can ardently control the entire business operation from a single window or multiple terminals. This feature-loaded accounting automation software can simultaneously manage tasks like tracking employees, orders, transactions, etc.

Features

  • Inventory management 
  • Account management 
  • Offers fast and precise billing 
  • Dispenses discount, multiple price limits, exclusive offers
  • Accepts payment through different modes

Pricing

HDPOS Smart has three plans.

  • Single Computer: INR 13,000 for a single computer per year
  • Client Server: INR 25,000 per year
  • Cloud Setup: INR 4,999 per month

Pros and Cons

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  • HDPOS Smart Accounts and Billing automates many repetitive tasks, such as invoicing and inventory management, saving time and reducing errors.
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  • The software simplifies accounting by automating bank reconciliation and generating financial reports, allowing businesses to make informed decisions based on accurate financial information.
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  • The software can integrate with other systems, such as payment gateways and CRM systems, streamlining operations and automating workflows.
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  • HDPOS Smart Accounts and Billing is customizable to fit the specific needs of a business.
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  • HDPOS Smart Accounts and Billing offers comprehensive features, but users must dedicate time to learning everything it offers due to its complexity.
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  • The software’s functionality has been reported as subpar, with some users experiencing errors in reports and frequent hangs, even with high-speed internet.
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  • When migrating to HDPOS, users may need time to get accustomed to the user interface.
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  • The reports in HDPOS can be complicated, and some users may find it difficult to locate the specific report they require. Simplifying the reporting process could make the software more accessible to a wider range of users.

6. Saral Accounts

Saral Accounts

Saral Accounts

4.6 out of 5 stars

17 Reviews

Saral Accounts is an intelligent automated accounting system that can help you to generate all your financial reports in just one click. Its intuitive dashboard provides insights into stock management, cash management, and material workflow.

Features

  • GST-compliant accounting for account books and financial statements
  • Creates and manages service, bulk service, and sub-service invoices
  • Insightful reports with SMS & email notifications and consumer service facility
  • Generates all kinds of GSTR and electronic ledgers for GSTN
  • Generates and sends eWay bill in a single click
  • Integrated mobile application for remote monitoring of the entire business operation

Pricing

Contact the company for a quote.

Pros and Cons

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  • Saral Accounts offers automation features like automated bank reconciliation and voucher numbering, saving time and reducing errors.
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  • The user-friendly software has an intuitive interface, extensive documentation, and customer support.
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  • It offers multi-currency support and features like budgeting and forecasting.
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  • Saral Accounts is GST compliant, generating invoices, filing GST returns, and tracking input tax credit and liability.
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  • Some users find the pricing relatively high.
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  • The software can be slow or freeze when handling large amounts of data.
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  • It has fewer integrations with other software than some competitors.
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  • Customer support can be slow or unresponsive at times.

7. Vyapar – Accounting & Invoicing

Vyapar

Vyapar

4.7 out of 5 stars

112 Reviews

Vyapar is a GST-enabled accounting automation tool and inventory management system. The learning curve ability of the software enables anyone with a non-tech and no accounting background to operate it smoothly. It provides an RPA in finance and accounting, streamlining all the bookkeeping operations and providing detailed business insights. 

Features

  • Inventory tracking and alerts
  • Smart payment management
  • Real-time Data synchronization
  • Print/Share professional-looking invoices
  • Send estimates & quotations
  • Multiple invoice templates
  • Financial reporting
  • Self-payment reminder

Pricing

Vyapar has three plans.

  • Basic Plan: INR 2799 per year
  • Saver Plan: INR 6299 per year
  • Mobile Plan: INR 1349 per year

Pros and Cons

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  • Vyapar offers a user-friendly interface that is easy to navigate, making it ideal for small business owners and freelancers who may not have extensive accounting knowledge.
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  • The software offers a range of automation features, including automated invoicing, recurring payments, and reminders, which can save time and reduce errors.
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  • Vyapar offers a mobile app, which is useful for businesses that need to manage their finances on the go. The app allows users to access their data from anywhere and offers features like barcode scanning and mobile payments.
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  • The software offers a range of reports and analytics, which can help businesses gain insights into their financial performance and make more informed decisions.
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  • The software currently does not allow managing damaged or missing products in the stock section.
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  • The software’s pricing plans can be confusing, with some users being unsure which plan best suits their needs.
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  • While Vyapar offers a range of features, some users have reported that the software can be slow or buggy, particularly when handling large amounts of data.
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  • The software’s inventory management features may not be as comprehensive as some of its competitors, which may be a disadvantage for businesses with complex inventory needs.

8. MARG ERP 9+ Accounting Software

MARG ERP 9+ Accounting

MARG ERP 9+ Accounting

4.5 out of 5 stars

37 Reviews

MARG ERP 9+ is an award-winning application that predominantly contributes to automating the accounting process and inventory management. Acclaimed as the fastest and most advanced RPA in finance and accounting, it takes care of the entire business operation from start to end.

Features

  • Multi companies
  • Multi locations 
  • Multi-currency
  • 7-layer backup protection
  • Integrated sms and email alerts
  • Data transfers from old software
  • Manual and video help on click
  • Self-defined formats, reports, fields

Pricing

Marg ERP 9+ has three plans.

  • Basic: INR 8991
  • Silver: INR 12,600
  • Gold: INR 25,200

Pros and Cons

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  • MARG ERP 9+ offers comprehensive features including invoicing, inventory management, payroll processing, and financial reporting, making it a one-stop solution for small and medium-sized businesses.
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  • The software offers real-time data synchronization across multiple devices, which can be useful for businesses that need to access their data from different locations.
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  • MARG ERP 9+ offers a mobile app that allows users to manage their finances on the go, making it a convenient option for busy business owners and managers.
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  • The software is designed to be user-friendly and easy to navigate, which can be helpful for businesses that may not have extensive accounting or IT expertise.
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  • Some users have reported that MARG ERP 9+ can sometimes be slow or buggy, particularly when handling large amounts of data.
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  • The software’s customer support can sometimes be unresponsive.
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  • While the software offers comprehensive features, some users have reported that the interface can be cluttered and overwhelming, particularly for those new to accounting software.
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  • MARG ERP 9+ can be expensive, particularly for businesses requiring additional modules or customization, making it less accessible for smaller businesses with limited budgets.

9. MProfit for Accounting

MProfit for Accounting

MProfit for Accounting

4.8 out of 5 stars

165 Reviews

Get automated accounting online with MProfit and obtain detailed portfolio insights. Its powerful and user-friendly interface provides insights into investment portfolios for you and your clients. This automated accounting system is easily accessible across Android, iOS, Desktop, and Web devices.

Features:

  • Manage and track multiple asset classes
  • Track Absolute Gain and Annualised Return (XIRR)
  • Manage multiple portfolios and create portfolio groups
  • Auto-import contract notes & back-office files for Stocks and F&O from 700+ brokers
  • Auto-import Mutual Fund CAS statements from CAMSOnline or NSDL
  • Auto-import eNPS statements from Karvy or NSDL
  • Manage your Stock, Currency & Commodity F&O positions
  • Create and maintain mark-to-market records for your F&O positions
  • Get reports for Income, Due Dates, Transactions, Holding Periods, and various other categories

Pricing

MProfit for Accounting has three plans.

  • Essential: Starts at INR 1,000 per month
  • Advanced: Starts at INR 1,500 per month
  • Premium: Starts at INR 2,500 per month

Pros and Cons

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  • MProfit for Accounting is feature-rich software that offers a range of accounting and portfolio management tools, making it a comprehensive solution for small businesses and individuals.
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  • The software allows users to automatically import bank statements and supports more than 3,000 financial institutions.
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  • MProfit for Accounting offers robust reporting capabilities, including customizable reports and dashboards.
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  • The software is designed to be user-friendly, with an intuitive interface that can be navigated easily by users with limited accounting or IT experience.
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  • The software can be expensive, particularly for individuals or small businesses with limited budgets, which may make it less accessible to some users.
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  • Some users have reported issues with the software’s customer support, including slow response times and difficulty reaching support representatives.
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  • MProfit for Accounting may not be suitable for larger businesses or those with more complex accounting needs, as the software is primarily designed for small businesses and individuals.
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  • While the software offers robust reporting capabilities, some users have difficulty customizing reports to meet their needs.

10. ProfitBooks

ProfitBooks

ProfitBooks

4.5 out of 5 stars

15 Reviews

This automated bookkeeping software helps you administer stock purchases and fulfill sales orders. The sole purpose of this automated accounting system is to increase the volume of your orders. With ProfitBooks, you can manage your inventory and make your business operation more systematic.

Features

  • Monitor and record the movement of stock among warehouses
  • Enables one-click notification to the vendor about the purchase
  • Multi-currency support for hassle-free cashflow
  • Track expenditures and transactions from the beginning

Pricing

ProfitBooks has two plans.

  • Startup: Free forever
  • SMB: $15 per month

Pros and Cons

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  • ProfitBooks is an affordable accounting software option for small businesses and startups, with pricing plans tailored to fit different budgets and needs.
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  • The software has an intuitive interface that even users with limited accounting experience can easily navigate.
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  • ProfitBooks has helpful customer support that can address any issues users may encounter.
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  • Since it is cloud-based, it can be accessed from anywhere with an internet connection.
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  • Some functions in ProfitBooks can be challenging to understand, particularly for users new to accounting software.
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  • To improve user management, there could be more categories to define users in ProfitBooks.
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  • Reporting in ProfitBooks doesn’t offer many format options, limiting customization for businesses.
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  • The inventory management and control functionality in ProfitBooks could improve reporting and transaction logs.

11. Busy Accounting Software

ProfitBooks

ProfitBooks

4.6 out of 5 stars

73 Reviews

Busy performs accounting automation with par excellence and proficiency. The RPA in finance and accounting offered by it aids you in performing complex accounting operations in minutes. This integrated platform is viable for all kinds of businesses and makes automated accounting online seamless.

Features

  • Manages multiple projects, tasks, finances, stock, and taxation simultaneously
  • Bar integration to monitor product flow
  • Integration with email and SMS to receive notifications regarding any transaction, product movement, dispatch, and procurement
  • Reporting feature to dispense every minute detail of the business operation
  • Inventory management facet to keep track of the goods so that the stock does not run out anytime.

Pricing

Contact the company for pricing.

Pros and Cons

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  • Busy Accounting software is user-friendly and doesn’t require any special training or courses to use.
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  • It offers a range of features, such as billing and invoice creation, that are not available in some other accounting software.
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  • The software provides financial statements, account statements, sales reports, and summaries, making it easier to monitor finances.
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  • Busy Accounting software has proper tax management reports like GST reports, TDS reports, etc., that are helpful for Chartered Accountants and accountants.
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  • Importing data from Excel spreadsheets can be challenging and not user-friendly.
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  • Some functionalities are missing, such as cheque numbers and bank details in payment and receipt vouchers.
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  • The software lacks an auto-save option, which can lead to data loss if the user forgets to save their work.
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  • Busy Accounting Software is desktop-based, and switching between data from different years can confuse non-technical employees.

12. Book Keeper – Accounting & Invoicing

Book Keeper

Book Keeper

4.8 out of 5 stars

12 Reviews

Book Keeper is a feature-rich and widely acclaimed automated online accounting software. It performs various business processes such as inventory management, report creation, invoice generation, tax filing, etc.

Features

  • A thorough analysis of all the business aspects to generate reports and receipts
  • Offers an offline mode to manage the account on the go
  • Online sync of all the data via Dropbox to access it from anywhere with any device
  • Role-based access feature for multi-user collaboration

Pricing

BookKeeper has three plans.

  • Single user: INR 2950 per year
  • Single user: INR 11,800 for a lifetime
  • 5 users: INR 500 per month

However, you can add more users to each plan for a nominal cost

Pros and Cons

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  • Book Keeper offers automation features that make invoicing, inventory management, and tax filing easier and faster.
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  • The software provides a range of customizable invoice templates and can generate GST-compliant invoices for regular and composition dealers.
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  • Book Keeper's powerful inventory management allows total control, including generating barcodes and tracking stock issues, wastage, and manufacturing journals.
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  • The software offers a range of insightful business reports, including Balance Sheet, Profit & Loss, and Cash Flow, among others.
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  • Some users may find the interface of Book Keeper difficult to navigate, particularly those unfamiliar with accounting software.
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  • The software's payroll feature may not be as comprehensive as other dedicated payroll software, which may be an issue for some users.
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  • Book Keeper's customer support may not be as responsive as users would like.
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  • The software may not be as customizable.

13. Quickbooks

QuickBooks

QuickBooks

4.3 out of 5 stars

30 Reviews

QuickBooks is an accounting software designed for small and medium-sized businesses to manage their finances, including invoicing, payments, payroll, and reporting. It offers both desktop and cloud-based versions, allowing users to access their financial data from anywhere with an internet connection.

Features

  • Auto-track income and expenses
  • Pay employees and contractors
  • Manage bills and expenses
  • Calculate tax deductions
  • Job costing
  • Inventory management
  • Invoicing and payments

Pricing

Quickbooks offers four plans.

  • Simple Start: $15/month
  • Essentials: $27/month
  • Plus: $42.50/month
  • Advanced: $100/month

Pros and Cons

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  • QuickBooks automates many time-consuming accounting tasks, such as invoicing, bill payment, and financial reporting, allowing business owners to focus on more important tasks.
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  • The tool integrates with many third-party apps, automating payroll, time tracking, and inventory management tasks.
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  • QuickBooks uses machine learning to categorize transactions, making it easier for businesses to keep track of their expenses and income automatically.
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  • The tool offers a mobile app that allows users to access their data on the go, and its cloud-based system enables real-time collaboration between users and their accountants.
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  • Quickbooks is a powerful accounting tool, but it comes with a steep learning curve.
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  • Certain tasks, such as importing transactions, creating rules, and categorizing expenses, may require manual intervention.
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  • Some users have reported poor customer service experience with Quickbooks.
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  • Monthly plans can be expensive.

14. BlackLine

BlackLine

BlackLine

Blackline is a cloud-based financial automation software platform that provides various accounting and financial tools to businesses of all sizes. It helps automate tasks like reconciliations, journal entries, and financial close management. Blackline is used by companies across industries, including manufacturing, healthcare, financial services, and more.

Features

  • Account reconciliations
  • Task management
  • Transaction matching
  • Journal entries
  • Compliance
  • Variance analysis
  • Smart close
  • Financial reporting analytics

Pricing

Contact the company for a quote.

Pros and Cons

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  • BlackLine provides a high degree of automation, which can save time and reduce errors in financial processes.
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  • BlackLine is designed to scale with the organization's growth, making it a suitable solution for companies of various sizes.
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  • The software provides a collaborative workspace where teams can work together on reconciliations and close activities.
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  • It provides real-time visibility into the financial close process, enabling organizations to make better-informed decisions.
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  • BlackLine's interface can be overwhelming for new users and may require significant training to fully understand and utilize its features.
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  • The software may not be suitable for smaller businesses or those with limited budgets, as the cost can be prohibitive for some.
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  • Users have reported difficulties with the accuracy of BlackLine's automatic reconciliations, leading to extra time manually correcting errors.
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  • The software's reliance on cloud-based storage and internet connectivity can lead to potential issues with data security and accessibility issues if there are any technical issues or outages.

15. Xero

Xero Accounting

Xero Accounting

4.8 out of 5 stars

14 Reviews

Xero is a cloud-based accounting software platform that offers various accounting features, such as invoicing, bank reconciliation, inventory management, payroll, and financial reporting, to help small businesses manage their finances. The software is designed to be user-friendly and accessible for non-accounting professionals.

Features

  • Pay bills
  • Claim expenses
  • Bank reconciliation
  • Accept payments
  • Track project costs and expenses
  • Accounting reporting
  • Multi-currency accounting
  • Sales tax filings

Pricing

Xero has three plans.

  • Early: $13/month
  • Growing: $37/month
  • Established: $70/month

Pros and Cons

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  • Xero offers a user-friendly interface that is easy to navigate, even for those with limited accounting knowledge.
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  • It provides many features for small to medium-sized businesses, including invoicing, bill payments, inventory tracking, and project management.
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  • Xero integrates with over 800 third-party applications, including popular tools like PayPal and Stripe.
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  • It offers robust reporting capabilities, allowing businesses to track financial performance and make data-driven decisions.
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  • Xero's pricing can be steep, particularly for larger businesses requiring multiple users or advanced features.
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  • Some users report occasional glitches or slow load times when using the platform.
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  • While Xero integrates with many third-party apps, some users may find that some apps they rely on are not supported.
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  • Xero's customer support is primarily online-based, which may be less helpful if you need immediate assistance.

Wrapping Up

Accounting automation has revolutionized the methods of bookkeeping and reconciliation. It has made tedious and mundane accounting unchallenging and hassle-free. Our Team at SoftwareSuggest has extensively researched the best business accounting automation software in India. This infographic shows the top Accounting Software in India along with their important and unique features.

Frequently Asked Questions

To get started with automated accounting, you must choose an accounting software that suits your business needs, set it up with the relevant data, and integrate it with other business tools if required. This will allow you to automate invoicing, bill payments, and reconciliation tasks. However, monitor the software for accuracy and make necessary adjustments.

No, automated accounting software will not completely replace accountants. Although automation can help streamline accounting processes and reduce accountants' workload, many accounting aspects require human expertise, such as making complex financial decisions, analyzing data, and providing financial advice to clients.

Yes, accounting automation software is suitable for small businesses as it helps them streamline their financial processes, reduce manual errors, and save time. Many automation tools are specifically designed for small businesses with affordable pricing plans and user-friendly interfaces. However, businesses must choose software that meets their needs and budget constraints.

As technology advances, automation will become even more prevalent in the accounting field, making it a significant part of the industry's future. In fact, many business owners have already invested in accounting automation tools to streamline their finances and mitigate errors.

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