In this article, we’ve compiled a list of the four highest-rated accounting software in India for small and midsized enterprises (SMEs), along with their key features.
With the rise of technological advancement across various industries and organisations, most routine and tedious manual tasks have also possibly become automated and digital. The same may have been witnessed in the area of accounting. Businesses may increasingly be looking to adopt software which can help them manage their accounting needs in one place and help them streamline their financial records.
What is accounting software?
Accounting software is used by businesses to manage day-to-day transactions, account balances and more. Accounting software usually comes with features like billing and invoicing, ledger management, financial reports generation, payroll management etc. Various types of accounting software are available in the market, and companies can pick the one that best meets their business needs.
This article will look at the four best accounting software in India which businesses can use to manage their financial assets and records. We have chosen the software listed in this article based on the following factors. The complete methodology can be found at the bottom of the article:
- Have an overall rating of at least 4.5/5 stars by users in the last year
- Have at least 10 user reviews between April 2022 and April 2023
- Meet the market definition of accounting software
- Are headquartered in India and listed in alphabetical order
- Overall: 4.6/5
- Ease of Use: 4.8/5
- Customer Service: 4.6/5
- Features: 4.5/5
- Value for Money: 4.6/5
myBillBook is an accounting and bookkeeping software that can help businesses manage finances. MyBillBook accounting software assists in managing accounts payable and receivable, sending payment reminders, and keeping track of sales. myBillBook can also help businesses monitor their ongoing budgets and spending and keep track of cash and bank ledgers, sales/purchase ledgers and party-wise ledgers. Moreover, the software provides more than 20 accounting reports, which can aid businesses in the development of corporate strategies and a better understanding of their business.
This accounting software can help companies to streamlines the process of balancing accounts and creating financial records that may be used to submit GST or income tax returns. With the help of myBillBook, businesses can send automated payment reminders to users. The software can also send Whatsapp notifications for payment reminders and balances. More information on the additional features and pricing can be found on their website.
- Overall: 4.3/5
- Ease of Use: 4.3/5
- Customer Service: 4.0/5
- Features: 4.3/5
- Value for Money: 4.2/5
TallyPrime offers accounting, billing and inventory solutions to businesses. The software allows businesses to manage their finances and accounts, which includes banking, cash flow management, budgeting etc. The accounting module offers a dashboard for tracking business ratios and supports operations like reminder letters, entry management, and bank reconciliation. The tool has an MIS reporting module that monitors cash flow, helping businesses decide on credit limitations and capital investments. The software allows businesses to manage multiple users or companies and add features such as cost centres, multi-currency, order processes, etc.
In addition, the software allows businesses to create and view multiple reports, giving them insights into their past and present financial performance, thereby helping them make more informed business decisions. Apart from this, TallyPrime also offers access control and security, allowing businesses to keep a check on unauthorised access to their financial data. To avoid the need for repetitive data entry in the invoice, users can pre-set the information, such as duty ledgers and additional ledgers to the system. Additionally, users can also enter post-dated transactions using the post-dated register. More information on TallyPrime’s additional features and pricing can be found on its website.
- Overall: 5.0/5
- Ease of Use: 5.0/5
- Customer Service: 5.0/5
- Features: 5.0/5
- Value for Money: 5.0/5
Tulsi is an accounting and inventory management software that can also help companies manage operations. With Tulsi account management features, users can create invoices and track invoice status. The software comes with the option of expense management, wherein businesses can manage receipts and manage their other expenses. Moreover, users can also create expense reports to get insights into their spending. Using Tulsi, users can connect their bank accounts in order to reconcile their transactions automatically.
Additionally, users can create real-time customisable financial reports to get a view of cash-flow statements, balance sheets, and profit/loss statements. Users can use the software to manage cashflows by managing accounts, payables and receivables. More information on additional features and pricing can be found on their website.
- Overall: 4.4/5
- Ease of Use: 4.5/5
- Customer Service: 4.2/5
- Features: 4.3/5
- Value for Money: 4.5/5
Vyapar is an accounting and point-of-sale software that can help companies with business management. Using Vyapar, businesses can keep track of their financial transactions and expenses. Users can manage accounts payable and accounts receivable, including payments, invoices, bills etc. Users can also generate financial reports giving them insights into their transactions and other financial assets and helping them adjust their business according to the available cash flow. Using Vyapar, businesses can collect timely payments by helping businesses track their pending and due payments in the Vyapar business dashboard.
Moreover, businesses can also file GST through the software and create automated GST reports. Vyapar allows businesses to create estimations and quotations which can be sent to customers via SMS, emails etc. Apart from this, businesses can also quickly add, manage, and track online and offline payments from the tool. Some additional features offered by Vyapar are automatic data backup, expense tracking and recording, and bulk payment reminder, among others. More information on features and pricing can be found on their website.
- To select the tools for this list, we identified the highest-rated accounting software, which are headquartered in India.
- The shortlisted products were then assessed against the market definition of accounting software: accounting software automates an organisation's financial functions and transactions with modules including accounts payable, accounts receivable, payroll, billing and general ledger. Integration of Accounting apps allows for comprehensive, real-time, and on-demand analysis of an organisation's financial status. Toolsets within accounting systems can often be customised to the specific needs of an organisation. Accounting software is related to Audit, Billing and Invoicing, Compliance, and Financial Reporting software. Capterra helps you choose among different types of accounting software. Find below the list of the best accounting software in India for your organisation.
- All the above software have the following core features: accounts payable, accounts receivable, bank reconciliation, financial reporting, and general ledger.
- Besides that, the tools were further checked against the following criteria: average overall ratings above 4.5/5 stars, minimum of 10 user reviews over the past year (April 2022 – April 2023), and tools having their headquarters in India.
- Out of our resultant list, we selected the top four tools with the highest rating and listed them in alphabetical order.