Best business software is a complete accounting software with an easy-to-use interface.Best business software is an effective software that allow you to do accounting without any professional knowledge on accounting. It has all the basic features used by billing companies to keep track of their expenses on each client and project.
Over the last few years, there has been a drastic change in the way businesses function, thanks to technology. With the introduction of accounting software for business, handling your accounts and record keeping yourself has never been easier. While you may think that taking care of your books is not a difficult job, it does take up a good amount of time and resources. This allows you to concentrate on other important areas for your company. According to reports, adopting this accounting software is one of the factors that lead to success among India’s top business entities.
SAP
SAP aims to simplify global accounting operations through fast, accurate, and automated processes and it largely achieves its goals.
The SAP ERP Financial Management software (running on Windows platforms) offers a range of accounting applications for general ledger, project accounting, managing budgets, financial reporting and multi-currency transactions. This effective software allows full control over many accounting functions including financial tracking, reporting, compliance, and collaboration processes.
Pros
- Includes a wide range of functions and options
- Easy to expand the program for company requirements
- Synchronizes with Microsoft programs like Word and Excel
- User-friendly
- Simple data-sharing
Cons
- Slow and complicated set-up
- Often needs third-party additions to get the full experience
- Many steps needed to complete each transaction
QuickBooks
QuickBooks is one of the fastest accounting software packages for small businesses on the market, allowing users to instantly access client information at the click of a button. Through the simple user interface, businesses can scan receipts and invoices promptly to ensure accuracy. The core features of the software are in line with other accounting software packages on the market, offering comprehensive management of accounts payable, receivable, invoicing and real-time fixed asset management. Unfortunately, QuickBooks doesn’t support bank reconciliation, tax management, or expense tracking. This means that new users will benefit from the software but more established organizations may find it has limited functionality.
Pros
- Works across multiple devices
- Offers backup in cloud
- Data security
Cons
- Does not integrate with third-party software
- Doesn’t support payroll management
Xero
Xero is the best in our review for micro-businesses that are looking for very simple accounting software. This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.Pros
- Cloud-based
- Mobile app
- Payroll integration with Gusto
- Third-party app marketplace
- Simple inventory management
Cons
- Limited reporting
- Fees charged for ACH payments
- Limited customer service
Xero was founded in 2006 in New Zealand and now has over 2.7 million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,500 employees and is growing rapidly in the U.S., as well.
Xero offers three monthly subscription options and a full-service payroll add-on: Early at $11 per month, Growing at $32 per month, and Established at $62 per month. The full-service payroll option is offered through Gusto and is an additional $39 per month, plus $6 per employee. The company offers a 30-day free trial and a promotion for 50% off for two months.
The Early plan limits usage and only allows entry for five invoices or quotes, five bills, and reconciliation of 20 bank transactions per month. This limited plan may be suitable for a micro-business with high-ticket transactions, but only a few per month, such as a consulting or small service provider. Both the Growing and Established plans offer unlimited invoices, bills, and transactions. The only difference between the two is that the Established plan has additional features like multi-currency, expense management, and project costing. All three plans offer Hubdoc, a bill and receipt capture solution.
QuickBooks
Most comprehensive accounting software for small business
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QuickBooks is an instantly recognizable name in the world of accountancy and bookkeeping. It’s owned by Intuit, which also has other options for small business and large ones too, with a diverse portfolio that includes Turbotax, Mint and Proconnect. QuickBooks also comes in numerous different varieties, from desktop editions through to the hugely popular Online edition.
Depending on your requirements, you can choose from QuickBooks Online, QuickBooks Self-Employed, QuickBooks Online Advanced, QuickBooks Live Bookkeeping, QuickBooks Desktop for Mac, QuickBooks Desktop Pro, QuickBooks Premier and QuickBooks Enterprise. However, it is possible to create a custom package using the help of the QuickBooks team if you need a more bespoke option.
Due to the sheer expanse of QuickBooks-based products it’s best to check out the website in order to get the latest update on pricing, versions available and also any deals that Intuit has on this vast range of accounting solutions.
Wave
Wave is another popular cloud-based free accounting software that is being used by over 2 million freelance accountants and small businesses. It’s used to manage day-to-day accounting, invoicing and payment, bookkeeping, payroll and reporting. Its powerful features and appealing design make it one of the most popular accounting and bookkeeping software. It provides exceptional navigation tools and user interface.
Pros
- Can connect with bank and credit cards
- Includes a dashboard and reporting function
- Offers receipt scanning
Cons
- Not suitable for larger businesses
- Has limited features
- No desktop software and mobile apps
Conclusion
Accounting software is an integral part of accounting and provides a wide range of financial management capabilities to either large businesses or small-scale firms in India. Accounting software is designed by a combination of both hard-core coders as well as people who have been involved with accounting practices on the job. The former ensures that the software is safe and secure while the latter concludes on the functions, uses, and other aspects. The application forms and databases generated by accounting software are designed using languages like Object, C++, Java, and MS SQL server, etc. The application runs on different operating systems like Windows, Unix/Linux, and Mac, etc.