With the roll out of GST, the government requires even small and medium enterprises (SMEs) to maintain financial transparency and uniformity. This makes them look to CAs to provide an efficient and robust accounting system and comply with GST laws. To maintain such an accounting system, having an accounting software becomes imperative.

A business accounting software helps in keeping an enterprise’s financial data organised, and prepares and presents accounts and financial statements as per issued standards. It is the computerised systematic measurement, verification, interpretation, summation and classification of financial data of a business.

The accounting software should be able to generate tax invoices and create and manage GST levied at different levels (CGST, SGST & IGST).

Here are 5 recommended accounting software packages, along with their pricing and features:

Tally.ERP 9

Considered the market leader in business accounting software, Tally helps firms prepare and manage journal(s), ledger(s), debit and credit notes, trial balance, profit and loss statement, balance sheet, cash flow and more for an organisation.

Pricing:

Silver (Single user edition for standalone PCs) – Rs.18,000 (online price)

Gold (Unlimited multi-user edition for multiple PCs on LAN environment) – Rs.54,000 (online price)

Features:

  • HR and Payroll management
  • Multiple company support
  • Financial management
  • Inventory management
  • Invoicing and billing
  • Taxation

ProfitBooks

ProfitBooks is a popular cloud accounting software that lets you create invoices, track expenses and manage inventory, helping you save time and manage your finances more efficiently. Being a cloud-based solution, information can be accessed remotely, thus ensuring mobility.

Pricing:

Professional Plan (Good for service-oriented businesses): Rs.5,999 per year

SMB Plan (Good for resellers and traders): Rs.8,999 per year

GST Company plan (Good for busy business owners who want to outsource): Rs.1,999 per month

Features:

  • GST invoicing with payment gateways integration
  • Expense management
  • Inventory management
  • Warehouse management
  • Multi-currency support

Zoho Books

Zoho Books is a user-friendly online accounting software designed for Small and Medium enterprises. Its key features include automatic bank feeds and payment notifications, online collaboration with customers, time tracking, inventory management, invoice tracking, reconciliation and automated workflows. It helps businesses manage all their accounting operations effectively on a single platform.

Pricing:

For One Organisation – Rs.2,499 per year

Zoho Finance Plus – Rs.2,999 per organisation per month / Rs.19,999 per organisation per year

Features:

  • Files GST returns
  • Creates estimates and invoices
  • Tracks bills and expenses
  • Connects to secure, automatic bank feeds
  • Creates projects and timesheets
  • Creates sales orders and purchase orders

BUSY

BUSY is an integrated business accounting software for Micro, Small and Medium businesses. It helps businesses in multi-currency financial accounting, GST invoice and report generation, TDS and TCS compliance along with MIS reports and analysis.

Pricing:

Basic Edition (Micro & Small businesses) – Rs.6,400

Standard Edition (Small & Medium businesses) – Rs.12,000

Enterprise Edition (Small & Medium enterprises) – Rs.17,600

Features:

  • Inventory management (Multi-location)
  • Production and Bill of Material
  • Sales and Purchase Quotations
  • Sales and Purchase Order Processing
  • Fully user-configurable invoicing

QuickBooks

QuickBooks is an online accounting software with an easy-to-use interface and tools. It offers more than 40 reports including profit & loss account, balance sheet and cash flow statement. It helps manage day-to-day transactions, billing, invoicing, inventory and budgeting. It comes with mobile support for iOS and Android users.

Pricing: Rs.4,999 per year

Features:

  • Creates and sends professional GST invoices
  • Generates GSTR1 and GSTR2 reports
  • Designs and create quotations
  • Tracks sales, invoices, supplier bills and payments
  • Tracks cash flows with P&L and Balance Sheet
  • Imports transactions automatically with online banking

A good accounting software can provide insights on your business and its financial health, helping you take well-informed decisions. With GST requiring regular filings, every business needs to maintain proper accounts of their sales and purchases. Efficient and streamlined accounting functions, enabled with the right accounting software would aid in thorough compliance with the GST laws.

The Bajaj Finserv Chartered Accountant Loan is a loan for practicing Chartered Accountants and consultants. You can avail a Flexi Loan account, an industry-first facility under which you are allotted a credit limit, which you can use as per your need. A Flexi Loan saves you upto 45.3% of the amount that you repay in Term Loans. A Flexi Loan helps you expand your working capital and your firm’s client base. Expenses and costs like hiring contractual or specialized personnel and training existing ones, paying rent and subscription fees and all other unforeseen expenses can be taken care of with a Flexi Loan.

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