
Accounting software plays an important role in planning future tasks using budgeting and forecasting.
Accounting Software
How To Select An Accounting Software?
Business size and stage
Your requirements can be different depending upon size and stage of your business. You may be OK with having a free solution if you are just starting out, but need a much more efficient and scalable solution when your business is growing fast. Also consider what are your pressing needs for buying/replacing existing accounting software?
Features
Make lists of features and functionalities you need to have and you wish to have. Most important consideration should be ease of use and time saving features.
Basic features include routine accounting tasks, automated processes, templates for creation of estimates and proposals, tax preparation, multiuser access, mobile and tablet access and third party integration etc.
Questions to vendors
-Which size of business their solution caters to?
-Is their solution fit for your industry?
-Do they offer customized solutions?
-Security measures for securing the data.
Shortlist
Shortlist vendors offering solutions close to your need. You may not be able to find a accounting software meeting all your needs, but that’s obvious, so just decide for close matches.
Cloud/On premise
If you are a small company, short on budget, but need more features and less hassles, or you have employees working from different locations, go for Cloud based online accounting system.
But for companies who are growing, are extremely concerned for data security and looking for long term cost effective solution, on premise version can be best.
Find
Try to find out what your close competitors and other businesses in your Industry are using.
Budget
Decide on how much you want to spend and research on how much from your list you can get in that budget.
Consult Staff
Speak to your accountant and discuss the shortlisted choices. Also take opinion of staff members as it sometimes brings some important points out which you might have missed.
Do You Need An Accouting Software?
Do you want to keep your transactions up to date, set up your account in minutes and to create and send invoices from anywhere, then you need accounting software that records and processes accounting transactions.
Accounting software may be desktop based or online that can be accessed anywhere any time with Internet. These two types of accounting software vary greatly in complexity and cost.
Reasons why businesses install accounting software are:
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Accuracy: Accounting software increases the accuracy of your accounting records eliminating human errors in calculation.
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Speed: Accounting software allows businesses to process accounts with higher speed than manual processing.
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Security and Safety: With accounting software data is securely stored at web servers which are reliable and also provide automatic data backup. This reason is more relevant to online (cloud based) accounting softwares.
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Cost: Accounting software brings higher efficiency with higher speed, and reduces human efforts reducing overall costs.
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Reporting: Accounting software provides the necessary, timely and accurate financial information in the form of reports.
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Connect anywhere: Most of the accounting softwares have online access allowing anytime and anywhere access, providing increased flexibility to employees and business.
Best bets for Accounting Software
Best Overall for small businesses
Cost :
Rs. 8999(approx $134)/year
Currently at 2699(approx &40)/year
@ 70% off
Features :
*****
Platforms :
Any web Browser
Business Size :
S
Ease of Use :
Deployment :
*****
Customer Service :
Highlights
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User friendly dashboard displaying financial health of business at one place.
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Excellent automated features saving time.
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Support through phone, chat and several self help resources.
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Features are “Accountant Approved”.
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Free 1 month trial.
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Mobile app has only basic features.
Best for Micro and Small Businesses
Cost :
Rs 2999(Approx $45) per organization/ year
Features :
Any web browser
Platforms :
****
Business Size :
Ease of Use :
Deployment :
Customer Service :
*****
Highlights
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Free 14 day trial.
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Low price with high value.
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Price tag includes excess to all features and unlimited use of features.
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Clutter free dashboard, easy for non tech users.
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Automated banking with Secured online transactions.
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Powerful reporting.
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Outstanding customer support.
Best for free
Cost :
Free
Features :
Platforms :
Any web browser
***
Business Size :
Ease of Use :
Deployment :
****
Customer Service :
**
Highlights
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Simple and easy to navigate dashboard.
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Time saver like automated invoicing and billing.
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Easy templates for reporting and for other financial documents.
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Paid customer support
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If business expands, wave can be quickly outgrown.
Cloud
S
cloud
S
Cloud
****
*****
Showcase: Our full list of Accounting Softwares
Freshbooks
Accounting tasks using FreshBooks is easy, fast and secure. Tasks like capturing expenses, sending invoices, and tracking time can be done in minutes. FreshBooks accounting software offers user friendly cloud based solution for non accountants. Wide range of accounting tasks can be performed on the go.
Planguru
Planguru software offers business forecasting, budgeting and performance review. It has pre built Integrated financial statement structure.
Planguru is helpful for managers or owners in better decision making, be it operations budget planning for a multi department business or financial forecasts for a bank.
Harvest
Harvest is intuitive software, no requirement of training, and is outstanding in tracking time and expenses/bills. It offers a simple, easy to use platform that lets you easily track time and turn billable hours into professional invoices, manage timesheets and projects, and unlimited clients/projects and invoices for paid customers.
Yendo
Merges cloud accounting with CRM and bulk emailing tools. Provides a clean simple interface that can manage common accounting tasks like invoice creation, reporting, managing expenses and cash flow, creation of budgets – monthly and annual, by tracking your expenses.
Flipside – Can manage small inventories or number of employees and less integration with third party applications.
Deltek Ajera
DeltekAjera is a perfect solution for architects and engineers especially for small to medium size company as it is a bundled version of project management and accounting software. It features accounting, timesheets, project management and scheduling, billing and resource management tools.
Flipside – Reporting not efficient. Too many small updates frequently.
Pandle
Free, efficient, cloud based accounting aimed at small businesses. Terminology is different for new and experienced users hence making it easiest to use software. Very fast speed, with all the basic features like invoicing, importing customers & suppliers, quotations, accepting payments, managed payroll services, multiple currencies etc. Phone and email support available.