Best Online Accounting Software for Your Business
Best online accounting software includes QuickBooks Online, Zoho Books, FreshBooks, Wave Accounting, and TallyPrime. Such online software securely manages an organization's financial data and allows access to records anywhere within a minute.
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List of 20 Best Online Accounting Software
Category Champions | 2024
Smart Online Accounting Software for Growing Businesses
Zoho Books is an easy-to-use online account software for small businesses to manage their finances and stay on top of their cash flow. You can download a 14-day free trial of Zoho books. Read Zoho Books Reviews
Explore various Zoho Books features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Zoho Books Features- GST Tax Invoice
- Product Database
- Invoice
- Security
- Project billing
- SMS Integration
- Purchase Orders
- Email Integration
Pricing
Zoho Books Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Online Accounting Software for Small Business
NetSuite, #1 cloud ERP, is an all-in-one cloud business management solution that helps more than 29,000 organizations operate more effectively by automating core processes and providing real-time visibility into operational and financial performance. Read Oracle NetSuite ERP Reviews
Explore various Oracle NetSuite ERP features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
- Budgeting & Forecasting
- Invoice Processing
- Sales Forecasting
- Auditing
- Payment Handling
- Training Management
- Event Management
- Job Costing
Oracle NetSuite ERP Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Category Champions | 2024
Cloud Accounting Software Making Billing Painless
This online bookkeeping software makes your accounting tasks easy, fast, and secure. So, start sending invoices, tracking time, and capturing expenses in minutes. We uphold a longstanding tradition of providing extraordinary customer service and building a product that helps save you time because we know you went into business to pursue your passion and serve your customers - not to learn to account. Read FreshBooks Reviews
Explore various FreshBooks features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all FreshBooks Features- Budgeting
- Recurring Billing
- Time Tracking
- Warehouse Management
- Bank Reconciliation
- Retainer Billing
- Receipt Printing
- Billing & Invoicing
Pricing
FreshBooks Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Category Champions | 2024
#1 GST billing software
myBillBook is a simple GST billing & online accounting software designed to help you manage your business operations using mobile or desktop. No prior accounting knowledge is needed to use this software. You can create bills, maintain stock, track payables/receivables, etc. Read myBillBook Reviews
Explore various myBillBook features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all myBillBook Features- Import & Export Data
- Compliance Management
- Compensation Management
- Invoice customization
- GST Compliance
- Inventory Management
- 24/7 Support
- E-Way Bill Generation
Pricing
Silver Plan
$ 0
Per Month
Diamond Plan
$ 3
Per Month
Platinum Plan
$ 3
Per Month
myBillBook Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Category Champions | 2024
All in One Software for Business Need
NetSuite, the #1 cloud accounting software, is an all-in-one cloud business management solution that helps more than 29,000 organizations operate more effectively by automating core processes and providing real-time visibility into operational and financial performance. Read Oracle NetSuite ERP Reviews
Explore various Oracle NetSuite ERP features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
- Financial Projections
- Quotation & Estimates
- Cataloging / Categorization
- RFI & Submittals
- Purchase Management
- Asset Management
- Quotes/Proposals
- Bid Management
Oracle NetSuite ERP Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Category Champions | 2024
A Businessman's Best Friend
If you want to search for accounting software online, Vyapar is the simplest, Invoicing, Inventory management & GST-ready software. It's made completely for a businessman; you don't have to waste time learning it. So, start managing your business digitally like before, without accounting knowledge. Read Vyapar Reviews
Explore various Vyapar features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Vyapar Features- Purchase Order Management
- Barcodes/Labels
- Data Synchronization
- Profit/Loss Statement
- Real Time Reporting
- Purchase Management
- VAT / CST / GST Reports
- Wholesaler Management
Pricing
Silver- Desktop (1 year)
$ 40
Device/Year
Silver- Desktop + Mobile (1 year)
$ 47
Device/Year
Silver- Desktop (3 years)
$ 92
Device/ 3 Years
Vyapar Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Software by Reach Accountant
Reach is the best free online accounting software for Small & Medium Businesses. We also have software modules for POS and CRM. The best part about Reach is all the business operations are bundled into one software so that the business owner can track every aspect of the business. Read Reach Reviews
Explore various Reach features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Reach Features- Bank Reconciliation
- Sales Management
- Barcode Scanning
- Supplier and Purchase Order Management
- Loyalty Management
- Sales Tracking
- Expense Tracking
- Billing & Invoicing
Pricing
Free
$ 0
Lifetime
Bronze
$ 250
Per Year
Silver
$ 583
Per Year
Reach Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
High Performer | 2024
Bookkeeping Software for Small Business
ZipBooks is a very simple and easy-to-use cloud-based accounting software for small businesses. It enables you to streamline your financial operations and increase productivity. You can access all essential accounting, inventory, sales and purchase features. Read Zipbooks Reviews
Explore various Zipbooks features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Zipbooks Features- Billing & Invoicing
- Import & Export Data
- Purchase Orders
- Track Account
- Income Statements
- Cash Management
- Financial Management
- EMI Calculator
Pricing
ZipBooks
$ 69
User/Year
Zipbooks Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Software by Handdy Inc
Handdy Accounts is a free online accounting software for small businesses. The prominent feature of the application is designed to be simple and jargon-free. In addition, the online bookkeeping software requires no upgrades and can work on Windows and MAC. Read Handdy Accounts Reviews
Explore various Handdy Accounts features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Handdy Accounts Features- Supplier and Purchase Order Management
- Taxation Management
- Time Tracking
- Financial Management
- Email Integration
- Investment
- Product Database
- Budgeting
Pricing
Free
$ 0
Per Month
Premium
$ 5
Per Month
Handdy Accounts Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Category Champions | 2024
Making Modern Businesses GST friendly
QuickBooks is the simple & best online accounting software for business owners to make informed decisions. You can run your business with QuickBooks anytime, anywhere. Read QuickBooks Online Reviews
Explore various QuickBooks Online features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all QuickBooks Online Features- e-Payment
- Ecommerce Integration
- Manage Customers and Suppliers
- Dashboard
- Invoice
- Collection management
- Purchasing
- Invoices
Pricing
Simple Start
$ 30
Per Month
Essentials
$ 60
Per Month
Plus
$ 90
Per Month
QuickBooks Online Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
100% free accounting for your small business
It is the best cloud-based accounting system for all businesses using mobile or desktop. Wave accounting tools are 100% free, secure, and accountant-approved. Easy to use, Simple, reliable, and fast. Read Wave Accounting Reviews
Explore various Wave Accounting features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Wave Accounting Features- Banking Integration
- Cash Management
- Multi Currency
- Accounting Integration
- Revenue Management
- Inventory Management
- Payroll Management
- HR & Payroll
Pricing
Accounting Software
$ 0
Forever
Wave Accounting Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Small Business Accounting Software
ProfitBooks is a simple and fastest business online accounting software for small businesses. It lets you create beautiful invoices, track expenses and manage inventory without any accounting background. Read ProfitBooks Reviews
Explore various ProfitBooks features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all ProfitBooks Features- Inventory Management
- Manage Customers and Suppliers
- Invoicing
- Multiuser Login & Role-based access control
- Online Banking Integration
- HR & Payroll
- Cashflow
- Taxation Management
Pricing
Professional Plan
$ 83
Per Year
SMB Plan
$ 125
Per Year
ProfitBooks Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Category Champions | 2024
Best Bookkeeping Software for Businesses
HDPOS is a cloud-based accounting system for businesses. It has ease of use and a nice interface. It is also a Windows-based billing and inventory management software that easily installs on a single computer or multiple terminals. Read HDPOS Smart Accounts and Billing Reviews
Explore various HDPOS Smart Accounts and Billing features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
- Collaborate
- Purchasing
- Invoice Designer
- Analytics
- Collections
- ITC Match/Mismatch Report generation
- Reorder Management
- Business intelligence (BI)
Pricing
HDPOS smart for single computer
$ 18
Per Month
HDPOS smart for Multiple Terminal
$ 35
Per Month
HDPOS smart on cloud subscription
$ 49
Per Month
HDPOS Smart Accounts and Billing Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
High Performer | 2024
GST Billing software with Inventory & Accounts
Simple Billing is an online accounting system with complete inventory and accounts modules. It is fast, reliable, and easy to maintain. Ideal for businesses that have a large number of invoices and deals in hundreds of SKUs. Typically used by distributors, retailers, and small manufacturers. Read Horizon ERP Reviews
Explore various Horizon ERP features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Horizon ERP Features- Multi-Store Management
- Quotation & Estimates
- User Roles
- Barcode Generation
- Due date tracking
- POS Integration
- Analytical Reporting
- Retail POS
Pricing
SINGLE PC License
$ 192
One Time
THREE PC License
$ 384
One Time
EIGHT PC License
$ 746
One Time
Horizon ERP Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
A Cloud Based Online Accounting Software
ANKPAL is one of the best online accounting software, offering you convenience and total security for your data. It’s time to stop unnecessary paperwork and manual accounting methods. It’s time to count on ANKPAL! Read Ankpal Reviews
Explore various Ankpal features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Ankpal Features- Financial Accounting
- Document Templates
- Invoice
- Invoice Processing
- Accounting Management
- Project Accounting
- Multi-Branch Connectivity
- Billing Rate Management
Pricing
Shuruaat
$ 139
Full License/Two User
Sahas
$ 278
Full License/Multi User
Ankpal Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Software by Bean Cruncher Cloud Accounting Software
Bean Cruncher is one of the best online accounting software providers in India. It includes cloud invoicing, accounts receivable & payable, general ledger, inventory, banking, taxes, job tracking and consolidated reporting. Try the free demo now! Read Bean Cruncher Reviews
Explore various Bean Cruncher features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Bean Cruncher Features- Inventory Management
- Taxation Management
- Supplier and Purchase Order Management
- Banking Integration
- Invoice
Pricing
Basic
$ 95
Per Month
Private Cloud
$ 495
Per Month
Bean Cruncher Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
All-in-One Platform to Run Your Business.
Deskera is one of the best online accounting software for all your business needs. Move your business to the cloud in a few minutes. Get a real-time view of your business with a dashboard to visualize all aspects of your business at a glance. Read Deskera Reviews
Explore various Deskera features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Deskera Features- Mobile Support
- Bookkeeping
- Ad hoc Analysis
- Check Processing
- Analytics
- ACH Check Transactions
- CPA Firms
- CRM
Pricing
Professional
$ 83
User/Month
Startup
$ 17
User/Month
Essential
$ 42
User/Month
Deskera Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
The best online accounting software in India
Giddh is the latest cloud-based accounting software that provides all the accounting solutions like Cash management, Inventory, Invoicing, Ratio analysis, P&L, Bank Reconciliation, and Ledger, and has a Tally plug-in for a hassle-free switch. Read Giddh Reviews
Explore various Giddh features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Giddh Features- e-Payment
- Report Export
- Purchase Order Management
- Membership Management
- Barcode Scanning
- Multi-Office
- Real Time Currency Quotes
- Recurring Billing
Pricing
Birch
$ 21
Per Company/Yearly
Oak
$ 56
Per Company/Yearly
Vine
$ 139
10 Companies/Yearly
Giddh Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Best cloud-based online accounting software for SMBs
Xero Accounting is a cloud-based accounting system for small business owners and their accountants. It is beautifully designed and easy-to-use online software. Read Xero Accounting Reviews
Explore various Xero Accounting features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Xero Accounting Features- Time Tracking
- Supplier and Purchase Order Management
- Invoice
- Banking Integration
- Product Database
- Inventory Management
- HR & Payroll
- Bonus
Pricing
Starter
$ 9
Per Month
Standard
$ 30
Per Month
Premium
$ 60
Per Month
Xero Accounting Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Software by Vimukti Technologies Pvt. Ltd.
Alpha Books is an online accounting software in India for small businesses. It comes with everything a small business needs. Recurring invoices, invoice reminders, automatic emails, categorizing income and expenses, and dashboard and detailed income and expenses report. Read Alpha Books Reviews
Explore various Alpha Books features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Alpha Books Features- Inventory Management
- Multi Location
- Taxation Management
- Product Database
- Invoice
- Financial Management
Alpha Books Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
What is Online Accounting Software?
Online business accounting software, also known as cloud accounting software, helps finance department professionals to manage and take advantage of automated accounting data analysis. The user sends the data to the cloud, which gets processed and then sent back to the user for official use. Online accounting software reduces the hassles of installing and maintaining the software on every desktop.
Cloud accounting systems are subscription-based services where businesses only pay for the space. At the same time, enterprises receive automatic software updates without purchasing any additional software.
Thus, online accounting software significantly reduces the cost of installing and maintaining software across the organization. It also eliminates the time and effort of installation and maintenance. Thus, it provides more convenience and advantages to businesses.
Why Does Your Business Need Online Accounting Software?
In layman’s language, the main benefits of cloud accounting software makes the entire financial transactions transparent by keeping a tab on them. The most common and essential features included managing and updating the general company ledger, payments received and paid payroll, and recording modules.
Often additional features are provided as per your need, like – fund bookkeeping for non-profit purposes, claiming for medical purposes, and calculating the extra commissions for sales-based businesses like real estate, brokers, and rate analysis for banks.
Similar to the most valuable personal finance software, it will provide plenty of user-friendly features to deal with all parts of your accounts.
Why is it most preferred? Extra hardware is not needed as it is directly hosted on the Internet. This online accounting software for small businesses requires an active server, has regular backup facilities, and reduces the expenditure cost that can be paid as a monthly or annual fee.
Online Accounting Software vs. Traditional Accounting Software
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Besides the onsite and off-site concepts, there are other noteworthy differences between online and traditional accounting software:
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Online accounting software is undoubtedly more flexible than traditional accounting. In a cloud environment, users can access accounting data from anywhere using any device through the Internet. However, this is not possible in traditional accounting software.
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Financial information is auto-updated in online accounting software. Also, there’s no need to upgrade license fees and maintenance costs. Businesses only renew their subscription contract if and only required.
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Cloud-based accounting software offers financial reporting in real-time. It reduces the chances of human errors, which are more likely to happen from manual data entry, thus providing accurate financial account balances. Contrary to this, real-time reporting is not available in traditional accounting software, which means more time, more effort, and a higher risk of errors.
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Unlike traditional accounting modules, cloud-based accounting software has more extraordinary ability and efficiency in dealing with multi-currency and multi-company transactions.
Crucial Factors That Drive Online Accounting Software
Small businesses can find several accounting software packages, and, at first glance, they all offer similar functionality. So, how do you pick the correct one for your company?
If you're looking for the easiest and best accounting tool for a small business, don't purchase the first package you see with a name you recognize immediately. Here are some of the most significant factors to consider:
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Cost
Accounting software cost vary depending on several factors, such as functionality and the number of users, but are not usually excessive. It is essential to consider your current needs and what you will need in the future. Some online accounting systems are also priced according to the volume of trades.
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General Functions
Recall the primary functions you will require at the start of your search. Will you be using it to process payroll, for instance, will you be holding raw materials, parts, or finished products in stock? Keeping basic accounting records is a part of any good accounting system, but they can differ in how they can be used in other ways.
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Multi Currency Support
A multi currency feature lets you post transactions in foreign currency and your own. Having assets and liabilities in multiple currencies require currency revaluations, so ensure your online accounting solutions support numerous currencies.
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Scalability
Your online accounting system must evolve with your company. As your business grows, you will likely have more transactions, which will also require a multi-user accounting system.
To expand your business in the future, you must review what upgrades you will require, so you can opt for the subscription at the right time. So, if your business is going to expand in the future, it might be best to check what upgrades you will need
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Customer Service
A key factor in choosing any software for your business is customer support. When you first begin using a new cloud accounting software, you will require some training and support. If you usually update your accounts on the weekend, you won't be able to use weekday support. Check what kind of service & support are available and when customer service is available.
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Reporting
In most accounting software, there is a report writer that you can use, but writing reports from scratch takes time. Ensure you inspect what standard reports are there in the system. When you get more familiar with the system, you will be able to easily create your own custom reports. An online accounting system that contains a complete suite of standard reports will save you time and money.
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User Friendly
The majority of small business accounting packages are straightforward to use. However, there are those that require more technical skills and accounting knowledge. Before buying the best online accounting software, take a demo of the software and read consumer reviews. This cloud accounting software should make your life more comfortable.
What Online Accounting Software Should You Use? And How to Implement It?
While having a list of software is helpful, how do you pick which software is the best for your company? Here are a few things to remember when looking for affordable accounting software for small business owners:
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Assess Your Needs
Does your business need a platform for inventory management, or are you more concerned with profit and loss statements, sales tax, and receipt tracking? Create a list of your needs and then start shortlisting software that falls into your desired category.
Before researching solutions, decide upon the number of needs your chosen software must meet. List your accounting needs and prioritize them from smallest to most necessary.
Being flexible is a plus. However, if you get distracted by accounting features that solve ten different requirements that you don't need, you often end up spending on the services you don't require.
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Do Your Research
Even though the features can be appealing, you may end up paying for a lot of stuff you don't need if you are considering software that provides accounting services for global teams. Don't waste your money on worthless components. It would help if you instead thought only about the cloud-based accounting software that satisfies the majority of your prioritized necessities.
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Shortlist Software
A buyer may require to construct a long list of cloud-based accounting software developed to assist firms in a particular industry before buying. For instance, there are platforms designed specifically for companies in retail, factories, cafeterias, etc.
Despite accounting software's ease of use, it still requires a certain level of financial reporting knowledge. In addition, double entry bookeeping software is often more user-friendly than enterprise software, but it offers fewer features.
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Keep Your Budget in Mind
When evaluating accounting or bookkeeping software, determine how much you can afford to spend before starting the research phase. If you don't have the budget, don't waste too much time evaluating software that isn't within your budget.
There is plenty of paid and free accounting software for small businesses. However, make it a rule that you will walk away if a solution exceeds 30% of your budget.
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Ask The Correct Questions
Here are some questions to ask when choosing software:
1. "Will my data be secure, or what security grade do you offer?"
2. "What type of customer support will be there? Are there specific business hours, or is it 24/7/365?"
3. "What other additional costs do I have to pay?"
These questions will help you choose the right provider and save you some bucks.
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Hold Demonstrations
Companies should demo all products on their shortlist as a rule of thumb. Buyers should be encouraged to ask specific questions about the features they are most interested in during demos. For example, one might question how to operate reports, import financial data from other platforms, or walk one through the features.
Best Online Accounting Software for Small Business
Small business owners can use accounting software to track their expenses, prepare for tax season, and keep track of their finances. Small businesses often choose software over hiring an accountant or a large firm to handle their taxes and payroll, as it is more affordable.
We've gathered a list to make it more comfortable for you to choose the right cloud accounting software for your small business:
1. Zoho Books
Zoho Books can manage a company's finances across the entire association, an end-to-end accounting solution for all sizes of firms. Accounting payable and receivable, payroll, trade management, inventory control, and banking are some of the financial processes automated by the system.
Customers can also securely reserve their payment information for recurring transactions in Zoho Books' client portal, which manages customer and supplier interactions.
Features
- Customizable Invoice Templates
- Online Payments
- Transaction Approval
- Recurring Expenses
- Inventory Tracking
Pros
- It is effortless to roll out to the entire team.
- Streamlined expense reporting.
- Integrating invoicing with the CRM.
- The mobile app allows time-tracking and sends invoices immediately.
Cons
- The integration with other Zoho One modules is unmanageable.
- Certain restrictions within modules make editing transactions difficult.
- Complexness in advanced custom reporting.
Pricing
- Free - $0
- Standard - $15 per month, billed annually.
- Professional. $40 per month, billed annually.
- Premium. $60 per month, billed annually.
2. QuickBooks Online
With Quickbooks Online, you can control all aspects of your business' finances on the internet. It can help you keep track of bookkeeping, payroll, invoice management, reconcile your bank account, track expenses, prepare financial reports, manage taxes, and more.
It does not require any installation or download on the user's end, and users can upload photos of bills for use as expense proofs or share them with concerned stakeholders. They can also download and reconcile credit card transactions.
Features
- Cloud Accounting
- Invoicing
- Online Banking
- Cash Flow Management
- Time Tracking
Pros
- It is effortless to send invoices
- QuickBooks online is fairly easy to use and user-friendly
- Easy to use reports for taxes at the end of the year
- Transparency is ensured by enabling accountants and auditors to access the data at any time
Cons
- QuickBooks online is slow to resolve tech issues
- Customer service needs improvement
- While the premise of bookkeeping cleanup is excellent, the implementation is terrible
Pricing
- Self-Employed - $15 per month
- Simple Start - $25 per month
- Plus - $75 per month
3. Vyapar
With Vyapar, you can easily handle all elements of your corporation's accounting and finances. The software possesses inventory tracking, invoicing, expense reminders, barcode scanning, and more. With Vyapar software, inventory is easily managed and tracked by color, size, expiry date, batch number, serial number, brand name, etc. E-way bills against sales are generated as required whenever required by Vyapar software.
Features
- Inventory Tracking
- Invoicing
- Reporting
- Payment Reminders
- Barcode Scanning
Pros
- Vyapar is user-friendly and can get modified as per your requirement.
- It is extremely affordable for small and medium businesses.
- Vyapar also helps with the easy filing of GST returns.
- No high level of training or accounting knowledge is required to use the app.
Cons
- This software is unable to back up on the cloud or anywhere.
- Customer service needs improvement.
- Vyapar is not available for iOS devices.
Pricing
-
Custom pricing
4. TallyPrime
The TallyPrime business management system is designed to automate on-premise accounting, inventory, compliance, payroll, and other business processes. As well as supporting tasks such as entry management, reminder letters, and bank reconciliation, the accounting module provides a dashboard to track business metrics. Sales track orders, record receivables/payables, and generates invoices and bills.
Features
- Invoicing & Accounting
- Inventory Management
- Insightful Business Reports
- GST/ Taxation
- Credit and Cash Flow Management
Pros
- TallyPrime is straightforward to use.
- It is a splendid application for planning in software development.
- Accounting and billing reconciliation.
- Easy to make journal entries, balance sheets, and income statements.
Cons
- This software has some limited functions.
- It doesn't allow the creation of custom reports.
- It is not cloud computing.
Pricing
-
Custom Pricing
5. FreshBooks
With its strong phone support and customizable invoicing features, FreshBooks is ideal for freelancers and independent contractors who need small business accounting software. Automate your invoicing, accept online payments, and get reimbursed 2x quicker with automatic invoicing. Boost your team's productivity with time tracking and collaboration tools, which keep track of every minute, every file, and every conversation.
Features
- In-App Estimates and Proposal
- Pre-populated Chart of Accounts
- Time Tracking
- App Integrations
- Recurring Payments and Auto-Bills
Pros
- FreshBooks is quite intuitive and user-friendly.
- It is excellent for building & sending invoices.
- Easy implementation & cloud support.
- The templates allow keeping branding professional
Cons
- The app crashes frequently.
- The software becomes slow when there is a large volume of data.
- The mobile app does not work nicely for some features.
Pricing
- Lite - $180 yearly
- Plus - $360 yearly
- Premium - $660 yearly
- Select - Custom pricing
Market Trends of Online Accounting Software
A fast pace of technological development is common in the world of accounting software, and online accounting software providers are always enhancing their solutions to remain pertinent to company owners and accountants. As we approach the year, here are the twelve accounting software trends for 2024 and beyond:
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Customization As Per Your Requirements
Most of these solutions are agile and allow users to pay only for their services. So if your business needs core accounting and not tracking of sales management, then it would not be included. This benefit is that you don't pay extra charges, only pay for what is used.
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Electronic Payment Gateways
They offer numerous advantages like online paying off bills and receiving payments. They save time and transport expenses for your customers. The benefit of online receipt generation is that the accounts are maintained transparently without the chances of getting lost or misplaced.
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SAAS ( Software as a Service)
The SAAS offers many benefits, like ERP software, CRM (Customer Resource Management), Sales and invoice management, outlet resource management, and financial software. They are highly functional and target large businesses that require all these features. They are multifarious and have diverse functions. This is their main benefit.
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Remote Access to Financial Data
The user can access financial statements anytime and anywhere with web-based accounting software. He does not require installing the updates or downloading the updated version every time there is a system upgrade.
Because of its web-based platform, such software comes with flexibility as its unique feature. Some online business accounting software also comes with their respective mobile applications, enabling ease of remote access.
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Real-Time Data Availability
The most common and significant advantage of computerized accounting software is that the data is accessible in real-time. There is no need to update the data manually every time. The reports are prepared considering the latest data information.
All this provides an up-to-date view of the current financial market too. This also makes it easier for enterprises to access real-time financial data as and when needed.
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Automation
Automation of work always saves time and money in the long term. There is minimal manual interference. Technological advancements relieve the person from executing repetitive tasks. Also, it becomes easy to extract financial reports and complete data analysis speedily.
The accountant is no longer required to prepare ledger and vendor reports every time. For specific repetitive tasks, there are pre-designed formats that can generate results when needed.
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Ease of Collaboration
A web-based accounting software tool makes it easier for any organization or businessperson to collaborate with his accountant. When given access to the accountant, he can generate reports & when needed without wasting his and your time.
You can also provide restricted access if needed. Also, you can easily integrate web accounting software with other cloud-based software tools for the organization's overall success.
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Safety & Data Security
A cloud-based system ensures the safety and security of data. Cloud accounting software uses encrypted data to rewrite the information in code language and store it in the cloud. Cloud accounting software can also take your business to the next level. Web accounting software thus offers the following security measures to the user:
1. Secure premises
2. Staff security
3. Off-site automatic backup server
4. Regular security audit
5. High-level digital security software
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Accuracy of Financial Operation
The computerized accounting software comes with security and automation features, which further ensure the accuracy of financial transactions. All the user needs to do is enter the information in a well-categorized manner.
With proper entry, the user can efficiently manage expenses and extract financial reports quickly and accurately. The user is not required to be well-brushed with accounting formulas to get accurate financial statements. Everything gets done automatically.
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No Requirement for Installation
There is no need for any separate setup of hardware devices to use and install online accounting software. Everything gets hosted online. Unlike many other software tools that need individual licenses for each computer, computerized accounting software is readily available on a web browser or mobile app.
This also saves money spent on the IT team to do jobs like software upgrades or deal with other technical issues.
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Ease of Technical Support
Ease of technical support is the prime benefit and reason that drives the need for cloud-based web accounting software. In case of technical issues, the user can contact support at all times of the day from any remote place.
The support is available in any technological format, like chat, telephone, email, and more. This saves them money and time, which people would have otherwise wasted in hiring an in-house IT representative to deal with software issues.
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Paperless Working Environment
During the traditional days of financial management, people recorded accounting work on paper. But not anymore. With stacks of file and account statements compressed in the form of digital data, the finance department has become almost paperless.
There is no hassle and fear of paper documents getting misplaced, torn, or lost. Also, with a cloud-based accounting software program, the accountants are no longer required to enter the data manually on paper and then transfer it to the system. Everything gets done directly, thus resulting in a reduced risk of manual errors and loss of essential business data to a vast extent.
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FAQs
Online accounting software offers 24/7 onsite security, backups, end-to-end encryption, and other features to protect your information. No system is 100% certain, but cloud-based accounting software is safer than other accounting and financial management software.
Many people use free accounting software, but the most common users include accountants, accounting corporations, controllers, CFOs, and administrators.
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