Accounting software is a computer program used by bookkeepers, accounting professionals, and business owners to process business transactions and manage accounts. The software have basic features that track money coming in and going out of the business. It also offers multiple features that help to simplify accounting tasks. Accounting software helps to simplify business processes, giving business owners more time to focus on the administration and execution of their strategies. There are many accounting packages in the market. The most popular ones are QuickBooks, Busy, Zoho Books, Sage, Freshbooks, Xero, Tally, etc.
Benefits of Using Accounting software
- It saves time
- It reduces cost
- It increases speed and accuracy
- It makes report generation easy
- It promotes data accuracy
1. Busy accounting software
Busy is my number one accounting software. The software is a complete accounting program for small and growing businesses. BUSY is a simple yet powerful GST / VAT compliant Business Accounting Software. The software has everything you need to grow your business. Retail stores with multiple branches especially needs this software. Busy is simple and easy to use. It doesn’t require accounting knowledge. Also, it is highly flexible to accommodate diverse business needs. As the business grows, it can be scaled to meet the growing business needs.
- Complete Financial Accounting (Multi-company/Multi-financial years)
- Advanced Inventory Management (Multi-location inventory management)
- Fully Configurable Invoicing
- Comprehensive GST / VAT Module
- Complete Operations Management
- Mobile App
To satisfy the diverse business needs of the Small and Medium Businesses, BUSY Accounting Software is offered in four editions:
Express is the free edition of Busy accounting software. It has limited but sufficient functionalities for those who are in the early stage of their business and have a minimal operational requirement.
Basic is meant for shopkeepers and small businesses whose main requirement is invoicing, book keeping and compliance. It comes with minimal set of features covering Invoicing, Accounting, Basic Inventory and Statutory Reports.
Standard edition is meant for medium level businesses. It has all the features of Basic edition plus a lot of other business management features like Order / Quotation / Challan Management, Multiple Units of Items, Item Barcode / POS Billing, Direct SMS / Email facility and much more.
Enterprise edition is meant for larger in size Companies. It normally has multiple branches/locations or a lot of users using BUSY. this edition has all the features of Standard edition and a lot of other enterprise features like Multi-Branch / Location Management, Enquiry / Support Management, Voucher Approval System, Payroll Management, exhaustive checks and controls and much more required in a distributed environment for collaborative working.
2. INTUIT’S QUICKBOOKS ONLINE
Intuit’s QuickBooks Online is the most popular accounting software. The majority of small businesses and accounting professionals make use of this software. The dashboard is user-friendly. All data entry features can be conveniently accessed on the dashboard. As a result, bookkeeping with this software is efficient. The software is cloud-based and can be accessed from anywhere with an internet connection. It can be accessed using a mobile phone or personal computer.
- Invoicing: Create professional custom invoices, send payment reminders, and match payments to invoices, automatically.
- Expenses – Get set for tax time with all your expenses organized in one place.
- Bank Feeds – Save time and reduce errors when you connect your bank to get a full view of your finances
- GST and VAT – Easily organize expenses into tax categories and track sales tax on income and expenses so you know where you stand and how much you
- Inventory Management – Stay on top of your orders and quantities while managing your inventory in real-time.
- Capture and Organize Receipts – Use your phone to take photos of receipts. Match them to bills to stay organized and ready for tax season with everything in one place
- Mobile app – Save time by running your business on the go with your mobile device.
- Insights and Reports – See how your business is doing, and how it could look in the next 90 days, with a range of popular reports and the cash flow planner.
- Multi-currency support – Send invoices, record transactions and adjust reports in different currencies and assign currencies to different customers
There are three options for subscription plans after a 30-day trial. They include Simple Start at $8 per month, Essentials at $12 per month, and Quickbooks Plus at $17 per month at the time of writing this article10/5/2022.
Xero is online accounting software. It connects you to your bank, accountant, bookkeeper, and other business apps. The software has a clean interface and also fully integrates with a third-party payroll service. for example, businesses can receive online payment from customers through Xero’s integration with Stripe and GoCardless. Xero is good for micro-businesses that need very simple accounting software.
- Invoicing – Create and send online invoices from the desktop or app as soon as the job is done.
- Bank reconciliation – Easily categorize and reconcile bank account transactions each day using suggested matches.
- Bills Payment – Track and pay bills on time. And get a clear overview of accounts payable and cash flow.
- Claim expenses – Capture costs to submit and reimburse expense claims, plus view spending – all with expense management tools.
- Bank connections – Connect your bank to Xero and set up bank feeds. Transactions flow securely straight into Xero each business day.
- Accept payments – Accept payments online and get paid up to twice as fast by connecting to Stripe, GoCardless, and others.
- Track projects – Quote, invoice, and get paid for jobs. Plus keep track of costs and profitability with project and job tracker software.
- GST Returns – Xero calculates GST and speeds up preparing business activity statements. Submit your BAS to the ATO from Xero.
- Payroll – Pay staff and report payroll details to the ATO with online payroll software. Automate tax, pay, and super calculations.
- Manage Xero contacts – Use Xero for contact management. See details of a customer’s or supplier’s sales, invoices, and payments in one place.
- Capture data – Get copies of documents and key data into Xero automatically. Data capture without manual entry using Hubdoc.
- Files – Use Xero for online file storage. Manage and share documents, contracts, bills, and receipts safely from anywhere.
- Reporting – Track your finances with accurate accounting reports. And collaborate with your advisor online in real-time
- Inventory – Keep track of what’s in stock with inventory software. Populate invoices and orders with items you buy and sell.
- Multi-currency – Pay and get paid in over 160 currencies with multi-currency accounting. Use instant currency conversions.
- Purchase orders – Create and send purchase orders online with purchase order software. Keep track of orders and deliveries at every step.
- Quotes – Create professional online quotes using Xero software or the app. Send quotes instantly from your phone or desktop.
- Analytics – See future cash flow, check the financial health, and track metrics. Upgrade from Xero Analytics to Analytics Plus for more.
- Accounting dashboard – Track bank balances, invoices, bills, and more at a glance using the accounting dashboard.
- Fixed Assets Management – Xero makes it easy to track fixed assets and work with your accountant to manage them, keeping your books up to date.
Xero has three pricing plans designed to suit different business needs. The plans are Early at $12 per month, Growing at $34 per month and establised at $65 per month. All plans cover accounting essentials with room to grow.
All the listed software are fine for bookkeeping purposes. However, I always recommend BUSY for my clients. Busy is very easy to use with flexible and easy to use interface. More importantly, its multi-inventory and multi-currency system are the best selling features.