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Best Accounting Software Companies in 2021

Showing 1 - 15 of 15 Companies

What is Accounting Software?

Accounting software is exclusively designed to carry out accounting processes effectively while handling the various functional aspects like payable amounts, received amounts, effective balance check and drafting out payroll modules. The other various attributes specifically related to this software include the demand for billing information, record keeping and generating effective invoices for better manageability.

As "brick and mortar" businesses shift their bases to digitalization and contemporary technology, keeping up with the latest technologies becomes crucial to run the business smoothly and efficiently. Apart from efficiency, humans look for security. Highly classified and substantial data and records need to be safeguarded against malware and corruption. In the midst of this chaos, cloud accounting comes as a one-stop solution, which has revolutionized the way businesses manage their finances.

What is Cloud Accounting Software?

Think of it like your apple cloud service. A secure server that puts all your entire accounting system on a private online space; in a way that it becomes accessible to the key financiers involved, from any device and from anywhere. Now many of you must be wondering that free online data is expensive. Does cloud software outweigh the costs incurred and what purposes does it exactly serve? Well here is a rundown of why you should expedient from traditional methods of bookkeeping to cloud accounting.

Why use Cloud Accounting?

Why Do You Need Accounting Software for Business?

  • Preferably due to the rising economic and financial problems, management solutions and the need for an effective management software to keep the records up-to-date and also to generate maximum efficiency.
  • To Provide highly functional modules that incorporate different aspects of Accounting for universal applicability.
  • Greater demand for digitalization of the data due to the advancement of technology.

What Type of A Buyer Are You?

When it comes to tracking down the best accounting software as per your business needs and requirements, there are a whole lot of criteria to be kept in mind.

  1. Small Scale Business: The modules of this software are highly standardized to meet the specific requirements of the small-scale as well as private business corporations. 
  2. Large Enterprises: When it comes to implementing accounting software for a massive corporation or enterprises, it is deemed highly necessary to keep up with the economic standards and financial solutions drafted out specifically for different subcategories of the respective departments.
  3. Horizontal and Vertical Markets: Banking, Health Care, Real estate, etc.

User Behaviour in Purchasing Accounting Software: (From

1. Industry-Wise Spread

2. Software Request On The Basis Of Designation

3. Budget Preference (in INR)

software budget for accounting

4. Preferred Deployment Type: Installation-based Vs. Web-based Software


5. Users Preferred Location


Features of Accounting Software

  • Easy generation of invoices and receipts for the corresponding bill payments
  • Better monitoring of sales and purchase categories for greater modulation of tax generation aspects
  • Highly definite and professional user interface for high-end user experience and ease of use.
  • Implementation of core modules like Billing, Inventory, Purchase and Sales Orders, Accounts receivables and payables, etc and non-core modules like E-Payments, Payroll Generation, Report Generations, etc.
  • Highly functional customization features and standardized tools to comply with the corresponding business requirements.
  • Affordable solutions with real-time report generations
  • Enhanced facilitation of refundable claims and bill payments.
  • Highly extensive and robust database solutions with real-time updating and recovery facilities
  • Incorporation of the mobile alert facility for better accounting performance and greater efficacy on the whole.
  • Highly accurate and dependable data generation and maintenance.
  • Reduced time complexity with accounting solutions

Factors to Choose the Right Accounting Software

  • First and foremost, the highly essential reason is security. The database and the various transactions need to be highly abstract and isolated from third party interference.
  • A great user interface facilitates better incorporation of the corresponding software into the given mainstream. Lack of the same can create quite a lot of inconvenience 
  • Full-time support for debugging modules helps easy maintenance of the software
  • Highly reduced time complexity accounting solutions for faster and quicker business operations.
  • The inclusion of varied accounts software modules into the mainstream under affordable costs is truly worth the investment.
  • Extensive database utilization with caching plug-in for easy retrieval and maintenance of data
  • Real-time updating of data proves for better atomicity of transactions
  • Cross-platform synchronization for better management and monitoring

Which Accounting Software is Best for Small Business?

Major Problems and its Solutions for Small Businesses

1) Efficiency
Before the advent of cloud accounting, you might be carrying your laptop, everywhere you went. Failure to do so usually meant that you were shut out of your company's critical business numbers requiring your immediate attention. With cloud accounting software, you can easily access your finance system from anywhere, via a remote location. Not just on your computers and laptops, but on any device compared to traditional accounting methods, which were available on selected devices only. So, your primary requirements are cut down to just an Internet connection.

2) Cost Reduction
The headache of handling receipts, bills and invoices can be overwhelming. Despite that small business, with their fluctuating input and output needs, require a greater attention to their accounting systems, so that costs that do not contribute towards expansion can be reduced. To focus on running your business and venturing out into new areas, you often hire bookkeepers to assist you in the task. You might have to spend extra on hardware, software, and management of systems. Alternatively, you may even decide to outsource the work of maintaining your financial system up-to-date. Both of these methods incur extra costs that can be hewn. 

Cloud accounting is an easy concept, which can be learned and picked up quickly. Powerful tools within the domain of cloud accounting software enable you to manage your finances easily without any assistance. It also comes as a miracle for the entrepreneurs who are not very well versed with accounting and finance management. Thus, ensuring lower costs and time expenditure on maintenance.

3) Easy Work Distribution
In a normal scenario, the hard drives containing your vital documents are accessible to only one person with access to it, but not to other accountants. With cloud accounting, you are putting up the entire finance information on the cloud. Imagine adding expense receipts or checking invoices on the beach of Bahamas. The information can be added and accessed from anywhere and through any device, permitting team members to complete their work regardless of their location. Moreover, the information is organized automatically on the software, allowing other team members to work around your inputs even without regular communication.

4) Maintaining Easy Relationships
Staying one step ahead of your competitors in the market requires more than account keeping and record books. You will need to create financial statements and have your advisors interpret them for you. Through cloud accounting tools, you'll find that collaboration with your advisors or virtual CFOs has become a breeze. You will be accessing the same data as they are viewing. It comes in handy when you plan on utilizing additional advisory services. You don't have to create statements every time, but simply maintain them on one platform.

5) Security Of Your Data
Your financial records are critical numbers, essential for the hassle-free running of your company. You might lose them in different ways. Viruses might corrupt and wipe out your entire device software. "Trusted colleagues" with your computer passwords may decide that it's time to pry into your financial records and may accidentally delete important files. Even better, your laptop might get stolen and with it, you lose all your consequential data. Most often than not, people do not keep backups. After all, you don't want your financial documents in the hands of your malevolent "benefactors".

Cloud accounting is the safest and most secure way of accounting for almost zero errors and negligent drawbacks. Only those with authorization to use the data and password can access the sensitive information. There is nothing to be installed on your computers or laptops. Everything is there in the cloud, so, even if a virus attacks your computer, you won't lose anything. Plus no one can steal or copy files from your personal space/server. 

6) A Broad Retinue of Applications
Applications like Quickbooks integrate other cloud-based tools that make it easy for you to extract and leverage data across a wide plethora of platforms and reduces time spent on manual entry. Some applications like Xero also allows you to gain access to a variety of features that you can integrate into your chosen accounting tool. This not just enhances the user experience but also improves the business accounting operations.

7) Verify Discrepancies
If a vendor or distributor claims that you have not paid a bill, you can easily retrieve the invoices from your cloud account and identify whether it was missed or paid for. It saves you from paying twice for the same invoice and serves as a proof in discrepancies.

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