Best Accounting Software for Businesses in India

Best Accounting software
|Updated on: November 3, 2023

What is accounting software?

Accounting software is a business management software used by businesses to record transactions, process information, and present those in the form of reports, giving a complete picture of the company. It helps you to keep track of all the financial records and manage various accounting tasks.

By automating the recording of accounting information, accounting software enables efficient and quick processing of financial information. Other than businesses, accounting software is used by professionals such as Bookkeepers, tax professionals and other accounting professionals.

TallyPrime is an accounting software that makes recording and organizing accounting information so simple that in no time, you will be in greater control of your business, business (whether small, medium or large enterprises), right from invoicing to insights that matter to business growth. 

accounting software 

Key features/core modules of TallyPrime - Business accounting software

TallyPrime, a complete accounting software, helps you manage several functions of the business, starting from recording business transactions to generating complex reports in an integrated manner.

Accounts receivable
Accounts receivable, for all money the business receives
Accounts payable
Accounts payable, for all money the business owes
Pre-defined chart of accounts

Pre-defined chart of accounts

Invoicing and billing
Invoicing and billing
Flexible inventory management
Flexible inventory management
Insightful business reports
Insightful business reports
Sales and purchase management

Sales and purchase management

Record and Bookkeeping

Record and Bookkeeping

Transact in multiple currencies
Transact in multiple currencies
Online business reports
Online business reports
Employee Payroll Management
Employee Payroll Management
Multi-company support

Multi-company support

Cost tracking and analysis
Cost tracking and analysis
Complete solution for taxation
Complete solution for GST, TDS and TCS

Accounting reports in TallyPrime 

TallyPrime comes with a diverse set of readily available business accounting reports. The availability of numerous views and actionable insights helps you make informed decisions for your business growth. These reports are designed to aid in analysis, such that you can slice and dice the information in reports and create various viewpoints to understand the reports better.

The best part is that you can personalise the business reports by creating and saving multiple views of the same report in a way it works for you. 

Accounting reports
  • Ledger reports
  • Cash/bank books
  • Purchase/sales register
  • Bills receivables
  • Bills payables
Financial reports
  • Balance sheet
  • Profit & loss A/c
  • Trial balance
  • Ratio analysis
Inventory reports
  • Stock summary
  • Stock ageing analysis
  • Movement analysis
  • Stock transfers
  • Stock item cost analysis
  • Location/godown summary
  • Stock-item-wise profitability
  • Order summary
  • Batch summary (Mfg. & Exp.Date)
  • Re-order status reports
Management control reports
  • Cost centre
  • Cost category
  • Budget
  • Cash flow report and projection

Why is accounting software important for business accounting needs?

Business accounting involves a wide range of activities to capture a business's entire financial picture. Done manually, it is complex and time-consuming work. But complete accounting software has simplified these processes, giving business owners more time to focus on the administration and execution of their strategies. Below are some of the key benefits of using an accounting software:

  • Improved business efficiency 
  • Sync between invoicing, accounting, and inventory 
  • Improved speed of data entry and processing 
  • Error-free data-entry and accurate accounting reports  
  • Auto-generated business reports 
  • Single source of data access for all functions in the organisation 

Things to consider before buying accounting software in India

  • Automation of accounting processes and tasks
  • Auto-generation of business reports 
  • The reports from software should aid in the analysis and allow you to personalise the reports
  • Scalability & incremental implementation of features/modules as the business grows
  • A complete solution to manage GST and other statutory as applicable to your business
  • Integrates several functions such as accounting, inventory, taxation etc 
  • Online access to business reports 
  • Quick to on-board and easy to use 
  • Easy access to self and technical support system 
  • Data Security
  • Option of free trial to experience the software 

Watch Video on Tips & Tricks in TallyPrime to Make Accounting Simple

Video guide - Accounting software with TallyPrime

Frequently asked questions

How to choose the best Accounting software used in India?

To choose the best financial accounting software in India, you must keep in mind the following aspects:

    • Free trial
    • Easy to install and use
    • Scalability
    • Price
    • Online technical support
    • Data security
    • Anytime, anywhere access
    • Compliance

How does accounting software work?

Accounting software helps businesses simplify their finances and other tasks like recording transactions, downloading financial statements and reports, creating and sending invoices, and much more.

When is the best time to switch to business accounting software?

The best time to buy software for accounting is when you want to automate and streamline your business process more. Accounting software like TallyPrime is flexible to adapt to your business and becomes your growth partner. TallyPrime comes with capabilities that will take care of not only your current needs but also future requirements.

Which is the most used accounting software for accountants?

The preferred accounting software for accountants is one that is flexible to take care of every aspect of a business. TallyPrime -  a complete business management solution offers features like; inventory management, payroll management, statutory compliance, seamless banking experience, credit management, over 400 financial reports and many such capabilities to boost productivity and efficiency.

What is the price of TallyPrime accounting software?

Whether you're a small business or an enterprise, Tally's accounting software caters to all your ERP or business needs. See our plans, prices and buy online.

Silver Rental (Single user edition) INR 600/month (+18% GST)
Silver Perpetual (Single user edition) INR 18,000 (+18% GST)
Gold Rental (Unlimited multi-user edition) INR 1,800 (+18% GST)
Gold Perpetual (Unlimited multi-user edition) INR 54,000 (+18% GST)

Is Tally a good accounting software?

Tally is a one stop solution to manage all business activities more efficiently. TallyPrime comes with a diverse set of readily available business reports with powerful and actionable insights, helping you make informed decisions for your business growth. Be it business relationships, cash or inventory, Tally's reports help you manage all aspects better with extremely easy discovery and navigation.

What business processes have been automated with accounting software?

Accounting software helps automate the following tasks - bookkeeping, accounts payable and receivable, invoicing, tax compliance, payroll, and much more.

Who uses accounting software?

From small businesses to large-scale enterprises, all businesses need accounting software to automate and manage bookkeeping processes.

Which companies should buy accounting software?

From an MSME to a large enterprise, all businesses can use accounting software.

What are the features of computerized accounting software?

A computerized accounting software improves overall productivity, thereby helping your business. A robust accounting software increases your efficiency, accuracy, and simplifies your overall accounting process. 

What are the benefits of accounting software?

From accounting, invoicing, to billing, tax calculation, accounting software is an important software for managing your company's financial data. In addition, it aids in client management, reconciles bank accounts, and generates insightful financial reports, all of which contribute to your company's steady and streamlined expansion.

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