Accounting Software
Accounting Software

Top Accounting Software | 2017 Reviews and Prices : Page 1

What is Top Accounting Software | 2017 Reviews and Prices?

The market is brimming with different accounting software solutions that cater to the requirements of any industry or organization. Though different business accounting software solutions come with specialized functionalities to needs the needs of specific industries, there are certain core modules which are common for all.

A core package of business accounting software is expected to serve modules like, accounts receivable, accounts payable, general ledger, payroll, fixed assets, bank reconciliation, and reporting.

Along with core modules, specialized functionalities of an accounting software for particular businesses are, billing and invoicing, fund accounting, inventory management, project accounting, budgeting and forecasting. Prominent names in the world of accounting software are Zero Beautiful, Wave, Tally ERP 9, Saral Accounts, ProfitBooks, and so on.

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Xero Beautiful accounting software
By Xero
Xero is small business accounting software. It's cloud-based and can be accessed from any computer or device with a browser. Three service plans are available for this software. All plans allow you to invite an unlimited number of users to the software, and you're able to set permissions to manage what information they can access. The starter plan includes most functions, including accounts payabl...
Wave Accounting Software
By WAVE
Wave is a Web-based integrated accounting solution exclusively designed for small organizations. It features accounting, invoice and billing, payments, payroll, personal finance and receipts.Users can link bank accounts, PayPal accounts and other sources of data for real-time transaction records. They can also generate reports such as balance sheets, sales tax reports and account receivable and pa...
Tally ERP 9
By Tally
Tally.ERP 9 is an accounting & Payroll solutions designed to manage payroll, inventory, sales and other needs of a small business. The software’s features include marketing tools, merchant services, product and supplies, training solutions. Each solution is developed according to different industries and their needs.These software solutions are used to monitor expenses, create invoices and r...
Saral Accounts
By Saral
Saral Accounts is the software for maintenance of books of accounts of an Organisation. Using Saral Accounts, the user can create books of accounts of any nature of Organisation namely, manufacturing, trading, service or non-profit. The essence of the software is the ease with which the user can work on all aspects of the software namely, data entry, view and reports.Key Features:Enables accurate ...
Reach Accounting software
By Reach
Reach Accounting Software comes with features like Business Dashboard, CRM, Inventory Management, Billing & Invoicing, Repair Management, Accounting & Tax Management, Mobile App and many more....
ProfitBooks Accounting Software
By ProfitBooks
ProfitBooks is a cloud accounting software for SMB Businesses. It lets you create invoices, track expenses and manage inventory. With ProfitBooks accounting software, one can create professional estimates or invoices and track outstanding payments due with few clicks. With the help of ProfitBooks, ONe can start receiving Online Payments via accepting credit/debit card, netbanking or even wallet pa...
Marg ERP9+  Accounting Software
By MARG
With Marg Accounting Software you can finalize your accounts upto balance sheet through importing data from any inventory software except bill creation & modification. Moreover you can also maintain customer's account. All types of vat forms are available according to state wise and you can file e- return online. You can update your software yourself.For C.A and Accountants MARG is providing a...
Intuit Quickbooks
By Intuit
QuickBooks is an accounting solutions designed to manage payroll, inventory, sales and other needs of a small business. The software’s features include marketing tools, merchant services, product and supplies, training solutions. Each solution is developed according to different industries and their needs.These software solutions are used to monitor expenses, create invoices and reports, track c...
BUSY Accounting Software
By BUSY
BUSY is an business accounting software for Small and Medium businesses. BUSY features include Financial Accounting, Inventory Management, Sales / Purchase Quotations, Invoicing, Taxations and many more.BUSY offers a range of accounting softwares to cater to the needs of different business segments. The primary editions offered by BUSY are Basic, Standard & Enterprise.Whereas Basic editio...
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    Frequently Asked Questions

    Unlike other business operations, organisations depend on a payroll supplier for training, support and help including regular updates when tax and salary structure changes, and new labor laws come into existence.

    Accounting and payroll software accelerates the time to calculate employee salaries accurately, and to make payments on time. It eliminates the difficulty in understanding the complex payroll laws and operation; thereby reducing the administrative costs.

    The market is brimming with different accounting software solutions that cater to the requirements of any industry or organization. Though different business accounting software solutions come with specialised functionalities to needs the needs of specific industries, there are certain core modules which are common for all.

    A core package of business accounting software is expected to serve modules like, accounts receivable, accounts payable, general ledger, payroll, fixed assets, bank reconciliation, and reporting.

    Along with core modules, specialised functionalities of an accounting software for particular businesses are, billing and invoicing, fund accounting, inventory management, project accounting, budgeting and forecasting. Prominent names in the world of accounting software are Zero Beautiful, Wave, Tally ERP 9, Saral Accounts, ProfitBooks, and so on.

    The necessities and demands of small-to-medium sized businesses are different from the needs of large commercial sectors. The employers need to compare the salient features and benefits of different types of accounting and payroll software before making the final selection.

    Entry-Level Software The entry-level accounting software comes with limited features. This software can perform basic financial reporting and can calculate accounts payables and receivables. It is suitable for micro-enterprises or as an addition to existing business systems. These software products are sometimes available free of any cost. The paid subscription may be necessary for the users to add advance features.

    ERP Software The Enterprise Resource Management (ERP) software comes with different industry-specific modules. It is capable of managing inventory and handling billing/purchasing tasks. It uses standard financial tools to calculate all-round financial transactions. This software can generate reports and manage customer relationship efficiently. The cloud-based ERP systems are inexpensive. Any business organization (small, medium or large) may benefit through their efficient and economic performance.

    Traditional Payroll & Accounting Software The standard accounting tools of this software can calculate everything related to payroll and employee benefits. Its tools can generate and store employee records based on detailed information. The software can manufacture and distribute reports with the help of industry-specific modules. Its drag-and-drop editor is perfect for necessary customization. Multiple users may access this software at the same time.

    While evaluating different accounting software packages, it is important to know about the current market trends.

    Shift towards Cloud A shift toward cloud computing is seen in the payroll & accounting sector. As per recent studies, four out of 16 software users are using cloud computing. The number of cloud-based software will significantly increase in 2017. The traditional payroll practices may become a full-service option through cloud computing. For example, Gusto can synchronize the data directly to the Xero Cloud in real time. The cloud-based applications make it easier for the users to access, analyze and update information efficiently.

    OCR Domination The year 2017 is witnessing the rise of Optical Character Recognition (OCR) in the payroll & accounting sector. OCR can convert images into readable and editable texts. OCR will allow accountants extract relevant texts and data from online accounting platforms. This technology is quickly turning more efficient than its 2016 predecessors. Some renowned names in this arena are Expensify, Receipt Bank and Hubdoc.

    Integration The accounting software is integrating with distribution, e-procurement and e-commerce. The latest payroll applications have in-built invoicing system. These products can incorporate seamlessly with HR systems. The financial ecosystem is now becoming essential for basic accounting applications.

    Business Intelligence The interest in business intelligence is on the rise, as it collects a large amount of data and converts them into reports. Many vendors are now incorporating business intelligence into accounting software to meet specific reporting needs of different businesses. (img source:businesswire)

    The presence of these useful features makes accounting software solutions perfect for any type of business.

    Payroll Automation The online payroll service can automatically calculate salaries, include overtimes, count holiday pays, determine shift differentials, and exclude benefits during payroll generation. The employers may use it to calculate the salary of any type of employee. It can even submit checks or perform direct deposits.

    Tax Report Filing Accounting software should help in filing tax reports and paying tax withholdings to proper authorities on time. An accounting software that helps in the overall tax calculation quickly is a great tool. It can also allow employees to fill yearly tax forms and view pay stubs and PTO balances.

    Integration with other Software The accounting software that unifies seamlessly with the existing HR software, and time-and-attendance systems can help in overall growth and improvement of an organizations. The integration with HRMS software will help the system in keeping track of applied vacations and sick hours to calculate the paid time-off.

    Inventory Management By tracking orders, sales and deliveries, an accounting software can help businesses manage inventory in a profitable manner. Companies can track inventory depreciation and fill the stock of products at the right time. This can help in maximizing profit by investing in the right stock at the right time, without any chance of over-spending.

    Budgeting and Forecasting Based on the past data, accounting software applications can provide budgeting and forecasting solutions. Businesses can predict their financial outlook in the coming period using the forecasting feature of an accounting software, and set budget for different departments accordingly.

    Billing and Invoicing Most of the accounting and payroll systems automate the process of payment collection from customers by sending them reminders through automated emails and messages. Invoices can also be generated with accuracy and on time using an accounting software.

    An automated accounting and payroll system enables organizations to process its payroll through a computerized system. There are several more benefits to enjoy from this software. Let us learn more.

    Accelerated Time Computation It is exhausting to calculate manually the working hours of employees, especially if they work in shifts, do overtime, or get hourly remuneration. A manual payroll system needs employer to collect time clock data and calculate it by hand. Often, manual computations are prone to mistakes. However, an automated payroll system enables employers to import the time clock data directly to the automated time-keeping application. The employee uses a badge or swipe card or biometrics (fingerprint) to clock in and out. This data is automatically transported into the accounting and payroll software, which then accurately computes the results. However, the payroll administrator must ensure that employee time records are appropriately imported, and check for edits in time records before processing the salary.

    Salary Calculation The automated payroll system enables accounting professionals accurately calculate the gross-to-net earnings as per the data fed by the payroll executive. Thus, the accuracy of the data is ascertained. For instance, if the payroll executive forgets to make severance pay entry into the system for a terminated employee, the payroll system will not recognize this and will not pay. The computerized accounting and payroll system executes all types of payments, such as, salaries, hourly, commissions, overtimes, bonuses, raises, deductions, taxes, wage deductions, and many more.

    Paycheck Generation This system abolishes manual paycheck writing and automatically generates paychecks. It also makes direct deposits into the employee’s bank account. It enables employers to customize the pay slip template for their employees.

    Deductions Deductions like employee provident fund, gratuity, tax and mediclaim are an important part of payroll processing. However, calculating deductions from employees’ paychecks is a time-consuming task. The payroll executive must be up-to-date with the latest tax laws to compute the deductions accurately. Often, manual calculations are prone to mistakes that lead to heavy losses for both the company and the employees. An automated payroll system calculates the withholding taxes based on current tax-rate inputs and it reduces the possibility of payroll tax errors. It saves organizations from paying tax penalties, and employees are happy too upon receiving accurate salary every month.

    Organized Recording Organizations are legally required to maintain employment tax records and payroll records for at least three to four years. This software generates and stores these records safely in an organized way.

    Notifications This software can keep its users updated about the latest changes to state or central taxes. The timely notifications also remind users of important tasks, such as, tax submissions or paycheck generations to avoid penalties.

    Cost Effectiveness The accounting and payroll software brings flexibility into the calculation and management of employee records. Anyone with basic technology knowledge can easily manage the payroll requirements with this system. The need for less labor further reduces the expenditure of an organization.

    Productivity The automated payroll system saves labor costs and resources for managing payroll. Organizations may thus use the labor and resources for other core activities to increase their productivity and the overall profit margin. Hence, it allows small-to-medium sized businesses to grow rapidly.

    Security This software saves organizations from hiring third-party vendors or agencies for payroll calculation. It prevents them from sending sensitive personal and financial information of the employees to an external vendor. If an organization deploys an automated payroll software that come with highest standards of IT security, it can keep the sensitive employee data secure. 

    (img source:softwareadvice.com)

    Accounting software helps in managing daily financial tasks with higher efficiency. But without proper consideration, businesses may invest into the wrong software that proves to be a costly affair. Let’s have a look at factors to consider when choosing between different accounting software solutions. 

    Modules Required Depending upon their scope of businesses, companies may have different requirements from an accounting software. Companies need to note down accounting tasks that have to be performed on a daily basis, and accordingly look for modules in different accounting software systems.

    Knowledge Required An accounting software is useless if employees find difficulty in using its features. It is important to consider the education level of your employees, and accordingly search for an accounting software. A high-level accounting software that requires extensive training may not be a great option for your employees with limited technology knowledge.

    Access and Portability If you have a single business location, an on-premise accounting software will be sufficient for your employees. But, if your business operates from multiple locations or you do not have a robust IT infrastructure, then the access to data for employees from anywhere would be impossible with an on-premise accounting software.

    Cloud-hosted accounting software can help such businesses with multiple work locations by providing secure data access to users from anywhere via internet.

    Benefits The accounting and payroll software expedites and simplifies the tasks of calculation and management for accountants, HR managers and employers. The shift toward Cloud computing is enhancing the accessibility and usability of payroll systems. The integration with HR software and other useful applications is further increasing the efficiency of accounting and payroll systems. Companies can increase their productivity and profit margins through the latest payroll and accounting systems.

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