5 Digital Accounting Softwares that are empowering MSME’s in India
Digital Accounting has revolutionised the way corporations manage their finances. Regardless of their size or nature, all businesses use the programme. Surprisingly, even small companies incorporate software into their systems for basic functions.
Recently, the Indian tax structure has also improved, making it one of the most lauded countries for its expected economic growth of 7%. The Indian legislative assembly has replaced multiple indirect taxes with a single indirect tax, GST, that applies to the entire country. These accounting software firms also provide an array of services that enables these SMEs/MSMEs to file GST & E-invoicing from the comfort of their homes. This digital revolution has certainly empowered businesses from Tier-2/3 cities as they are now directly connected to the mainstream development of the country.
Mentioned below is a list of the top 10 accounting software for small and mid-sized businesses in India. These softwares are equipped to meet all of India’s existing tax structure requirements. The programme is scalable, helpful, and dependable, with standardised functionality for general processes.
1. Tally
Tally. ERP 9 provides an end-to-end answer to GST statutory rules. It has an error detection feature that reduces the risk of GST returns being rejected. Tally enables businesses to make invoices, ledgers, cost estimations, auto bank reconciliation, printing cheques, stock ageing analysis, and any overviews. It also helps in generating immediate reports and enables businesses to make swift decisions. Overall, it enables a company to manage accounting and manufacturing details with minimal resources.
2. BUSY Accounting Software
Busy Accounting Software is a Windows based integrated business accounting & software solution provider for MSME’s that has been in the market segment since 1993. With the primary goal of delivering digitalisation and a computerised software solution, Busy Accounting Software provides a wide range of accounting software solutions to cater to the needs of diverse industries., they specialize in Inventory Management, E-invoicing and Billing. Micro, small, and medium-sized organisations can use the software classified into three categories. The first category is Financial Accounting that supports multiple currencies, the second one is GST Invoicing & Reports and the third category is Management Information Systems (MIS) that enables top-level management to manage day-to-day management activities.
3. QuickBooks
QuickBooks India is a sophisticated management programme that provides businesses with the most accurate results for their organisation. They enable users to track sales, produce and send invoices, and generate a database from the cloud-based portal. QuickBooks is designed for starters and does not require any major knowledge of financial accounting. The software includes powerful invoicing tools, payment reminders, auto banking resolution, sales & inventory tracking, and a simple navigation interface.
4. Zoho Books
Zoho Books is an online accounting software in India that provides end-to-end financial solutions. It is GST-compliant, automates corporate operations, and manages financial and departmental management from a single platform. The platform has feature-rich software that allows businesses to manage cash receivables, payables, company connections, banking, timesheets, inventories, and generate reports.
5. MargERP 9+
MargERP 9+ is an India-based GST-enabled inventory and software that simplifies GST billing and filing. They also help in creating invoices by batch, acquiring complete information on a business transaction, enabling auto bank reconciliation, encode and centralise barcodes, and submitting GST transactions through the site. MargERP 9+ assists in choosing the appropriate GST slab and categorising transactions correctly. The programme directs and automates SGST, CGST, and IGST calculations.
