Medium and large-scale organizations typically are inclined towards personalized software. Generic accounting software does not provide many options for personalization. So, medium and large-scale companies usually prefer to implement an ERP system that can be modified according to their requirements. But, the budget for the implementation of ERP is really high, and, hence, small enterprises generally prefer generic accounting software solutions.
Top 5 Accounting Software for Small Businesses
With a maximum market share and billions of users, Tally is certainly the best accounting software solution in India for small businesses. Tally is so prevalent amongst the accountants that the first thing that appears in their mind when questioned about accounting software is Tally. As bookkeepers have been making use of this software for so many years, they have become not only comfortable working on Tally but also express a huge preference for this software. As bookkeepers have been using Tally for several years for creating balance sheets, they choose not to move away from this software to some other alternative but rather insist on updating the same software to the latest versions.
Busy was introduced back in 1997 and is mostly preferred for its inventory management capabilities. Most of the distributors and stockists have now moved from Tally to Busy as the thorough inventory reports created by Busy help businesses in effectively tracking their stocks.
Marg accounting software was rolled out in 1992, and since then, the software has created a niche market for itself. The software has the capability to offer tailored solutions depending on the requirement of each industry. It offers various accounting solutions for diverse industries like pharmaceutical, trading, and retail. With a free software demo on request, Marg accounting software is very popular, particularly in the pharmaceutical industry.
QuickBooks is one of the prominent companies providing accounting solutions in India. A couple of years ago, the company entered the Indian market by introducing an Indian version of QuickBooks. The necessity for having specific software for each country ascends from the fact that the accounting and tax regulations of each country are dissimilar, and alterations in the software are required accordingly. QuickBooks is extremely popular with that group of bookkeepers who have previously used QuickBooks in some other countries while they were overseas and now favor to use QuickBooks in India as well. To cater to such groups of persons, QuickBooks has introduced an Indian version of its well-known accounting software. QuickBooks has also lately tied up with numerous banks for downloading bank statements via the QuickBooks accounting software itself, with no requirement for manually providing the details.
The newest entry in the arena of accounting software is the Zoho Books Accounting Software. It is a cloud-based accounting software solution that can be effortlessly accessed from any device using the Internet.