There are many opportunities in accounting, which is a field that is constantly growing but joining the accounting software courses will be the first step to start your accounting journey. All organizations, regardless of size and scale, track their finances, transactions, and budgets, as well as maintain and issue accounts, all of which require accountants. Moreover, accounting and reporting standards (Ind AS & XBRL) issued by the Ministry of Corporate Affairs have made the role of accountant even more important.

At BPA Educators in India, we provide various accounting software courses for accounting professionals designed to prepare individuals for Accounting Advisory careers. Our expertise in accounting advisory gets leverage in these courses to meet the industry’s need for qualified accountants.

Accounting Software: What Is It?

Bookkeepers and accountants use accounting software to record and report financial transactions for their firms.

The functionality of accounting software varies from product to product. In larger firms, we can implement a customized solution that integrates data from many different departments. It is common for small businesses to use off-the-shelf products.

Accounting Software: An Overview

For modern businesses, accounting software is an invaluable tool. We can enable detailed financial transaction tracking and near-instantaneous reporting and analysis by the software. We can use a large transaction journal to record these transactions before accounting software was available.

In general, ad hoc reporting was impractical, as it involved a lot of manual work to consolidate the manual entries. By automating these processes, accounting software reduces costs and improves financial decision-making by providing timely information.

In addition, accounting software allows for the storage of large amounts of data without taking up physical space. Companies need office space amount reduction by eliminating the need for large file rooms to store data binders. It is possible to save money by reducing the amount of office space.

Accounting software provides easy access to accounting information, which simplifies the process of conducting audits, particularly those that require evaluating information from prior years. This helps not only with internal audits but also with investigations by external groups, such as the Internal Revenue Service (IRS).

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The main 5 software popular in India are as follows:

TallyPrime – Accounting Software Courses

In India, TallyPrime is a popular accounting software solution due to its simplicity, reliability, and comprehensive features.

Among small and medium-sized businesses, it offers accounting, inventory management, invoicing, GST compliance, and financial reporting.

Characteristics

TallyPrime offers bookkeeping tools, invoicing tools, inventory management tools, and tax calculators. The software also includes features such as bank reconciliation, payroll processing, and budgeting.

In addition to having strong accounting functionality, a user-friendly interface, and features for complying with local taxes, TallyPrime is highly regarded. Several users have praised it for its reliability and suitability for Indian businesses.

Capabilities for integration

There is limited integration capability between TallyPrime and other business applications. It offers data exchange functionality, however, including import and export.

Price

The pricing plans offered by TallyPrime depend on the number of users and the additional features that are needed. If users would like more information on pricing, they can contact TallyPrime.

QuickBooks

In India, QuickBooks remains an extremely popular accounting software because of its user-friendly interface, robust features, and scalability.

Among its features are invoicing, expense tracking, tax management, financial reporting, and integration with banking systems, making it a versatile financial management system.

Characteristics

There are tools in QuickBooks for invoicing, expense tracking, reconciliation of bank accounts, and financial reporting. A payroll management system, inventory tracking system, and tax preparation tool are available as well.

In addition to its simplicity, affordability, and accessibility, QuickBooks receives positive reviews. Users appreciate Its intuitive design and time-saving features.

Capabilities for integration

With QuickBooks, you can seamlessly synchronize your data with numerous third-party applications, including payment processing systems, CRM systems, and e-commerce platforms.

Price

QuickBooks offers several pricing options for self-employed individuals, small businesses, and accountants. It depends on the plan you choose and the extra features you want.

Marg ERP 9+ Accounting

In the retail, distribution, and manufacturing industries, Marg ERP 9+ Accounting provides inventory and accounting solutions.

By creating GST-compliant invoices, uploading IRP-authenticated B2B invoices directly to GSTIN, and performing tax clubbing for input tax and output tax, the GSTIN portal streamlines business accounting. 

Furthermore, companies can import bank statements to the platform, enjoy seamless reconciliations with over 140 financial institutions, and handle all types of payments, such as NEFT, RTGS, and others.   

Characteristics

By using WhatsApp, it sends invoices directly to customers. A 7-layer data protection system that safeguards sensitive financial data from ransomware attacks. Additionally, it files error-free TDS/TCS reports in compliance with TRACES and CPC.  

Capabilities for integration

Interested users have the option to book a demo before subscribing. It is important to have advanced reporting options to ensure accurate business decisions are made.  The email support can be unsatisfactory at times. 

Price

Price starts at $5,000/year, but can vary based on the number of self-employed employees, small companies, and accountants.

Busy

In terms of accounting software used by businesses in India, Busy Accounting Solution is ranked second. An integrated business accounting tool is available for micro, small, and medium businesses. As the software is available in three primary versions, it can be used both by a single user and by multiple users depending on the requirements.

Characteristics

The software automatically validates GSTINs and reconciles them. In addition to providing an annual GST summary and bill generation, it comes with cloud compatibility and customizable reporting. Accounting and inventory management. The downside is that it is complicated to use. The system does not support multiple billing options.

Price

Price starts at Rs 9,000/year, but can vary based on the number of self-employed employees, small companies, and accountants.

Vyapar

Invoicing and accounting software from Vyapar is also GST-compatible and widely used by small businesses. Designed for businessmen, it’s a free and easy-to-use platform. In addition to managing GST bills, completing orders, generating GSTR reports, and tracking expenses and payments, you can also maintain your inventory in the platform.

This tool can also be used to create customized invoices and collect payments online. Additionally, it simplifies the management of your business, regardless of any prior accounting knowledge.

Characteristics

There is an automatic backup feature and a payment setup feature. Additionally, it provides contact business insight monitoring. The dashboard is user-friendly, and inventory status is instantly updated. Tax filing and reporting with GST billing. However, it is unavailable for iOS devices. The process of backing up the data is also difficult.

Price

Price starts at Rs 4000/year, but can vary based on the number of self-employed employees, small companies, and accountants.

Accountants and bookkeepers use accounting software to record and report financial transactions for their firms. A computer program’s functionality varies by company size, depending on its product.

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