Startup City Magazine
A monthly magazine for business startups and young entrepreneurs.

FREE ACCOUNTING SOFTWARES FOR STARTUPS IN INDIA

0

FREE ACCOUNTING SOFTWARES FOR STARTUPS IN INDIA

As the entrepreneurial ecosystem in India has paced and there are thousands of start-ups in every state of the country, the requirements for tools that complement their operations and offers them with the power to operate better and more efficiently.

With various hurdles of an entrepreneur who has a small business, one key problem they overcome is to suffer at the hands of fixed overhead expenses. Here is a small and extensive list of free accounting software that allows business owners and financial professionals to manage a small business’s books for free through their computer.

In the case of start-ups with promising staff but not enough resources, the core focus comes to maintaining expenditure. Being an entrepreneur is a journey full of hustling and growing over a while, hence many companies make the transition from free accounting software to paid accounting software as they grow. Today, the market is flooded with tons of paid and free accounting software available on the internet and an obnoxious amount of programs do not even deliver to the features they advertise.

Choosing an Accounting Software: Acknowledge Priorities 

Before finalising the accounting software, one must be aware of their requirements i.e. their accounting needs. If they are less, one can go with free accounting software or free version of premium software. As the business grows, one can avail the paid versions with better options needed in operations.

As mentioned earlier, there are plenty of options to choose from, but of the names are renowned and used by various start-ups and strikes the mind as soon as one thinks about the accounting software for start-ups in 2020 like FreshBooks, Zoho Invoice and Xero, QuickBooks Online. Rich in features with pricing scaled to budget tiers, all these software are great options which one can choose from depending on the priorities. A quick roundup of this software and value they can add to your operations include:

  • Tally.ERP 9

One of the renowned brands Tally has launched the latest version, Tally.ERP 9, where the market leader of accounting software for medium and small size businesses serves various functions. The software can take care of accounting, sales, purchase, inventory and payroll for an organization. A Tally Solutions Pvt. Ltd. product is user-friendly as it is specifically designed for accounting purposes along with keeping the track GST related statutory changes.

Minimising any chance of rejections, the software detects any errors in the GST filing automatically and makes the necessary corrections needed to be done. Efficiency is a key part of the services offered, is ensured as with the in-built correction capabilities that make the GST filing error-free and quick. Not only that, each part of the process inclusive of right from generating invoices to filing GST returns is made easier with this top accounting software in 2020.

KEY FEATURES INCLUDE:

  • Journal & Ledger
  • Debit & credit notes
  • Trial balance
  • Balance sheet
  • P&L
  • Cash flow, and more
  • PROFITBOOKS:

A cloud accounting software specifically designed for small businesses, Profitbooks let one create invoices, track expenses and manage inventory, helping one save time and manage finances efficiently.

The easy process that one can have with this software can help them have a lot of time to focus on the key solutions they offer. The users, after creating purchase orders, can easily email them to their vendors and be GST ready as the Profitbooks can help with the allocation of inventory to the right warehouse so that the purchase record can be maintained accurately. The top accounting software in 2020, Profitbook’s inventory management module allows tracking of every item while it’s transferred from the warehouse to the logistics packaging.

KEY FEATURES INCLUDE:

  • Tracking receivables
  • Managing online payments
  • Get detailed tax reports
  • Track inventory lifecycle
  • Creating unlimited customers & vendors
  • ZOHO BOOKS

The user-friendly software, Zoho books have been designed for SMEs to send professional invoices to clients along with ensuring that one is receiving online payment efficiently. Today, businesses are widely using technology to ensure that they are efficiently able to work knowing every detail of their expenses and bill their clients easily.

Zoho Books has been helping its users track and categorize expenses in real-time to have better control over a company’s cash outflow. They can connect the software Zoho Books to their bank account and receive updates regarding their cash flow. With every single transaction, Zoho Books is always at the user’s disposal.

KEY FEATURES INCLUDE:

  • Automatic bank feeds
  • Payment notifications
  • Online collaboration with customers
  • Time tracking
  • API
  • Inventory management
  • Invoice tracking
  • Reconciliation
  • XERO ACCOUNTING

A New Zealand based a public technology company that has been building its global presence around the world is one of the top accounting software in 2020; Xero has developed the Xero Accounting.

The software offers three different plans based on the journey of a business. In the initial stage of the business with limited operations, the brand offers early to plan, as the business continues, the growing plan comes into action as it is for businesses who have made their mark in the industry and finally, the established plan to help the brands which have covered a long term journey and are on the top of their industry.

KEY FEATURES INCLUDE:

  • Payment integration
  • Asset management
  • Contacts Management
  • Dashboard
  • Inventory management
  • Invoicing
  • Bank connections & reconciliation
  • Business performance dashboard
  • Multi-currency accounting
  • Bill payment
  • Pay runs
  • Quotes
  • Reporting
  • Income tax solution
  • Projects
  • Project management
  • Purchase orders

Conclusion:

When a startup initiates, the most essential part to ensure efficiency and focus on the key services offered along with ensuring that the financial condition of the brand remains intact as it has a long journey ahead that it has to cover, these top accounting software in 2020 for start-ups are successfully offering various brands with the guidance and support they required to ensure that each of their transaction is well managed along with GST. Now it depends on the business owners to choose one of the above based on their requirements as well as after taking a demo.

Funding Resources For Disabled Entreprenurs In India

How to pitch a VC and Step by Step Process

80%
Awesome
  • Design
You might also like
Comments
Loading...