Online accounting software in India began its revolution with the arrival of Goods and Service Tax.
So here are a few things to look forward if you are not aware of how it is or what is different in it.
Online accounting software in India is becoming a buzz in the financial world and is often known as web based accounting software in India
It involves having software that runs on servers, enabling you to access your data anywhere and anytime, using the internet.
The main difference is, however, online and offline, while other features remain the same.
However, there are plenty of rich features you will find which are updated from time to time by the vendors.
Well, most of the business in India yet today that we find runs on legacy accounting systems.
And most of them don’t even care to run or adapt any kind of online business software.
Because businesses & owners don’t intend to look at accounts, they are fully dependent on accountants.
However in this busy world today, we don’t have time to ask anyone for accounting statements or any other reports.
Do you have?
I don’t have time to ask my accountant for any reports, I find it on my device now and anytime I want.
This is the reason why online accounting software in India is trending right now and it will replace eighty per cent of businesses in the next 10 years.
Capitalize on the power of now and this is what online accounting software is meant to be.
This turns your creative power to do more for your enterprise and do it even better.
By 2020, intensive tasks like tax preparation, payroll, audits and banking will be fully automated on accounting systems.
And according to Accounting Today, by 2026, the global market for accounting subscription will have a value of $11.8 billion.
And this will rise even more because it has already taken the market by storm.
Artificial intelligence (AI) and Machine Learning won’t make human intelligence extinct, but instead, it will give accountants better access to a range of near-real-time information for large sources.
Threats are often talked about the subject matter in the online world of computing, so most of us are not ready to invest in online accounting.
This, however, is merely a myth, because threats exist but security exists even more alongside.
Also yet business and owners find the internet is bound, but the internet exists today in everyone’s mobile device and in the pocket.
The unconditional part of the internet bound to run the system resist most of the businesses step back.
Because business thinks running an online accounting software is not a reliable solution for accounts and finance management.
But I would like to tell you, there are solutions to every problem, but there are no solutions to the myths.
I would recommend web-based/online accounting software for every small and medium business because I have been personally using it for more than 3 years.
It has a fairly straight forward business process and a very low upfront cost.
If you search on the internet you will find SAAS solutions are cost effective and ready to use systems on the cloud.
SaaS vendors are actually able to invest much more in security, backups and maintenance than any small to medium enterprise.
So regardless of the security myths and beliefs that are bound to hold you back, in reality, the truth is data security is independent of whether the server is sitting right next to you or in a different city.
The emergence of web based software and software-as-a-service is increasingly becoming popular today.
So there is no way you can’t think about moving your accounting to the cloud.
Here is a list of popular online accounting software in India for small business. But you can add more to the list, as more and more startups are coming up with similar products for accounting, Invoicing and Billing online.
Realbooks is definitely one of the popular cloud-based accounting software in India.
Although it is new to the business, Realbooks has gained popularity spontaneously over a limited period of time.
It is not just any accounting software, it also has a robust enterprise architecture capable of implementing solutions for enterprises where demand is beyond accounting.
It also has a full-fledged order to cash life cycle and a procure to pay life cycle module enhanced with advanced inventory and production management.
At its core, Realbooks is flexible for any manufacturing or trading concern regardless of the complexities of businesses.
Make intelligent business decisions consistently with Realbooks
Zoho is a product of Zoho Corporation
Quickbooks is a product of Intuit Inc.
Reach is a popularly known as a business automation system.
It one of the best Online Accounting Software ideal for any Business and it has expanded its reach even outside of India
Reach accounting Software comes with various modules for Accounting, POS with Barcoding and Loyalty Managment and CRM.
It is an integrated business software and all the business operations are bundled in one software so the business owner can track every aspect of their businesses.
Reach accounting software is a cloud-based accounting system and caters to the need of small and medium business.
Key features of Reach includes Payroll, Warehouse Management, Sales,
Zipbooks is an integrated business accounting software for trading businesses.
It is best known for Inventory Management and it caters to the needs of businesses those who require order management and delivery module at the core.
Zipbooks is best for trading concerns who are still using manual books to manage their accounting and inventory and quickly want to move to a completely automated process.
Key features of Zipbooks includes CRM, Quotation, Sales Order, Delivery and Sales Invoice integration.
The purchase module is lined up with Purchase Order, Material Receipt against PO and Purchase Invoice.
Accounting module enables Accounts Receivable against Sales Invoice and Accounts Payable against Purcahse Invoice.
Profitbooks is equally an accounting and inventory management software for growing businesses
It helps you to manage your stock, orders, purchase and sales using one powerful user interface
And it helps to manage everything from purchase to sales
Profitbooks is also a complete financial accounting software and features include managing orders, invoicing and billing, accounts receivable and payables, payroll processing, multi-currency, payment gateway integration etc.
Makes tax compliance easy for your business with Profitbooks.
Alignbooks is an integrated multi-location, multi-language and multi-currency web based accounting software loaded with rich features and dashboards
It is a powerful integrated accounting, inventory, payroll and discrete manufacturing business software focused on work to ease your processes and uncomplicate day to day scenarios.
Some of the advanced features of Alignbooks includes Batchwise Inventory, Multiple price lists and Discounts, Serial No based Inventory, Flexible COA, Configurable Billing and Multiple Voucher Series.
AlignBooks also facilitates advanced auto GST and compliance management in one click to allows submission of your GSTR 1 data directly on GSTN server.
It also provides facility to auto download GSTR2A from GSTN server, matches with your invoices and provides you with a mismatch detail.
And submission of GSTR 3B data on GSTN server is also done on a single click and once submitted, visit GSTN server for digital signature only.
Today more companies are coming forward to provide accounting services on the cloud.
But let me give you some clues about choosing the best cloud accounting software for your business.
So check it out, it simple and easy enough to go live with an online business solution.
First of all, get a trial of the solution before taking any decision to make a purchase.
And take a 30 days trial period, the trial period is available for most of the online business software found today.
Test the speed of web page load time and check its hosting provider.
Most probably the software developed in Java is 10x faster than any other online accounting software.
Also, make sure your requirements/processes are fulfilled and there exist all statutory reports to file tax returns either it is VAT/GST.
Look for both iOS and Android Apps on the play store, not all apps are good.
Most of the vendors only have Android Apps so as a business owner if you are using iPhone it won’t run on your device.
Also make sure data hosting platforms are on the Amazon Web Services, Google Cloud or on a Microsoft Azure platform.
Because this is by far the most trusted cloud application hosting environment for businesses.
Make sure you can open multiple companies under one platform. So if you are running 2 businesses you can manage all your companies under one roof.
Check if there is a possibility to scale your software as you grow. Check for functionalities/features existence that can scale you up gradually with your needs and processes.
Also, check if the hidden charges exist like charge with an increase in voucher and transaction counts.
And make sure the software is efficient and prices may be compromised.
See if there is a help manual for the online accounting software application.
And call to know how are the software services being provided.
It is also better to know if there are product consultants available easily on the product for consulting.
Look if there is an easier and common way to customize your SAAS system.
And make sure the software application has multi user capabilities with user wise permissions.
Also check for special features if any (Eg. scan copy attachment, reports scheduling, sms and email reminders etc.)
There is nothing to worry about if you don’t find any backup system.
However, make sure you have the options to download your data in excel or pdf formats.
There are a number of online accounting software in India. Comment below if have any other online accounting software and lets buyers find the best software for their business.
Hope above following information will help you out in selecting the perfect online accounting software for your business.
If you have already planned to move your old fashion accounting software on to the cloud.
Realbooks is ideally a very good deal for core business accounting as an alternative to the Tally ERP 9.
Experience the best of online accounting software with golden rich features and enhance your business.
We also provide consulting services on Enterprises Resource Planning solution for Micro Small and Medium Enterprises.
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