In today’s world, financial management is an important factor in determining the fortunes of small and medium enterprises (SMEs) in India. The need for easy-to-use, affordable, and feature-packed accounting software is imminent. This article captures some of the best accounting software solutions for Indian SMEs.
1. Vyapar App – The Best Billing and Accounting Solution
The Vyapar app has now become one of the prime business accounting solution apps available for small and medium businesses in India. This app is developed specifically for the Indian market and it provides users with a set of tools that are most necessary and relevant for local companies.
Key features of the Vyapar app:
- GST-compliant billing and invoicing
- Inventory management with low stock alerts
- Expense tracking and categorisation
- Bank account reconciliation
- Financial report generation
- Multiple business location support
- Offline mode for uninterrupted access
Due to its simplicity and cost-efficiency, the Vyapar app can be recommended for small companies with a switch to digital accounting.
2. Marg ERP 9+ – One for All Needs of an Inventory-Intensive Business
Marg ERP 9+ is a single-stop answer to the needs of an inventory-intensive business such as FMCG, retail, and pharmaceuticals. Its features are as detailed and deep as required for doing inventory management, billing, and GST compliance but are still easy to use.
Marg ERP 9+ Features:
- Native barcode creation and scanning for in-store inventory management
- E-commerce integration with online sales management
- GST-ready invoicing with automatic tax calculation
- Multi-location management of inventory for franchise
- Dynamic reporting for inventory graphs and stock level
- Inbuilt CRM applications for customer relationship management
Marg ERP 9+ has the free edition but with a basic form of inventory and billing and some premium options more elaborative on financial and inventory.
3. Invoicely – Comprehensive Cloud-Based Invoicing
Invoicely is a simple cloud billing platform for small businesses and freelancers. Easy to use, it simplifies professional invoice creation, client management, and tracking of business expenses—yet remaining relatively simple and affordable.
What are the features of Invoicely?
- Multi-user support for group invoicing
- Categories of invoice and expenses
- Multiple Currency billing
- Customisable tax rates by region or kind
- Financial summaries
- Integration with well-known cloud-based storage vendors
Core invoicing functionality is free in Invoicely. Premium plans include advanced capabilities like time tracking, multi-user support, etc.
4. EasyGST – GST Billing and Filing Software
EasyGST is the GST-compatible billing and filing software that is aimed at becoming simple, efficient and great for businesses primarily leveraging GST invoices and requiring an intuitive platform through which they can manage their tax compliance requirements.
Key Features of EasyGST:
- Pre-set tax rates in Easy GST invoices
- Easy GST filing and return with simple clicks
- Invoicing for both import and export for international business
- Rapid billing using the inbuilt HSN/SAC codes database
- Expensing with auto-categorisation to file income tax
- Quick reconciliation with government GST portals
Free is the offering that gives all the basic functionalities suited to small businesses, and paid versions support additional features.
5. Millbrook – Best for Small-Scale Startups
Millbrook is a low-cost, no-hassle accounting system suitable for small-scale startups. Its ease of usage and powerful features make it appropriate for businesses that are just about to get on the ground.
What are the key features of Millbrook:
- Smart invoices automatically remind us of due dates
- Built-in expense categories make bookkeeping easier
- Tracks projected earnings with cash flow management
- Easy-to-understand financial reports with graphs
- GST-ready invoicing with return filing support
- Smooth transactions through Simplified bank integration
Millbrook allows for a free account with some basic accounting capabilities. This would be great for any business to save and be able to budget.
6. Slick Account
For startups and small businesses seeking basic invoicing and expense-tracking features, Slick Account is an ideal cloud-based billing and accounting solution.
Key features
- GST reporting and billing.
- Instantaneous analytics and insights.
- User-friendly accounting and invoicing interface.
- Monitoring spending and managing financial flow.
Conclusion
Different accounting software options are available in India depending on the various niches of small and medium enterprises. We have from the emerging Vyapar to the robust solutions of established players such as Tally Prime and QuickBooks Online.
These software solutions remain relevant as we go through the year 2024 because they are enhanced with the recent technologies as well as the shifting of regulations. Some of the notable tools on display include the Vyapar, which has scaled up so well and transformed into one of the biggest competitors in the Indian market.
Vyaparapp distinguishes itself from the competition with features like GST-compliant invoicing, real-time inventory monitoring, expenditure management, and multi-device access, therefore addressing the particular demands of Indian companies.
Finally, the most suitable accounting software will vary depending on the business’s requirements, price range and ambitions. Thus, by comparing each plan’s features and benefits, you can select the solution that will be useful in the financial management of your business to succeed in the competitive environment in India.
