Accounting is a financial support system that records transactions to monitor financial performance. Business transactions are a record of transactions to ascend the financial status of a company or business on a particular date. It includes the sales, other income, expenses, and purchase transactions performed through cash or bank.
Having an accurate book of accounts is a major requirement currently for small and medium enterprises in India due to Income Tax and GST reporting. To avoid the penalty and interest, business owners now prefer to keep books of accounts in an accounting software. As the market is competitive, it is essential for owners to have a track record of cash flow and inventory. They can reduce the wastage of money by controlling expenses and it will be easy to get financial help in the market by providing a projection basis on past financial data. Thus, business owners are shifting to accounting software to keep a good hold on a company’s finances.
Most Preferred Accounting Software by Small and Medium Enterprises(SMEs) in India
Tally ERP 9 is a widely used accounting software. It is a complete desktop accounting solution for small and medium-sized organizations. Tally offers various solutions industry-wise for easy accounting. Tally is an ERP accounting software package used for recording the day-to-day business transactions of a company.
You can create and maintain accounts with up to 99,999 companies. Tally accounting has 28 ledgers and 22 vouchers in predefined Cash Account and Profit and Loss account ledgers. Tally F11 features are company specific and the F12 configuration applies to all the companies in the data directories. F11 has multiple features related to accounting, Statutory and taxation, and Inventory.
Tally ERP 9 also has a payroll function for maintaining records of all employee’s salaries under the attendance sheet as per the requirements of various states and tax applicability in India. Tally also provides various payroll reports related to employee payments, gratuity reports, payroll registers, and expat reports. Tally software now offers GST compliance solutions too. Budge features are available under fixed and flexible categories in the Tally.
Tally software provides multiple reports like balance sheets, profit, and loss, stock summaries, and ratio analyses. Tally provides a data backup option to keep your accounting data safe. Tally also provides daybook reports to see day-to-day transactions by managers. For a manufacturing business, various reports related to inventory like stock register, PLA report, cost category summary report, and negative inventory report are available in tally to maintain stocks accurately.
Zoho Books is an integrated solution that provides various other applications, which you can connect with Zoho Books like Zoho CRM, Zoho People, Zoho One, and Zoho Workplace. The inventory tracking option is also available in Zoho Books. Also, businesses that are selling online can integrate their e-commerce account with Zoho Books.
Zoho Books has a simple user interface where you can see revenue and cost graphs on the dashboard. Also, you can link your bank account directly with Zoho so you can save time by avoiding manual entry. Zoho Books do not have any transaction limit from the standard model only. You can also manage documents in Zoho Books for future reference.
Zoho Books provide exclusive tabs for accountant. Various features like manual journals, bulk updates, currency adjustments, charts of accounts, budgets, and the locking of important transactions are available.
Zoho Books provides three important reports under the Business Overview category including Horizontal profit and loss and balance sheet reporting. Various receivables and payables reports are also available. Invoice details and Bill details are unique reports available in Zoho Books. You can view the TDS Summary report for statutory compliance.
Zoho Books provides the facility for integrating sales and inventory applications. Hence, it is easy to maintain records when sales and inventory volumes are high. Also, Zoho Books is much cheaper in comparison to other accounting softwares and safer due to user access permissions.
The miracle is widely used by shop owners and small businesses who have to comply with GST. Miracle provides integration of sales and inventory facility. You can see all the data in one place to take economic decisions of the business. It is available in Hindi, English, and Indian native languages.
GST details are added to statutory details of the company and then they can be used for invoicing in Miracle. You can also set up payment mode options and integrate payment apps with Miracle.
In Miracle, the bank reconciliation feature is quite easy. Also, we can adjust bank balances by inserting the bank date at year-end. Miracle provides a unique feature of physical stock vouchers. when a mismatch is found in the product stock or we want to update the closing stock as per the physical stock, at that time, we can use this “Physical Stock Voucher” facility to maintain and update the ‘Actual Stock’ (on hand stock) as on the date.
Miracle also provides a TDS facility for tax deductions and deposits. TDS return directly can be submitted from Miracle. It also provides various forms like 24Q,26Q, and 27Q. Miracle also provides a reminder and communication facility on WhatsApp, Telegram, and mail. You can easily send files via this platform. Also, tax filing reminders can be set up in Miracle.
Miracle provides a unique facility for scanning the barcode. We can create a barcode for the various products. This barcode facility includes barcode labeling, printing, and scanning by the POS system.
Comparison between Zoho Books, Tally, and Miracle
|Company’s Name||Zoho Books||Tally ERP 9||Miracle|
|Business Type||SMEs, Freelancers & Big Enterprises||Small businesses to big enterprises||Manufacturing, Service Industry, and Traders & Supplier|
|Deployment||Cloud||On-premise & Cloud-based||On-premise & Cloud-based|
|Language Support||English & Hindi||English, Hindi & Native Languages||English, Hindi and Gujarati|
|Free Trial||14-day free trial||7-day free trial||No|
|Compatible Platforms||Windows, Mac, Android, and iOS||Windows, Mac, Android & iOS||Desktop|
|Pricing||Starts from INR 899/month||Starts from INR 600/month||INR 11,999/year|
Choosing an accounting software depends upon the nature and transaction volume of the business. One software can be useful to one enterprise and can be problematic for another depending on the operations of the business. Small Business owners are also choosing accounting software from manual bookkeeping to keep eye on finances and to generate more profits by controlling costs due to inflation.
At NimbleFinCorp we have certified accountants in various software who can help you to choose the correct cost-effective accounting software to maintain the revenue growth of the business. We also help clients with direct and indirect tax compliances to avoid the legality of late filings.