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Choosing the Right Accounting Software as Alternative to QuickBooks

Choosing the Right Accounting Software as Alternative to QuickBooks

QuickBooks' exit from India has put its users in dilemma. Selecting an alternative to QuickBooks can be tricky considering multiple options available in the market. To ease your problems, we have compiled a list of major accounting software that can be a great substitute for QuickBooks in India. Let’s decode them!

Accounting Software – Choosing the Best Alternative to QuickBooks

Each business has its own accounting needs. Therefore, you need to select accounting software that is ideal for your business and accounting needs. While some may be the free alternatives to QuickBooks, others may involve certain cost. Let’s see some of the ideal accounting software compared on the basis of certain parameters:

 

Accounting Software

Features*

Ideal for Which Industry

Whether it contains an Audit trail feature

Whether Cloud-Based?

1

Tally

  • Invoice Generation
  • Inventory Management
  • Auto-generation of e-invoices
  • E-way bill compliant
  • Manage TDS, TCS, payroll compliances like PF, ESI etc.
  • Digital Signature on Invoices and Reports
  • Multi-company support
  • Group company creation
  • Data backup and restore
  • Multilingual interface
  • Small and medium enterprise
  • Manufacturing Industry
  • Service Industry

Yes

[In the form of Edit Log feature]

(Available in India)

No

2

Xero

  • Bill payments
  • Expense manager tools
  • Connect bank with Xero
  • Accept payments
  • Project and job tracker
  • Payroll calculations
  • Contact management
  • Online file storage
  • Inventory management
  • Send invoices
  • Multi-currency accounting
  • Small and medium enterprise
  • Accounting
  • Computer Software
  • Information Technology
  • Recruitment

Yes

[In the form of a History and Notes Report. However, it excludes the trail for payroll transactions, expense claims, reporting, printing and organisation settings.]

(Available in India)

Yes

3

SAP

  • Manage cashflows
  • Monitor project costs
  • Bank reconciliations
  • Customised reports
  • Track sales cycle
  • Marketing campaign management
  • Customer management
  • Service management
  • Mobile sales management
  • Warehouse and accounting integration
  • Intuitive tools
  • Powerful data visualisation
  • Medium and large enterprises
  • Manufacturing
  • Consumer products
  • Professional services
  • Wholesale distribution
  • Retail

Yes

(Available in India)

Yes

4

Zoho Books

  • Invoicing
  • Estimates
  • Client portal
  • Expense tracking
  • Project and time management
  • Inventory management
  • GST solution
  • E-invoicing
  • Online payments
  • Vendor portal
  • Mobile application
  • Document storage
  • Multi-currency accounting
  • Small and medium enterprises
  • Information Technology
  • Service industry

Yes

(Available in India)

Yes

5

Host Books

  • Real-time business insights
  • Mobile book management
  • No additional installations required
  • Highly scalable as per the business needs
  • Automatic data backup
  • HR and payroll management
  • Roll-based access and multi-user login
  • Multi-currency accounting
  • Small and medium enterprises
  • Consulting
  • E-commerce
  • Retail
  • Hospitality

Yes

(Available in India)

Yes

6

Oracle Net Suite

  • Realtime insights into key financial ratios
  • Automating repetitive tasks
  • Inventory and order management
  • Customer management
  • Electronic bank payments
  • Inventory margins
  • Sales order revenue forecasting
  • Intercompany expense and time entries
  • Multiple calendars
  • Multi-book accounting for your business
  • Foreign currency management and variance
  • Mid-size and large enterprises
  • Manufacturing enterprises
  • Information Technology
  • Wholesale and Retail
  • Service sector
  • Financial services

Yes

(Available in India)

Yes

Note: While the key features have been covered, the above software can contain multiple other features as well.

Each software has its own operating ecosystem and user interface. Exporting data from QuickBooks to any of the above software can be a bit difficult for business owners. It is advisable to consult an accounting professional who will understand your business needs and recommend you the best software that ideally supports your business transactions. Check our detailed article on Intuit’s QuickBooks Exiting Indian Market – How Can Professional Accountants Ease the Process?

Key Points to Consider Before Finalising the Accounting Software

Following are some of the key points before finalizing the accounting software:

  1. Subscription based features: Understand the needs of your business. Many software provides subscription-based features. The higher level of subscription you select, the more features you get.
  1. Mandatory Audit Trail: If you are a company, then it is important that you go with the accounting software that provides an audit trail feature. As per the notification of the Ministry of Corporate Affairs, every company that uses the accounting software for maintenance of its accounts shall use such software that contains the audit trail feature. This will be effective from 1st April 2023.
  1. Self-Accounting Vs. Professional Accounting: A wise approach is to go with a professional who understands your business and accounting needs and recommends you the best software with all the features relevant to you. Further, hiring a professional will ensure that you do not have to put the effort in learning the software from the scratch.

However, it does not end with selecting the alternative to QuickBooks. Migration of data from QuickBooks to other software can lead to inaccuracies and data loss. As historical data is important and needs to be preserved, therefore it is important that you take assistance of professionals in helping you migrate your data. Also, all the tasks beginning from data entry to reconciliation will be taken care of by the professional while you focus on expanding your business.

Above were some of the best alternatives to QuickBooks that you can use in India. If you still find it confusing selecting the right software, then feel free to contact the ASC Group.

 

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