Managing your business finances can be a hectic job. There are several elements in business finances, such as expense management, revenue management, asset management, accounts receivables, and whatnot.
Today, when everything is digital, and there are multiple data points, it can sometimes become overwhelming to manage all of them manually for businesses. A solution to this problem is accounting software.
While there are several of every business. Good accounting software needs to have some crucial aspects to be deemed fit for businesses, especially SMEs. Let’s read ahead and find out what makes up the best accounting software for SMEs!
A Brief Overview of Best Accounting Software!
An accounting software is a computer or cloud program that assists in seamless management and recording of day-to-day financial transactions. Today’s accounting software like Mocha has automated features that include:
- Inventory management for tracking inventory levels, costs, and sales.
- Financial reporting that includes generating financial statements, such as balance sheets, income statements, etc.
- Payroll management, such as processing payrolls and calculating taxes.
- General ledger accounting that includes automated tracking of daily transactions.
- Accounts receivables and payables.
After looking at the features, it is easy to understand the need and utility of accounting software. As per stats, the global accounting software market will be worth $24.13 billion in 2026. The number clearly indicates that the use of accounting software is rising. Therefore, it is necessary to get the best one for your business.
Exploring the Types of Best Accounting Software!
While there are countless And when there are so many choices, it becomes more complicated.
While we will discuss all the crucial things to look for in good accounting software ahead in the blog, one of those things that you need to check is its type.
There are several types of accounting software, such as
| Type of Accounting Software | Description | Features and Benefits |
| Cloud-based accounting software | This is the best and most easily scalable type of accounting software. Cloud-based accounting solution is hosted on the cloud and can be accessed via the Internet.
Businesses can access the resources of cloud-based accounting software by opting for monthly subscriptions based on the number of users and other factors. |
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| Commercial Accounting Software | Commercial software can be tailored based on the needs and requirements of a business.
Furthermore, some commercial accounting software is meant to be used by businesses of a particular industry with some extra and different features. |
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| Enterprise Accounting Software | This type of tool is ideal for large businesses. Large-scale businesses can leverage the power of enterprise accounting software for basic accounting features and other advanced features like project planning, enterprise resource management, and more. |
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| Custom accounting software | This is the option that a business opts for when there is no perfect accounting software for handling its workflow in the market.
Custom software is developed by the business itself with the help of its current staff. It also includes features that are dedicated to the workflow of the particular business. |
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What Makes a Good Accounting Software?
Well, if you are facing issues with choosing a good accounting software, we are here to help you. Here are some primary things that will help you answer the question: which software is good for accounting?
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Security
The number one thing that goes without saying to check in an accounting software is its security features. First, it is necessary to ensure that you use cloud-based software, which comes with built-in security features.
In accounting software, you should look for iron-clad security features, such as
- Data encryption
- Access control features to enable access for authorized users.
- Automatic and periodic backups for data safety
- Multi-factor authentication
- Offline data storage
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Scalability
It is obvious that if you are making your efforts, your business will grow. Hence, when you are choosing accounting software, it is best to check if the tool is scalable or not.
As technologies like AI and RPA are taking over repetitive jobs, your business data will inevitably increase. Therefore, your software has to be able to handle the transition.
It is best to look for software that is user-friendly or has limited features. Analyze the features carefully and go for scalable software with support for automation and other advanced technologies.
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UI and ease of use
Having accounting software is one thing, and having good accounting software is another. As a cluttered user interface affects user experience, it can also hamper employee productivity in the long run.
Therefore, having a clean user interface with only necessary elements on this screen helps boost productivity. It should be easy to navigate and use. Furthermore, having an uncluttered user interface helps maintain a smooth learning curve.
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Features
The most important factor to keep an eye on in accounting software is its features. Not every accounting software has all the important features. Hence, when choosing the best accounting software, look for the following features!
- Inventory management, including stock movement, wastage, and overstocking.
- Bookkeeping capabilities, such as tax calculations, bank reconciliation, asset depreciation tracking, etc.
- Payroll handling and deductions.
- General ledger features
- Creating and customizing invoices
- Financial reporting and analytics
- Access control features
- CRM capabilities like automated invoice emailing
- Third-party software integrations.
- Invoice and payment processing
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Customer support
One of the qualities of the best accounting software is that it provides the best after-sales customer support. Therefore, before you step into a commitment with , verify their customer service quality. For example, check out their online reviews or check them on social media.
Moreover, it is also crucial to verify the following things!
- Time zone and availability: Check how you can contact them via mail, chat, or phone.
- Response time: How fast you can get an answer or solution!
- Expertise: Check if the customer support team is knowledgeable and professional in handling customer issues.
- Support hours: The hours within which you can get in touch with them.
- Cost
The final crucial factor to analyze while choosing the best accounting software is its cost. As a matter of fact, as the number of features increases in accounting software, the cost of the software automatically increases.
However, some software choices like Mocha offer you all the relevant and necessary features in the freemium version. Besides the overall cost, also look further into any hidden costs, like those added for using an integration software, transaction fees, sales percentage, etc.
Also, consider what features are offered by the software in the freemium version. Some accounting software providers limit the features in the free version, and you have to pay for the major and required features.
Why Mocha Accounting Ticks All The Boxes?
Well, based on the abovementioned factors, you will see a lot of accounting software choices on the market. However, not all of them would satisfy all the factors.
As per comprehensive research, we would recommend Mocha accounting software. With respect to the discussed aspects, Mocha shines out as the best accounting software for your business, whether it is a startup or a medium-level business.
Here are some features and benefits of Mocha Accounting!
- Mocha is packed with state-of-the-art features, such as inventory management, invoice management, sales, expenses, purchase orders, banking transactions, payables, receivables, etc.
- The tool provides top-notch security features, like encryption, secure servers, and regular backups to safeguard user data.
- It has a competitive yet affordable pricing structure. Check it out now!
- Mocha provides an interactive UI with a robust dashboard that cleanly represents all the data, such as financial performance data, key metrics data, etc., for faster and more informed decision-making.
- Mocha helps you reduce complaint efforts by providing GST-compliant invoices and online GST filing.
Conclusion: Best Accounting Software Choice For Small Businesses
Imagine a scenario where you are effortlessly managing your finances while focusing on what you love, such as growing your business. With numerous accounting software options out there, finding the ideal one can be challenging. However, it shouldn’t be!
Mocha Accounting Software can be your partner in success. Designed specifically for SMEs, Mocha encapsulates affordability with powerful features like GST compliance, real-time analytics, top-tier security, and much more.
From now on, don’t let complicated accounting hold you back. Take control of your finances, save time, and reduce stress with a solution that’s as dynamic as your business.
Ready to experience the difference? Sign up for our free trial today and unlock the full potential of your business with Mocha!
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