Our country offers an extremely conducive environment for businesses to thrive. Small businesses, when they begin, are all about passion, inventiveness, and taking baby steps. However, research says that almost 80% of startups in India fail within the first five years.
While there are several reasons for this, two of the major reasons for this are inadequate financial management and lack of clear data on operations and sales. An event like this not just leads to huge financial losses but also that of one’s goodwill.
Fortunately, it is simple to prevent these challenges by choosing the right accounting software for your business.
If you are wondering which is the best accounting software, all you need to do is read this blog that lists the best features of a good accounting software, the top software options available in India, and which one to choose.
Continue reading to know more.
Key Features of Good Accounting Software
Any business is inundated with a lot of data abput its revenue, sales, credit, customers, bank reconciliation, and much more.
When all these processes are left to humans, there are bound to be errors, which may lead to costly risks for your businesses. Before we talk about what an accounting software is and which features should you look out for, let’s talk about why your small business needs an accounting software:
You are in a growth phase
It is simpler to use spreadsheets when you are just starting out. However, as you grow, even simple tasks like keeping track of your customers and invoices can become tedious and prone to errors.
Accounting software helps you manage these processes efficiently while generating reports and tracking your financial data.
You need information faster
Over time, businesses need faster access to their data to make quick decisions related to investments. If you are not using accounting software and are still dependent on spreadsheets, your decision making process is bound to slow down. You can neither retrieve data in time nor analyze it to make sound decisions.
Accounting software brings a range of features that help you analyze your profits, expenses, and cash flow.
You are wasting man hours
In small businesses, teams usually multi-task. Smaller teams are responsible for handling multiple functions.
When you ask your team to also manage your finances, often involving time-consuming tasks such as tracking your inventory, processing hundreds of transactions, and coordinating with your bank to reconcile your accounts, you waste a lot of man hours while missing to prioritize tasks.
Since accounting software automates all these processes, your teams are left with additional productive time to spend on the growth of the company.
Now that you know why you need to automate your accounting processes, you must be wondering which accounting software is best?
Here are some key features that you should look for in accounting software for your small business:
Financial tracking features
The software that you choose must have robust financial management solutions. It should track, manage, and monitor your income, expenses, assets, equity, accounts payable & receivables, and liabilities.
It should also help you categorize this data into a ledger while making it easier to use.
Management of your financial transactions
Before you choose an accounting software, ensure that it enables the creation of invoices and has features to customize them. Not just this, your software must also send out automated reminders for payments to your customers.
It should also track sales orders received and maintain records of orders of inventory placed by your business.
Integration
If you are thinking about which accounting software is best, you must know that the entire purpose of accounting software is to simplify your business processes to help you save time. Before you select an accounting software, ensure that it should integrate with your business systems.
This is important for better coordination, the flow of communications, and maintaining the accuracy of data. Your software should also integrate with third-party applications such as e-commerce platforms, payment gateways, and CRM tools for streamlined business operations.
Customizable
Every small business has its unique requirements and your accounting software must adapt to your needs without sacrificing performance.
It should support your increasing need for data and its tracking while helping you deal with more customers and managing their requirements.
Data protection
Before you zero down to which is the best accounting software, it is important to understand its security features.
The software that you choose must have inbuilt features such as data backups, encryption, and access controls to safeguard your precious and confidential data.
Management of your taxes
Every small business operates in a complex taxation landscape. The software that you choose should streamline your tax calculation processes and ensure that your business complies with the tax rules easily and accurately.
Which is the best accounting software for small businesses in India?
If you want to know which accounting software is best for small businesses and to select the best option it is essential that you know of your choices and then settle for the most apt software.
Here is a list of some top accounting software options in India:
Tally
One of the oldest and the most popular software for small businesses in India, Tally has some great features including:
- Cheque printing
- Ledger and invoice creation
- Automatic reconciliation of your bank statements
- Instant financial reports
- Analysis of your costs and profit
Quickbooks
This software, with its single and multiple-user options, is a good choice for small businesses, especially in the retail and manufacturing industries. Some of its top features include:
- Automatic GSTIN validation and annual GST summary
- Generation and printing of bills
- Stock and inventory management
- Cloud compatibility
- Accounts reconciliation
Zoho Books
Another popular choice of accounting software for small businesses, Zoho Books is preferred for its simplicity and features such as:
- Complete management of accounting processes
- Tax compliance
- Integration with mobile applications
- Time tracking
- Quick reporting of inventory, profit & loss, and sales tax
Vyapar
Well-suited for small businesses, Vyapar is a free accounting software used by businesses for inventory management and invoicing. Let’s take a look at the top features of Vyapar:
- GST compliance
- Automatic file backup
- Integration with mobile applications
- Automatic payments
- Creation and printing of invoices
Introducing Mocha Accounting: A Comprehensive Solution
You must be wondering which accounting software is best in India for small businesses.
Now that you know the other existing options of accounting software in India, it’s time to introduce you to Mocha, which has emerged as the top choice for small businesses in India.
One of the most important reasons why Mocha is the best choice for your business is because it has been created by the pros.
Mocha’s creators include experienced software engineers, certified public accountants, and business managers who truly understand financial management and technology.
This is the precise reason why Mocha has a host of features to not just automate but also innovate when it comes to your accounting processes.
Mocha ensures that your accounts are managed efficiently while you are empowered to make well-informed and timely decisions about investments and the growth of your business.
Comparison: Mocha Accounting vs. Leading Accounting Software
This comparative chart will help you know which is the best accounting software for small businesses in India:
| Software | Free version | Cloud-based | Platforms supported | GST Compliance |
| Mocha Accounting | Yes, | Yes | iCloud, Android, iOS, Windows, Mac | Accurate applicable taxe assignment, automated reminders for tax compliance, |
| QuickBooks | Yes, but for 30 days | Yes | iCloud, Android, iOS, Windows, Mac | Calculates GST on your invoices and receipts |
| Zoho Books | Yes, but 14 days | Yes | Email, chat, mobile | GST compliance with invoicing, filing, and timely reporting |
| Tally | Yes, but 7 days | No | Windows | Yes, with advanced version |
Why Mocha Accounting is Best for Small Businesses?
As is evident from the above comparison of how Mocha scores over other accounting software options, let’s get to know this software and its world-class features better:
Cost-effective
One of the best features of Mocha for small businesses is that it is extremely cost-effective. We understand small businesses are just starting out and need to be conservative when it comes to their finances.
That’s why we have a free version of our software that offers some great features such as:
- Up to 50 transactions per month
- Up to 10 invoices per month
- Connect to 2 bank accounts
- Easy single-user access
- Email support
Our subscription plans have no hidden costs and you pay for the features that you use and fit our plans into your budget.
User-friendly
One of the top features of Mocha, despite having advanced features, is extremely user-friendly software. It has easy navigation capabilities that make its users comfortable. This is the first step in simplifying your processes and creating a positive work environment.
Even non-financial users can use our software easily promoting collaboration between different teams.
GST support
At Mocha, we completely understand that taxes can be daunting for a small business. One of our best features is that we perform all the complex tax calculations for you and help you comply with all regulations.
We help you file GST returns online and reconcile your transactions. We also help you create invoices that are GST-compliant and support your switch to e-invoicing.
Customer service
We believe that good accounting software is one that responds in real time to its customer’s queries. We have extremely responsive teams who can be reached through emails, phone, and chats for personalized assistance 24/7.
We also offer extensive training programs to make your teams well-equipped while using our software.
Real-time reporting
We understand that small businesses operate in a dynamic environment and easily accessible financial data is the key to tracking your financial health, analyzing the success of your decisions, and taking corrective action.
We help you see your financial status at any time including your sales and cash flow trends. Your data is organized in a clear visual manner including charts, graphs, and dashboards.
Testimonials from Indian Businesses Using Mocha Accounting
– Mocha manages our accounts so easily! From invoices to cash flow data, we find all our data in one place neatly organized for us.
Mrs. Geeta Sharma, Owner- Sharma Enterprises
– We can say that Mocha has revolutionized the way we work. The software is easy to use and offers us timely insights. Because of this, we have been able to make some good investment decisions and avoid risks.
Sarika Negi, Entrepreneur
– We always lagged when it came to complicated tax compliances. But with Mocha, our processes are much simpler now and we adhere to GST compliances automatically, taking the stress off from us.
Ajay Desai, Small business owner
Conclusion: Mocha Accounting – Your Best Accounting Partner
If you are a small business owner, you cannot afford to spend time on repetitive tasks that take away precious time that you could otherwise invest in productive work. With Mocha, you can easily manage your time and money. To know more about how our world-class features offer exceptional value for money, schedule a free demo today.
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