The Best Accounting Software in India for 2024 – Top 8 Compared

• Online GST Simplification – I love Zoho Books’ GST auto-populate functionality, which saves you from manually calculating and tracking GST for every sale. With this, you can easily file error-free GST returns, generate your returns report, make GST-compliant invoices, and auto-populate GST for all transactions.
• Seamless Integration – Zoho Books integrates with various applications and services, including PayPal, Stripe, and Shopify. This enables direct bank feeds, online payments, and e-commerce operations, all critical for modern businesses.
• Smart Automation – Focus on growing your business while automating your business operations. This automation allows you to reduce tedious tasks, be paid on time, and enhance productivity.
• Detailed Inventory Management – Optimise your return on sales investment by tracking your stock levels using the FIFO (First in, First Out) technique. With this technique, you can ensure accurate tracking and avoid wastage.
• Vendor Portal – This interface allows your suppliers to self-manage all their transactions, eliminating the need for lengthy email threads and phone calls. With this portal, you can effectively manage vendor orders, track due dates, and ensure timely payments.

Zoho Books priced its plans based on the number of users and other features. This enables businesses to select a package that meets their budget and needs.

• Free – Appropriate for businesses that generate less than 25 lakhs per year. It includes mileage monitoring, bank reconciliation, invoice generation, a self-service customer interface, periodic invoice setup, tax administration, and credit management.
• Standard: For up to three users, can handle up to 5,000 invoices, accepts payment methods, and includes ten custom financial report generators.
• Professional: Five users and includes all of the basic plan’s features, such as project expense and invoice tracking, retainer invoices, and timesheet approval.
• Premium: Max 10 users and includes all of the Professional plan’s features, as well as a vendor portal, budgeting, 50 custom reports, and dedicated customer support.
• Elite: Additional features include advanced inventory control, limitless custom reports, and multi-currency support.
• Ultimate: Supports up to 15 users and includes all of the Elite plan’s features, as well as essential financial statistic analysis and tracking, customized reports and dashboards, and collaboration features.

Because the free plan is best suited for small businesses with less than 25 lakhs of income per year, large enterprises that wish to test the service before making a financial commitment can use the 14-day free trial.

Zoho Books also provides add-ons for an additional charge of ₹208.76 per month, which includes more users. You can also purchase add-ons such as Advanced auto-scans, which cost ₹668.03 per month for 50 scans on all plans.

Zoho Books is the best accounting software for small businesses in India, thanks to its robust GST compliance and seamless integration with third-party applications.

• Invoicing – Its invoicing interface allows you to see your customers’ information in one place and track payments and communications. If you ever get stuck at generating professional invoices, Wave offers templates that you can quickly modify and brand to your use.
• Secured Payment – Wave uses bank-level security for all online payments. Its system is also PCI DSS compliant, which ensures a safe environment for storing, processing, and transmitting credit card data.
• Digital Payment Solution – Customers benefit from the flexibility of Wave’s digital payments even when they get paid using bank deposits, credit cards, or Apple Pay. Businesses with multiple clients across the globe can offer their clients multiple payment options and get paid quickly.
• Personalised Support – Wave Advisors, in-house accounting and payroll coaches, and bookkeepers can provide specialised assistance whenever necessary. Although this is a costly add-on, it could be useful for your company when you need expert insight.
• Expense Tracking – Wave, like any accounting software, allows you to track your business spending, which is critical for businesses in India and other locations needing precise records for tax purposes and financial management. It does this by automatically categorising your expenses to facilitate accurate deduction.

Wave only offers one paid plan and a free plan.

Starter – This is a basic accounting and invoicing solution for new businesses in India. This plan includes features like unlimited invoicing, bookkeeping, estimates, bills, online payments, and cash flow management.

Pro – This plan is suitable for small businesses that need advanced accounting solutions. It includes all the Starter plan features plus the option to accept online payments at a discounted rate, auto-import bank transactions, digital capturing of unlimited receipts and track expenses, and automation of late payment reminders.

Wave’s free package is extremely feature-rich for any small business that needs only basic accounting services.

You can also include add-ons such as Payroll at ₹1,669.45/month, bookkeeper from ₹12,437.41, and unlimited capturing of digital receipts at ₹918.21/month OR ₹8,013.36/year.

Wave is the best free accounting software in India and is a go-to choice for entrepreneurs who need a simple accounting solution with scalability at a reasonable price.

• Integration with Third-party Applications – Sage’s integration with a wide range of third-party apps and services allows organisations to modify the accounting software system to their individual needs, improving overall functionality. This is a central hub functionality, eliminating manual data entry and errors.
• Tax Laws Tracking and Compliance – Tailored services for Indian businesses, such as tax compliance tracking and expert coaching. Its tax services include GST compliance, automatic calculations, invoicing, and reporting.
• Customisation and Scalability – Once you choose Sage, you don’t have to migrate to another accounting software as your business grows. Sage can expand with you to handle complex finance management.
• Advanced Reporting – Create comprehensive financial reports for reviewing and investigating performance, monitoring cash flow, and making educated decisions. Suppose you need to measure a particular product’s profitability. In that case, checking the details of the product over a specific period can help you identify trends and make data-driven decisions.
• Cash Flow Forecast – The cash flow forecast allows you to prepare ahead of time to estimate how much money your organisation will have or need at any given time. This is a really useful tool for helping you stay proactive in your business finance monitoring.

Sage provides a pricing package that scales with your company’s needs in terms of users, features, and functionality.

Accounting Start – This is a single user supporting plan, ideal for sole traders. The plan features unlimited sales invoice creation, simple bank reconciliation, VAT submission, and Be Making Tax Digital Ready for VAT.

Accounting Standard – Ideal for small businesses working with suppliers, CIS, or with accrual accounting. It offers everything Start offers, plus more advanced features like advanced reporting, CIS management, cash flow forecast, and receipt capturing automation.

Accounting Plus- Accounting Plus offers all of the Standard features plus support for multiple currencies, automatic exchange rate updates, and inventory management.

Each Sage price package includes professional support, membership classes, community forums, business guidance, instruction, and Sage certification.

The software has no long-term commitment fees, allowing you to upgrade or cancel at any time. You can add employees using any of Sage’s Payroll plans. The more people you add to your Payroll plan, the lower your monthly cost per employee will be.

With Sage’s high level of flexibility and scalability, I recommend it for large enterprises in India seeking comprehensive accounting software that can adapt to their growth trajectory.

• Cloud-Based Processes – A robust cloud-based service that allows businesses to easily access financial data at any time, from any location, and on any device. So, if you have team members in India, the United Kingdom, the United States, or anywhere else, data accessibility is no longer an issue.
• Data Safety and Privacy – Xero is committed to users’ data security and offers numerous layers of protection for your personal and financial information.
• Reporting – You can work with your advisor in real time to create a detailed report presentation without needing other tools. Whenever you need to share your report, you can customise the report to match your branding.
• Multiple Integration Support – Accomplish more by integrating various apps and extensions designed to solve your business challenges. These include third-party tools such as payment processors, CRM systems, e-commerce platforms, etc.
• Expense Tracking – Easily keep track of business spending by uploading receipts, categorising them, and reconciling them with bank transactions. Manually monitoring your spending can be chaotic and inaccurate, but Xero’s automated system does the heavy lifting and tracks all details.

Xero accounting provides pricing packages tailored to the demands of various businesses. All of its price options include accounting essentials and allow for future expansion.

Early – The plan features basic invoicing (send quotes and 20 invoices), five bills, expense tracking, short-term cash flow, and bank reconciliation.

Growing – This plan is ideal for growing small businesses. It offers everything in the Early plan with bulk bank transactions reconciliation and unlimited invoices and bills.

Establish – This plan caters to established businesses of all sizes. It features everything in the Growing plan plus multi-currency support.

Xero allows you to add as many businesses as you like, and you can choose a price plan for each one or start a free trial. Additionally, if you register more than one business edition organization using the same email address, you can take advantage of Xero’s discount for numerous businesses.

Xero is a valuable asset to small and medium-sized enterprises in India that need remote access to manage their financial operations and collaborate with advisors.

• Advanced Inventory Management – Marg ERP, like any online accounting software, allows businesses to maintain stock levels and manage numerous warehouses while creating inventory flow data.
• High Customization – Cutting-edge and adaptable software that can be customised to meet your business needs. You may modify your reports, processes, user permissions, and other features.
• User-Friendly Interface – Despite its advanced functionality, Marg ERP has an intuitive and attractive interface. This allows beginners in accounting to navigate the software swiftly.
• Barcode Integration – Search for items during sales and add them during inventory creation. Another way the barcode helps you speed up procedures is during data entry.

Marg ERP provides three price plans based on user requirements and implementation.

Basic Edition – This is a limited edition that supports 1 user’s full rights. You can add a maximum of an extra 2 users at the rate of ₹ 3000 per extra user.

Silver Edition – Supports 1 user’s full rights with 1 user for view only. You can add an extra user at ₹3000/ extra user.

Gold Edition – Supports unlimited user access to the software.

Marg ERP pricing differs from typical accounting software, which offers monthly or annual plans. Marg’s plan is for a complete license, which is based on the number of users.

For Indian businesses that prioritize inventory accuracy and efficiency, Marg ERP offers a tailored solution that combines essential accounting features with top-tier inventory management.

• Simple Accounting – Generate professional-looking GST-compliant invoices in seconds. Also, the accounting interface is flexible, allowing you to add additional information to your invoice, such as a logo, to personalise it as you prefer.
• Taxation and Compliance – TallyPrime simplifies GST filing for you. It features built-in functionality to detect errors and make quick adjustments to guarantee that your GST returns are filed correctly. What I like about TallyPrime’s taxation is that it separates all unreconciled transactions for easy identification.
• Enhanced Security Management – Set different security levels, specify user-level privileges, and grant employees particular access depending on their jobs and responsibilities.
• Auto Bank Reconciliation – Easily handle a large number of bank transactions. You get reconciliation for up to 100 banks by automatically pulling all e-statements retrieved from the bank portal.
• Intuitive and Powerful Dashboard – Access all the critical reports required to run your business. It uses data visualisation, an easy interface, and customisation capabilities to offer reports that match your business needs in your preferred format.

TallyPrime provides businesses with both monthly and one-time fee licenses, allowing them to select the most suited choice for their needs.

One-time License Plan

Monthly Plan

TallyPrime Silver – This plan supports single users, and it’s designed for standalone PCs.

TallyPrime Silver Rental – This is the monthly subscription plan version of TallyPrime Silver, allowing users to pay monthly. It also supports single-user and standalone PCs. You can choose either 1, 3, or 12-month payment options.

TallyPrime Gold – This plan is suitable for big businesses with many team members. The plan supports unlimited multi-user editions and can be used on multiple PCs in a LAN environment.

TallyPrime Gold Rental – This is the monthly subscription plan version of TallyPrime Gold; this plan is suitable for big businesses with many team members. The plan supports unlimited multi-user editions and can be used on multiple PCs in a LAN environment. You can choose either 1, 3, or 12-month payment options.

Similarly to Marg ERP, TallyPrime offers full licensing pricing with its monthly plan. The only price difference between the two is that TallyPrime provides a 7-day free trial, allowing you to test the software and see how it fits your organization. This free trial provides full access to all of the product’s features.

TallyPrime also offers add-ons. You can visit TallyShop and select any add-on based on your business specifications.

TallyPrime’s adaptability across various business functions positions it as a better choice for businesses seeking a customisable accounting solution.

• Multi-device Compatibility – Vyapar’s software can simultaneously be used on mobile and desktop devices. This promotes accessibility while increasing productivity.
• Seamless Inventory Management – Loaded with excellent features that can help improve business performance. As you track your company’s sales, you’ll be able to see how well you have managed your inventory and how to adjust.
• Payment Reminder – Instantly notify your clients of their overdue payments. It also allows you to ensure timely payments, manage cash flow, and track outstanding payments in the business dashboard.
• Fast GST Filing – This relieves you of having to manually file GST returns. Using Vyapar billing software, you can generate GST reports and make the GST filing procedure easier.
• Automatic Data Backup – Vyapar is completely safe and enables you to keep your data accurately. You may use the free app to secure your data by creating local, external, or online Google Drive backups.

Vyapar provides flexible pricing plans, allowing businesses to select the package that best meets their needs. Its pricing depends on the number of years and platforms.

Silver – This plan is for startup businesses as it allows them to create up to 3 companies, conduct balance sheets, set multiple pricing, and synchronize data across all devices

Gold – This plan is for growing businesses with established authority. This plan includes all the features in the Silver plan with quick billing, data restoration after deletion, unlimited company creation, and advanced reporting.

While Vyapar allows users to download its mobile app for free, you may be limited to basic functionality.

As a result, you can select an appropriate plan based on your usage platform (mobile, desktop, or both) and duration of use. Vyapar provides a 7-day trial to allow you to test the software.

Vyapar is my top accounting software for small businesses because it offers several useful accounting and GST software and is very adaptable.

• Time Tracking – The time tracking tool helps you improve your productivity. You may easily send a detailed breakdown of your hours to clients and get paid quickly, saving manual invoicing hours.
• Automated Mileage Tracking – Automatically capture all trips you take for clients’ work, preserve your travel history, and convert them to billable hours. FreshBooks also allows you to check out potential tax deductions for each business travel.
• Team Collaboration – FreshBooks general accounting software features are designed with small business owners in mind, so it has everything you need to boost productivity. You and your team can easily collaborate, communicate, and track projects without leaving the app.
• Mobile App – The FreshBooks mobile app allows you to manage your finances while on the go. You can keep track of your spending, invoices, and reports and communicate with clients and team members from your smartphone.
• Multi-language Invoicing – The multi-language invoicing feature is useful for overcoming language barriers because it allows you to create invoices in several languages.

FreshBooks offers four pricing tiers with flexibility, allowing business owners to choose.

Lite – A solid foundation for small businesses with features like unlimited invoicing and expense tracking, and unlimited invoices to 5 clients.

Plus – The Plus plan takes the Lite plan a step further, with automatic expense tracking, recurring billing, accountant invitations, financial reports, and unlimited invoices to up to 50 clients.

Premium – Adds project profitability tracking, customisable email templates, and unlimited invoices to an unlimited number of clients.

Custom – For businesses needing support, the Custom plan offers dedicated account management and custom onboarding services.

FreshBooks may become too expensive for small firms to manage as the number of add-ons increases. Adding new team members costs ₹918.23 per user per month, with advanced payments costing ₹1,669.52 per month.

FreshBooks is the best accounting software for freelancers in India. Thanks to its project management tools, it enables small service-based businesses to collaborate with other service providers directly within the platform.