A Quick Glance

Platform Name	Value Proposition
Zoho Books	Avail customisable service packages based on business size and roles.
TallyPrime	Offers comprehensive business management solutions like accounting, taxation, compliance, and more.
Xero	Enjoy seamless bank account integrations with 21,000+ global institutions.
Moss	Avail tailored spend workflows for accounting, real-time budget tracking, and more.
SAP Accounting	A global provider of business AI and enterprise applications spanning across finance, supply chain, and more.
FreshBooks	Get tailored accounting and financial solutions based on the business size and industry.
Vyapar	Simplifies accounting and invoicing tasks along with adhering to the latest tax regulations.
Tide	Offers a comprehensive business account featuring an expense card, invoice generator, payment processing feature, and more.
NetSuite	Global business management software offering financial management, payroll, process automation, and more.
Odoo Accounting	Leverage AI to automate tasks like capturing expenses, matching transactions, importing bank statements, etc.
ZarMoney	Get accounting, invoicing, bookkeeping, payment processing solutions, and more under one roof.
AccountsIQ	Scalable cloud accounting software that provides customised solutions based on the client’s industry and team structure.
ClearBooks	Enjoy unlimited transactions, automated processes, and fully customisable user permissions.
Marg ERP 9+ Accounting	Offers tailored inventory and accounting solutions for businesses in the retail, distribution, and manufacturing segments.

Accounting software helps businesses streamline their accounting and financial processes and increase accuracy. They can automate several processes, such as sending invoices and payment reminders, that include links for online payment methods, scheduling bank payments, direct deposits, tax payments, and more. 

This helps businesses eliminate manual processes, reduce errors, and focus on their core tasks. Accounting software also lets stakeholders view real-time transactional and financial data, which helps them make quick decisions regarding forecasting, planning, and achieving business goals. 

Furthermore, accounting software systems help companies comply with changing regulations by offering high-grade encryption and robust security features that protect sensitive financial data from unauthorised access. They also provide scalability, enabling businesses to handle more significant volumes of financial processes as they expand.

14 Best Accounting Software in 2024 

Here is a list of the best accounting software in India in 2024:

Zoho Books

Zoho Books is a one-stop solution for all things accounting. It acts as a single secure location where companies can store all their bills and invoices, oversee projects, control their spending, reconcile bank statements, and easily fulfil GST filing compliances. 

What’s more, companies can opt for a package based on their business size (startup, small business, medium-sized and non-profit) and roles (business owner, accountant, or student). 

Features:

• Provides a wide array of core features like quotes, purchase orders, inventory, expenses, and more. 
• Facilitates easy GST filing, e-invoicing, audit trail, and document management. 
• Promotes effortless accounting via both desktops and smartphones.  

Pricing: Starts from ₹749/month

Market Share: 0.49% 

Pros:

• Enables users to add separate billing entities. 
• Efficient payment tracking. 
• Options to create estimates for invoices. 

Cons:

• Limited invoice customisation options. 

TallyPrime

TallyPrime is a new-age business management platform that offers a plethora of solutions like accounting, inventory management, taxation and compliance, e-invoice, and more. 

Companies can choose products based on their requirements, such as business management software, connected services, enterprise-class solutions, etc., and even opt for customised solutions to cater to their business needs.  

Furthermore, TallyPrime’s dynamic dashboard enables businesses to get personalised insights, while its enhanced payment tracking solution allows seamless tracking of upcoming receivables and sends timely reminders to customers.  

Features:

• Options to access TallyPrime on Amazon Web Services (AWS). 
• Offers Shoper 9, a complete retail business solution. 
• Presence of a comprehensive development suite allows companies to develop and deploy solutions. 

Pricing: Starts from ₹750/month

Market Share: 2.82%

Pros:

• Allows companies to share orders and invoices via WhatsApp. 
• Facilitates multi-currency support. 
• Enables companies to add payment links and QR codes to their invoices. 

Cons:

• No separate package available based on business size. 

Xero

Xero is an online accounting software for small businesses that enables them to handle invoices, accounts, balances, contacts, and financial information all under one roof. What’s more, they can connect their bank accounts with the platform and reconcile transactions on a daily basis, thus getting an up-to-date picture of their cash flow. 

Businesses can also use this platform to collaborate with their accountants and bookkeepers in real-time and enable employees to send invoices, submit expenses, and manage leaves from any part of the world.

Features:

• Options to manage inventory and payroll-related tasks. 
• Top-grade analytics solutions that can help businesses track metrics, future cash flow, and the company’s financial health. 
• Store bills, receipts, documents, and contracts on the platform and access them from anywhere. 

Pricing: Starts from $14.50/month

Market Share: 6.95%

Pros:

• Supports integrations with third-party apps like Stripe, Dext, Vend, etc. 
• Enables bank account connections with 21,000+ global institutions.
• Facilitates seamless multi-currency accounting. 

Cons:

• Lacks separate offerings for large enterprises.

Moss

Moss offers a faster way to close the books by seamlessly capturing receipts, automating expense categorisation, and syncing with the business’s accounting system. It provides tailored spend workflows that enable real-time budget tracking across all types of expenses and accounting and approval tools that are customised as per the business’s needs. 

This allows companies to easily leverage end-to-end accounts payable flows, eliminate manual entries, and facilitate instant payments to any part of the world.    

Features:

• Keep the team’s budget within limits via corporate cards.
• Add spend modules like employee reimbursements and accounts payable as per requirements.
• Options to include add-ons like advanced controlling, advanced accounting, procurement, and ERP.

Pricing: Available on request

Market Share: Not Available

Pros:

• AI-powered automations make accounting processes error-free.  
• Get top-tier data security per regulations like the General Data Protection Regulation (GDPR). 
• Enjoy integrations with various third-party accounting, SSO, and HRIS tools. 

Cons:

• Lacks separate packages for small, medium and large-sized businesses. 

SAP Accounting

SAP Accounting is a global provider of business AI and enterprise applications spanning across finance, supply chain, HR, procurement, and customer experience. It streamlines finance and accounting-related processes using AI and machine learning, thereby improving workflows and increasing productivity.  

Moreover, companies can avail of comprehensive financial management, including financial planning and analysis, accounting and financial close, tax management, treasury management, and more.   

Features:

• Enjoy hassle-free spend management within each category.
• Get tailored solutions based on the company’s industry.
• Design applications and automation using SAP’s low-code and pro-code tools.  

Pricing: Not Available

Market Share: 10.62%

Pros:

• Availability of pay-as-you-go, enterprise agreement, and subscription options.
• Options to conduct product tours, basic trials, and advanced trials.   

Cons:

• Requires a certain degree of technical knowledge to set up and use. 

FreshBooks

FreshBooks is an online accounting platform that offers simplified accounting and financial solutions for small businesses and accountants. It provides services like invoicing, payments, time tracking, accounting, bookkeeping, etc., along with payroll, team management, and client communication solutions. 

Moreover, this platform enables businesses to create professional-looking invoices within seconds, raise deposit requests, accept payments via credit cards and ACH, and send timely payment reminders to clients, thus streamlining the overall accounting process.    

Features:

• Availability of tailored solutions based on the business size and industry.
• Advanced time tracking options with integrations to third-party apps like Teamwork, Trello, Basecamp, and Asana.
• Double-entry accounting system ensures that businesses have everything organised before filing taxes.    

Pricing: Starts from $7.60/month

Market Share: 0.27%

Pros:

• Options to try FreshBooks free for up to 30 days before subscribing.
• Automated client follow-ups allow businesses to focus on what’s important. 

Cons:

• Lacks service options for medium and large-scale enterprises.  

Vyapar

Vyapar is a leading name on the list of best accounting software in India. It is a global invoicing and accounting software provider for small and medium-sized businesses.

This platform offers solutions such as automated billing, inventory management, expense management, and more, along with multiple payment collection methods such as UPI, debit/credit cards, net banking, and bank transfer. 

What’s more, its dynamic dashboard allows businesses to track outstanding payments and send reminders to customers via WhatsApp or email. Additionally, it maintains compliance with the latest tax regulations, thus reducing the hassle of businesses keeping tabs on and adhering to them. 

Features:

• Seamlessly create GST bills and share them with customers online.
• Live track inventory status based on batch number, manufacturing date, expiry date, etc.  
• Enjoy multi-device synchronisation, ensuring stakeholders are always updated with the latest information.  

Pricing: Starts at ₹699/month

Market Share: Not Available

Pros:

• Options to make customisable invoices that can promote brand establishment.
• Comes with free invoicing software that can generate professional-looking quotations. 

Cons:

• No separate solution for large-scale businesses. 

Tide

Tide is an all-in-one financial platform that offers a wide array of accounting and financial management tools for small and medium-sized enterprises (SMEs). Companies can access a comprehensive business account with a RuPay expense card, invoice generator, payment processing feature, and more. 

Businesses can also get loans up to ₹10 Lakhs for various purposes. Additionally, this platform plans to introduce features like auto expense categorisation, payroll management, sync with third-party accountancy software, expense management, and auto reminders. 

Features:

• Open a Tide business account online in less than 10 minutes.  
• Tide Expense Card allows businesses to pay all merchants accepting RuPay.
• Seamlessly accept payments from UPI and QR codes. 

Pricing: Not Available

Market Share: 0.01%

Pros:

• No joining, monthly, or annual fee.
• No credit check required for account opening. 

Cons:

• Payments via the expense card are only limited to merchants accepting RuPay. 

NetSuite

Another popular name on the list of the best accounting software in India is NetSuite. It is a global cloud-based business management software offering a plethora of applications, such as financial management, global business management, billing, payroll, and more. 

Additionally, it comes with features like platform development, process automation, customisations, etc. Moreover, this platform offers two new software updates each year to keep customers aligned with the latest regulatory compliances and security features. 

Features:

• Availability of tailored solutions based on the business size, industry, and user role. 
• Leverages AI to automate tasks, suggest actions and provide business insights. 
• Offers seamless upgrade options from various accounting software to NetSuite.  

Pricing: Not Available

Market Share: 4.73%

Pros:

• Comes with multi-country tax compliance, multi-currency, and multi-language support.
• Offers a plethora of natively integrated modules that negate the need for third-party integrations.

Cons:

• Learning curve can be a bit steep for first-time users. 

Odoo Accounting

Odoo Accounting is technology-first accounting software that offers various applications related to finance, sales, supply chain, human resources, marketing, and more. 

This platform leverages AI to automate tasks like capturing expenses, matching transactions with financial records, importing bank statements, and more, ensuring a seamless user experience. 

What’s more, it provides worldwide compatibility, multi-currency support, a plethora of online payment methods, and the option to add all a company’s subsidiaries to the same subscription. 

Features:

• Free platform hosting and support for unlimited users.
• AI-powered invoice data capture enables invoice generation with zero manual data entry.
• Snappy user interface that enables admins to get things done in a matter of seconds. 

Pricing: Not Available

Market Share: 33.80%

Pros:

• Offers seamless synchronisations with around 28,000 global banks.
• Options to access the platform from both PC and smartphones (Android and iOS).

Cons:

• ERP customisations may require professional help. 

ZarMoney

ZarMoney is an all-in-one accounting platform that enables businesses to access features like accounting, invoicing, bookkeeping, payment processing, etc. under one roof. Companies can add a ‘Pay Now’ option to their invoices and collect payments via debit and credit cards, thus streamlining their cash flow.

What’s more, users get a wide array of advanced inventory features, such as item tracking and history, multiple warehouse management, real-time inventory data, and more, enabling them to streamline their business’s supply chain.    

Features:

• Options to automatically import bank transactions from 9,600 financial institutions across the USA and Canada.
• Tailored accounting solutions based on the client’s industry.  
• Facilitates role-based access to files, documents and data. 

Pricing: Starts from $20/month

Market Share: Not Available

Pros:

• Generate customised quotes and convert them to invoices in a single click.
• Get access to 40+ in-built and 1,000+ customisable reports using ZarMoney Insights.  

Cons:

• Entry-level subscription provides customer support only in the USA. 

AccountsIQ

AccountsIQ is a scalable cloud accounting software that provides customised solutions based on the client’s industry and team structure. It leverages accounting automation to speed up mundane tasks, provides a platform for the entire team to work on the same data, and offers 250+ pre-built reports to help make better decisions.

Moreover, thanks to automated consolidation, companies can combine all their financial statements with a single click and easily report them to the stakeholders. 

Features:

• It covers all core finance tasks like accounts payable, receivable accounts, banking, general ledger, and more. 
• Provides seamless integrations with third-party ERPs like Stripe, Concur, Salesforce, etc. 
• HMRC registration allows users to prepare and submit VAT returns with ease.      

Pricing: Starts from £199/month

Market Share: Not Available

Pros:

• Offers a wide range of accounting features like banking, general ledger, invoicing, payments, and more. 
• Availability of customisable role-based dashboards. 

Cons:

• Tax filing feature is suitable only for businesses under the HMRC’s jurisdiction. 

ClearBooks

ClearBooks leverages AI to automate tedious admin tasks. Businesses can categorise all their transactions within seconds, use optical character recognition to capture data from images and create bills, invoices, and expenses without any manual data entry. 

Furthermore, companies can create automated recurring invoices and collect instant bank payments via QR codes, PayPal, GoCardless, Stripe, etc. Businesses can perform unlimited transactions regardless of their selected service package.     

Features:

• 256-bit SSL encryption secures user data.   
• Availability of fully customisable user permissions.
• Automatic backups throughout the day ensure zero data loss.    

Pricing: Starts from £6.75/month

Market Share: 0.06%

Pros:

• Comes with a 30-day free trial for unlimited users.
• Offers tailored service packages for businesses as well as accountants. 

Cons:

• Tax filing features are only suitable for companies that come under the jurisdiction of the HMRC.  

Marg ERP 9+ Accounting

Marg ERP 9+ Accounting is an inventory and accounting software that provides tailored solutions for businesses in the retail, distribution, and manufacturing segments.

It enables businesses to create GST-compliant invoices, upload IRP-authenticated B2B invoices directly to the GSTIN portal, perform tax clubbing for input and output tax, etc., thus streamlining the overall accounting process. 

What’s more, companies can import their bank statements to the platform, enjoy seamless reconciliations with over 140 financial institutions, and handle all types of payments like NEFT, RTGS, and more.   

Features:

• Send invoices directly to customers via WhatsApp. 
• 7-layer data and ransomware protection to safeguard sensitive financial data.
• File error-free TDS/TCS reports as per the TRACES and CPC norms.  

Pricing: Starts from ₹5,000/year

Market Share: 0.04%

Pros:

• Options to book a demo before subscribing.
• Presence of advanced reporting options that promote accurate business decisions.  

Cons:

• Email support can be unsatisfactory at times. 

Future Trends in Accounting Software in India 

Given the sheer benefits provided by accounting software, a majority of businesses are utilising such applications in order to streamline their operations. In fact, the global accounting software market is predicted to reach $30.66 billion by 2029, expanding at 9.20% CAGR. 

Meanwhile, in India, this market is estimated to reach $21.86 billion by 2030, indicating an 8.5% CAGR. As a result, there is ample room for new players to join this industry and leverage its growth potential. However, to become one of the best accounting software in India, there can be several hurdles along the way.   

Gear up to face such challenges with Decentro’s APIs. 

Try our multi-collect API to collect funds from numerous sources and reconcile them directly via your virtual accounts. We also offer APIs that enable companies to set up recurring payments with just a single click, send instant payouts 24/7, and record all transactions on a single ledger platform. 

Partner with Decentro and let your business soar sky-high!  

Schedule Your DEMO NOW

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