According to The Economic Times, in the year 2021-22, India has approximately 61,400 entrepreneurs approved by the Department for Promotion of Industry and Internal Trade (DPIT). This is an annual economic report card that analyses the progress of various businesses and makes recommendations for future movements. It also includes a GDP growth forecast.
Over 64.4 % of small companies use accounting software worldwide instead of employing competent account auditors. Accounting software is essential for startups, and it is for making payslips or simplifying tax filing.
Due to its demand, the accounting software sector is estimated to grow 416.23 million dollars by 2024. These statistics shows a bright financial future for India.
Here is some essential basic bookkeeping software you can consider for your startup.
FreshBooks (Price Range- $7.50-$25 per month)
Freshbooks is the best accounting software for any startup. It is popular accounting software with plenty of features for small businesses. It checks all the criteria for basic accounting tasks, and it is exceptionally user-friendly for its advanced invoicing and cost tracking capabilities.
The interfaces with various business tools offer you a centralized dashboard for managing your money & accounting. FreshBooks provides Frequent safe backups, and the mobile app keeps you up to date on your startup all the time. FreshBooks is best for those Companies That Issue Recurring Invoices or Use Subscription Models. The Balance sheet free feature of FreshBooks makes it more accepting and user friendly to new startups.
QuickBooks Online – ( Price Range $12.50 – $50 per month
Quickbooks is one of the best choices for managing the accounts of your startup. Not only account management, but this software also defines itself with some special services like receipt capture and live chat support 24X7.
It also supports connections for Paypal, Square, Shopify as well as some others. With all features, you may manage your company’s income and expenditures, invoice generations, accept payment, produce reports, develop projections, track taxes & business, and even organise receipts. Further advanced facilities of QuickBooks are that it helps to analyse stock, time & payroll through this accounting software.
Xero – ( Price Range- $11 – $62 per month)
Xero accounting software includes excellent capabilities for reconciling accounting, project monitoring, and managing sales. The latest upgrades to the setup procedure & small business summaries reinforce its position as an outstanding alternative for startups.
Xero has Excellent online assistance, which enhances its security. It also has a
Key business perspectives and
Excellent project management capacity. Though you won’t get any phone or chat support, the user interface is user-friendly and accessible.
Wave Accounting (No monthly fee, hidden charges, or setup fees )
In 2010, Wave Accounting was founded. It offers the most effective accounting services to entrepreneurs. It is bookkeeping and billing software and payroll and credit card transactions. This cloud-based program is ideal for entrepreneurs with no accounting skills. Your entire Information is saved for enhanced security, and you may link your account to track your transactions at every time.
Wave Accounting contains so many special characteristics:
The possibilities for tracking income and expenditure are limitless. It also Keep track of the sales tax you pay on your revenue and expenditure. Many people use a double-entry approach. Financials are shown on a screen that is easy to understand. It organises your revenues and costs into tax categories. The records feature profit and loss numbers and a summary of retained earnings.
ZipBooks ( Base Price Range- Free)
ZipBooks is excellent free accounting software for startups. ZipBooks provides essential functions in one free account, including reporting, bank synchronisation, billing, cost tracking, and invoicing. If you wish to accept online payments from your invoiced clients using ZipBooks, you must use PayPal or Square. You’ll be charged the regular PayPal & Square fees for such expenses. ZipBooks is free accounting software that offers debt financing, monthly credit card invoicing, and time tracking. The most recent introduction to the increasing list of businesses like VC-backed FinTech.
Use one of these accounting softwares to make your startup easier with faster transactions & more accurate invoices as well as relevant financial details. Your company size, profession, personal preferences & company size will determine which accounting software is ideal for your startup.