According to The economic period, in 2021-22, India has around 61,400 contractors licensed by the Department for Promotion of Industry and Internal Trade (DPIT). This is an annual economic bulletin that analyzes the progress of various businesses and makes recommendations for future moves. It also includes a GDP growth forecast.
More than 64.4% of small businesses worldwide use accounting software instead of employing skilled auditors. Accounting software is essential for startups, to make payslips or simplify tax declarations.
Due to its demand, the accounting software industry is expected to grow by $416.23 million by 2024. These statistics show a bright financial future for India.
Here are some essential basic accounting software you can consider for your startup.
FreshBooks (price range – $7.50 to $25 per month)
Freshbooks is the best accounting software for any startup. It is popular accounting software with many 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.
Interfaces with various business tools give you a centralized dashboard to manage your money and accounting. FreshBooks provides frequent secure backups and the mobile app keeps you up to date with your startup at all times. FreshBooks is ideal for businesses that issue recurring invoices or use subscription models. the Free assessment feature of FreshBooks makes it more accepting and friendly for new startups.
QuickBooks Online – ( Price range $12.50 – $50 per month
Quickbooks is one of the best choices for managing your startup accounts. Not only account management but this software also defines itself with some special services like receipt capture and 24X7 live chat support.
It also supports logins for Paypal, Square, Shopify as well as a few others. With all the features, you can manage your business income and expenses, generate invoices, accept payments, produce reports, develop projections, track taxes and business, and even organize receipts. Other advanced features of QuickBooks are that it helps to analyze inventory, time and payroll through this accounting software.
Xero – (Price range – $11 – $62 per month)
Xero accounting software includes excellent capabilities to reconcile accounting, project tracking and sales management. The latest updates to the setup procedure and small business summaries reinforce its position as an outstanding alternative for startups.
Xero has excellent online support, which enhances its security. He also has a
Key business insights and
Excellent project management ability. Although you don’t get any phone or chat support, the user interface is friendly and accessible.
Wave Accounting (no monthly fees, hidden fees or setup fees)
In 2010, Wave Accounting was founded. It offers the most effective accounting services to entrepreneurs. It is software for accounting and invoicing and for payroll and credit card transactions. This cloud-based program is ideal for entrepreneurs without accounting skills. All of your information is logged for enhanced security, and you can link your account to track your transactions at any time.
Wave Accounting contains many special features:
The possibilities for tracking income and expenses are limitless. It also keeps track of the sales tax you pay on your income and expenses. Many people use a double-entry approach. Financial statements are displayed on an easy to understand screen. It organizes your income and costs into tax categories. The records include profit and loss figures and a summary of retained earnings.
ZipBooks (base price range – free)
ZipBooks is great free accounting software for startups. ZipBooks provides essential features in one free account, including reporting, bank sync, invoicing, cost tracking, and invoicing. If you want to accept online payments from your customers billed using ZipBooks, you must use PayPal or Square. You will be charged regular PayPal and Square fees for these expenses. ZipBooks is free accounting software that offers debt financing, monthly credit card billing, and time tracking. The most recent introduction to the growing list of VC-backed FinTech likes.
Use one of these accounting software to get you started easier with faster transactions and more accurate invoices along with relevant financial details. The size of your business, your profession, your personal preferences and the size of your company will determine which accounting software is ideal for your startup.