6 of 12 Best Free Accounting Software A Comprehensive Guide

softwarebuck April 25, 2021 0 Comments



7 Best Free Cloud Based Accounting Software For Windows


Here is a list of best free cloud based accounting software for Windows. Allof these accounting software are basically online accounting services thatkeep all the data to their cloud or servers. Like any other online software orservice, you can access your data and information from anywhere.Through these software, you can manage various financial aspects of abusiness. Some of the important aspects that you can manage through them arebank accounts, sales, expenses, and revenue. To manage different financialaspects, each software offers a separate section such as Transactions,Accounts, Sales, etc. Through the Transaction section, you can updatetransaction details, credited amount, debited amount, amount of transaction,date of transaction, etc. Using the Accounts section, you can manage existingbank accounts, add new accounts, edit account type, and modify accountdescription. Through the Sales section, you can generate invoices, viewrevenue, track customers, view bills, and more. Besides these primarysections, you can also find a Report section in all software through which youcan generate reports like Profit & Loss, Expanse, Income, Balance Sheet, andmore. You can also save generated reports in formats like XML, CSV, TXT, etc.In some of these software, you can also add multiple users, manage employees’payroll, add product & services description, add product prices, etc. Gothrough the list to know more about these accounting software.

What are the Key Features of a Good Accounting Software:


Before buying accounting software, you must check some basic features. Findbelow some of the aspects of accounting software that must be looked at: * Billing & Invoicing * Quotation & Estimates * Production Management * Taxation handling * Inventory Management * HR & Payroll * Multiple Currency * Outstanding Handling * Payment & Expense handling

Accounting Software For Financial Business


Number crunching is the first step when it comes to making sense of yourfinancial data. This is where an accounting solution comes into the picture.Business accounting software gives numbers meaning, so you can decide whetheryou need to cut down on expenses or start pumping up investments. By using anaccounting software solution, you’d have a clearer overview of your presentfinancial state. This, in turn, would help you devise strategies to steer yourbusiness to new heights by allocating resources prudently.In addition, through the magic of innovation, you can program your accountingsoftware to send recurring invoices, alerts, and notifications, helping yousave time. You can effortlessly execute accounts reconciliation by matchingtransactions. Have to submit quotes or estimates? Go for accounting solutionsthat can convert those documents to invoices in a few clicks. Reorder productswhen your inventory levels drop below a set threshold by generating purchaseorders automatically. Basically, you can automate a great many tasks witheffective accounting software.

Accounting Software Modules


* Payroll – An integral part of any accounting software, the payroll accounting software module lets you process employee payroll, expenses, and reimbursements due to them. This module also helps in the preparation and printing of cheques while taking care of all legal and tax obligations. * Inventory – The main purpose of an inventory management system module is to keep track of your stock levels. You can sort out issues related to procurement, availability, and movement of your goods. Also, you can keep a close eye on your inventory to avoid overstocking or understocking. * Project Accounting – This is a customized module found in top accounting software India used primarily by project management and deployment teams. Herein, both costs and applicable rules differ from one project to another. It helps in making project estimates concerning overheads and costs pertaining to labor, material, and equipment. * Fixed Asset Management -This module helps in the management of a company’s financial data related to fixed assets in a more accurate and precise fashion. It helps in taking care of audit history, cost records, depreciation calculation, resource allocation, etc. * Billing and Invoicing – An integral module of any accounting ERP software, billing & invoicing helps automate several routine tasks. From cheque writing and bookkeeping to advanced double-entry apps, billing & invoicing helps eliminate manual data entry. It also ensures that your accounting figures are exact and accurate. * Tax Management – An essential module of any accounting software, tax management assists in carrying out tax calculations automatically, along with tax reporting and integration of multiple tax rates. You can easily collect tax information from all financial documents into one single repository to generate reports necessary for tax filing. * Receivable and Payable – For the layman, accounts receivable refers to the money owed by customers to the business. The accounts receivable module assists in managing customer invoices and processing of customer payments. This module is chiefly used to create bills or invoices for customers. You can also keep a tab on individual deposits to bank accounts so that deposit information can be uploaded and applied to customer accounts automatically. This module’s master files contain information related to the customer, including name, address and phone number. It also shows the amount due to a business along with the length of time the customer’s balance has been outstanding. * Online Accounting Software – Accounts payable refers to the money owed by a business to its vendors. With the accounts payable module, you can track money due to vendors, discounts, and payment terms for all invoices. You can also print cheques directly to vendors. In addition, you can find master files containing vendor information, including name, address and phone number. * General Ledger – The central repository of the accounting records and data, the general ledger module acts as the command center for accounting information. Herein, you receive entries from other modules, such as accounts payable, accounts receivable and payroll modules. Without the general ledger, you won’t be able to create vital financial documents, such as trial balance, balance sheet, and profit and loss statement. This module is used to record financial transactions not recorded in other accounting software modules. It helps create a trail of information needed for audit purposes.

Accounting Software Features


* GST and Filing – This particular module helps you file GST returns seamlessly by pushing transactions directly into the GST portal. Make your business GST compliant by preparing and filing GSTR-1, GSTR-2, GSTR-3, and GSTR-4 return online effortlessly. * Debt Collection – Through the debt collection module, you can keep track of whether the overdue bills have been collected or not. You can also quickly identify and resolve issues which may be affecting the debt collection process. * Budgeting and Forecasting – So, you’ve crunched your numbers for the current year and balanced the books, crossed your T’s and dotted the I’s, now what? You’ve got to assess the financial performance so that you can set a budget for the next year. Based on your budget, you can establish estimates of sales targets (both realistic and challenging) with the help of an accounting solution.

Who can use these free accounting software’s for gst in india ?


As per latest gst news a small business taxpayer who has turnover bellow 1.5crore can use this software and he can get it easily through GST PORTAL bythis simple process.

What is Accounting and Billing Software on the GST Portal?


Accounting and Billing Software download functionality is made available forthe Micro, Small and Medium Enterprises (MSMEs) having turnover less than Rs.1.5 crores. This software allows a taxpayer to run his daily business byproviding day to day billing and accounting features, along with the facilityfor return filing for their GST related compliances.The software would be available free of cost to eligible taxpayers till31.03.2021 or till the taxpayer’s annual turnover remains under Rs 1.5 Cr in afinancial year, after which the taxpayers may have to pay a fee to the vendor.It may be note that only certain basic features of the software would beprovided free. Some of the free features being made available by all thevendors are Sale/ Purchase/ Cash ledger, Inventory management, Supplier/Customer Masters, Generation of Invoices, Preparation of GST Returns, etc.For using features other than free features listed or using the softwarebeyond the initial free period, the taxpayer may visit respective vendorproduct site to ascertain fee payable, if any.

“Accounting and Billing Software” functionality on the GST Portal is


available to which all type of taxpayers and in which States/uts?“Accounting and Billing Software” functionality is only available to activeNormal (Regular), taxpayers who have opted for composition scheme and SEZDeveloper/ SEZ Unit who are registered on the GST Portal, having turnover lessthan Rs. 1.5 crores in a financial year. The functionality is available to thetaxpayers for all States/ uts.

List of Top 12 Best Free Accounting Apps & Software


Product | Unique Selling Point | Pricing —|—|— Vyapar| Free GST billing app for accounting & invoicing | Its premium plans start at Rs 99 per month Wave Accounting Software | Free online accounting software for small businesse | It’s completely Free Zoho Invoice | GST invoicing software for mid-sized businesses | Standard at Rs2499, Professional at Rs 9,999 and Premium at Rs 19,999. Go GST Bill | Free GST billing software designed especially for Indian businesses |Go GST Bill’s one-year premium plan is available at Rs 999 per month. Sleek Bill | Online invoicing software for modern businesses in India | You can opt for its online or offline premium plan is available at Rs 1999/ year. ZipBooks Bookkeeping Software | Ensures accurate bookkeeping in three simple steps | Its premiumversion start at Rs 1000 per month. SlickPie | Online accounting software with easy-to-use interface | Its Pro plan starts at Rs 2800 onwards. Akaunting Software | Open source and free accounting software to track expenses with ease | It’s completely free to use CloudBooks | Free bookkeeping & invoice software for time tracking and expensemanagement | Pro for Rs 700 per month and Agency for Rs 1400 dollar per month. GnuCash | A powerful & flexible software to track bank accounts, income and expenses | Available for free Manager Accounting Software | It’s a fully-featured accounts softwaresupported by Windows, Mac, and Linux | All features are available for free CodeAchi Easysell | GST software, which includes sales, purchase and inventoryfunctions | It’s a free software for small businesses. Best Free GST Accounting SoftwareGST accounting software has become the need of the hour, as it helps SMBs andlarge enterprises manage their finances as per the latest guidelines. With asoftware to make bookkeeping and tax calculation tasks easier, businesses canfocus on offering the best to their customers.

2 of 12 Best Free Accounting Software: A Comprehensive Guide


> Free Online Accounting Software for Small BusinessesOperating the Wave Accounting Software is as easy as signing up on Google. Assoon as you sign up on Wave, you get unlimited features to manage yourfinances, capture receipts and get paid from your clients on time. You cansend unlimited invoices and estimates with your clients to ensure timelypayment with this free GST accounting software.Features * Helps automate income and expense tracking * Ensures record accuracy * Helps stay compliant with the latest GST rules * Easily sync transactions from online bank account * Promotes error-free bookkeepingPros: * It doesn’t save your bank account and password details, thus making data secure * Allows creating the perfect invoice for generating payment * This free GST software also helps manage bills, receipts, and vendors. Cons: * The software cannot be used to put money in or withdraw money from bank accounts * Its payroll feature is only available for the US and Canadian businesses. Pricing: It’s a completely free accounts software.

6 of 12 Best Free Accounting Software: A Comprehensive Guide


> Ensures accurate bookkeeping in three simple steps.ZipBooks bookkeeping software helps record payments easily in just a fewclicks. Also, you can create invoices according to projects and share themwith as many clients as you want. Not just that, its free version makesdigital payment easier and is ideal for traders, e-commerce sellers andwholesalers.With this software, you will not have to bother at the time of tax filing. As,all your finance data will be available in an organized manner.Features: * Send unlimited invoices * Manage unlimited vendors & customers * Accept digital payments with PayPal * Generates Basic Reports * Allows connecting with one bank accountPros: * Provides several invoice templates which can be customized * There is no limit to sharing invoices with the free version * For start-ups, managing transactions online becomes quite easy.Cons: * It doesn’t allow scheduling recurring bills * Also, you cannot automate reminders for payment.Pricing: Its premium version starts a Rs 1000 per month.

7 of 12 Best Free Accounting Software: A Comprehensive Guide


> Online accounting software with easy-to-use interface.SlickPie is a free accounting software which is helping many SMBs manage theirfinances efficiently. With its free version, you can manage 10 differentaccounts on a single account and will also get the email support. Also, thereisn’t any limit to receipt entries.Craeting professional invoices is another benefit of SlickPie accountingsoftware free. You can create unlimited quotes and estimates and also get paidfrom your clients easily via PayPal.Features: * Set-up recurring invoices * Creates quotes and estimates * Provides live bank feeds * You can send online invoices * You can also track sales taxPros: * You can manage your business finances through any device * It provides bank-grade security to your financial data * Generates invoices for multi-currencyCons: * It doesn’t provide advanced built-in reporting featuresPricing: Its Pro plan starts at Rs 2800 onwards.

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