[10] Best Accounting Software for Small & Medium Business (SME)

Accounting software is used to record and manage financial data in an organized manner and provide us whenever required.

Accounting is one of the important tasks for any business, so proper accounting software definitely helps SMEs (Small and Medium Enterprises).

SMEs are also important for the nation’s economy since most of the businesses in our nation are of a small scale.

Selecting suitable accounting software requires a lot of knowledge and research on the type of organization we have and the type of software required.

As SMEs don’t want complex solutions for accounting operations, select the best software among a lot of software available. Some of the best accounting software for SMEs are listed below:

Best Accounting Software for SMEs

10 Best Accounting Software for SMEs:

1. MProfit:

MProfit is easy to use and leading account and portfolio management software for SMEs. This software automatically posts entries.

MProfit accounting software provides a balance sheet, trial balance reports, live prices, profit or loss statements, income statements, asset allocation, annualized return, and historical valuation.

It also does account integration, tax management, portfolio management, import digital contract, and import bank statements. Hence MProfit is preferred for accounting for SMEs.

Other Details:

  • By: MProfit Software Private Limited
  • License: Paid
  • Website: www.mprofit.in

2. Book Keeper:

Bookkeeper is a very simple and user-friendly software for accounting. No prior knowledge of using such software is required.

This doesn’t require any other software to support and no sign up required. It works well on all Android, iOS, and Windows platforms with data syncing.

Generate professional receipts and GST invoices, keep track of daily transactions, and much more. There’s a multi-user login feature. We can keep track of unpaid and overdue invoices. We can view our business insights through charts.


3. Saral Accounting Software:

Saral accounting software can be used to maintain GST-enabled billing, account books, financial statements, balance sheets, and inventory. This requires an internet connection to run and we can create a service invoice and bulk service invoice.

With this we can generate e-bill at the time of invoice generation; also there is a separate login for the auditor. We can import data from any previously used software to Saral and can also sync the data online.

There’s an analytical dashboard to check day-to-day business activity. This GST-enabled billing and account management software can be better used by SMEs.


4. Giddh:

Giddh is invoice and billing software used to manage accounts in the business. We can generate professional invoices and send them automatically.

This has a very quick cloud management system so that we can sync and import data anywhere and anytime. Giddh software simplifies bank reconciliation so that we can know our cash position anytime.

We can serve our international clients with Giddh’s multi-currency solution. Using Giddh’s financial reporting tools we can analyze our business activity.

This has a multi-user login feature with which many users can work on the same task simultaneously.


5. Profitbooks:

This is one of the top accounting software which can still be used without knowledge of any accounting software. With Profit Books software we can create invoices and keep track of expenses and manage inventory very easily.

This has simplified workflow with POs. This makes business easy by looking after finance and tax management. We can generate detailed Tax reports and collaborate with our accountant online.

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This is cloud-based accounting software so we can easily access the information. We can also manage online payments through this software.


6. FreshBooks:

FreshBooks is accounting software, where it can do everything automatically from invoice reminders to collecting payments.

This provides insightful reports on finance and also has an easy online payment platform. This can create professional-looking invoices within a few seconds so that we can get paid faster.

Easy and organized expenses help to track the amount spend so that we can always be ready for tax payment.

This has insightful time tracking and we can keep all our conversations, files, and feedback in one place.  This is cloud-based software hence we can access this on multiple devices.


7. Tally ERP 9:

Tally ERP 9 is one of the top and most used accounting software in India. This is windows-based enterprise resource planning software.

Tally ERP 9 can handle accounts, inventory management, order management, tax management, balance sheet, payroll, banking, and many more. We can check on bank reconciliation, budgeting, etc. through this software.


8. FreeAgent:

FreeAgent is online accounting software that is made especially for SMEs and Freelancers. This software helps in bringing everything together from invoice and expense management to tax management.

This has a hands-free invoice feature that will send invoices automatically and reminds the client about dues. We can take a picture of the receipt and upload it to FreeAgent and customize the list of expenses to build accurate accounts.

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Connect this to our online bank and automatically import transactions straight into our account. There’s a dashboard view to view the day-to-day business.


9. Vyapar:

Vyapar is specially designed for Indian SMEs. This is a free and one of the best GST software for accounting, billing reports, and stock inventory management. With this, we can create professional GST bills and keep our cashbook complete and digital.

This software works both offline and online, with this we can check stock status live, enable low stock alerts, and get detailed information about our inventory.

This keeps track of unpaid bills and can send reminders to clients. We just need to focus on billing while this can take care of pending payments and remainders. We can keep track of pending payments effortlessly.


10. Wave Accounting:

Wave accounting software is an online accounting platform, this provides features like accounting, payroll, billing, invoicing, finance management, credit card scanning, payment tracking, etc.

We can manage a bank account and credit information with its bank reconciliation. This has a dashboard to track a business activity.

This helps in tax handling and ensures preparation for tax time. With this, we can generate financial statements such as balance sheets and profit-loss statements.

And with its insights, we can have a bird’s view of the accounts and transactions so that we can make smart business decisions.

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