Online accounting software, cloud-based accounting software, or web-based accounting software represent the same terminology, i.e. accounting on the cloud.
The trend for cloud accounting is quite popular among startups, small businesses, and entrepreneurs and is expected to rise exponentially by 2025.
Online accounting software is one of the business accounting software models shaping clarity in financial data across multiple businesses and branches.
Thus accounting software is widely deployed online today.
Cloud accounting systems also help solo entrepreneurs, small businesses, and even large enterprises to stay up to date with the information and data available across devices in real-time.
While big companies have more budget for cloud ERP systems, a solo entrepreneur can plan, manage and analyze their business and finance with cloud accounting. These systems are seamlessly easy to operate.
That is to say, identify the kind of transaction you need to create one at a time and select the accountable voucher to make the entry.
And you are all done; the system automatically creates every single report from compliance to more complex financial statements and analysis.
The concept of software as a service, shortly termed SaaS, has existed since the 1960s.
But SaaS has become a necessity today for every small business to make E-invoicing and GST filing easier.
Because India has finally entered into the Goods and Service Tax regime.
However, the GST regime is yet to take its best shape in India to ease businesses with equal opportunities for all under one roof.
So to regulate timely compliance for your business, online accounting software comes into the picture.
It helps a small business entity regulate its accounts, taxation, and financial analysis on a timely basis anytime and anywhere.
The need for online accounting software depends on the requirements of a business.
For Example, if one has a multi-store or multi-location business, there is no doubt that online accounting software is the best.
So if you are searching for a cheap, best solution, and accessible to you and your team members anywhere and at any time.
Then, irrespective of your locations, you should be migrating to the cloud to solve your problems.
As well said by one of the cloud vendors, “Cloud is not an option today; it is the only option.”
So it’s obvious you would never look back to one of that legacy accounting software installed in one corner of your warehouse or factory if your issues are being resolved on the cloud applications.
On the other hand, if you do not have the necessity, you would not necessarily be interested in online accounting software.
But when we talk about accounting as software-as-a-service, it is usually an online alternative to the most popular accounting software Tally ERP 9.
Web-based accounting software is popular among online accounting users in India.
Today a business owner has plenty of options for implementing SaaS Solutions such as online accounting software.
Because there is a wide range of commercial accounting software and applications available online in the market.
It may become difficult for you to judge the right accounting system and a reliable accounting service provider for your business.
However, it is essential to mention here; small business owners don’t need complicated software for their accounting operations.
But for small and medium businesses, online accounting software must be robust, scalable, and fast.
On the other hand, trading concerns don’t need enough money to set up a computerized billing system.
Because even today, there are plenty of traders in the market whose operations have mainly grown over the years.
But they have never used a computer to bill their clients.
On the other hand, bookkeeping and accounting have dramatically changed every business with the cloud revolution.
Because owners have access to cloud-based accounting software anywhere and on any device, either laptops, tablets, or Mobile or Desktop.
With the rise of cloud services, business owners now have the flexibility to pay monthly or quarterly, or annually under the pay-as-you-use model.
So there is a perfect opportunity for small traders and manufacturers to acquire this asset and not count it as an expenditure.
It is a companion for your business growth, and you can frequently add on other modules as your business grows over time.
Also, you can use advanced features like inventory management and payroll integration at a later stage if required.
So here are some of the most popular online accounting software in India as given below to suit your needs.