Best accounting software may not be free at all, but for small businesses, you can use it freely. If you are running a business and want to maintain an accounting record of your business, then using small business accounting software is important.
You can easily find lots of small business accounting software in Nepal and other countries. But there are different add-ons and functionalities that we need while selecting a business accounting software.
Business accounting software can be of many types. But if you have already decided to buy something specifically for your business, it becomes easy to choose. Small business accounting software is perfect for small business accounts like restaurants, hotels, small shops, etc.
It helps to keep track of debits and credits and record it on financial charts. The best Software for Small Businesses is also useful for tracking bank transactions online as well as helping you get tax credits. If you are in Nepal then these are some of the best bookkeeping software you can use freely for the small businesses in Nepal.
5 Best accounting software for your small business
Most businesses failed in choosing the right one! To pick your accounting software, You need to perform lots of research and tests to finalize.
Here is the list of the 5 best accounting software for your business.
- Overall best small & mid-size business accounting software: myBooks
- Best project-based accounting software: Deltek Vision
- An ERP package: Turbo Cash
- Computer-based accounting software: FAMAS
- Double-entry accounting system: Adminsoft Accounts
1. Overall best small & mid-business accounting software: myBooks
myBooks is one of the best overall small and best business accounting software in Nepal. It is not only affordable, but also it offers you the free version for businesses to use the app effectively. Can be easily used for small businesses in Nepal as well.
It holds a simple UI design to make the user easy to understand and is good f as the Software for Small Businesses. It does not force non-accountants to learn the software, which means it does not require any computer knowledge to work. At the same time, it is designed with the features to satisfy the accountants.
It holds all the industry-specific features from inventory management to multi-business management. Mybooks has inventory management with a low stock alert, multi-user role access, account payable, account receivable, multi-user role access, bank reconciliation, TDS payment, invoicing, creating an expense, tracking cash flow, can manage bookkeeping on the fingertip, and more.
It is the accounting software available for free, standard, and premium. On mybooks, even premium looks affordable, as it costs only $9.99 per month.
2. Best project-based accounting software: Deltek Vision
Deltek Vision is a cloud-based project management accounting software that enables professional services firms to achieve visibility on their entire projects and keep everyone informed.
Deltek Vision gives you the agility, flexibility, and scalability you need to succeed in today’s business environment. And it’s easy to use and implement so you can deliver your innovative ideas for clients faster.
This Best accounting software is a combination of project management, accounting project, managing business resources, business expense management, resource management, and developing business with a single app.
Deltek Vision is a solution that makes businesses easy to provide users with accurate and timely business information. Your team can make key decisions faster, forecast better, and get an immediate snapshot of your business data from a single source of truth.
3. An ERP package: Turbo Cash
Turbo CASH is the accounting software designed and developed by a project group in South Africa. The combination of ease of use, strong business support, ease of customizing, stability and performance make TURBO CASH the most popular accounting software for small businesses.
Turbo CASH is the best software for accounting and bookkeeping works, it gives you instant access to the reports and records that you need, at times that suit you – online or in your office across a wide range of devices. This can be utilized by small to mid-sized companies.
The main function of this accounting software is to manage the general ledger, prepare real-time business reports, and post transactions into accounts. With the help of plugin technology, developers can extend the system.
It combines all the features you need: accounting, invoicing, debtors and creditors, help with bills and VAT declaration. Preparation of tax returns based on transparent records is a part of the package. Everything is available in one place, using a unified interface.
4. Computer-based accounting software: FAMAS
The financial and management accounting system stands for FAMAS. It is computer-based accounting software to manage financial and accounting management effectively in a variety of industries. It is possible to produce both trial balance or compiler producing chart as well as showing detailed data simultaneously on the monitor screen.
It helps the business to manage projects effectively. The software provides fast and easy handling with the financial management. Overall, it is easy to use with a clear graphical interface and designed to allow performing financial management operations and keeping track of accounting data.
5. Double-entry accounting system: Adminsoft Accounts
Adminsoft Accounts is the complete package of the double-entry accounting system. It is developed by a small business owner to make small businesses work efficiently. Considered and recommended as Best accounting software for small type of business. It offers easy-to-use accounting software that saves you time and helps you make better financial decisions.
The more efficiently you can manage your accounts and payroll the more time you will have to concentrate on growing your business and getting staff paid. It holds features such as general ledger, account payable and receivable, inventory management, payroll process, managing human resources, and more.
It isn’t full of accounting jargon. It’s easy to use by people who don’t have an accounting degree. Adminsoft Accounts double-entry accounting system work in the way that small business people tend to work, not the way accountants work.
Accounting Software FAQ’s
How does accounting software help us?
Accounting software can help you make better financial decisions by having access to up-to-date reports and tailored data. This software can also automate many of the redundant, human tasks involved in holding your accounts.
For instance, many packages can be connected to your bank account and automatically check bank transactions against your records to flag late payments or fraudulent charges. These same packages will often link directly to other accounts, such as payroll or sales records, where they can extract critical data for faster number crunching and better analysis.
Some of the important features to use the good accounting software is,
- Preparing and sharing invoices
- Expense tracking
- Preparing estimates and quotes
- For easy GST filing process
- To prepare financial forecasting and business budgeting
- Analyzing business cash flow
- Track business reports in real-time
How does desktop accounting software differ from cloud accounting software?
Desktop accounting software is installed and used on the computer. It is accessed only on a particular computer. All your business accounting information will be kept and stored only on the computer. Desktop accounting software could be best for the small businesses in Nepal which will help to minimize your cost as well. Going to the cloud can make you a bit more expensive.
On the other hand, cloud accounting software will operate with the help of the internet. Cloud accounting software is easy and portable, where you need to install nothing on your computer. It is easily accessed with the user ID and password.
You can access the accounting software through various devices such as mobile (such as Andriod, iOS), Tab, and web.
To use accounting software, do people need accounting knowledge?
It is based on the designed accounting software. At present with modern technology, the latest accounting software like mybooks is designed in a way where no accounting knowledge is required. Hence considered as Best accounting software. It can be used by all the business people of both accountants and non-accountants.
Does your business require accounting software?
A large number of businesspeople utilize some kind of accounting software. No matter how many transactions your small business records each day, accounting software lets you stay in control with ease.
It gives you the flexibility of using simple-to-learn features designed to fit your business needs at any point or taking full advantage of its advanced capabilities – such as inventory management and advanced reporting – when you’re ready. It allows you to focus on your business while our systems and experts make sure everything is being taken care of behind the scenes with the right accounting software.
Moreover, accounting software will,
- Save your time by avoiding lots of repetitive work
- Better and confident business decision making
- Let you focus more on your customer and business than the paper penwork
- It is more affordable than hiring an accountant
How to pick suitable accounting software for your business?
There might be lots of free accounting software on market, but choosing the right one is not an easy task. Finding the Best accounting software is challenging for every business. Free trials of cloud accounting packages are a good idea before committing to monthly or annual fees. After taking the two-week free trial, you can choose to upgrade or switch to a different program.
Here is the list of points to check before making the right one
- Keep in mind, not all free software is less-worthy and expensive software are super-duper.
- Check whether the software fits your business budget.
- List your required features and check whether it contains all the features.
- Consult with the accountant while you make the list of business features.
- Don’t compromise. Try to pick another option if there doesn’t exist any of your required features.
- Check for advanced features, to be used in the future. So that you don’t need to go for accounting software migration.
Is it easy and possible to switch accounting software?
Accounting software migration can’t be an easy process. It is a bit tricky and must be done with the help of the experts.
We cannot justify it as an impossible process. Switching accounting software is tricky, complex, and achievable. It’s better always to find and use the Best accounting software for your business. Choosing will have less hassle in future.