6 Best Accounting Software for Small & Medium Enterprises in 2021

Small and medium size enterprises are the backbone of the economy of any country. The best accounting software is a vital requirement of any small or medium enterprise. This customized software ensures finance management with levels of accuracy and affordability. Real-time financial reporting with best-automated updates of payments, invoicing, reminders are the key features of any accounting software. Thus, it acts as a dedicated accountant.

According to the Small Business Report Accounting report, more than 75% of small and medium businesses confess that efficient management of accounts is critical. Hence, there is a great need for powerful accounting software for small and medium enterprises.

Here are some other popular facts proving that small and medium enterprises can do wonders with the best accounting software at their place:

• The enterprises with cloud accounting software will add quintuple clients compared to those with no cloud accounting software. More than 47% of companies agree that their accountants are more reactive than proactive. 
• The accounting team’s cost in small and medium business enterprises is reduced by 50% with accounting software. After surviving a global pandemic in 2020, it is vital to shift your business to technology. So, here is our take on the below-mentioned list of dedicated accounting software. Along with its best features, pros, cons, and most importantly, pricing, you can select the one that best matches the needs of your small or medium enterprises.

Top Accounting Software for Small and Medium Enterprises 

1. Vyapar

Vyapar has dedicated accounting software for small and medium Indian enterprises. It helps to manage estimates, inventory, clients, invoices/ receipts, payments, etc. Vyapar has crossed 4 million downloads and is currently catering to more than 30,00,000 users.

Features:

• Free GST Billing

• Accounting Management

• Billing Management

• Inventory Management

• Bank Accounts Management

• Cash Flow Management

• Payment Reminders

• Expenses Management

• Send Estimates and Quotations

• Orders Tracking

• Delivery Challan

Pros:

• It works in offline mode as well.
• It is an excellent model for managing paperless transactions.

Cons:

• Customized for small business needs only.

Pricing:

Vyapar is available in the following pricing versions:

Mobile Basic	Mobile Saver	Mobile+ Desktop	Mobile+ Desktop	Only Desktop	Only Desktop
$8.20/Year	$19.20/3 Years	$33/ Year	$69/3 Years	$27.50/Year	$55/3 Years

2. Zoho Books

Zoho Books is comprehensive and highly useful accounting software for small and medium enterprises. It incorporates time-saving integration, tax compliances, and multi-user collaboration. Zoho Books has completed ten years and enjoys an impressive customer base in small and medium organizations.

Features:

• Retail Invoices
• Online Payment Options
• Purchase Orders
• Expense Receipts
• Payments Tracking
• Inventory Management
• Automatic Bank Feeds
• Bank Partner Integrations
• Timesheet Management
• Reports Management
• GST reports

Pros:

• It is one of the best accounting software and is highly affordable.

• It is easy to use and has robust features.

Cons:

• There are certain restrictions according to the plans.

Pricing:

Zoho Books is available to all users in four price variants billed annually:

Standard	Professional	Premium	Elite
$6.8/Month	$13.7/Month	$41/Month	$68.6/Month

3. Quicken

Quicken is a finance management solution that gathers all of the finances under one roof. Quicken has more than 17 million members and is in operations for over 30 years. 

Features:

• Recurring Invoicing
• Budget Management
• Expenditure Management
• Bills Management
• Investment Tracking
• Assets Management
• Transactions Tracking
• Receipts Management
• Contacts Management
• Tax Scheduling
• Customize Invoices

Pros:

• Ideal for budding entrepreneurs for managing personal and professional finances.

• The software comes with a 30-day money-back guarantee.

Cons:

• It doesn’t have advanced features like analytical tools.

Pricing:

Quicken is available to users in four price variants:

Starter	Deluxe	Premier	Home & Business
$35.99/year	$46.79/year	$70.19/year	$93.59/year

4. Microsoft Dynamics 365 Business Central

Dynamics 365 Business Central helps you to connect different operations across small or medium enterprises. Dynamic 365 Business Central is in the top five best accounting software and is trusted by more than 160,000 customers worldwide.

Features:

• Business Insights
• Accounts Management
• Inventory Management
• Financial Stability
• Financial Forecasting
• Finance Tracking
• Billing
• Financial Compliances

Pros:

• There is one platform for all stages of finances.
• It supports dynamic job management.

Cons:

• It becomes difficult to use sometimes.

Pricing:

Dynamics 365 Business Central is available in three pricing options:

Essentials	Premium	Team Members
$70/User/Month	$100/User/Month	$8/User/Month

5. FreshBooks

FreshBooks is one of the best accounting software that ensures accuracy in finances, helps you understand the financial reports, and abides compliance. FreshBooks is trusted by more than 24 million enterprises and has allowed them to save more than 192 hours.

Features:

• Invoice Management
• Projects Management
• Expenses Management
• Estimates
• Time Tracking
• Payments Management
• Accounting Management
• Reports Management
• Bookkeeping
• Client Management

Pros:

• It is loaded with all of the required tools and prospective integrations.
• Has reliable technical support to resolve immediate issues.

Cons:

• Scalability is the only area of concern.

Pricing:

FreshBooks is available in three price variants:

Lite	Plus	Premium
$15/Month	$25/Month	$50/Month

6. GIDDH

GIDDH is equipped with the analytical tools for accurate and straightforward management of finances. GIDDH is trusted as a reliable accounting software by many users, mostly small and medium enterprises.

Features:

• Easy Dashboard
• Inventory Management
• Invoices Management
• Bank Reconciliations
• Multi-Currency
• Import Data
• GST Compliances
• Reports and Analysis
• Cloud Server
• Financial Data Sharing

Pros:

• Facilitates simple accounting and improves work efficiency by incorporating work-order management.
• Easy to transfer customers and vendors from any offline or online software.

Cons:

• It can be complicated at times.

Pricing:

GIDDH is available in two different price variants:

Hazel	Oak
$14/Company/Yearly	$55/Company/Yearly