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Now you may wonder, will these accounting software replace the accountants? So the answer is no. Even with AI support, skilled accountants as still in high demand. In fact, accounting and auditing jobs are expected to grow by 6% from 2023-2033.
In this blog, we are providing a detailed comparison of Tally vs Excel vs Zoho vs Odoo, which explains how each software works and which is best for businesses. Whether you need basic bookkeeping, cloud-based accounting, or a complete business management system, this blog will help you make a clear decision on choosing the best accounting software for Businesses.
Accounting software is very important for any business firm, as it helps to manage business finances easily and accurately. By using accounting software, businesses can track cash flow, generate financial reports, and stay updated with the different tax rules, like GST. This software also helps to record income, expenses, invoices, and taxes in one place, which saves time and reduces mistakes. Along with this, it also improves the efficiency of the business company by automating calculations and providing clear financial insights, helping business owners make better decisions.
Also Read: Top 10 Audit Firms in India
Each accounting software is different, as some software is best for small and medium-sized businesses, while others are designed for large businesses and companies. Here in this section, we have mentioned the top and most used accounting software, such as Tally, Excel, Zoho Books, and Odoo.
Tally is a popular accounting software, especially among small and medium-sized business firms that require reliable statutory accounting. It is known for its strong GST compliance, inventory management, and offline usability. Tally is simple to use, but it is very powerful, which makes it a good choice for those companies that want smooth and reliable accounting. Along with this, having proper tally training, users can easily use all its features more effectively and can manage their accounts with confidence.
The features of tally are:
It is a Comprehensive financial management.
It provides complete inventory tracking and control.
Has easy GST compliance and e-invoicing.
Also, provide better credit and cash flow management.
Simple taxation and regulatory compliance
Integrated banking and online payment features
It is a user-friendly interface.
Has strong reporting capabilities.
It is affordable for small businesses.
It provides limited integrations with other software.
Mainly focused on Indian market regulations.
An Excel is a spreadsheet tool, which is mainly used for basic accounting, like recording income and expenses. It is affordable and flexible for businesses, but it doesn’t offer automation, tax compliance, and real-time reporting. This accounting software is best for quick custom data analysis, personal finance tracking, and small datasets. Excel is more reliable for freelancers, individuals, and small businesses who need simple accounting.
It records income and expenses.
Creates simple invoices and budgets.
Perform calculations using formulas
And it customises sheets, if needed.
Low cost and easy to access.
Highly flexible and customizable.
No special accounting knowledge is required.
It doesn’t support automation or GST compliance.
Higher chances of manual errors.
Not suitable for growing businesses.
Also Read: What is Healthcare Accounting and Its Significance: An Outline of Hospital Accounting
Zoho Books is a low-cost, cloud-based accounting software, which is designed for growing businesses. It helps to manage invoices, expenses, taxes, and reports smoothly and easily. It provides automated invoicing, GST filing, bank reconciliation, and real-time financial reporting. This accounting software also works smoothly with other Zoho products, which helps business firms to manage their finances in one place. In addition, Zoho Books is best for
Startups, solo entrepreneurs, and SMBs need simple, integrated cloud finance and business apps (CRM, Inventory, Projects).
Easy invoicing and expense tracking.
Provide GST and tax compliance support.
Has automated bank feeds and reconciliation.
Comprehensive reporting
Cloud-based access from anywhere.
Seamless integration with other Zoho applications.
Affordable pricing
Strong automation features.
Good customer support.
Has limited third-party integrations
Some features may be complex for beginners.
Odoo is an open-source business management software that includes accounting features, or we can say that it is an open-source ERP system with a powerful accounting module. It is highly customizable and integrates accounting with sales, such as inventory, HR, and CRM, which makes it the best accounting software for businesses. Odoo is best for growing businesses seeking end-to-end automation, complete digital transformation, and scalability across all departments (ERP focus). Moreover, it is ideal for large businesses with complex workflows.
Has integrated apps for different business activities.
Customizable modules based on business needs.
It has inventory and project management tools.
Also, has customer relationship management (CRM) features
It is an open-source and highly flexible accounting software.
Budget-friendly for startups and growing businesses.
It offers many business tools in one platform.
It needs technical knowledge for setup and customization.
Its vast amount of features may feel complex for new users.
All the accounting software is the best, and they provide specific services. Here is the feature & software comparison between all the accounting software to understand each of them more deeply.
