Best Accounting Software for Small Businesses
Automate Business Accounting with ease
~2.5 lacs saving
from billing errors
14% Increase
in Input Tax Credit
2.5x Faster
receivables collection
Trusted by 1 Crore+ businesses for Billing, Inventory and Accounting
myBillBook is designed for businesses to generate accurate GST-compliant invoices and automate their entire accounting process.
“Managing account receivables and payables was overwhelming for our retail business. With myBillBook, we now view all account payables and receivables in real-time with 100% cloud access with real-time data sync across all devices. This has streamlined our accounting process and improved our cash flow management.”
Kavish Pawar
Divine Designs, Hyderabad
Recommends myBillBook for:
Product Demo for Free Accounting Software
“Superb customer service. Helped me set up my account as required”
Accounting Features Offered by myBillBook
GST Compliant Invoices
Create customized and professional invoices complying with government mandates in seconds. Essential details like party GSTIN, HSN/SAC, and tax components are auto-populated from your inventory. Generate credit/debit notes, delivery challans, and sales/purchase returns easily.
Effortless E-way Billing & E-Invoicing
Create e-way bills with a click for relevant transactions. myBillBook allows you to send authenticated e-Invoices for B2B transactions electronically via GSTN.
Easy GST Returns Filing
Generate and file error-free GST returns with GSTR-1, which details outward supplies of goods/services. Reconcile GSTR-2 for monthly purchases/inward supplies. GSTR-3b provides a consolidated summary of outward supplies, inward supplies, and ITC available
Track Account Receivables & Payables
View real-time account payables and receivables for customers and suppliers with party-wise outstanding reports. Track outstanding customer payments with the Receivable Ageing Report.
Manage Cash & Bank Accounts
Manage cash registers, record customer payments to bank accounts, transfer money between accounts, view detailed statements, and track payments across different modes.
Inventory Management
Automatically track and update stock with each sales or purchase invoice. Quickly add items from a library of over 1 lakh products, edit items in bulk, and set low stock alerts.
Automated Billing
Automate invoice creation with precise tax calculations and custom branding. Flexible bill generation options include yearly, monthly, weekly, or custom periods.
myBillBook helps business succeed
“Creating customized and professional invoices that comply with government mandates has never been easier. myBillBook auto-populates essential details like party GSTIN, HSN/SAC, and tax components”
Ravish Rathod,
Grocery Store owner – Chennai
“Generating e-way bills and e-invoices used to be time-consuming. With myBillBook, we create e-way bills with a click and send authenticated e-invoices electronically via GSTN for our B2B transactions”
Ravi Rao,
Stationery Owner – Banglore
“Keeping track of cash and multiple bank accounts was difficult. With myBillBook, we manage cash registers, record payments, transfer money between accounts, and track payments across different modes.”
Arun Rane,
Clothing Retailer – Delhi
Pricing plans
Diamond Plan
₹217
Per month. Billed annually. Excl. GST @18%
✅ Create unlimited invoices
✅ Add up to 1 business + 1 user
✅ Inventory management
✅ App + Web support
✅ Priority customer support
✅ GSTR reports in JSON format Popular
Platinum Plan
₹250
Per month. Billed annually. Excl. GST @18%
Everything on Diamond Plan +
✅ Add up to 2 business + 2 user
✅ 50 e-Way bills/year
✅ Staff attendance + payroll
✅ Godown management
✅ Whatsapp and SMS marketing Popular
Enterprise Plan
₹417
Per month. Billed annually. Excl. GST @18%
Everything on Platinum Plan +
✅ Custom invoice themes
✅ Create your online store
✅ Generate and print barcode
✅ POS billing on desktop app
✅ Unlimited e-Invoices & e-Way bills
What is an Accounting Software?
Accounting software is a digital tool designed to streamline the financial management of businesses by automating essential tasks like bookkeeping, invoicing, expense tracking, and tax compliance. It eliminates the need for manual accounting processes, reducing errors and saving time. With features like real-time reporting, integration with banking systems, and customizable financial reports, accounting software empowers businesses to maintain accurate records and make informed decisions.
Who Can Benefit from Accounting Software?
- Small Businesses: To manage daily transactions and track profits.
- Medium Businesses: For comprehensive financial management and compliance.
- Freelancers: To invoice clients and track income.
- Retailers and Wholesalers: For inventory management and billing.
What Can You Expect from Accounting Software?
- Automation of repetitive tasks.
- Improved accuracy in financial records.
- Real-time financial insights.
- Secure data management.
Features & Benefits of Accounting Software
Accounting software offers a comprehensive suite of tools to streamline financial processes, enhance accuracy, and provide valuable insights into a business’s financial health. Here are some key benefits:
-
General Ledger (GL) and Subledger Management
Modern accounting software integrates journal entries with automated subledger entries, seamlessly populating the general ledger. This ensures that CFOs and controllers have a real-time, accurate view of the company’s financial data at all times. With real-time updates, financial leaders can track transactions as they happen, identify discrepancies, and make informed decisions without delays, improving overall financial transparency and accuracy.
-
Accounts Payable (AP) and Accounts Receivable (AR)
Accounting software goes beyond basic bookkeeping by automating accounts payable and receivable processes. It categorizes expenses, reduces redundancy, and provides detailed tracking of all financial transactions. Seamless integration with banking systems enhances audit accuracy and facilitates better budgeting and forecasting. With streamlined AP and AR, businesses can monitor payments and collections efficiently, reducing errors and maintaining a healthy financial flow.
-
Cash Management
Cash management features in accounting software provide an accurate, real-time view of a company’s cash position by reconciling transactions with bank statements automatically. These capabilities allow businesses to make timely decisions regarding investments, borrowing, or other financial actions. Automated cash forecasting, based on payables, receivables, and payroll data, ensures that businesses can plan for future cash needs and maintain liquidity.
-
Asset Management
Accounting software simplifies the management of assets throughout their lifecycle, including acquisition, capitalization, depreciation, and retirement. By automating these processes, businesses can generate accurate financial statements that reflect both appreciation and depreciation. This comprehensive asset visibility not only enhances reporting but also supports strategic decision-making regarding asset utilization and reinvestment.
-
Risk Management and Compliance
The built-in security, risk management, and audit controls in modern accounting software help protect organizations from fraud and unauthorized access. Features like internal controls and separation of duties ensure compliance with regulations. By providing a secure, centralized system for financial data, businesses can maintain a single source of truth while meeting regulatory standards effortlessly.
-
Collections Management
Managing collections becomes efficient with accounting software, enabling businesses to rank customers, establish collection strategies, and track payments comprehensively. For customers in default or bankruptcy, the software supports late-stage collections, improving recovery rates. With detailed records and automated reminders, businesses can streamline collections, reduce outstanding receivables, and maintain better customer relationships.
-
Revenue Management
Embedded revenue management features in accounting software automate the process of analyzing and optimizing revenue streams. By using advanced analytics, businesses can identify opportunities to maximize profitability and forecast revenue trends effectively. These capabilities not only improve cash flow but also support strategic growth initiatives by ensuring that revenue strategies align with overall business objectives.
-
Reporting and Analytics
A robust accounting system offers powerful reporting and analytics capabilities, transforming raw financial data into actionable insights. Prebuilt dashboards provide a real-time overview of critical financial KPIs, such as current ratio, net working capital, and inventory turnover. With the ability to drill down into specific metrics, finance leaders can identify trends, address inefficiencies, and make data-driven decisions to improve financial health and operational efficiency.
On-Premise Accounting Software Vs. Online/Cloud Accounting Software
1. On-Premise Accounting Software
- Installed on a computer or local server.
- Requires upfront hardware and software investments.
- Offers complete control over data storage but lacks flexibility.
- Suitable for businesses that prefer in-house systems and don’t rely on remote access.
2. Online/Cloud Accounting Software
- Accessible from anywhere with an internet connection.
- Operates on a subscription model with no hefty setup costs.
- Ensures data is encrypted, backed up, and updated automatically.
- Perfect for businesses seeking flexibility and collaboration across teams.
Comparison Table
| Feature | On-Premise Software | Cloud Software |
| Accessibility | Limited to one location | Accessible from anywhere |
| Cost | High initial investment | Subscription-based, cost-effective |
| Maintenance | Requires manual updates | Automatically updated |
| Collaboration | Limited | Multi-user access in real-time |
| Scalability | Requires additional resources | Effortlessly scalable |
Why myBillBook is the Best Accounting Software for SMBs
1. Affordable and Flexible Plans
myBillBook offers budget-friendly subscription plans tailored to small and medium-sized businesses, ensuring cost-effective financial management.
2. User-Friendly Interface
The software is intuitive, making it accessible even for users with minimal accounting experience.
3. Key Features Tailored for SMBs
- GST-Compliant Invoicing: Simplify billing and stay compliant with tax regulations.
- Expense Tracking: Monitor daily expenses to control costs.
- Inventory Management: Track stock levels and generate alerts for low inventory.
- Profit and Loss Reports: Gain insights into business performance at a glance.
4. Cloud-Based Accessibility
Access financial data on the go from any device. Manage finances from your office, home, or even while traveling.
5. Dedicated Customer Support
myBillBook offers dedicated support to assist with onboarding, troubleshooting, and maximising the software’s potential.
myBillBook Accounting Software Caters to a Wide Range of Businesses
myBillBook is designed to adapt to the unique accounting needs of various industries, offering customisable tools and features that streamline operations and simplify financial management. Here’s how myBillBook helps businesses across different sectors:
Hardware and Electronics
myBillBook allows businesses in the hardware and electronics sector to manage large inventories with ease. Its real-time stock tracking ensures you never run out of popular items, while features like barcode-enabled billing speed up transactions. With GST-compliant invoicing, businesses can handle large volumes of sales efficiently. Additionally, profit and loss reports provide insights into the profitability of specific product categories, helping you optimize inventory and sales strategies.
Fashion and Apparel
For clothing stores and boutiques, myBillBook simplifies inventory tracking with options to categorize stock by size, color, and design. Generate professional invoices customized with your brand logo, and keep track of sales performance during seasonal promotions. The software’s expense management feature helps you monitor operational costs, while its multi-location inventory management ensures seamless coordination for businesses with multiple outlets.
Logistics and Transportation
Logistics businesses can leverage myBillBook’s tools for tracking receivables and managing operational expenses like fuel, maintenance, and labor costs. The software’s cash flow management ensures that payments from clients are tracked efficiently, while its invoice generator helps you create GST-compliant invoices for shipping and transportation services. With automated reminders for pending payments, you can reduce delays and maintain smooth financial operations.
Retail Businesses
For retail shops, myBillBook provides features like real-time sales tracking, inventory monitoring, and automated billing. Whether you run a supermarket, grocery store, or general retail outlet, the software allows you to categorize products, monitor stock levels, and analyze sales trends with customizable reports. With multi-payment method integration, businesses can easily manage cash, card, and digital wallet payments in one system.
Automotive Industry
Automotive businesses benefit from myBillBook’s ability to manage spare parts inventory and track vehicle sales. The expense tracking feature allows you to monitor repair and servicing costs, while profit and loss reports provide a detailed analysis of your revenue and expenses. With GST-compliant invoices and custom reports, you can present professional documentation to customers and streamline your business processes.
Healthcare and Pharmacies
Healthcare providers and pharmacies can use myBillBook to track inventory of medicines and medical supplies, including batch numbers and expiry dates. With low-stock alerts, you’ll always have critical inventory ready. Generate GST-compliant invoices for prescriptions and medical services, and use detailed financial reports to monitor revenue and expenses. The software also helps ensure compliance with healthcare-specific tax and regulatory requirements, making financial management stress-free.
How to Choose the Right Accounting Software
- Assess Your Business Needs
Identify key requirements like invoicing, tax compliance, or inventory tracking. - Compare Features
Ensure the software offers all necessary features like multi-user access, customization, and reporting tools. - Consider Ease of Use
Opt for software with an intuitive interface that requires minimal training. - Evaluate Pricing Plans
Choose a plan that fits your budget and offers flexibility as your business grows. - Look for Scalability
Ensure the software can adapt to your business’s growth and handle increased data volumes. - Test Customer Support
Reliable customer support is essential for resolving issues quickly.
Accounting software is a vital tool for businesses aiming to streamline their financial processes. With its intuitive features, affordability, and versatility, myBillBook accounting software stands out as an ideal choice for SMBs. From real-time financial insights to GST compliance and scalability, myBillBook caters to the unique needs of businesses across industries. Whether you’re starting out or scaling up, myBillBook ensures your finances are in expert hands.
Frequently Asked Questions (FAQs) on Free Accounting Software
What is accounting software?
Accounting software is a program/software that helps businesses record, analyse and report their financial transactions. It allows business owners to store the enterprises’ financial information and record day-to-day transactions.l.
What are the features of computerised accounting software?
- Makes professional bills or invoices quickly & allows to share it directly with the customers on WhatsApp
- Help record all the financial transactions & give a clear image of the business health
- Accelerates payment collection through accounts receivable/payable management
- Helps record & track expenses and maintain profit/loss account
- Helps prepare GST returns, income tax returns, balance sheet & profit and loss statement for the business
Why is accounting software important for business?
Accounting software is important for business because it helps digitise day-to-day business transactions, provides financial reports at one click, helps accelerate the business’s cash flow, and manages accounts receivables/payables.
Do I need an accountant if I use myBillBook?
You don’t need an accountant or any prior formal training to operate myBillBook accounting software for SME. This product offers a simple-to-use and robust platform to business owners to conduct their accounting operations seamlessly & manage their business from their mobile phones.
What is the best accounting app for small businesses?
myBillBook is the best accounting app for small businesses in India. It is very easy-to-use software and is available on mobile & desktop at affordable prices. The owners can use this accounting software for businesses to make professional bills/invoices, maintain party ledger, track inventory, record & analyse expenses, etc.
Why is accounting software important?
Accounting software helps business owners to record, analyze and reconcile their transactions. The software also eliminates the risk of human errors while performing financial transactions. myBillBook accounting software helps businesses to manage & control their business operations through mobile & desktop and gives complete visibility into the business financial health.
Who uses accounting software?
All businesses, especially GST registered businesses should use accounting software.
What are the common mistakes in accounting?
- Improper record-keeping methods like recording sales, and purchases on pen-paper
- Failure to reconcile books of accounts on time
- Data entry errors while recording financial transactions
- Chances of fraudulent activity