Business Accounting is the process of recording, evaluating, and displaying financial transactions and data. A company’s performance can keep it on track, and we can also record everything from start to finish. If done manually, it is a very complex and time-consuming task.
Accounting software such as QuickBooks and Tally is widely used in Indian business. Both of these pieces of software allow you to concentrate on the evolution and management of your Company because the software efficiently manages the accounting tasks.
Overview of Tally Vs Quickbooks
QuickBooks Online Accounting Software from Intuit is SAAS-based cloud-based accounting software. The QuickBooks Online edition has been configured for India, supporting Indian currency, Indian tax regulations, and automatic synchronization of QuickBooks accounting data with the Company’s bank transaction data. QuickBooks is a product of Intuit, the makers of QuickBooks and Quicken, which small and medium-sized enterprises widely use.
Tally ERP 9 is an accounting program developed by Tally Solutions Private Limited. Tally ERP is available as software installed on any Windows XP or later computer. Tally is designed specifically for the Indian market, with the Indian business needs and regulatory regime in mind. Tally ERP 9 is the result of two decades of Tally accounting software evolution in India, and it is thus well suited to Indian business requirements. Tally ERP 9 is produced by Tally Solutions, a global accounting software company.
Why go with Quickbooks?
Quickbooks’ clear and straightforward dashboard assists you in running your business. You can view all of your expenses, projects, employees, income, and receipts in one place. This visibility enables business owners to predict future bills and expenses better and keep their finances in balance.
A software demo is available online if you want a sneak peek. Quickbooks’ dashboard can be viewed and tested using an example company with existing customers, expenses, and employees. You can play around with its sleek and user-friendly interface to determine whether it’s a good fit for your Company.
With that in mind, here are some of Quickbooks’ most important features:
1. Tracking Income and Expenses
Important transactions from your bank, credit cards, or Paypal among many others, are simple to track. This makes it simple to track how much you earn and lose each month.
Tax categories are automatically assigned to transactions. You can also take pictures of your business receipts, and Quickbooks will match them to your current expenses. Isn’t it convenient?
2. Payments and Invoicing
You can easily create & share invoices, track their progress, and demand payment. Credit cards, debit cards, and bank transfers can also be accepted directly from your invoices, making it easier for clients to pay.
You can send batch invoices and settle outstanding debts even more efficiently with Quickbooks’ more advanced plans. You can even create and send professional estimates that can be easily converted into legally binding invoices.
3. Tax Deduction
Using Quickbooks ‘ receipt tracking feature, you can efficiently monitor expenses and apply every tax deduction you’re eligible for. This includes mile track, which works with your smartphone’s GPS. You can indicate whether you’re traveling for business with a single swipe, and this lets you figure out how much mileage you can deduct as a business expense.
You can also instruct Quickbooks to automatically categorize your expenses and share your books with your accountant. You can even export essential documents and send them to the appropriate parties when tax season arrives.
4. Cash Flow and Reporting
Profit and loss, expenses, and balance sheets are among the reports that can be generated and exported to provide actionable insights into your business. You can even create your reports and track custom KPIs with the advanced plan.
Quickbooks’ reporting and cash flow features provide data-driven financial insights that can assist you in forecasting your spending & income for the coming 30 or 90 days.
You can use Custom tags to label expenses and payments. These make it easier to search for, track and run custom transaction reports.
5. Integrate In-Person and eCommerce Stores
By integrating with your preferred Commerce platform, Advanced QuickBooks makes it simple to calculate sales tax. Quickbooks also include inventory management tools that send alerts when products run low.
6. Features of Tally ERP 9
Tally ERP 9 is a complete solution than many of its competitors. This business management software is designed for smaller companies, and it assists business owners to manage accounting, inventory, statutory regulations, compliance, banking, and payroll, to name a few!
Let’s take a look at Tally’s main features now.
1. Invoicing and accounting
Use flexible customization features to create professional-looking invoices. Manage your purchases and sales within the software using your processes. Tally ERP9 accepts various billing formats, price levels, and currencies.
2. Reports and analytics
You can run a variety of accounting, finance, inventory, management control reports (MIS), and tax reports. With this information at your disposal, you can make more confident business decisions and better forecast your cash flow.
3. Inventory management
Forecasting, Tracking, and managing stock movements is simple, and inventory levels can be optimized. To better organize product lines, you can group and categorize items. In addition, you can keep track of the entire manufacturing process in your manufacturing journal.
4. Bill of Material Feature
The ‘bill of material’ feature allows you to specify the raw materials, assemblies, parts, components, and quantities for each item. The tool also allows you to track expiry dates in order to monitor the longevity of your products.
5. Cash flow and credit management
Track receivables and payables as invoices are accepted and paid for cash flow and credit management. Monitor ageing bills, follow up on them, and quickly calculate any interest owed on credit lines. Bulk payments allow you to settle multiple bills at once, and the cash flow projection feature gives you complete visibility over your funds. You can set a maximum credit limit based on the credibility of the customer.
6. Payroll management
Handle employee payroll using automated processes. You can view and manage any exceptions and categorize employees by job title, location, department, and so on. You can also define different attendance types to account for sick leave, paid time off, and unpaid time off.
With whom do Tally and Quickbooks integrate?
Almost all your favourite eCommerce platforms are integrated with Quickbooks.
Tally is more complicated in terms of integrations; there are no existing integrations. You can, however, use your own developers to add any functionality you want. Alternatively, you can contact one of Tally’s partners to develop custom functionality for you.
Conclusion
Although Quickbooks and Tally are both good accounting solutions at their core, they differ significantly. The choice is like night and day depending on whether you are a small business or an enterprise. So, which businesses benefit from Quickbooks vs. Tally?
For years, QuickBooks and Tally have been a boon in the domain of accounting software in the Indian market. In the accounting world, they have nearly equaled each other in terms of privileges. Tally is a well-established pro in the Indian market, whereas QuickBooks is a relative newcomer with a strong sense of power in the Indian market.
QuickBooks Online is more useful for small and medium-sized businesses that lack accounting expertise. It is also a good option for businesses that require operating accounting information and easy access to it from anywhere.
Tally, on the other hand, is powerful and highly standardized accounting software that can be used by any small to large-sized business in India.
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