Best Accounting Software in USA

Yarab A | Updated on: November 7, 2024

Comprehensive, powerful, and a simple accounting software 

TallyPrime is accounting software that makes recording and organizing accounting information so simple that in no time you will be in greater control of your business, right from invoicing to insights that matter business growth. 

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Key features of TallyPrime as an accounting software 

Record and bookkeeping  

TallyPrime is a comprehensive accounting system that makes the process of recording transactions and bookkeeping easy and simple. It comes with a host of formats for record keeping, flexibility to toggle between single entry and double entry systems, auto-posting and processing, and much more.  

Invoicing and billing 

It’s simple to create, print and e-mail a professional-looking invoices in a few seconds. Fully flexible to configure the information on the invoice, add a logo to the invoice, choose billing formats that suit your business nature and much more, makes TallyPrime a tailor-made accounting software for your business. 

 Pre-defined chart of accounts  

You create and organize the chart of accounts the way you want. What’s more? TallyPrime comes with a pre-defined chart of accounts. All you need to do is just create and map your ledger accounts.  

Accounts receivable and payable management  

Automated bill-by-bill accounts receivable and payable management in TallyPrime helps you keep track of all the pending bills. The insightful reports along with powerful tools such as ageing analysis, multiple bill settlement, credit control utilities etc. provide you with an efficient way of managing receivables and payables.  

Wide range of accounting and financial reports 

TallyPrime comes with a diverse set of readily available business reports with numerous views and actionable insights to help you make informed decisions for your business growth. These reports are designed to aid in analysis such that you can slice and dice the information in reports and create various viewpoints to understand the reports better. 

Multi-currency support  

Using TallyPrime, you can create multiple currencies such as Euros, Pound, Rupees etc. and specify the currency rate of exchange (standard rate, selling rate and the buying rate). What’s more? You can record invoices, quotations, orders, accept payments and receive bills in multiple currencies of your choice. The gains or losses in forex that occur due to daily variations in currency rates are auto-calculated. The forex values are auto-populated on recording adjustment transactions.  

Sales and Purchase Management  

TallyPrime is designed with complete flexibility to suit various purchase and sales processes, followed by the businesses.  You can keep complete track of sales and purchase transactions such as quotation or orders, debit or credit memos, material receipts or delivery and much more, in a way that works for your business.  

Online business reports  

Securely access your business data anytime, anywhere using a web browser on any device. 

Multi-Company support  

For various reasons such as a new branch, a new business vertical, have more than one legal entity etc., business requires multi-company support with each company having distinct 'books'. With TallyPrime, you can manage multiple companies and easily handle the complexities associated with them. What’s more? You can easily toggle between companies' books and make a quick comparison between two or more companies irrespective of business nature.  

Accounting reports in TallyPrime  

Accounting reports

• Ledger reports: These reports display all transactions related to a specific ledger account.  
   
• Cash/Bank books: Cash books show all transactions that affect cash, while bank books display transactions such as deposits, credits, withdrawals, and so on. 
   
• Purchase/Sales register: These reports show all transactions related to sales or purchases, with options to modify the report into various views such as columnar, monthly, etc. 
  
  
• Bills receivables and bills payables: hese reports allow you to view the details of bills receivable and payable on a bill-by-bill basis.

Financial reports 

• Balance sheet: This report provides a comprehensive overview of the company's financial position, with options to customize the display format and analyze the information in various ways. This helps you to better understand the company's financials.  
   
• Profit & loss A/c:  This report shows the cost incurred, revenue generated, and profit/loss made from the business. You can also generate comparative profit and loss accounts on a monthly, half-yearly, or other basis to track changes in patterns or trends over time. 

• Trial Balance: You can view the closing balance of all general ledgers for a given period.  
   
• Ratio Analysis: The key financial details that indicate the health of the business are shown in ratios. This helps you get a quick view of the performance of the business.

Management control reports 

• Cost Centre and Cost Category: This report provides insights into the cost incurred at the department or unit level, allowing you to generate comparative reports to optimize expenses. 
   
• Budget: You can create multiple budgets at different levels, such as expenses, groups of expenses, departments, etc., for different periods. This report allows you to track the budget and actual expenses and analyze variances.

• Cash flow report and projection: You can view the change in cash position and get a detailed view of cash flow projection, which shows the monthly anticipated net cash flow so that you can plan your cash flow better.

TallyPrime as an accounting software also comes with the inventory module and below are some of the inventory reports: 

• Stock Summary 
• Stock Aging Analysis 
• Movement Analysis 
• Stock Transfers 
• Stock Item Cost Analysis 
• Location/Godown Summary 
• Stock-Item-wise Profitability 
• Order Summary 
• Batch Summary (Mfg. & Exp.Date) 
• Re-order Status Reports 

 Benefits of using accounting software 

• Improved business efficiency 
• Sync between invoicing, accounting, and inventory 
• Improved speed of data entry and processing 
• Error-free data-entry and accurate accounting reports  
• Auto-generated business reports 
• Single source of data access for all functions in the organisation 

Get your inventory management software free demo today! 

Sign up for a free demo before you decide – we’re sure you’ll fall in love with the product! 

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Video Guide – Manage Accounting in TallyPrime 

Frequently asked questions 

• What business functions you can manage using Accounting software? 

You can manage all accounting tasks, inventory, payroll and many more features to run your business efficiently. 

• What is the purpose of accounting software? 

The primary purpose of accounting software is to automate the process of recording the business transactions and manage the various other related tasks such as generating accounting reports, invoicing etc. 

• Can I download accounting software for free? 

You can download the TallyPrime accounting software for free and try it in educational mode.

• What is best accounting software for small business?

          TallyPrime is the best accounting software for small businesses in USA. Being a complete solution, TallyPrime enhances business efficiency by automating the entire accounting process.

• What is the easiest accounting software for small business?

          Trusted by more than 2 million businesses, TallyPrime is the most widely used accounting software. Being a complete accounting software, TallyPrime is easy to use and requires no prior training to get started with.

• What is cloud accounting software?

         Accounting software that is hosted on a remote server is referred to as cloud accounting software, as well as online accounting software and web- based accounting software. In cloud accounting software, data sent by users is processed and returned to the user by "the cloud."

• Which accounting software is for the manufacturing industry?

         Manufacturing businesses rely on robust accounting software like TallyPrime to simplify their accounting processes.

• Is accounting software secure? 
  
  In the present time, making your account just username and password protected is not going to protect your data from cybercrime. To ensure an all-round security of your data, accounting software such as TallyPrime provide multiple levels of security such as securing connectivity, transmission, data exchange, storage, configuring password policy and so on. You can also use TallyVault to encrypt your data and maintain confidentiality.
  
  
• What is the difference between ERP and accounting software? 
  
  ERP software is a comprehensive software package comprised of modules that are integrated with various components of a business. It has various modules such as operations, CRM, procurement, manufacturing, production, and so on. Accounting software is a self-contained software application that focuses only on the accounting components of a business. It includes extensive features that exclusively deal with the financial aspect of any business.
  
  
• How does accounting software improve productivity?
  
  Accounting software assists in making the entire accounting process easy and seamless for its users. It can track your expenses and income automatically, generate invoices and send payment reminders, run reports and create financial statements, manage inventory in one spot, maximize tax deductions, predict future finances with cash flow projections, and so on. 
  
  

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