QuickBooks and Tally Prime Accounting Software are both famous accounting software in India. QuickBook is a new entrant in India by Intuit, a renowned US accounting software company while Tally on the other hand is a dominant accounting software player with decades of Indian market presence. There are many accounting softwares, however, in this article, we will cover what Quickbooks and Tally are and their features.
What is QuickBooks?
This accounting software was launched in 1998 by Intuit. It plays a huge role by performing different multi-functions such as managing the income or keeping track of the business finance. It is an ideal software for small enterprises, freelancers and independent contractors as well as for medium-sized businesses.
It is a cloud-based accounting software in a SAAS model that has provisions for Indian currency, Indian tax regulations and automatic synchronisation of QuickBooks accounting information with the Company’s bank transaction information.
What is Tally Prime?
TallyPrime (Previously Tally ERP 9) is an accounting software from Tally Solutions Private Limited that can be driven by multi-lingual accelerated technology. Tally is created for the Indian market keeping in mind the Indian business requirements and regulatory regimen. For example, if offers a Tally GST software. Tally Prime is a product of Tally accounting software for over two decades, thus it has adapted to the Indian business requirements well. The productivity of Tally Prime multiplies 10-fold when hosted on Cloud.
Features of QuickBooks
Let’s take a look at a few features of QuickBooks:
- Real-time view of information and statistics:
QuickBooks software has a time tracking feature that allows you to quickly follow and work from any device online. It comes with account and business views and can be switched easily at any time.
- Simple Functionality:
Understanding accounting software can be challenging for some people. Accounting software like QuickBooks is easy to use and manage. It helps you keep a record of all your financial transactions such as income, payroll, sales, daily expenses, budgets and so on.
QuickBooks software plans differ as per the business requirements. The various features are all easy to use and it has a user-friendly and easy-to-understand interface.
A bonus feature of QuickBooks is the reports feature. It can be generated without the data being sent to an excel sheet. You can automatically create reports like balance sheets, profit and loss statements, cash flow statements, and more utilising QuickBooks’ unique reporting menu. If you require something more, you can also perform manual work.
- Cash Flow Management:
You can organise and track the accounting date and provided cash flow statements and create a proper schedule for recurring payments. It oversees the cash flow of the ins and outs.
- Free Unlimited Support:
If you are unsure about this application, don’t worry. QuickBooks provides a free trial. You can even contact their support at any given time or date if you are lost or puzzled.
Features of Tally Prime
Let’s take a look at some of the features of Tally Prime
- Accounting and invoicing:
Tally accounting software maintains accounting and invoices of the documents while offering flexible customisation features. It can be used for multiple billing formats, currencies and price levels.
- Reports and analytics:
Access and analyses Tally reports relating to inventory, tax, accounting, finance and management control reports (MIS). You can also analyse the business performance metrics for accurate business decisions.
- Inventory management:
Tally supports trading inventory management making it easy to track, forecast and control stock movements. Managing the inventory in Tally Prime accounting software can help ensure uninterrupted production and sales, reduce inventory handling costs and manage numerous functions together.
- Individual Bill Tracking:
Tally Accounting software allows you to track non-trading and trading account bills. The tracking number, in the Tally Prime system, is the link between the transactions. Thus, the track the bill feature can be opted for in the delivery note. Post this the sales invoice is displayed automatically.
- Auditing, Budgeting & Controlling:
This feature of Tally provides accurate information for the evaluation of financial activities and you can modify it as per your requirement at any given point. Tally offers superior audit capabilities that ensure that users have access to unlimited periods and budgets.
- Tally supports numerous currencies:
With Tally Prime you can now manage various currencies across the globe. Business often uses multiple currencies thus it can be challenging to keep track of all the activities. Tally can help you sort this challenge out.
Now that you’ve read the overview and features of QuickBooks and Tally Prime, you can make a choice of which one you prefer. QuickBooks is safer for small to midsize businesses, while Tally can be considered for larger-scale businesses.
They are both really good accounting software that is here to stay in the Indian market for a long duration. To read in detail about both the pros and cons of QuickBooks and Tally Prime and choose a software that fits your requirements.