Best Accounting Software in USA

Yarab A | Updated on: October 28, 2021

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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What is Accounting software?

Accounting software is a business application that is used by businesses to keep track of all the financial records and manage various accounting tasks. By automating the recording of accounting information, accounting software enables efficient and quick processing of financial information. Most businesses find that the auto-generated accounting and financial reports from accounting software are comprehensive and insightful that help in better business decision making.

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.

accounting reports

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.

Bills receivable payable management

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.

accounting records

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: This is a general account that displays all the transactions related to a ledger account.
Cash/Bank books: This report displays all the transactions that affect cash. Bank books show transactions such as deposits, credits, withdrawals and so on.
Purchase/Sales register: All the translations that are of sales nature or purchase nature are shown with an option to modify the report into various views such as columnar, monthly etc.

Bills receivables and bills payables: You can view the bill-by-bill details of bills receivables as well as payables.

Financial reports

Balance sheet: You will get a complete view of the company’s financial position with options to slice and dice the information, change the format, and re-configure the display that helps you to understand the financials better.
Profit & loss A/c: You can view the cost incurred, revenue generated, and profit/loss made from the business. What’s more? You can generate comparative profit & loss account in monthly, half-yearly etc. and keep a track of changes in the pattern or trends.

Financial Reports using TallyPrime

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 helps you with insights about the department-wise/unit-wise cost incurred. You can also generate a comparative report to compare and optimize the cost incurred.
Budget: You can create multiple budgets at different levels, such as expenses, group of expenses, department, etc. for different periods. This report helps you to track the budget with the actual and know the variance.

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

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Video Guide – Manage Accounting in TallyPrime

Frequently asked questions

What all 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.