1. Tally Prime – Best for Small & Medium Businesses

Purpose

Tally Prime is one of India's most popular GST-compliant accounting software, designed for small and medium-sized businesses (SMBs). It simplifies financial management, taxation, and payroll, making it a preferred choice for accountants and business owners.

Key Features

✔ GST-ready invoicing & tax compliance
✔ Multi-currency support for global businesses
✔ Automated bank reconciliation
✔ Inventory management & stock tracking
✔ Payroll processing with employee records

Pros

User-friendly interface and easy setup
Secure & reliable for financial transactions
Available in multiple languages
Works without an internet connection

Best For

✔ Small and medium businesses that require simple and effective accounting solutions
✔ Retailers, wholesalers, and traders needing GST-compliant billing

2. Zoho Books – Best Cloud-Based Accounting Software

Purpose

Zoho Books is a cloud-based accounting software designed for businesses looking for automation, real-time tracking, and integration with other business tools. It is widely used by startups, freelancers, and enterprises.

Key Features

✔ Cloud-based access from anywhere
✔ Automated invoicing & payment reminders
✔ GST compliance & tax filing
✔ Project-based accounting for tracking expenses & time
✔ Integration with multiple payment gateways

Pros

Affordable pricing plans for all business sizes
Multi-user access with role-based permissions
Supports mobile accounting via iOS & Android apps
Customizable invoices & financial reports

Best For

Freelancers, startups, and small businesses looking for a cloud-based solution
Businesses requiring multi-user collaboration

3. Refrens - Best for Freelancers, agencies, and SMEs

Purpose
Refrens is an emerging accounting software designed for businesses looking to automate invoicing, bookkeeping, and financial reporting. It simplifies GST-compliant invoicing, ledger management, and payment tracking, making it an excellent choice for service-based professionals, agencies, and SMEs. With features like automated journal entries and multi-currency support, Refrens ensures financial accuracy while reducing manual effort.

Key Features 

✔ Automated invoicing, recurring billing & payment reminders
✔ GST-ready accounting with real-time ledger updates
✔ Financial & Tax Report – GST Reports, Balance Sheet, P&L, and more
✔ Multi-currency support with automated forex gain
✔ Customized access control for team members

Pros

Free plan available with essential accounting features 
Advanced automation for ledger and tax compliance
Ideal for small and medium businesses
Affordable pricing compared to traditional accounting software
Best For 
✔ Freelancers, agencies, and SMEs requiring an easy-to-use accounting solution
✔ Businesses looking for automated invoicing and ledger management

4. Marg ERP 9+ – Best for Inventory & Retail Businesses

Purpose

Marg ERP 9+ is ideal for inventory-driven businesses, offering advanced stock management, billing, and tax compliance features. It is widely used in retail, pharmacy, and manufacturing sectors.

Key Features

✔ Automated inventory tracking & stock alerts
✔ GST-ready billing & return filing
✔ E-way bill generation & POS integration
✔ Barcode & QR code support for invoicing
✔ Payroll & HR management

Pros

Feature-rich for inventory-heavy businesses
Supports multiple locations & warehouses
Easy integration with barcode scanners & POS machines
One-time purchase option available

Best For

✔ Retail businesses, pharmacies, and manufacturers
✔ Companies needing robust inventory management

5. Busy Accounting Software – Best for Wholesale & Distribution Businesses

Purpose

Busy Accounting Software is designed for businesses that handle bulk transactions such as wholesalers and distributors. It offers comprehensive GST compliance, invoicing, and multi-location tracking.

Key Features

✔ GST-compliant billing & taxation
✔ Multi-location & warehouse tracking
✔ Customizable financial reports
✔ Bank reconciliation & cash flow management
✔ User access control & data security

Pros

Affordable pricing with a one-time payment
Suitable for bulk invoicing & multi-branch businesses
Customizable features for specific business needs
Strong financial reporting tools

Best For

✔ Wholesalers, distributors, and medium-sized businesses
✔ Companies requiring multi-location financial tracking

Which Accounting Software is Best for You?

Choosing the right accounting software depends on your business size, industry, and accounting needs. Here's a quick comparison:

If you are a small business owner, Tally Prime or Refrens could be a great option. For startups and freelancers, Zoho Books or Refrens is ideal due to its cloud-based capabilities. If you deal with inventory-heavy businesses, Marg ERP 9+ or Busy Accounting Software will be a better choice.

Final Thoughts

Selecting the best accounting software in India depends on your business’s needs, industry requirements, and budget. Whether you need cloud-based flexibility, inventory tracking, or GST compliance, there is a solution for you.

Selecting the right accounting software can be daunting and overwhelming, given the numerous options available in the market. To make an informed decision, you can WS Tools —a trusted platform that provides unbiased reviews, detailed feature breakdowns, pricing comparisons, and industry insights on various software solutions. This helps professionals and businesses choose the best tools tailored to their specific needs.

Reference Links:-

Union Budget 2025- Major Announcements and Key highlights

The Peer Review Process: Step-by-Step Guide for CA Firms