Top Accounting and Inventory Management Software for Businesses

Top Accounting and Inventory Management Software for Businesses: A Comprehensive Guide

Efficient financial and inventory management is crucial for business success. Online accounting Software and inventory management software streamline operations reduce manual errors, and enhance productivity by automating tasks and providing real-time data. These tools help businesses make informed decisions, optimize resources, and ensure compliance. 

This blog delves into the significance of accounting and inventory management software, highlighting key features, pricing plans, ratings, and user reviews to consider. Explore how these tools can revolutionize your business operations and drive growth.

Software Starting Price Average Rating Trial PeriodFree version
Refrens ₹3900/year4.9⭐YesYes
Zoho Books₹8988/year4.4⭐YesYes
Vyapar₹3399/year4.6⭐YesNo
MybillBook₹2599/year 4.6⭐YesNo
Tally ₹9000/year4.5⭐YesNo
Marg ERP₹5400/year4.8⭐NoNo
Busy₹3600/year 4.6⭐YesYes
Comparison: Top Accounting and Inventory Management Software for Business

What is Accounting and Inventory Management Software?

Accounting Software is a digital tool that automates and streamlines financial management, including recording revenue, and expenses. It generates financial reports, provides real-time insights into financial health, and ensures compliance with financial regulations, supporting better decision-making and efficient management of a business’s finances.

Inventory management software is a digital tool designed to help organizations efficiently track and manage their inventory. It streamlines tasks such as monitoring inventory levels, sales, orders, deliveries, and returns. This software ensures that inventory is accurately monitored and efficiently handled by providing real-time visibility and control over stock. This process optimizes inventory control, reduces excess stock, prevents stockouts, and improves overall operational efficiency.

Top Accounting and Inventory Management Software In India:

1. Refrens: Top Accounting and Inventory Management Software In India

Refrens is an Invoicing and inventory management software that streamlines financial operations for businesses. It offers features like professional invoicing, expense tracking, GST compliance, payment reminders, and contemporary solutions for comprehensive business needs, ensuring efficient and compliant management.

Refrens: Best Accounting and Inventory Management Software
Refrens: Best Accounting and Inventory Management Software

Features:

  • Financial Management: Refrens.com includes tools for general ledger, accounts receivable software and payable, bank reconciliation, financial reporting, expense tracking, GST compliance, multi-currency support, payroll management, and budgeting and forecasting.
  • Inventory Control: It offers real-time stock management, order management, barcode scanning, inventory optimization, multi-warehouse management, inventory valuation, batch and serial number tracking, reorder point alerts, and inventory audits.
  • Integration and Accessibility: Features cloud-based access, mobile app functionality, integration with e-commerce and POS systems, and supplier management.
  • User and Data Management: Provides customization, user permissions, task automation, sales CRM, and scalable solutions.
  • Support and Insights: Delivers analytics and dashboards for data insights and robust customer support options. 

Pricing:

  • Basic Plan: Up to 50 documents per year at no additional cost.
  • Book Essential: ₹3900/year 
  • Books GST: ₹7500/year 
  • Books Pro: ₹8500/year 

Ratings:

  • Capterra: 4.9⭐/5
  • G2: 4.6⭐/5
  • Software Advice: 4.8⭐/5
  • Get App: 4.8⭐/5

User Reviews:

👍 👎
“Since I started using it during covid. We moved from Tally to Refrens as this was on the cloud. Easy to use and log in from mobile, laptop and login for accounts person too”  ~Nagraj“Less Export and Import Invoicing features.”  ~Jainilzoh
“Refrens.com’s invoice feature is a game-changer for small businesses.”  ~JitenderCustomization could be more fluid and added features”  ~Kalyan
“Refrens simplifies financial management with its intuitive interface and comprehensive features. From invoicing to expense tracking, it streamlines operations, enhancing efficiency and productivity for businesses.”  ~Mihir“Mmmm, if I have to, if I have to then I’d say what I like the least is the pricing. They can easily sell it at a higher rate..”   ~Sahil
Source: Capterra
Accounting and Inventory management software

2. Zoho: Free Accounting and Inventory Management Software In India

Zoho Books is the best accounting software offering general ledger, accounts payable/receivable, bank reconciliation, and GST compliance. Zoho Inventory provides real-time stock tracking, order management, barcode scanning, and multi-warehouse management, streamlining financial and inventory operations for businesses.

Zoho: Best Accounting and Inventory Management Software
Zoho: Best Accounting and Inventory Management Software

Features:

  • Holistic Financial Management: Zoho Books includes general ledger, accounts payable/receivable, bank reconciliation, GST compliance, expense tracking, multi-currency support, financial reporting, budgeting, and forecasting.
  • Enhanced Inventory Management: Zoho Inventory offers real-time stock tracking, order management, barcode scanning, multi-warehouse management, inventory optimization, and batch/serial tracking.
  • Streamlined Automation: Incorporates automated GST calculations, barcode scanning, and reorder alerts to maintain optimal stock levels and streamline operations.
  • Seamless Integration: Provides cloud-based access, mobile app functionality, and integration with e-commerce platforms and POS systems for seamless operations.
  • Efficient User and Data Management: Offers customization, user permissions, CRM with online Invoicing, and robust support for analytics and reporting to enhance business management.

Pricing:

  • Free Plan: With limited functionality, suitable for small businesses
  • Standard Plan: ₹8988/year 
  • Professional Plan: ₹17,988/year 
  • Premium Plan: ₹35,988/year
  • Elite Plan: ₹59,988/year
  • Ultimate Plan: ₹95,988/year

Ratings:

  • Capterra: 4.3⭐/5
  • G2: 4.4⭐/5
  • Software Advice: 4.4⭐/5 
  • Get App: 4.4⭐/5

User Reviews:

👍 👎
“As a small business owner, I found that the Zoho Inventory plug-in for Zoho Books provided me with a seamless and stress-free tool to manage multiple SKUs, track inventory, and create composite items”  ~Karun“The pricing plans are a little prohibitive for a small business”   ~Karun
“My favorite part of Zoho Inventory is the customer service. They are on the ball whenever I have issues.”  ~Anonymous“Lack of integration partners without using some sort of connector..”  ~Anonymous
“Functionality: Mail merges, email templates, customization, reporting”  ~Julieet“There are times when making changes/updates is more difficult than it should be which can be frustrating.” ~Adam
Source: Capterra

3. Vyapar: Desktop-Based Accounting and Inventory Management Software In India

Vyapar is a comprehensive accounting and invoicing software designed for small businesses. It offers features like invoicing, expense tracking, GST billing software, inventory management, and financial reporting. With multi-platform access and robust data security, Vyapar simplifies financial and inventory operations, ensuring efficiency and regulatory compliance.

Vyapar: Best Accounting and Inventory Management Software
Vyapar: Best Accounting and Inventory Management Software

Features:

  • Instant Invoice Generator Software: Generate online invoices and share professional invoices, estimates, and generate quotations effortlessly.
  • Expense Management Software: Monitor and manage business expenses to maintain financial health.
  • Inventory Management: Track stock levels, manage sales, and handle orders and reorders efficiently.
  • Payment Tracking: Oversee customer and vendor payments, including receivables and payables, and charge interest on late payments.
  • Financial Reporting: Generate comprehensive financial reports such as profit and loss, balance sheets, and cash flow statements.
  • Multi-Platform Access: Accessible on mobile, desktop, and web, ensuring you can manage your business from anywhere.
  • User Management: Ensure data integrity by controlling access through user permissions and roles.

Pricing:

  • Silver Plan: ₹3399/year 
  • Gold Plan: ₹3999/year 

Ratings:

  • Capterra: 4.4⭐/5
  • G2: 4.6⭐/5
  • Get App: 4.4⭐/5
  • Software Suggest: 4.7⭐/5

User Reviews:

👍 👎
“Their Invoice template options, Their customer service is good because when I purchased Vyapar I didn’t how to design the invoices their customer service representative guided me very well, and it’s impressive.”   ~Anonymous“Many banking integrations still need to be updated“  ~Rahul
“Vyapar is useful for small business owners or shopkeepers. If I have to list the pros, here are some pros: 1. GST-compliant invoicing 2. Budgeting 3. Financial statements that can be understood by owners easily. 4. Multiple user login and role-based access”   ~Maheswara Swamy“The features of Accounting are not up to mark, you can’t make Fixed Asset Accounting, cant directly calculate depreciation on Assets being made.”   ~Akash
“This is one of the Best Cloud-based accounting software designed in India for the Indian market. Easy invoicing and purchase entries and the best part is can easily share everything via WhatsApp”   ~Rahul“Since it’s designed for small businesses, some of the features like inventory management or other complex accounting entries is not possible if your business is medium to large”   ~Maheswara Swamy
Source: Capterra

4. Mybillbook: Accounting and Inventory Management Software for Small Businesses

MyBillBook is a top invoice generator software tailored for small and medium-sized businesses. It features instant invoice generation, expense and payment tracking, comprehensive inventory management, and detailed financial reporting, all accessible via mobile and desktop platforms for ease of use and efficient business operations.

Mybillbook: Best Accounting and Inventory Management Software
Vyapar: Best Accounting and Inventory Management Software

Features:

  • Customized Invoices: Customize invoices using multiple invoice templates and personalize them to suit your business needs.
  • Inventory Management: Manage stock levels, and generate and print customizable barcodes for efficient inventory control.
  • User Management: Control access with user permissions and roles.
  • Multi-Platform Access: Manage your business from mobile and desktop
  • Business Management: Multi-device access, multi-business accounting management, user role customization, staff attendance, payroll, and free business reports.
  • Additional Features: Multiple bank account management, invoice recovery, bulk editing, automated recurring billing, foreign currency invoicing, and audit trails.

Pricing:

  • Diamond Plan: ₹2599/ year 
  • Platinum Plan: Custom pricing according to your feature demand. 
  • Enterprise Plan: Custom pricing according to your feature demand. 

Ratings:

  • Capterra: 4.6⭐/5
  • G2: 4⭐/5
  • Software Advice: 4.6⭐/5
  • Get App: 4.6⭐/5

User Reviews:

👍 👎
“This software enables me to create GST-compliant invoices which is a must. Best customer support ever, I get queries resolved via WhatsApp within minutes.”  ~Ramesh“Unavailable APIJob work unavailable New features & Customisation harder”  ~Praveen
“Billing is easier, and adding items is also easier. Barcode making is also easier. Overall service is good”  ~Nagabandan Rameswar“Sometimes billing crashes, offline billing is never possible. plz, make sure that offline billing works properly. We can’t recover the deleted items”  ~Nagabandan Rameswar
“Shows PROFIT and loss while building invoice”  ~Mahesh“More invoice design is needed. Excel file upload time should be reduced from 48hrs to 1-3 hrs”  ~Akshay
Source: Capterra

5. Tally: Offline Accounting and Inventory Management Software In India

Tally is a robust open source accounting software widely used by businesses to streamline their financial operations. It offers features such as invoicing, inventory tracking, GST compliance, payroll management, and detailed financial reporting, making it ideal for efficient and comprehensive business management.

Tally: Best Accounting and Inventory Management Software
Tally: Best Accounting and Inventory Management Software

Features:

  • Invoicing and Accounting: Quickly create professional invoices, manage flexible sales and purchase cycles, and handle multi-currency transactions.
  • Inventory Management: Efficiently track stock levels, generate and customize barcodes, and access detailed inventory reports.
  • Business Reports: Access comprehensive financial, accounting, and inventory reports from any device for better decision-making.
  • Banking: Reconcile bank statements accurately and manage transactions across multiple bank accounts.
  • Additional Features: Benefit from audit trails, automated recurring billing, invoice recovery, bulk invoice editing, and foreign currency invoicing.

Pricing:

  • Silver Rental: INR 9,000 + 18% GST (INR 1,620) per month
  • Silver: Single User Edition (Perpetual License): INR 22,500 + 18% GST (INR 4,050)
  • Gold Rental: Unlimited Multi-User Edition: INR 27,000 + 18% GST (INR 4,860) per month

Ratings:

  • Capterra: 4.4⭐/5
  • G2: 4.6⭐/5
  • Software Advice: 4.4⭐/5
  • Get App: 4.4⭐/5

User Reviews:

👍 👎
“Tally Prime is known and trustable accounting software that is being used by most businesses. It is best suited for small and medium-sized businesses”  ~Sonam“Does not provide specialized financial reports. Not compatible with cloud compounding, data mining,g, or other artificial intelligence features. Does not provide auxiliary software services such as payroll, POS, etc. Sometimes it is complicated to work in a multi-user option.”~Sonam
“Excellent invoicing and accounting software, precious inventory management software, excellent in GST calculation and proper management of Banking credit and debit management software..”  ~Kothari M
“No automation” ~CA Ankit
“With TallyPrime, I like that accounting and inventory management is easy In addition, I like the finance reporting features and ERP capabilities of this tool.” ~Andrea
“A person unfamiliar with accounting can not use it easily. Somewhat basic knowledge of accounting is required to use this software. Sometimes people who are commerce graduate for them also this software become difficult as there are many features so it may seem complicated at initial level.” ~Vinkal
Source: Capterra

6. Marg ERP: Accounting and Inventory Management Software for Business operations

Marg ERP is a comprehensive invoicing and client management software including GST compliance, expense tracking, multi-location inventory management, barcode generation, and detailed financial reporting. It caters to small and medium-sized enterprises, streamlining financial and inventory operations.

Marg ERP: Best Accounting and Inventory Management Software
Marg ERP: Best Accounting and Inventory Management Software

Features:

  • Send Invoices on WhatsApp: Create and share professional invoices directly with customers via WhatsApp, reducing paper usage and printing costs.
  • E-Invoicing Software: Generate error-free e-invoices at just 15 paise per auto e-invoice without needing portal access, ensuring zero downtime.
  • Payment & Reconciliation: Simplify payments and bill reconciliation with Marg Pay, offering 0% service charges and 2% cash back for retailers.
  • Inventory Management: Efficiently manage stock levels, set reorder points, and utilize Push Sale features to handle focused, dump, and near-expiry stock.
  • Purchase & Sale Claim: Track and manage claim benefits against purchases with timely reminders using the Claims & Statements feature.

Pricing:

  • Basic Edition: ₹ 8,991 + 18% GST, ₹ 3,000 per extra user (max 2 users), ₹ 3,000 per extra company (max 2 companies).
  • Silver Edition: ₹ 12,600 + 18% GST, ₹ 3,000 per extra user, ₹ 3,000 per extra company.
  • Gold Edition: ₹ 25,200 + 18% GST, unlimited users, unlimited extra companies.

Ratings:

  • Capterra: 3.3⭐/5
  • G2: 4⭐/5
  • Software Advice: 3.3⭐/5

User Reviews:

👍 👎
“Easy to use for billing also party creation, item creation, and e-challan, e-way bill. I must say when you use it for the pharma industry it 100% works well.”  ~Mohmaad“Allover Marg is the best accounting software but pricing few higher than competitors.”  ~Mohmaad
“This software for billing is very easy and an illiterate person can also run this software easily it’s too fast and easy”  ~Ritesh“Sometimes I stuck in purchase bills and tax terms”  ~Ritesh
“Range Of Reports available is very interesting”  ~Virendra“Detailed GST Rapports, We can easily compare it with Online GST”  ~Virendra 
Source: Capterra

7. Busy: Leading Accounting and Inventory Management Software In India

Busy accounting is an account receivable accounting software designed for small and medium-sized enterprises, offering features like invoicing, GST compliance, financial reporting, expense tracking, multi-location inventory management, and barcode generation.

Busy: Best Accounting and Inventory Management Software
Busy: Best Accounting and Inventory Management Software

Features:

  • Complete Accounting: Access final accounts, inventory reports, ledgers, tax reports, and trial balances.
  • Sales & Purchase Analysis: Analyze receivables, expenses, sales, and segment-wise reports.
  • Reconciliation: Secure bank transactions, account reconciliation, accurate cash flow predictions, and discrepancy identification.
  • Multi-Currency Support: Maintain accounts in multiple currencies.
  • Customization: Customizable forms, reports, and workflows tailored to business needs.
  • Reduce Holding Costs: Minimize excess inventory to free up capital and reduce storage costs.
  • Optimize Working Capital: Maintain optimal inventory levels for efficient capital allocation.
  • Ensure Order Fulfillment: Synchronize orders with inventory for prompt completion.
  • Increased Visibility: Enhanced traceability for quick identification of stock.
  • Simpler Negotiations: Access detailed material information to identify beneficial suppliers.

  Pricing:

  • Blue Plan:
    Single User – ₹3600/year
    Multiple User – ₹5400/year  
  • Saffron Plan:
    Single User – ₹6300/year
    Multiple User – ₹9450/year 
  • Emerald Plan:
    Single User – ₹9000/year
    Multiple User – ₹13,500/year 

Ratings:

  • Capterra: 4.5⭐/5
  • G2: 4.4⭐/5
  • Software Advice: 4.6⭐/5
  • Get App: 4.5⭐/5

User Reviews:

👍 👎
“It has many features including forecasting, inventory management, ledger management, tax management, customizable reporting, and very easy to use for non-technical employees..”  ~Fazal A.“We were using a desktop application and it had some security loopholes.”~Fazal A.
“Very good for report and inventory management”  ~Rajesh
“Mobile access is not there, so that status can be tracked from anywhere” ~Rajesh
“I have been using this software to create sale orders, and invoices and using reports of forecasting and general ledger to check which client has outstanding balance and give them a follow-up call to make payments on time or overdue payments.” ~Muhammad A.
“No Auto-Save option available data gets lost if you don’t save it” ~Amit M
Source: Capterra

Importance of Accounting and Inventory Management

  • Efficiency in Operations: Automated processes reduce manual data entry and errors, saving time and enhancing productivity.
  • Accurate Financial Reporting: Real-time data integration ensures up-to-date financial reports, aiding compliance with tax laws and regulations.
  • Improved Inventory Control: Optimal stock levels are maintained, preventing overstocking or stockouts and managing inventory costs effectively.
  • Enhanced Customer Satisfaction: Timely order fulfillment and accurate billing improve customer experience and foster loyalty.
  • Cost Savings: Automation reduces errors and operational costs, contributing to better profitability.
  • Scalability and Growth: Integrated software scales with business growth, seamlessly supporting new products or services.
  • Risk Management: Better oversight reduces fraud risks, while consistent data backup ensures business continuity.

Key Differences Between Integrated Accounting and Inventory Software Solutions and Standalone Software Solutions

What are Standalone Software Solutions?

Standalone software solutions are specialized applications designed to perform a specific function or set of functions independently. Unlike integrated software, which combines multiple functionalities into a single platform, standalone software focuses on a single area, such as accounting, inventory management, or customer relationship management (CRM).

  • Data Consistency: Integrated software ensures synchronized data across functions. Standalone solutions require manual updates, increasing error risks.
  • Efficiency: Integrated software automates workflows, boosting efficiency. Standalone software leads to fragmented processes.
  • Cost: Integrated software has higher initial costs but is cost-effective long-term. Standalone software is cheaper initially but needs extra integration investment.
  • User Experience: Integrated software offers a seamless interface across functions. Standalone software provides different interfaces, causing a disjointed experience.
  • Reporting and Analytics: Integrated software offers comprehensive reporting from consolidated data. Standalone software requires manual data consolidation.
  • Implementation and Maintenance: Integrated software simplifies setup and maintenance with a single solution. Standalone software needs separate installations and maintenance for each application.

Examples of Standalone Software Solutions:

  • Accounting Software: Manages financial transactions, generates financial reports, and ensures compliance with accounting standards.
  • Inventory Management Software: Tracks inventory levels, orders, sales, and deliveries independently.

Essentials to Look for in Accounting and Inventory Management Software

  • Automated Invoicing and Billing with Advanced Invoicing Software: Automates the creation and sending of invoices, tracking payments, and managing accounts receivable and payable, providing a comprehensive invoicing guide to streamline your invoicing processes.
  • Comprehensive Inventory Tracking: Monitors inventory levels in real time, providing visibility into stock quantities, locations, and movements. It helps prevent stockouts and overstocking, ensuring optimal inventory control.
  • Detailed Financial Reporting: Generates comprehensive financial reports, including profit and loss, balance sheets, and cash flow statements. These reports provide valuable insights for informed decision-making and financial planning.
  • Purchase Order and Supplier Invoice Management Software: Manages purchase orders, tracks supplier relationships, and ensures timely procurement of stock. Streamlines the purchasing process and helps maintain good supplier relationships.
  • Integration with Other Business Tools: Seamlessly integrates with CRM software, e-commerce platforms, and point-of-sale systems to ensure consistent data flow. Enhances overall efficiency by providing a unified system for various business functions.
  • Multi-User Access and Permissions: Allows multiple users to access the system simultaneously with customizable permission levels to ensure data security and proper access control.

Conclusion:

Choosing the right accounting software integrated with inventory management is vital for streamlining business operations, improving accuracy, and ensuring compliance. Solutions like Refrens, Zoho, Vyapar, MyBillBook, Tally, Marg ERP, and Busy offer a range of features tailored to meet diverse business needs, including robust invoicing software capabilities.

By automating tasks, providing real-time insights, and integrating various functions, these tools empower businesses to make informed decisions, optimize resources, and foster growth. Investing in robust accounting and inventory management software is a strategic move that can enhance efficiency, address challenges in invoicing processing, boost profitability, and provide a competitive edge in the market.