Financial statements are vital to investors. But how do investors use financial statements? Before your meeting, learn what they want to see and why.
May 12, 2022
The accounting software market is expected to exceed $20 billion by 2026. In such a booming market, it may be difficult for companies (especially startups) to know which software is the best choice for their company.
As a small business owner, you probably wear a lot of hats and take on many duties. But did you know you can significantly decrease your workload and streamline your financials with accounting software?
In this comparison, we'll discuss two top accounting software options: Quickbooks vs Tally. Keep reading to learn more about the similarities, features, and differences.
QuickBooks and Tally both offer cloud-based reporting for your financials. While each offer various other accounting features, they do have distinct differences that we'll cover below. Keep reading here to learn the pros and cons of both software.
QuickBooks may be one of the most popular accounting software in the industry. Developed by Intuit, the company went public in 1993 and has only continued to grow. With several pricing plans available, this is an ideal software for small businesses, independent contractors, and freelancers.
The features available for QuickBooks vary based on the plan you choose. The higher the monthly payment, the more features you unlock. Prices range from $25 to $180 a month.
You can combine solutions to create your own package.
The pros of using QuickBooks include:
Using QuickBooks is a good decision for companies with a tight budget or those without complex projects to track.
There are also a few cons with QuickBooks:
The cons depend on what your company needs. It's important to assess your specific business needs before choosing accounting software.
Founded nearly 30 years ago, the owner created Tally to streamline accounting functions for businesses. The goal was simplicity and ease of use. Pricing for Tally ranges from $306 to $1,530 per year. Currently, Tally is most prominent with businesses in India.
Tally has many similar features to Quickbooks. They offer a silver and gold package, but how many users you can have is the only difference. With silver, you can have a single user, but gold allows unlimited.
Key product features include:
With Tally, there are three products to choose from. Those are:
Tally has quite a few bullets for the pro column. Those include:
You can also try educational mode to see what the software does and how it looks. This will help you better understand what is right for you.
There are a few cons with Tally, as well. If you choose Tally, you must consider the following:
If your business has a lot of projects or inventory to manage, Tally would be a good option. You won't have to pay extra to get the features you need, like QuickBooks.
As you can see, there are considerable differences between Tally and QuickBooks. While these differences aren't a big deal to many companies, they could be the difference between a smoother accounting experience for your company.
Tally isn't as easy to use. This platform is much more complex and intended for expert professionals. It is a powerful software with many features, but they are hard to navigate if you don't have training or an accounting background.
That said, Tally is better suited for organizations with a dedicated accounting team. Non-accounting professionals will struggle with the software.
Now that you understand the differences between the two, how do you pick one? Before you choose, ask yourself the following:
If you are a small business, contractor, or freelancer, you probably would be better off with QuickBooks. It has a cleaner user interface and is much more affordable. The accounting needs for small businesses, freelancers, and contractors are not as complex as what Tally offers.
If you have an enterprise or work in specific industries (construction or manufacturing), then Tally is probably the better option. With the extensive inventory, payroll, and advanced accounting features, this solution will meet the unique needs of those industries.
Are you still unsure? You can check out free versions of both software! QuickBooks offers a free trial, and Tally allows you to download an educational version.
This article gave you an overview of QuickBooks vs Tally accounting software. We hope you better understand how each software can help your business with accounting functions.
Accounting software is essential for any business, but so it the support of a finance firm.
Why? We find that many startups aren’t taking full advantage of their account software or able to monitor every line item, either out of lack of time or accounting expertise. This is when working with a finance firm like Zeni that has years of QuickBooks expertise can make all the difference.
Here at Zeni, since we work mainly with startups and first-time entrepreneurs, *QuickBooks integrates directly into our dashboard.
From there, we combine artificial intelligence with human experts to manage your QuickBooks account along with all of your finances. This allows you to see daily bookkeeping updates on a centralized platform for a flat monthly fee based on your business’s expenses. You never have to worry about if your finances are up-to-date again.
With Zeni, we can help you with expert bookkeeping services that integrate with existing software. Start with a demo to see how it works.
*Zeni is an Elite Partner with QuickBooks. Zeni customers receive 50% off their QuickBooks Online subscription.