Search for best Online Account Accounting Software – ends here!

I have been chasing my finance team to move to an online system for quite sometime – at least 2 years. Finally, I had to take the task in my hand of evaluating the best one that works for us and tell them just go use this. Now it is an order.🙂 ! In the process of evaluation I found some interesting facts that would be useful for many companies. Here you go.

  • Background
    • We are a mid-sized company with 2 product lines
    • We are HQ in India
    • We have operations in US and potentially starting new offices in UK/Europe
  • I evaluated / Looked at the following products
    1. Zoho Books   – Evaluated
    2. NetSuite – Evaluated
    3. Financial Force – Looked at
    4. Kashoo – Evaluated
    5. Wave Accounting – Evaluated
    6. Intuit Quick Books Online Plus (http://www.quickbooksonline.in/)
  • I ruled out “Financial Force” as it involves quite a bit of customization to make it work. It costs lot of money, time and effort. Big No for us. Might be worth it for a bigger company – no comments on that!
  • NetSuite falls somewhere in between the complexity of “Financial force” and simplicty of the other products listed here.
  • Every accounting software has the basics right. And, there is no point in talking about it. Zoho Books, Wave Accounting, Kashoo were quite simple (or should I say too simple) to use but they lacked the depth we required. When I say depth I was looking for
    1. Categories Based recording of Income and Expenses. You need this if you have to track multiple LoB / Product Lines, etc
    2. Some validation while recording transaction for GAAP Principles
    3. Ability to create locations like India / US etc to record transactions against those entities
    4. Ability to create Parent and Sister companies. And, record transactions against them and also consolidate them
    5. Extensive “out of the box” reports
    6. Local Support in India as my team is present in India
    7. Product should be created for Indian Companies understand Indian taxation, etc.

Finally, I choose Quick Books Online Plus, because it satisfied 6 out of the 7 in my above list. It doesn’t have the capability to do (4). While the other products I evaluated were simple to use, Quick Books depth in accounting domain showed up in their product. That also made me believe that they will add item 4 soon. I hope the quick books team is listening. 

P.S. We use TALLY today and if they had an online version like the way Quick Books has moved from client server to online, our 1st preference would be – Let’s use Tally! Absolutely! Tally’s online version – which they call as “remote access” sounds like a work-around! I am sure they have good reason for doing that way – I am giving them the benefit of doubt as they are market leaders in India!

This entry was posted in Misc. Bookmark the permalink.

17 Responses to Search for best Online Account Accounting Software – ends here!

  1. Ilene says:

    If you are interested in topic: earn money online no surveys – you
    should read about Bucksflooder first

  2. Hello there! I could have sworn I’ve been to this site before
    but after browsing through many of the posts I realized it’s new
    to me. Regardless, I’m definitely happy I came across it and I’ll be bookmarking it and checking back frequently!

  3. Suresh Ji, I am completely Agree with you. Tally is the best software for Accounting. And I also prefer Tally. The legend of Accounting.

  4. Ilene says:

    Hello folks, if you want to lose weight you should search in google – Oldbanough’s weightloss
    it’s good point to start your fight with fat

  5. Ashish says:

    Tally is good easy to use as we have been using but a major problem with remote log in is that the server have to be on when you want to see the data from remote location. We cannot tell our accountant to leave his computer turned on while he is not in office so that we can see his data. In this way anybody in our staff can excess our records. I prefer quickbooks myself

  6. Hellο my loced one! I wish to say that thiѕ post is аwesome, great written and come ωith approхimately all vital infos.
    I’d like tο see more postѕ like this .

  7. Rich says:

    I like the helpful info you provide for your articles.

    I’ll bookmark your weblog and check once more here frequently.

    I am relatively certain I’ll leartn many new stufrf right here!
    Goood luck for the next!

  8. Geoffrey says:

    Undeniably believe that which you stated. Your favourite reason appeared to be on the net the easiest thing to take into accout of.

    I say to you, I certainly get annoyed whilst folks think about worries
    that they just don’t recognise about. You controlled to hit the nail upon the highest and defined out the whole thing without having side-effects
    , other people could take a signal. Will probably be again to get more.

    Thank you

  9. tumblr.com says:

    Oh my goodness! Awesome article dude! Many thanks, However I
    am experiencing problems with your RSS. I don’t understand why I am
    unable to subscribe to it. Is there anyone else having
    the same RSS issues? Anyone that knows the solution can you kindly respond?

    Thanks!!

  10. John mickle says:

    It’s always excellent studying such material; this post is excellent in regards of both information as well as information. https://www.accounting-guru.net/

  11. vishnu says:

    Hi,

    I came across this blog because I was doing research on PaaS. While browsing through your blog articles, I came across your blog discussing about evaluating online accounting packages.

    I have a question though, could you have not just built a online accounting software using orangescape. By doing this you would solved your problem and at the same time created a solution for other companies who have similar requirements such as yours. With so many startups sprouting in India and who invariably have a US subsidiary, your requirements might become generic in the future.

    I am assuming orangescape has the capability to develop such a software.

    My second question, given that you have now choosen quicks books online is, theortically, how long will it take to develop the same product using orangescape

    Just my thoughts.
    Vishnu

    • Yes, you can build it using OrangeScape PaaS. However, building a accounting product needs domain expertise and a dedicated team. Building a team just for internal consumption of OrangeScape is not good ROI unless we have a strategy to sell it to other companies. It costs less than $100 a month for QuickBooks. To build a product you need 1 domain expert, 2-3 tech guys. If you do the math we are talking about at least $5,000 a month for their salaries (if they are offshore in India, if in US it is like $15,000/month), that is not worth it if you are not selling it to other customers. Makes sense?

      If you want to develop similar solution in OrangeScape we can surely help. It will take at least 4-6 months for you to get the first version out with the team structure like the above. Let me know.

  12. kanpur says:

    please quote lowest prices for on line accounting sk singh 09415052642

  13. Wonderful discussion. We believe that the reliability, cost saving and easy of use offered by platforms such as is going to greatly facilitate the growth of small businesses across the country and indeed the world. I had to take the task in my hand of evaluating the best one that works for us and tell them just go use this. Thanks for sharing with us.

  14. Suresh,
    Quickbooks also belongs to Sage now. It works for basic data capture and helps an entity to maintain it simply during the initial stages. But during your growth and diversifications, which can typically come when you have scale-up in terms of both horizontal & vertical, cross entity/region, ownership changes, investor reporting, multi country compliance, etc., you need a higher end system to support you. There is a data migration tool available for moving quickbooks to higher level ERP also. This can be resorted to at any time.

    As I have very less details on your business, cannot give a strong suggestion on Sage against quickbooks now.

    Pls let me know at any time, if I can be of any help to you.

  15. Suresh,

    I hope this does not turn out to a marketing blog.

    Good to see your post here and appreciate the time taken to list down the criterias for an evaluation further.

    We represent Sage 300 ERP (formerly Sage ERP Accpac) in India and have implemented the same at different locations running different businesses. This product is available in ‘online’ as well ‘on-premise’ model. Satisfies all your 7 points as well as suits with better scale up on your ‘background’ lines.

    If you have not bought / started to use, its worth to have a look at.

    • Sundar,

      Hmm, that is a good point. Good reconnecting here!

      Sorry, I did not remember SAGE, my bad! But when I Google for “online accounting” Sage did not bubble up. That is your bad! Now that you said it, I will take a look at it. But, it might be too late. I just asked my team to start using Quick Books Online. Sage has to be so compelling to revert that decision!

      BTW, I did search for “Sage accounting online” and got this link http://www.sageaccpac.com/Products/Sage-ERP-Accpac-Online that went to page not found

      I again searched for “Sage 300 ERP” based on your comment above and this time I got this http://www.sageaccpac.com/ which said it is launching on May 16h.

      What do you want me to do?

      Thanks,
      Suresh

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s