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.
- 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
- Zoho Books – Evaluated
- NetSuite – Evaluated
- Financial Force – Looked at
- Kashoo – Evaluated
- Wave Accounting – Evaluated
- 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
- Categories Based recording of Income and Expenses. You need this if you have to track multiple LoB / Product Lines, etc
- Some validation while recording transaction for GAAP Principles
- Ability to create locations like India / US etc to record transactions against those entities
- Ability to create Parent and Sister companies. And, record transactions against them and also consolidate them
- Extensive “out of the box” reports
- Local Support in India as my team is present in India
- 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!