Major Players in Indian SMB Market
As suggested in the earlier section, accounting automation software product is often a part of the larger ERP packages and has different set of criteria driving their demand in the market. Stand-alone accounting software products which are comparable as alternative for the current accounting processes being followed by the Indian SMB and businesses generally fall under the category of specialized mid-level ERP, desktop applications or SaaS solutions. This section provides a brief comparison of the major players in the Indian market of accounting automation products:
- 1. Tally:
Tally is a desktop application and is available in form of a licensed software product. It is the most popular application right now in market and enjoys the largest market share (~60%)
- 2. E.X. from TCS:
E.X. is another desktop accounting application from Tata Consulting Services (TCS). Coming from Tatas, it holds a sizable market share (~25%)
- 3. Quicken from Intuit:
Quicken is a product from American financial software products major called Intuit Inc. Having developed for the world audience, it is a fairly evolved product, but this same reason makes it a difficult to adopt Quicken for Indian scenarios
- 4. iBaaN, Navision:
These are mid-level ERP packages of which at times only the financial accounting module is implemented. These prima-facie do not compare with a stand-alone accounting automation software products, however a lot of mid-sized businesses are using it for their financial automation needs
- 5. OfficeBOX:
OfficeBOX is the latest and most evolved entrant in this market. It differentiates itself by offering the accounting on a Software-as-a-Service platform and offering its basic version for free use.
Besides these, there are several other local accounting automation software systems built-on-order for local needs by local players. A simple search for accounting software in India on any search engine throws a list of these players.