12 best accounting software and tools for BCom/MCom students

Tools are meant to make lives easier. Their easy availability in varied industries today proves this point right and has helped considerably improve professionals’ efficiency. This blog highlights the top tools and the best accounting software for BCom/MCom students that can facilitate speed and productivity at work and help chart a successful career graph. Moreover, these tools help enhance students’ accounting skills and better prepare them for challenging and more rewarding careers in the world of finance and accounting.

12 accounting software and tools

To help you excel in your career path, here are the top 12 accounting software and tools that are aimed at facilitating efficient performance and growth for BCom/MCom students:

1. Wave Accounting: It is free software that grants easy access for students to high-quality tools in accounting. The software is extremely user-friendly and includes features such as payroll, invoicing, and easy tracking of expenses. It is particularly helpful to meet the requirements of small businesses. 

2. QuickBooks: Yet another popular and easy-to-use software, QuickBooks is one of the top accounting tools for BCom/MCom students. It is rather popular among small and medium-sized enterprises and offers functions like payroll, invoicing, and financial reporting.

3. GNUCash: The tool is considered very helpful in learning small business accounting and personal finance management. It is offered free of cost for all students and comprises features such as double-entry accounting in addition to various other tools for financial management.

4. Tally ERP 9: This tool is specifically tailored to meet the needs of the Indian market, including compliance of businesses with GST provisions. Tally ERP 9 also precisely integrates with other business functions such as payroll and inventory, and offers educational licenses.

5. NetSuite: This one has a wider outreach, used by top MNCs, as it is quite helpful in global financial management. NetSuite is a complete ERP solution that comprises several useful accounting functions and lends support to complex business and financial processes.

6. SAP: The tool provides support for various elements of business management – from HR to Accounting. It is used by large businesses and offers exposure to complex financial systems. Several organizations in India and abroad highly value knowledge of SAP tools.

7. MYOB: The tool is quite popular in countries like New Zealand and Australia, thereby making it valuable among students planning to work in these nations. MYOB offers comprehensive solutions for accounting, including payroll, inventory management, and compliance with tax regulations. 

8. Xero: A cloud-based tool, it figures among the top accounting software recommendations for Commerce students. It has a modern interface that makes it extremely convenient for students to learn. Xero features strong analysis and financial reporting tools.

9. Sage 50Cloud: This works perfectly for small and medium-sized businesses alike, putting together the convenience of desktop software with ease of access to cloud features as well. Sage 50Cloud is widely used in the world of accounting these days.

10. Microsoft Excel: One of the most popular accounting tools for students, MS Excel is widely used in nearly all organizations at any scale. Owing to its common usage, it is therefore included in the curriculum for BCom and MCom students. MS Excel is considered the fundamental tool for financial modeling, data analysis, and all other basic accounting tasks. 

11. FreshBooks: Offering an excellent user experience is FreshBooks, a rather easy-to-learn-and-use tool in the accounting industry. The tool is equipped with an in-built time tracker that is very helpful in project-based accounting tasks.

12. Zoho Books: The last on our list of top 12 accounting software and tools for commerce students is Zoho Books which can be customized to meet individual business requirements. The tools enable seamless integration with other business apps and also offer reasonable pricing plans and other student discount offers on purchases.

You may also like to read about the World of forensic accounting: An intriguing field

Career opportunities after BCom/MCom

Students graduating with a Bachelor’s or Master of Commerce (BCom/MCom) are eligible to apply for top rewarding roles in the accounting and finance industry. A host of career opportunities are likely to open up for graduates in the domain. Some of the most popular jobs for BCom and MCom students are listed below. These are examples from a variety of sectors and industries to help you gain a better understanding of the scope of the area:

1. Tax Consultants: They are responsible for preparing tax returns for clients, advising them on tax-related matters, and ensuring complete adherence to tax laws. Some of the industries where tax consultants can work include corporate tax departments, tax advisory firms, and government tax agencies. 

Average annual salary (approx): INR 6,67,500 per annum

2. Financial Analyst: They create financial models for the company, offer insights for making business strategies and decisions related to investment, analyze financial data, and prepare financial reports. They are likely to work in industries like investment, banking, and corporate finance.

Average annual salary (approx): INR 5.6 lakh per annum

3. Corporate Treasurer: Responsibilities include liquidity management, risk management, managing the company’s finances, and investments, and taking care of overall financial planning. Several MNCs and corporate finance departments hire corporate treasurers.

Average annual salary (approx): INR 18 lakhs per annum

4. Accountants: They prepare financial statements, manage financial records, handle filings of tax returns, and ensure adherence to accounting standards. Industries where they can find work include corporate accounting, public accounting firms, and the government.

Average annual salary (approx): INR 400,000 per annum

5. Business Consultants: They are responsible for suggesting improvements, analyzing business practices, and applying changes to improve efficiency and profitability. They can work in corporate strategy departments and management consulting organizations. 

Average annual salary (approx): INR 7 lakh per annum

6. Auditor: Evaluating financial records to ensure adherence and accuracy, and determining areas for improvement in financial practices are some of the key responsibilities entrusted to auditors.

Average annual salary (approx): INR 7,77,931 per annum

7. Financial Advisor: They provide advice on financial planning for retirement, investments, and insurance requirements for individuals and organizations alike. Wealth management, financial planning companies, and the insurance sector are some of the workable places for financial advisors and planners.

Average annual salary (approx): INR 5,10,000 per annum

8. Investment Bankers: They are responsible for acquisitions and mergers, raising capital, and offering financial advice. Investment bankers generally work in corporate finance divisions and investment banking organizations. 

Average annual salary (approx): INR 8 lakh per annum

Read more about Accounting vs. Finance: Which one’s right for you? 

Skills commerce students should possess effectively

Students of Commerce must equip themselves with certain skill sets that can be helpful in industries such as Finance, Banking, and Accounting. Listed below are some of the top skills that commerce graduates must have to thrive in these work domains:

• Technical skills in using accounting tools and software (as detailed above), such as QuickBooks, Excel, and SAP. These tools can significantly help automate repetitive tasks and improve productivity and efficiency at work. 
• Analytical skills to analyze large data sets and extract valued insights from them
• Adaptability skills to adjust to new work environments that can facilitate professional growth and development
• Numerical skills to ensure accuracy in calculations and lower the risk of errors in important financial documents such as company budget
• Detailing skills enable professionals to be thorough in their work and pay keen attention to detail, minimizing the scope for error and improving accuracy in tasks
• Effective communication skills help create clear financial reports and convey clear ideas to clients, thereby striking contracts and deals with them

You may also like 12 E-Commerce Trends and Strategies for Success 

Take your career forward with Online Manipal

With immense scope for future growth in the finance and accounting domains for commerce students, it is only beneficial to pursue this course as your career path. Enrolling in Manipal University Jaipur’s online BCom/MCom programs can help you take the first step toward a rewarding career forward in these domains.

Tailored specifically to meet the varied requirements of Bachelor’s and Master’s students in commerce, BCom and MCom courses at the Manipal University Jaipur help build the required skills and competencies in this area. Students are trained to be job-ready and enter job roles with good pay scales. 

Manipal University Jaipur offers commerce courses in 100% online mode on the Online Manipal platform. The university is accredited A+ by NAAC and the courses are entitled by the UGC.    

Conclusion

For a lucrative career in the world of finance or accounting, take the first step today with a reputed BCom program from Manipal University Jaipur. With the added convenience of online learning, the course is a perfect choice for students aspiring for a career in commerce-related domains. Advance your skillsets by following up your Bachelor’s with an online MCom degree, also offered by the same university on the Online Manipal portal. Moreover, the ease of access offered to students for BCom/MCom accounting software facilitates learning and improves work efficiency.