Accounting software is a suite of computer applications and programs that automate financial management in the corporate environment and help managers handle their accounting activities. Accounting software systems are designed for freelance accountants and accounting teams, based on which they vary from simple single-entry apps to enterprise-grade, double-entry solutions. Show more
The software helps reduce expenses and report accurately on your financial activities, and improves the quality of your accounting decisions. It can be deployed locally, or in cloud, depending on whether you intend to manage your own updates and security. Start by checking our leader FreshBooks, and other recommended solutions in this category.Show less
In order to prepare this list of best Accounting Software we have researched 1,732 leading solutions currently present on the market, studying their features, ease of implementation, client support, offered integrations as well as mobile support with our patented SmartScoreTM rating system. This ranking has been prepared by Nestor Gilbert, our B2B expert responsible for the Accounting Software category.
A winner of our 2019 Best Accounting Software Award, this robust cloud accounting app for small businesses makes billing easy and efficient. FreshBooks allows users to manage key processes easily from turning receipts into expense files to tracking billable hours. Special modules to manage projects and tax are also available.
A scalable cloud ERP solution for growing medium-sized businesses and large enterprises. It offers complete control and automation options in managing financials, billing, orders, inventory, fixed assets, and revenue. It also has different modules to help you embed your accounting with other key business processes.
A cloud-based solution complete with dashboards and customization tools that let you automate your entire accounts receivable operation. Includes four key modules to modernize your billing department: Invoice-to-Cash, Customer Portal, Subscription Billing, and Payment Plans.
A cloud-based solution that automates complex global payment processing operations from onboarding to tax compliance. It also helps you stay secure thanks to features such as payment fraud detection and payment risk management. Its end-to-end accounts payable automation service boosts its users’ accounting efficiency, accuracy, and safety.
An online payment system that allows businesses and freelancers to streamline and automate the way they send and collect payments. Plooto is fully cloud-based, integrates with leading accounting platforms like Quickbooks and Xero, and can process payments even if the customer doesn’t have a Plooto account. With just an email address, payments are directly and securely transferred to and from your bank account.
This easy-to-use procurement software with comprehensive features to manage processes like sourcing, purchasing, spend control, and suppliers. It ensures you get goods and services at the best prices without sacrificing quality. The platform also includes modules for inventory tracking and reports.
A straightforward accounting platform that's Single Touch Payroll-enabled and offers automated tracking for bills, expenses, and invoices. It packs all the essential tools that businesses would need for their accounting needs, from financial reporting, billing to expense management. It also includes invoicing capabilities and receipt collection for good measure.
Avid XChange automates invoice and payment processes and is designed for the use of midmarket companies regardless of industry. It automates key processes like managing accounts payable, billing services, and bank reconciliation. With this, you can save time and money as well as increase financial management accuracy.
Sage50 Accounting is a comprehensive cloud-based accounting software that helps businesses of all kinds and sizes manage key processes from billing to tax management. It has modules to help manage orders, contacts, inventory, and suppliers. It also includes advanced reports generation for forecasting and different types of financial analyses.
A comprehensive accounting software for freelancers and small businesses, this is one of the most easy-to-use web-based platforms available on the market. Users can manage key accounting processes like managing items, supplies, and customer accounts in one centralized hub.
A cloud-based electronic signature solution that allows users to affix legally binding digital signatures to different types of documents using various devices. Offering both free and paid versions, this lets users send and sign documents, secure audit trails, and brand files.
PRONTOSign is workflow-based. Using either online workflow tools or easy to use APIs, you can create true end-to-end document workflow processes.
Accounting tools are today’s most valuable online asset of finance professionals who wish to automate accounting processes in order to cut costs and boost productivity. Choosing the appropriate programs, however, can be a daunting task, because there are many factors that need to be considered in advance. If you want to find out who the leaders in this category are check out our rankings list of top 10 accounting tools. Here are some of the basic stuff you need to know about the best accounting software platforms before you start searching:
Our accounting software reviews show that the diversity of this type of software is just outstanding, and so are the carefully crafted features specialized for a single or multiple industries. This is exactly why choosing the best accounting software can either push your business to the top or be a costly pick that will complicate your financial operations. In order to overcome the challenge, you need to not only realize what is accounting software and its core features, but also compose a check list of basic requirements and expectations, and consider multiple products that can respond to them. We recommend you to either try out some free accounting software tools or to go for at least a few free trials or demo for comparison, starting with some of the top accounting software providers that are currently leading the market: FreshBooks reviews, AppsForOps Expense Claim, Avangate, StockMarketEye, Float, Nichify Apps, W3B Management Solutions, e-SignLive, NetSuite OneWorld, Zoho Invoice, Chargify, Tipalti, Xero, WorkflowMax, KashFlow, Intacct, and AccountEdge.
More than SMB assets, accounting software tools are designed for large enterprises in need of robust and complex finance modules that can handle large amount of data. Most of the well-developed accounting & finance systems are built and integrated in accordance with large businesses’ requirements, and provide the full ROI and functionality picture, rather than simply forecasting the budget or handling fixed assets. At the same time, accounting software products are designed to blend within every software architecture, eliminating the need to pay for additional functionality. Most of these product are also priced by quote, so that they will give every business exactly what it needs. For a more detailed overview of the category there is also our top 15 accounting solutions that you can take a look at to do general comparisons of the different programs.
Accounting software can optimize your business in many different ways, depending on who you are or what you’re looking for. Sometimes it’s better to take a look at the bigger picture first, and define the category you belong to before investing in a product.
Automating finance and accounting processes is driven by the need to cut costs and to improve productivity, relying on a transparent financial picture to reveal trends and opportunities. These are some of the most important advantages and benefits of accounting software:
Nobody knows what the future will bring, but that’s not a reason to be fraught by close misses and half-truths. Therefore, we can’t expect a huge outbreak in the case of Accounting Software, but rather an extension of what has been happening so far:
Accounting software can have three deployment types. These are (1) on-premise, (2) cloud-based, and (3) hybrid. Each has its pros and cons. So, you have to carefully consider which one fits your business and culture.
On-Premise. This classic deployment type requires you to install the software in your office machine. The best pro about this is that you can work offline while the biggest con is an issue of security, related to hardware loss or failure. Also, software products of this deployment type tend to not have collaboration features. Users only pay once for these types, which may last only until the next major upgrade.
Cloud-based. One great thing about cloud-based accounting software is that you can access your data anytime, anywhere, and on any device. Also, you don’t need costly powerful hardware for this to run. You outsource the computing power to the software provider. One major benefit is that this allows for easier collaboration. There are three major cons: (1) they come in recurring payment plans, (2) you can’t access your data without connecting to the internet, and (3) security/privacy of your information could be at risk.
Hybrid. Some accounting software products have both an on-premise client and an online portal. This really takes the best of both deployment worlds. You can work offline and you can perform work and store your information securely online. Also, you can collaborate with other users here. However, this deployment type may be costly.
Cost is a very important factor to consider when choosing the right accounting software system for you. You cannot go overboard and spend on an advanced platform designed to streamline your accounting but will set you back with its price. Also, costs come with payment schemes. Also, different software providers offer different payment options. Here are the most common ones.
Free. Yes, there are free accounting tools out there. You can refer to our FAQ section about them.
One-Time. There are software companies that will give you access to their products for a one-time fee. Usually, prices depend on the number of user licenses. Some companies offer a lifetime license with free updates. Others make customer support and product features obsolete when they roll out new versions. So, watch out for these kinks when you first sign up.
Monthly Subscription. This payment scheme is popular among SaaS providers. It’s perfect for when you are new to a software solution as you can opt-out easily. However, it’s usually more expensive than its yearly counterpart.
Yearly Subscription. This payment plan, as its name suggests, lets you pay for one-year access to a cloud-based accounting software solution. It is usually offered cheaper than the monthly plans. However, it is harder to opt-out.
One way to ease yourself into a long-term payment plan is to start with a free account first. Or, if a provider doesn’t have a free version, check out their free trial. When you like what you have, you can then test it for a few months more with a months-based subscription. If you think you can go with the product long term, then its time to subscribe to their much cheaper yearly plans.
Infrastructure plays a key role in a SaaS system. If there is an outage, you would not be able to access the service. So, you should pay good attention to the system’s infrastructure when considering SaaS vendors.
Many enterprises fail to ask their shortlisted SaaS vendors questions about disaster recovery, service level agreements (SLAs), and security. These are important infrastructure elements that need careful consideration when considering a vendor.
SaaS is straightforward to subscribe to. All you need to do is go the website and buy a suitable plan for the required number of users. For this reason, many organizations pay attention only to the price of the package and not to infrastructure considerations. They may also think that thorough evaluation is not necessary since it is so simple to get started quickly.
But you need to be prepared for situations as such as the SaaS provider going out of business or their website going down. You need to have contingency measures in place to face these situations to make sure they do not have a deleterious impact on your business. It is easy to subscribe to a SaaS product, but think about the impact on your company if the program is withdrawn by the vendor.
FreshBooks won our Best Accounting Software Award for 2019. Our expert reviewers find it to be one of the easiest software to use for streamlining invoicing and time-tracking processes. The software is designed to help SMBs by offering them easy accounting tools and automation. With these, users can invest more time, brainpower, and effort into growing their actual business.
What sets FreshBooks apart is how it values great user experience. The platform is designed for layman use allowing both novices and experts to easily manage complex financial management. Plus, there are many automation tools to make your processes like setting up recurring payments with auto-billing functionalities more accurate. This way, you can save on time and minimize the risk of missed payments.
Furthermore, FreshBooks is also fitted with collaboration tools for teams. Also, if you are a small business owner, you can create a portal for an accountant on retainer. It has features for project management for centralized conversations and file sharing as well.
Moreover, all of these functionalities are housed in a very intuitive user interface. It isn’t only very easy to use. The interface makes accounting management quite enjoyable to do too.
There are many benefits when it comes to using a dedicated accounting software instead of spreadsheets and word processors. We’ll outline some of them here.
Increased Accuracy. Accounting software solutions help you maintain and improve the accuracy of your financial information among other records. Decrease the risk brought by human errors.
Easy Communication with Suppliers and Customers. Top accounting applications today have modules for managing and automating invoices. Also, they provide supporting features for these tools like messaging and project management tools.
Simplification. Digital accounting platforms help simplify complex records management by providing vetted and proven workflows right in their systems. They don’t only simplify bookkeeping but also team collaboration and managing other business processes. This includes tax management, invoicing, inventory management, and others.
Easy Compliance. Many systems today have modules for payroll management and reporting that adhere to government regulations and industry standards. These are usually automated. So, you wouldn’t have to worry about this yourself.
Quick and Accurate Reports. Most accounting solutions include robust reporting modules for forecasting and analysis. Also, they automatically shareable reports to keep their users always on top of their financial operations and record-keeping.
Save Costs. As you outsource most of your computing for accounting not to people but to a program, you get to save costs in terms of the man-hours.
Increase in Security. Top accounting platforms have multiple security protocols embedded to keep your financial data and other records safe. These provide you additional layers of security.
There are different types of accounting software solutions. Also, there are different specializations. However, there are standard features that top ones have in common.
There is really no objective answer for what’s the easiest accounting software to use. It really depends on your skill level and the complexity of your financial management needs. However, there are applications that are best known for the intuitiveness of their user interfaces. Here are three examples:
Sage Business Cloud Accounting. This is an easy-to-use cloud-based accounting platform designed for freelancers and small businesses. You don’t need to be tech or finance savvy to learn the ropes of this platform.
MYOB Essentials. This is cloud-based accounting software is designed to help small and growing businesses with core accounting and payroll processes.
FreshBooks. This top accounting platform is also well-known for packaging comprehensive accounting management features in an easy-to-understand solution. Thanks to its easy interface, novices can learn proper accounting faster and experts will find complex financial management simpler.
For freelancers and micro-business owners, it is best to start out with a good free accounting software solution before jumping into paid plans. Here are three of the best offers out there.
Wave. This free accounting software is indeed free for now. Currently, there are no set-up fees, monthly fees, and hidden charges. It helps you manage your accounting, invoicing, and receipts easily as well.
Odoo. This software company currently offers its accounting and invoicing applications for free for virtually unlimited users provided you don’t need more apps or hosting options. The apps are comprehensive, highly-visual, and very easy to use as well.
Zoho Invoice. A free plan includes five automated workflows for one user. However, it only supports invoicing for up to five customers. This is perfect for small B2B startups and freelancers. However, you may need to upgrade when your operation grows.
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