Find out more about Accounting Software
What is Accounting Software?
Accounting software is utilized by accountants and finance professionals to manage company accounts. While basic single-entry systems are usually good enough for individual accountants and freelancers, established companies certainly need advanced double-entry solutions that offer a range of sophisticated features. There are many benefits provided by accounting software. These systems can reduce accounting expenses, and also offer precise financial reports that you can use to make intelligent business decisions. Small companies can fulfill their needs with a simple off-the-shelf accounting system, but big corporations need to invest time, effort, and money to develop custom software for their unique needs. Today, cloud-based accounting software solutions are gaining popularity because they offer many advantages such as ease of use and zero maintenance costs. Peruse this category to learn about top accounting software solutions that offer the most useful features, starting with FreshBooks which is rated the best in the category.
Most Popular Accounting Software
Best Accounting Software
How To Choose The Best Accounting Software
There is a wide range of online accounting and finance management applications available today, offering specialized functionality for different types of industries. On top that, accounting software can be varied such as fixed asset, fund, project, etc. You also have to consider technology platforms, compliance requirements, and the regular changes in standards when you sit down to select a suitable Accounting software for enterprises. This buyer’s guide will help you discover the best Accounting Software by providing valuable tips on what to look for and what challenges to be wary of.
Get to know each product with free trial
It’s always a good idea to start your research of accounting apps by testing a fair number of free trial plans from reliable vendors. It will save you some time and money because you will be able to experience all important features first hand and identify any possible issues. The best thing to do is to try services that currently have the highest results in our SmartScore and Customer Satisfaction Rating in the Accounting Software subcategory: FreshBooks reviews, Intacct, Xero, , NetSuite ERP, Zoho Books, AccountEdge, and KashFlow.
First, make sure that your business qualifies as a buyer of an accounting program. Most likely, you will belong to one of the three following categories:
- Growing small business – These companies look to upgrade their basic systems and seek more sophisticated features such as greater data storage, inter-company accounts, demand forecasting, etc, and they need nothing but the best accounting software to achieve it. Growing businesses upgrade their systems for a range of reasons. When a small business starts growing, it will begin to look for industry-specific features to boost its productivity.
- Large enterprises – Big organizations need a comprehensive enterprise resource planning (ERP) suite to manage their functions. These systems are sure to offer features relevant to large companies such as foreign currency and international operations, and multi-company consolidation. Such large entities value seamless integration more than specific functionalities. Popular vendors such as Oracle and SAP offer feature-rich accounting software for big organizations.
- Best-of-breed purchasers – These buyers look for specific functions. For example, nonprofits seek systems with fund accounting feature which tracks funds and generates insightful reports on how each fund amount is used. In the education industry, colleges and universities make use of software that tracks how financial aid is disbursed. Construction companies and engineering firms need a solution that can break down expenses by each location, project, and other criteria. Best-of-breed buyers like the above value specific functionality more than integration.
What are Examples of Accounting Software?
- FreshBooks: A popular client tracking and invoicing app that speeds up recurring subscriptions and collects payment online (via credit cards).
- Brightpearl: A smart order, inventory, and customer data tool for multi-channel retailers.
- Intacct: A recognized provider of many financial applications for monitoring and distribution, suitable mostly for small and medium businesses.
- QuickBooks Enterprise: Popular on-premise proprietary software that handles complex management processes through simplified and intuitive navigation.
- Xero: A smart app that meets the requirements of accountants, bookkeepers and small accounting businesses, allowing for individual and collective accounting.
- Zoho Books: an intuitive accounting solution designed for small businesses to handle their finances and to remain on top of their cash flow.
Types of Accounting Software
Depending on its major capacity, accounting software can be divided in few task-specific categories:
- Core accounting: Encompasses core accounting modules, such as accounts payable, accounts receivable, stock management, order management, general ledger and bookkeeping.
- Project accounting: Refers to applications which can streamline financial processes through project management.
- Fund accounting: Includes leading fund account systems for profit and non-profit organizations.
- Inventory management: A set of essential applications for keeping track of inventory.
- Billing and invoicing: Business applications that track, manage, and organize product sales.
- Budgeting and forecasting: Budget-planning software that helps companies streamline their decision-making processes.
- Fixed asset accounting: Applications for tax and accounting professionals who want to track and calculate depreciation.
- Payroll management: Software that organizes employee payment and taxes.
Key Features of Accounting Software
The features of accounting applications vary significantly, depending on their functions and ability to handle the needs of businesses from different scales. Still, there is a basic set of features each accounting application should have:
Reporting and Analytics. Grants insight in crucial financial activities and compares financial information. It is also an asset for national/federal regulation compliance.
Graphics. Accounting programs ought to display information in a comprehensive way, namely with charts and other illustrative programs that reveal current trends.
Automation. Automation is, in fact, the reason why companies decide to transfer accounting on the web. A set of advanced automating tools is critical for supporting transactions and basic management tasks, while certain apps automate budgeting completely.
Customization. Due the fact that it would take too many accounting software types to satisfy the needs of every industry, you need to look for a program which will at least allow you to customize forms, reports, and other facets to your standards.
Interoperability. Integration is a priority in the case of any accounting app because it is essential for you to link your accounting system with other business app in use. The idea is for the systems to draw information from each other instead of you importing it manually.
Benefits of Accounting Software
The best accounting software offer the following benefits:
- Better visibility of expenditures and costs which helps to make financially responsible decisions
- The solution can generate insightful reports that summarize key information cleanly for easier understanding. For instance, nonprofits can get reports on a specific grant provider with details on how every cent of funding has been used. This helps companies to maintain trust, avoid financial hiccups, and be accountable to all stakeholders.
- Accounting software also allows enterprises to ensure compliance with federal requirements and reporting standards.
List of Accounting Software Companies
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Our site uses our special SmartScore™ algorithm to examine all the applications in the Accounting & Finance Software category so that we can help you pick the best possible application. It compares and contrasts the following aspects: key functionalities, collaboration tools, customization, available integrations, intuitiveness, help & support, how secure a software is, mobile support, ratings in media. Currently, FreshBooks is the leader in this category and we gave it the highest score in our tests. After thorough examination it received the best results among its competitors and we strongly suggest that you include it as one of the alternatives for your business.
A look at the general user satisfaction with the service in the Accounting & Finance Software category based on our unique algorythm that collects customer reviews, comments and opinions across a wide set of social media platforms in order to help you make an educated purchase decision.
Every vendor in the Accounting & Finance Software category will offer a different set of pricing plans for its app and each plan will include a different set of features. Below we list the overal pricing for the cheapest plan offered for each app. Please note that advanced features may have an extra cost.
An overview of what kind of devices and operating systems are supported by these B2B services in the Accounting & Finance Software category, including mobile platforms and web-based solutions.
Check which languages and countries are supported by the best B2B solutions in the Accounting & Finance Software category, including apps designed for international markets and created for multi-cultural groups of employees.
Examine what pricing packages are offered by the vendors in the Accounting & Finance Software category to see which one suits your business requirements and budget best. Keep in mind that certain apps can provide free or freemium accounts for you to test first.
A brief look at which groups of clients a specific B2B platform in the Accounting & Finance Software category is designed for, from small businesses and non-profits to big enterprises.
An overview of what styles of software deployement are provided by each B2B vendor in the Accounting & Finance Software category. Although the majority of modern SaaS services are cloud-hosted some solutions may offer an on-site deployment model too.