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 including reducing accounting expenses and providing precise financial reports that you can use to make intelligent business decisions. 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 a list of industry-specific features to boost its productivity. For those in need of a more detailed examination of this type of solutions we’ve prepared a separate list of accounting software for small business.
- 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. If you require a few recommendations on this type of solutions you can examine our list of accounting software for enterprises.
- 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 business 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 Score Read More
FinancesOnline makes use of our special SmartScore™ algorithm to evaluate all the solutions in the Accounting Software category so that we can help you pick the best possible app. It evaluates the following metrics: main features, collaboration capabilities, custom elements, integration, intuitiveness, customer support, how secure a software is, mobile support, ratings in media. Currently, FreshBooks is the leader in this category and is recommended by our experts. After extensive testing it received the best results among its competitors and our experts strongly suggest that you include it as one of the solutions for your needs.
User Satisfaction Read More
A summary of overall user satisfaction with the products in our Accounting Software category calculated using our unique algorythm that analyzes customer reviews, comments and opinions across a broad range of social media sites to help you make an informed investment decision.
Pricing Read More
Each vendor in the Accounting Software category will provide a different group of pricing plans for its product and every plan will include a unique group of elements. Below we list the overal pricing for the cheapest package provided for each product. Please note that advanced features may have an extra cost.
Devices Supported Read More
An overview of what type of devices and operating systems are supported by all B2B tools in the Accounting Software category, including mobile platforms and web-based solutions.
Laguages Supported Read More
Learn what languages and countries are supported by the popular B2B services in the Accounting Software category, including solutions intended for international markets and prepared for multi-cultural groups of employees.
Pricing Model Read More
Learn which pricing plans are offered by the vendors in the Accounting Software category to check which one fits your business needs and expenses best. Be aware that certain services can offer free or freemium accounts for you to try out first.
Customer Types Read More
An analysis of what types of companies a given B2B service in the Accounting Software category aims for, from small businesses and non-profits to big enterprises.
Deployment Read More
A summary of what styles of service deployement are offered by every B2B vendor in the Accounting Software category. Even though most of modern SaaS services are cloud-based certain services may offer an on-site deployment model too.