Comparing the Best Accounting Software
Long gone are the days of complicated long spreadsheets. Time-saving accounting software can help organize your business across the board, from creating reports needed for tax purposes to helping you keep projects on budget. The available software in market are extremely versatile, generating recurring invoices and logging all operational expenses to allowing your business to run smoothly and efficiently. From financial reporting to automatically adding late fees to the invoices, you can literally do it all using a good accounting software.
Intuit Quickbooks
Intuit QuickBooks is a cloud-based accounting software designed with small businesses in mind. Its easy-to-use interface allows users to manage their organization’s finances—from anywhere, at any time, on any device.
Key Features
- Income and expenses auto-tracking
- Send and accept invoices/payments
- Expense scanning
- Project profitability tracking
Pros & Cons
- Real-time, accessible accounting and bookkeeping solution
- Extensive record-keeping
- Over 650+ different business app integrations
- Powerful business insights dashboard
- Expensive for small businesses
- Limited third party integration
Oracle Netsuite
Oracle NetSuite is a cloud-based enterprise resource planning (ERP) software that simplifies accounting and finance business processes. It’s an all-encompassing business management solution that has several other functions, such as HR, CRM and supply chain management.
Key Features
- Cash Management
- Tax Management
- Payment Management
- Inventory Auditing
Pros & Cons
- All-in-one solution
- Streamlines several business workflows
- Helps with paying taxes and maintaining financial compliance
- Extremely customizable
- Expensive for small business
- Complex system
FreshBooks
FreshBooks is an accounting and invoicing software that helps small businesses track client retainers, add recurring bills, review bank transactions, send payment reminders, and complete repetitive bookkeeping tasks with automation.
Key Features
- Double Entry accounting
- Online payment links
- Expenses tracking
- Helps with creating business proposals
Pros & Cons
- User friendly interface
- Regular updates on glitches and software improvement
- Affordable
- Financial reporting
- Can be challenging for larger businesses
- Some features especially on reports cannot be accessed on mobile app
Zoho Books
Zoho Books is a user-friendly online accounting system with a clean interface and solid reporting. It is a fully-functional accounting software offering standard accounting requirements such as invoicing, banking interfaces, inventory tracking, sales tax tracking, and financial statements.
Key Features
- Accessible worldwide
- Multi-state sales tax tracking
- Intuitive inventory tracking
- Bank integration
Pros & Cons
- Works with multiple payment partners
- Affordable
- Can handle multi-state returns
- Financial reporting
- Not as popular so hard to find staff trained in software
- Limited transactions per month
Paychex
Paychex is a human capital management tool. It helps small to mid-tier businesses have afull-fledged Payroll, insurance, HR, and benefits management. Apart from payroll services, you can manage time & attendance, retirement plans,applications, and even the complete recruitment process. It even covers and helps witheasyprocessing or calculations of benefits like insurance, dental, and more.
Key Features
- Complete Payroll Services
- Employee Benefits Services
- Business Insurance Solutions
- Payment Processing Solutions
Pros & Cons
- Scalable
- Business Insurance solutions
- HR services and support
- Universal device compatibility
- Additional fees for some features
- Not a good tool for freelancers and small business
Sage
Although Sage is a huge international technology company, it was originally established to develop accounting and bookkeeping software for small companies, and it has remained a leader in that market.
Key Features
- Automatic banking reconciliation
- Auto-entry of receipts
- Forecast cashflow
- Muti-currency capability
Pros & Cons
- Affordable
- Easy to get started
- Cloud-based
- Easy integration with Sage products and other apps
- Add-ons can be expensive like payroll and hours tracking
- Not suited for multiple entity business
Odoo
Odoo is an open-source enterprise resource planning (ERP) software that offers a wide array of business management tools that allows you to run your business with ease. One of its business management tools is its accounting software which enables you to manage bookkeeping and accounting tasks.
Key Features
- Proper Inventory Management
- POS (Point-Of-Sale)
- Project Management
- Resource Planning for Enterprises
Pros & Cons
- No licensing fees
- Highly customisable
- User friendly interface
- Mobile compatible
- Lengthy installation process
- Expensive pricing for the paid version
Wave
Wave Accounting provides free accounting software and invoice software for small business owners. The company also provides payment solutions for small businesses and can help them with payroll and taxes. Small business owners can save time with Wave Accounting’s easy accounting software.
Key Features
- Tax Advisory Services
- Recurring Billing Solutions
- Automated Bookkeeping
- Multiple Businesses in One Account
Pros & Cons
- Free software for small business
- Unlimited featues
- User-friendly
- Versatile and comprehensive accounting software
- Can be expensive with additional service add-ons
- 2-7 to receive payments
1800 accountant
1-800Accountant is a virtual accounting firm that provides affordable small business accounting software and also provides other accounting services. The company has a team of professionals available at any time to assist with any inquiries.
Key Features
- Unlimited Advisory for Tax Questions
- EIN formation
- Payroll Services
- Personal Tax Preparation
Pros & Cons
- Tax Preparation and Advisory Services
- User-Friendly Accounting Software
- Audit Preparation and Audit Defense
- Multiple offerings for small business
- Expensive for small business
Invoice2go
Invoice2go is an integrated business bank account, card payment processor and mobile invoicing system for small businesses on the move. Its aim is to simplify financial interactions with customers, enabling you to spend more time building your business.
Key Features
- Fee free business bank account
- iOS and Android apps
- Instant app based invoicing
- Ability to create on-site estimates
Pros & Cons
- Ability to create invoices and take secure credit card payments on the go
- Integration with popular accounting software
- Time saving features such as built-in billing and late payment reminders
- Financial reporting and performance insights
- Restrictions on number of invoices issued
- Phone support only available on premium plans
Zarmoney
Zarmoney is an online business management software designed to help businesses track and manage their financial activities. Some of the tools it offers include; payroll management, inventory management, income management, and expense management, among others.
Key Features
- Payment processing
- Modified Inventory System
- Annual Business Reports
- Calculation of Sales Tax
Pros & Cons
- Supports web-based, Android, and iOS devices
- User-friendly
- Income Management
- Workload approvals
- Navigation is not centralised
- No set reminders
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