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What is the Best Accounting Software?
There are plenty of business accounting platforms available on the market but among the best are FreshBooks, Sage 50cloud, and Wave. These three offer a full suite of accounting functionalities and provide users with scalable, easy-to-use interfaces at affordable prices.
However, before you invest in any of these software solutions, you should also try to know which software meets your business and accounting needs.
This post shares in-depth reviews on the top best accounting software to help you get a better idea of which system will work best for your business.
Types of Accounting Software
Benefits of Accounting software
Using accounting software helps you grasp cash flow on a real-time basis. Accounting software is beneficial because it allows you to easily analyze your business and perform financial analysis. I think that business owners, with everything they have to handle and manage in their company, would benefit from software that helps them take care of the financial aspects.
Things to check before choosing an accounting software
Though the choice of which accounting software to choose is dependent on the specific needs and priorities of your business. However, there is a key criteria/factor each accounting software must shoulder up with to be worth the money you’re investing.
Here are a few key criteria for choosing the best accounting software for your business and professional services:
If a single software provides a complete solution then that should be preferred. If you get different software for a different module then integration between that software would be a tough task.
There is no “one-size-fits-all” accounting system (in fact, this is one of the most diversely targeted software category), and the reason for that is that each company runs specific finance calculations and adheres to a different set of rules.
If you’re unable to find a specific system that matches your business model (and that will hardly ever happen), look for a flexible program you can adjust to your operations, one that can grow with your business.
Intuitive & Ease of use
There is nothing simple about accounting procedures and calculations, so the least your new accounting system should be able to do is to give you an intuitive environment to work in. This means information should be arranged neatly and functions should be available on a single dashboard. You should complete operations within minutes following a navigation pattern you already know.
One of the important factors to consider is the security the software provides. Processes like payroll are highly sensitive as the employee’s financial data is on the line. Many software just has transport layer encryption and claim to have bank-level security, but that is not true.
Not only multi-level transport layered encryption but also the storage layer encryption is essential. So, to ensure that making calculations and sharing data within the system is bulletproof, choose a reputable vendor and check security mechanisms in advance.
At the point where you’re buying an accounting solution, you will already have an array of software pieces to put up with it. To avoid changing your entire software infrastructure for the needs of a single program, do things the other way around—get a system that integrates with the tools you have, or, in the best scenario, offers open API for you to connect it with any system you want.
Mobile-ready accounting systems are no longer a luxury only enterprises can afford, so why not choose one for your needs? Most popular vendors nowadays offer native Android and iOS apps for their users, where operability is just about the same as with the desktop version of the system.
Quality customer support
A system like payroll processors has a bit of technicality involved with it. The software vendor should have a quality support team that could assist in troublesome situations. I believe that support is also one of the most important factors to look for while choosing you’re an accounting software/vendor. Even if the software is extraordinarily good and if they do not provide decent support then it is a waste deal and money invested.
Demo & Trial
Of course, all I have said won’t be verified if there is no provision for testing. The best way to evaluate software is to use it yourself, you can have a close look at different modules, and decide on which would be suitable for your organization. So if the vendor provides a free demo and free trial that would be the best option to review the software.
List of Accounting Software
The below well-researched and outlined solutions have integrated features you won’t find on most accounting and project management solutions.
QuickBooks: Best Most used Accounting Software for Small Businesses
Are you looking for an accounting system that helps you organize and analyze your finances? If this is the case, you should check out QuickBooks. Known for its extensive organizational capabilities, this platform also offers robust accounting automation tools and great reporting options.
On top of that, the system has a user-friendly interface with a centralized hub where you can check transactions, accelerate bookkeeping tasks, prepare your payroll, and manage different shipping concerns.
Should you be interested in investing in QuickBooks, they offer affordable payment packages that make it ideal for freelancers and small to medium-sized businesses. For freelancers, the vendor has a Self-Employed Plan that costs $5/month and can accommodate income and expenses tracking, payment processing, as well as tax preparation.
For small businesses, on the other hand, the vendor has a Simple Start Plan, an Essentials Plan, and a Plus Plan that costs $7/month, $17/month, and $25/month respectively. These packages are bundled according to how advanced you need your features to be.
FreshBooks: Best Online Accounting Software for small businesses and Freelancers
FreshBooks is a cloud-based finance and accounting software designed for small businesses and freelancers. It offers a comprehensive set of features that include tools for online invoicing, expense tracking, time tracking, reporting options, payment processing, and tax preparation.
It also has a simple and mobile-friendly interface that makes it great for both novice and professional users. With this at your disposal, you can easily perform all your accounting tasks quickly and easily.
If you’re interested in purchasing FreshBooks for your business, you should first take advantage of their 30-day free trial. This will allow you to get a better insight as to how the product works. After this, you may choose from any of their enterprise plans which are priced according to the number of active clients you can bill in a month.
The vendor offers a Lite Plan, Plus Plan, and Premium Plan which is available at $15/month, $25/month, and $50/month respectively.
Sage 50cloud: desktop Accounting Software for Small & Medium Scale businesses
Sage 50cloud is a hybrid accounting platform for small and medium-sized companies. It has a desktop application that lets you manage your budgeting, cash flow, invoicing, taxes, inventory, credit card processing, and payment monitoring in one interface as well as a cloud component that lets you store and access your data from anywhere.
In addition to that, this system also supports contract management, supplier management, and trend analysis to further streamline your accounting process.
As for their subscription packages, Sage 50cloud offers reasonably priced plans depending on the types of features you want for your operations. The Sage 50cloud Pro Accounting plan provides all essential accounting tools for $44.97/month while the Sage 50cloud Premium Accounting plan provides advanced features for $69.62/month.
The vendor also has a Sage 50cloud Quantum Accounting plan that facilitates in-depth, enterprise-level accounting that is available at $175.87/month.
Wave: Best Accounting Software for Small Businesses
Wave is a business platform designed to simplify financial management by combining accounting, invoicing, and receipt scanning tools in one interface. Ideal for small businesses and self-employed professionals who want to automate and accelerate their accounting process.
This software can handle everything from income tracking and tax calculation to payroll management and payment processing. It also supports some integrations, so you can extend the capabilities of the platform however you wish.
The best thing about opting for Wave is that the software is completely free to use. The vendor offers no hidden charges, undeclared fees, or anything of the like. The only catch here is that credit card processing and payroll services in select countries are paid. They offer a pay-as-you-go pricing scheme for this, however, the rates are not provided publicly. Be sure to contact the vendor.
BQE Core: Simple and Best Accounting Software for Professional Service Firms of all Sizes
BQE Core is a simple to use integrated time and expense tracking, project management, billing, and accounting solution that is scalable for professional services firms of all sizes. It is packed with simple, powerful features designed to you improve cash flow by expediting your billing process, while dramatically improving project management and performance analysis. BQE Core is an all in one solution.
Unique pricing with a free 15-day trial. With unique pricing, you’ll only pay for features you need and can be Monthly, Quarterly or Annually. A full subscription model starting at $9.95/month.
Harvest: Easy Accounting Software for Growing Businesses
Harvest makes it easy to track time from your desktop, phone, and favorite tools, including Asana, Trello, and Basecamp. It then collates this timesheet data into intuitive, visual reports that make it easy to see what your team is working on, catch projects before they go over budget, and make more intelligent decisions about your business. And if you need to invoice your clients, just create an invoice from your billable time, email it to your client, and get paid online.
Simple and flexible pricing that scales with you through your company’s growth. You can use Harvest free for 1 person and 2 projects then unlimited projects start at $12/month.
Xero: Most used Accounting Software in India for Small businesses
Designed for usability and ease-of-navigation, Xero is a boon for first-time accounting software users as well as freelancers and entrepreneurs who have no expertise in accounting. It offers an interface that simplifies many financial concepts, bookkeeping processes, and automates mundane tasks like inventory management and tax preparation.
With this at your disposal, it is much easier to keep track of suppliers and customers as well as monitor your business’ financial health. To make it even better, this system is cloud-hosted so you can access your files using any device, wherever you may be.
If you think Xero is the best possible platform for your business, you should try assessing what else this system has to offer by signing up for a free trial. After this, you can choose among the three SMB and enterprise pricing plans they offer. They have a Starter Plan at $9/month, a Standard Plan at $30/month, and a Premium 10 Plan at $70/month.
TimeSheets: Cloud Accounting Software for Small and Medium-Sized Businesses
TimeSheets -tracking time for payroll and billing are combined into one product with reimbursable expense tracking. Link expenses to projects and upload receipts with your phone. Employees clock in online from their computers or phones and add time to projects too.
You can use this software for free, then you’ll pay $9/month for up to 2 users.
Replicon: Simple Accounting Software for Small, Medium and Large Scale Businesses
Replicon Billing solution helps you with streamlined Client and Project Billing – Maximize billable hours and manage client project deliverables to ensure profitability. Accurately plan for future projects and resources to make more intelligent project estimates.
All features can be purchased as you need them. With up to 5 users, you’ll be paying $30/month for one feature.
WorkflowMax: Job Management Accounting Software for Businesses and Freelancers of any size
WorkflowMax is a single platform for all your job management needs; from quotes to timesheets, job tracking and costing to project management and reporting, invoicing, lead management and more.
It comes with flexible month plans that can fit most small business budgets. You can signup for $15/month for a single user and scale as needed.
Zoho Books: Best Accounting Sofware for professionals and businesses of any size
If you have a growing business that requires scalability and flexibility in a software solution, ZohoBooks is the best option for you. This platform offers a smart accounting system that helps users stay on top of their cash flow.
Simple to use yet intuitive, this offers tools that tackle invoicing, online payments, inventory management, expense tracking, bank feed monitoring, sales order management, as well as tax preparation. Moreover, the whole application is completely mobile-ready to help you manage your accounting responsibilities wherever you may be.
As for pricing, Zoho Books is available in different pricing plans depending on the number of contacts your business manages every month. You may choose from their Basic Plan, Standard Plan, and Professional Plan which are priced at $9/month, $19/month, and $29/month respectively. They also offer add-ons such as extra users for $2/month and limited auto-scans for $5/month.
BillingOrchard: Small Business Accounting Sofware
Web-based interface for managing time billing; simply enter your time, rate and description. BillingOrchard is the ideal solution for landscapers, lawyers, CPAs, web developers, freelancers, contractors, and other professions requiring time-based and recurring client management.
One pricing fits all models at $29.00/month. If you’ll like to accept checks with your plan, that will be an extra $14.95/month.