Whether you’re an individual looking for home-based tax software, or a sales manager managing sales reps, knowing how to choose the right accounting software package can be confusing. Here, you’ll learn about top 10 accounting software packages that can help you manage your day-to-day finances much more efficiently.
There are many accounting software packages available on the market, but not all of them are suitable for your needs. In this article, I will reveal my top 10 list of accounting software packages for small businesses.
AvidXchange
AvidXchange is a comprehensive invoice management and payment automation system built for businesses of all sizes. It is equipped with features for paperless invoicing, purchase order automation, as well as payment processing to help you streamline accounting operations. It also comes with a highly configurable interface and intelligent approval workflows to boost efficiency and reinforce visibility across your accounts payable processes. In addition, the platform has search and filter tools that make it easy to track invoices as well as review transactions.
Using AvidXchange, businesses can lower the cost of accounts payable processes as well as improve operational productivity. It also makes it easier for companies to pay their suppliers faster because payments can be made securely from the platform. More importantly, as AvidXchange comes with advanced security and fraud detection functionalities so users can prevent unauthorized transactions and payment requests.
Try out AvidXchange with their free trialVISIT WEBSITEGET DEMO
In addition to the abovementioned, AvidXchange has more than 180 integrations. It can connect with popular ERP platforms as well as accounting systems like SAP, Oracle NetSuite, QuickBooks, and Blackbaud. This way, it is easier to import and export data as well as streamline your operations.
QuickBooks Online
Websitewww.quickbooks.intuit.comPrice from$8.00/moFree Trial30 Days
Best overall cloud accounting software.
Best for:
QuickBooks Online is one of the most widely used cloud accounting software products in America, and it’s designed for any business or accounting professional who needs quick and easy access to accounting software. With many different subscription levels, anybody can find the version that best suits their needs, but because QuickBooks Online is most useful for small to medium-sized businesses, businesses that are expanding rapidly, have subentities, or have multiple locations may find that they outgrow QuickBooks Online’s capabilities.
Key features:
As are all products in this list, QuickBooks Online is a cloud-based product. It’s a full-featured double-entry accounting software that is applicable for a wide variety of business types and sizes. In addition, QuickBooks Online offers a mobile app for both Android and iOS. While the mobile app isn’t as full-featured as the browser-based version of QuickBooks Online, it does automate mileage tracking via your phone’s GPS.
QuickBooks Online’s tiered subscription service ensures that users only pay for the features they need. At its core, QuickBooks online is a robust double-entry accounting platform, so users can trust that it will help businesses manage accounts payable and receivable, general ledger tasks, and basic reporting.
Simple Start, which is the least expensive subscription tier, is the basis of features for all other packages. Simple Start allows users to maximize tax deductions, track mileage, manage cash flow, send unlimited invoices, accept unlimited payments, run reports, send estimates, track sales and sales taxes, capture and organize receipts, and manage contractors. With the Essentials package, users can manage and pay bills, track time, manage multiple currencies, and give access to multiple users. Plus subscribers can track profitability and inventory, track transactions by class, create budgets, and access more robust reports.
In addition to all the features in the lower subscriptions, the Advanced subscription includes role access customization, unlimited chart of accounts items, batch invoices and expenses, business analytics and insights, enhanced custom fields, access to a dedicated account team, on-demand online training, automated workflows, and restoration of company data.
The number of users is tied directly to the subscription. Simple Start, the most basic and least expensive tier, allows a single user. The Essentials package allows up to three users to have access, and the Plus package allows up to five users. Advanced, which is the most robust, and allows up to 25 users. Specific access permissions can be set at the Essentials, Plus, and Advanced levels.
The biggest disadvantage of QuickBooks Online is that it only supports a single entity per subscription. Users who own multiple businesses will need to purchase multiple QuickBooks Online subscriptions and manage each independently.
All subscription tiers integrate with Quickbooks Online Payroll, and while it does incur an additional subscription fee, it automates much of the payroll process, including automatic payroll tax tracking. In addition, QuickBooks Payroll includes optional human resources features, including health benefits, 401k plans, workers’ compensation, that other products don’t offer. Payroll Core covers the basics with simple, reliable automated payroll designed for small teams. Payroll Premium allows automated payroll, time tracking, same-day direct deposit, expert setup review, and HR support. Payroll Elite is the most comprehensive package, offering protected automated payroll, end-to-end setup with a suite of services, certified HR support, and tax penalty protections. Intuit’s sister product, TSheets, further simplifies the payroll process with time tracking.
Beyond Intuit’s suite of integrated products, there are hundreds of additional built-in and third-party integrations. For sending and receiving payments users can choose from Bill.com, Melio, PayPal, Stripe, Square, and many other options. Customer and project management integrations include HubSpot, Capsule CRM, Salesforce, Insightly, BigTime, Jobber, and more. And, if you’re an online retailer, QuickBooks Online integrates with Shopify, Amazon, eBay, and Etsy.
Ease of use:
As one of the biggest and most popular financial services software products, QuickBooks Online is used by millions of businesses around the world. Because of its quick setup and modern, simple design, QuickBooks Online is easy to learn even for those who don’t have much accounting experience. If help is needed, all plans give customers access to expert support. For users who need bookkeeping help or don’t want to do the work themselves, QuickBooks Online now offers QuickBooks Live, which is a monthly subscription bookkeeping service.
Cost:
QuickBooks Online subscriptions are generally affordable, and the feature set increases with each subscription tier, allowing users to choose a subscription that provides only the features they need. Plus, users can try QuickBooks Online for free for 30 days, and Intuit frequently offers significant discounts (as much as 50% off monthly fees, in some cases) for new subscribers. As noted, Payroll does incur an additional subscription fee, as may some integrated apps. Users will need to compare the benefits of the cost against the time savings they experience when making these purchase decisions.
Things we liked:
- Lots of integrations
- Easy to set up and use
- Cost-effective for smaller businesses
- Multi-currency support
- Mobile access
Things we didn’t like:
- Single entity only
- Payroll requires subscription
- Limited to one user on lowest subscription tier
Zoho Books
If you’re a sole proprietor, freelancer, or starting a brand new business, Zoho Books is for you.
Affordable for even the tightest budget, Zoho Books includes a solid inventory management feature and provides new users with step-by-step directions for everything from general setup to writing an invoice, making it easy to get your new business set up and running quickly.
Zoho Books offers a long list of features, though most are in the Professional plan. These features include automated workflows, good expense tracking, recurring transactions, project management, and the ability to create custom invoices.
The Zoho Overview takes new users through the entire setup process step by step.
A client portal is available that allows you to share invoices with your customers, and an accountant version lets you share your business details with your CPA or accountant.
Zoho Books also offers easy online payment options for your customers, with a mobile app available for both iOS and Android devices.
Perhaps the biggest drawback to Zoho Books is its limited integration with third-party apps, along with the lack of a payroll option.
Pricing for Zoho Books starts at a reasonable $9/month for the Basic plan, though most users will probably need the Standard plan, which is $19/month, or the Professional plan, at $29/month.
One of the biggest benefits of Zoho Books is the amount of resources devoted to non-accountant users. Zoho Books takes the time to explain everything, providing a greater comfort level for new users.
Conclusion
There are numerous useful accounting software packages, but there are some that stand out above the rest. If you’re in the market for accounting software, this list of the top ten accounting software solutions will come in handy.