Everyone loves a winner, especially when it comes to accounting and inventory software. And yet, the evaluation process can seem like a long, arduous task that leaves you weary. Before the full-force review, though, take a look at this list that ranks accounting and inventory software from various categories and from various positions around the world.
The Best Accounting Software for Your Business . . . So far, I have spent years searching through every computer program that is related to accounting. There are a few that I have used for over 20 years and many others just don’t fully please me. What you see here on my list are the very best accounting software in the world. It doesn’t matter how large or small your business is, there should be one on this list that is right for you.
AccountEdge Pro
AccountEdge Pro has the honor of being our top-rated accounting application and with good reason.
A good fit for small and growing businesses, AccountEdge Pro is an on-premise application that also offers the convenience of remote access, taking you easily through the entire accounting cycle.
Easy integration with Shopify and UPS Shipping makes AccountEdge Pro a particularly good fit for online retailers.
AccountEdge Pro offers solid invoicing capability, along with excellent time and billing functionality that can track both billable and non-billable hours. Self-service and full-service payroll is also available, and a solid inventory module lets you easily manage your stock. AccountEdge Pro recently added an automatic bank feed option, allowing you to connect both bank and credit card accounts to the application. A $5 subscription fee is required to use the bank feed option.
AccountEdge Pro offers top-notch invoicing capability for small and growing businesses.
As an added bonus, AccountEdge Pro also includes a Contacts feature for tracking customers, vendors, and employees using a single database.
Reporting options are excellent in AccountEdge Pro, including an audit trail report. A mobile app for both iOS and Android devices is also available.
Perhaps one of the biggest benefits of using AccountEdge Pro is its pricing structure. Scalable, with four plans available, the Basic plan has a one-time fee of $149, while the Pro plan is $399. Additional licenses are extra, as is the Payroll subscription. If you’re looking for complete online access to all features and functions, check out AccountEdge Pro Hosted. A subscription to AccountEdge Connect currently runs $25/month for up to five users, while AccountEdge Pro Hosted is available for $40/user per month.
If you wish to access the application remotely, AccountEdge Connect will run $25/month. You’ll also pay extra for phone support.
Another benefit to using AccountEdge Pro is the stability it brings as an on-premise application that also offers remote access. With plans suitable for a one-person operation to an enterprise-level business, you will never outgrow AccountEdge Pro.
FreshBooks
FreshBooks is an online accounting software application that works well for sole proprietors and freelancers.
The Retainers feature in FreshBooks also makes it ideal for attorneys, accountants, or any professional that charges their clients a retainer fee.
Offering a solo version and a team version, you can easily connect with other employees or contractors you work with.
One of the latest additions to FreshBooks is double-entry accounting, a must for a growing business. Other features found in FreshBooks include ACH payment acceptance, solid invoicing capability, the ability to track time, and the ability to create and manage projects.
FreshBooks lets you handle projects, track time, and create and monitor project budgets.
You can also create estimates and proposals in FreshBooks, and connect the application to your bank accounts for easy expense management.
Payroll is not offered in FreshBooks, though it does integrate with Gusto Payroll, if you have employees to pay. FreshBooks also offers a mobile app for both iOS and Android devices.
FreshBooks offers four plans: Lite, Plus, Premium, and Select. The Lite plan is suitable if you’re self-employed, while the Premium plan is a good fit for small businesses. FreshBooks Lite runs $13.50/month, Plus is $22.50/month, and Premium is $45/month. Select custom pricing is available from the company.
Perhaps the biggest benefit of using FreshBooks is that you’ll actually use it. A lot of freelancers and self-employed folks can remain stubbornly attached to using a spreadsheet to manage their business finances, but FreshBooks is so easy to use, that you’ll actually use it.
Offering just enough features for small businesses without saddling you with a bunch you’ll never use, but have to pay for, FreshBooks is worth the minimal investment.
QuickBooks Online
» Why You Should Buy This:
As an entrepreneur, you need a reliable, stable software system to handle your accounts, and QuickBooks Online fits this definition perfectly. It is one of the few accounting software for small businesses that have been around for years. It is loaded with premium accounting functions with an easy to use interface, encouraging you to take the reigns in your hands. And if you hire a seasoned accountant, QuickBooks Online makes the process all the more simpler.
Wondering what if you get stuck in the middle? There is a proactive team of experts to resolve your doubts and problems. In fact, you can also watch from its plenty of demo videos on YouTube to navigate smoothly.
» Who Is It For:
QuickBooks Online is an ideal choice for new businesses, nonprofits and small businesses that require a premium business accounting system. It also works well for online sellers, in-store sellers, wholesalers and independent professionals, such as architects and wedding planners. Besides, this accounting software is a boon for businesses requiring anytime, anywhere access with multi-device compatibility. If you want an effective on-the-go version, it is available as an app on both the Play Store and App Store.
If you have previously used its desktop version, moving to the online one is a great option.
» Why We Picked It:
We ranked QuickBooks Online on the top of our “Best Accounting Software for Small Businesses List” due to its trustworthy market position and efficient functionality.
The features this solution packs in, right from income and expense tracking to tax deductions to cash flow management to report generation, takes the hassles out of the otherwise complex accounting process. Also, QuickBooks Online offers uncomplicated integrations with many renowned business software and apps that you may be using already. Thus, in a way, the system only streamlines operations for you, empowering you to run your business more competently.
» Pricing Details:
QuickBooks Online is available in four pricing plans for small businesses:
› Simple Start plan at $25 per month
› Essentials plan at $50 per month
› Plus plan at $80 per month
› Advanced plan at $180 per month
If you are unsure of making an instant investment, you can try the software for free for 30 days and then decide to upgrade to a premium plan.
» Pros and Cons:
Pros:
› Offers accurate books with its elaborate set of features
› Integrates with a plethora of leading business solutions
› Provides on-the-go, anytime, anywhere access across devices through its cloud accounting software and mobile apps
› Offers ease and familiarity to those already using its desktop version
› Includes expert support in all of its plans
› Caters to an extensive clientele of about 7 million small businesses
Cons:
› The add-on features it offers can be expensive, shooting up your overall budget a bit.
» Reviews & Ratings:
Reading a few reviews about QuickBooks Online would give you an idea of its popularity and efficiency. It scores praises for its ease of use, flexibility, accessibility, and accountant-friendly functions the most.
To help you make an unbiased judgement, here’s a collation of reviews and ratings about this solution from diverse, known sources.
» Capterra: 4.2/5 » G2crowd: 4.0/5 » GetApp: 4.2/5
» Reviews & ratings:
QuickBooks Online has enhanced its accounting platform over the years as per the changing market dynamics and user demands. It serves a variety of user brackets with its precise accounting capabilities in the most hassle-free way possible. The best part is, the improvement efforts never stop to surpass user expectations to live up to its full-service bookkeeping solution reputation.
“I personally like the functions of QuickBooks Online and the advanced accounting nature for solving all the financial reporting issues. The automation of all the accounting operations makes this product unique and the best. It is not a complicated item to use. I see it as the best accounting tool.””
– John C.
Xero
Xero is the best in our review for micro-businesses that are looking for very simple accounting software. This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.Pros
- Cloud-based
- Mobile app
- Payroll integration with Gusto
- Third-party app marketplace
- Simple inventory management
Cons
- Limited reporting
- Fees charged for ACH payments
- Limited customer service
Xero was founded in 2006 in New Zealand and now has over 2.7 million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,500 employees and is growing rapidly in the U.S., as well.
Xero offers three monthly subscription options and a full-service payroll add-on: Early at $11 per month, Growing at $32 per month, and Established at $62 per month. The full-service payroll option is offered through Gusto and is an additional $39 per month, plus $6 per employee. The company offers a 30-day free trial and a promotion for 50% off for two months.
The Early plan limits usage and only allows entry for five invoices or quotes, five bills, and reconciliation of 20 bank transactions per month. This limited plan may be suitable for a micro-business with high-ticket transactions, but only a few per month, such as a consulting or small service provider. Both the Growing and Established plans offer unlimited invoices, bills, and transactions. The only difference between the two is that the Established plan has additional features like multi-currency, expense management, and project costing. All three plans offer Hubdoc, a bill and receipt capture solution.
Conclusion
Comparison Shopping is difficult when you’re trying to pick an accounting software package for a large company, especially if it’s one of the best accounting software packages available. Yet, to avoid wasting valuable time and resources, it’s a necessity that you do your homework. This list of top 10 accounting software can help. If you’ve been doing your research there are several criteria to keep in mind when looking for the right solution for your business.