If you chose to be a freelancer or own a business, you must have thought of using accounting software for company bookkeeping. In fact, there are hundreds of top 10 accounting software programs online that can help keep track of your finances. So if you’re looking for the best accounting software, this list will show you the way.
Do you run a business and need accounting software? It’s important to research what best fits your needs. There are multiple systems out there and it can be hard to know where to begin. Here is a list of the top 10 accounting software available. You can view it below.
1. 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.Show Less [–]
Full Review Visit AccountEdge Pro
Check out our best accounting tools for your small business Easiest to Use
2. 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.Show Less [–]
Check out our comparison review of FreshBooks vs. QuickBooks Best for SMBs
3. Sage 50cloud Accounting
Previously known as Peachtree Software, Sage 50cloud Accounting is a hybrid solution that is installed on-premise, but also includes an option to connect to the application remotely if necessary.
Sage 50cloud Accounting is a good choice for small and growing businesses, with multiple plans available. Sage 50cloud Accounting includes a solid inventory module and offers integration with multiple point-of-sale (POS) applications, which makes it particularly suitable for retailers.
Sage 50cloud Accounting offers excellent vendor management capability.
Sage 50cloud Accounting allows you to connect your bank accounts or track your business expenses in a more traditional fashion. The application also includes excellent customer management and sales management, including the ability to accept online payments. You also have the option to pay your vendors electronically, or by printing checks for mailing.
The Inventory module in Sage 50cloud Accounting includes multiple pricing levels along with user-defined fields for tracking additional information. Two payroll options, Essentials and Full-Service, are available, and reporting options are top-notch.
Sage 50cloud Accounting also includes a mobile app for both iOS and Android devices.
Sage 50cloud Accounting offers three plans: Pro, Premium, and Quantum, with yearly pricing starting at $340 for the Pro plan. The Premium plan, which most small businesses would likely benefit from, costs $510/year, while Quantum pricing runs $842/year.
With three plans available, Sage 50cloud Accounting can be beneficial to growing businesses.
Integration with Microsoft 365 offers easy online accessibility, and access to POS and inventory features makes this application particularly useful for both brick-and-mortar retailers as well as those who sell products online.Show Less [–]
Full Review Visit Sage 50cloud
Check out our best accounting systems for small businesses
4. QuickBooks Desktop
QuickBooks Desktop 2020 includes several new features that are designed to streamline various processes. These new features include:
- Enhanced system navigation
- Expanded help capability
- Automatic payment reminders sent to past due customers
- Ability to consolidate invoices into a single email
In addition, all QuickBooks editions offer the following features:
Invoicing
QuickBooks Desktop offers top notch invoicing software capability, allowing users to create a professional invoice for their customers. The Premier edition offers users a variety of industry-specific invoice templates including professional, product, and service invoice templates.
You also have the option to use QuickBooks Payments in order to get paid faster, including the ability to add a ”Pay Now” button to customer invoices for easy payment.
Inventory
Good inventory tracking capability is available in all QuickBooks Desktop editions, with the ability to track all products sold, cost of goods, and inventory management, including inventory adjustments.
You can easily add inventory items to QuickBooks Desktop, with custom fields available for tracking additional details.
The Premier edition’s inventory module offers more advanced inventory features, including low stock alerts, the ability to track any product by manufacturer’s part number, the option to add product cost, and the ability to set reorder points. In addition, there are custom fields that can be used to track additional information for any inventory item.Show Less [–]
Full Review Visit QuickBooks Desktop Best Training
5. 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.Show Less [–]
Check out our comparison review of Zoho Books vs. FreshBooks
6. AccountingSuite
AccountingSuite offers the features that small businesses have come to expect from any software application, including cloud accessibility and solid accounting capability. Bank connectivity is also offered in AccountingSuite, with the application able to connect to over 9,000 financial institutions.
You can manage your invoicing in the Sales module, and process and pay bills in the Purchases module. Both project and time tracking capability are offered in the application as well, so you can track projects and profitability, while the time-tracking feature allows you to record the time spent on each individual project.
But AccountingSuite also has some outstanding features not always available in small business accounting software.
Budgeting
Not all small businesses need a budget tool, but if you can get one with your software application, why not take advantage of it? AccountingSuite offers a surprisingly robust budget tool that lets you create budgets for each account in your general ledger.
The budget tool lets you create budgets for the current fiscal year or for any year in the future, and you can choose the account types you wish to include in the budget.
AccountingSuite offers easy budget creation, with quick access to your chart of accounts. Source: AccountingSuite.
There is also a pre-fill option, which can be used to automatically pre-fill the budget with actual data from the application or from an imported file. If you want to see how close you come to budget, run the Budget Report, which calculates actual income and expenses and compares the actual to budgeted totals.
Be sure to read the full review for a full discussion of all of AccountingSuite’s features.Show Less [–]
Full Review Visit AccountingSuite
7. OneUp
OneUp is the best small business accounting application you’ve probably never heard of. Ideal for sole proprietors and freelancers, with its robust inventory management module, OneUp is a great option for retail businesses.
OneUp is also suitable for growing businesses, with pricing based solely on number of users rather than features, with the Self plan, for a single user, including the same features as the Unlimited plan.
OneUp offers a good selection of features, including the option to connect your bank accounts or enter transactions manually.
Other features include the ability to process vendor and sales quotes, purchase orders, and credit memos, and the Opportunities feature lets you track and manage all potential sales directly to a product.
OneUp offers a terrific invoicing option, with the ability to request payment immediately.
OneUp does not offer the option to process checks for vendor payments, though you can pay your vendors electronically or enter payment information directly in the application. A mobile app is also available for both iOS and Android devices.
OneUp pricing starts at $9/month for the Self plan, and goes all the way up to $169/month for the Unlimited plan, with all plans including the same features, so you’ll only need to scale up if you add additional users, not to gain access to more powerful features. The biggest drawback to OneUp is the lack of a payroll option.
By far, the biggest benefit of using OneUp is having access to all of the application’s features and functions from day one, whichever plan you choose.Show Less [–]
Check out our best accounting software to create a profit and loss statement
8. QuickBooks Online
QuickBooks Online is perhaps the most recognized of all of the small business accounting applications. Designed exclusively for small businesses, QuickBooks Online offers easy anytime/anywhere access that was lacking in their more robust desktop version.
A good fit for small and growing businesses, QuickBooks Online is often compared to FreshBooks. It integrates with hundreds of third-party applications, making the application suitable for all types of businesses.
QuickBooks Online features vary widely from plan to plan, with many of the more robust features found only in the more expensive plans.
Features available in all plans include online banking connectivity, receipt capture capability for preparing expense reports, as well as a good expense management feature
QuickBooks Online offers easy expense management, including numerous bill payment options. Source: QuickBooks Online software.
Excellent sales tracking and inventory management capability are also available, and you can easily download the mobile app for both iOS and Android devices.
QuickBooks Online does not include payroll, but does include the option to add Intuit payroll services directly to their current plan.
In addition, QuickBooks also offers integration with other third-party payroll applications.
QuickBooks Online’s pricing can be confusing, with posted prices reflecting an initial discount, and regular pricing kicking in after the first three months. Pricing starts at $12.50/month for the Simple Start plan for a single user and rises to $25/month after three months.
Other plans include Plus, which is designed for five users and runs $35/month for the first three months and then doubles to $70, and go all the way to the Advanced plan, which can handle up to 25 users and starts at $75/month, rising to $150/month after three months.
One of the biggest benefits of using QuickBooks Online is its integration with hundreds of apps in a variety of categories which include payroll, inventory, HR, and project management.Show Less [–]
Check out our comparison review of QuickBooks Online vs. FreshBooks
9. Xero
Xero is an online accounting software that offers the convenience of running your business from anywhere. It’s designed for the small business owner who doesn’t want to spend a lot of time learning accounting but wants to stay on top of business performance. Xero works great for a variety of niche markets, including retail, IT, legal, e-commerce, and startups, and its ability to deal with multiple currencies makes it a good fit if you conduct business globally.
Xero offers double-entry accounting, with a default chart of accounts that can be customized if needed included in the application. Recurring journal entries are available in the application, and you can easily connect your bank accounts to Xero for automatic import of all bank transactions.
» Why You Should Buy This:
Xero is all-inclusive online accounting software with an uncomplicated and robust set of features. The software brings together every critical aspect of your business in one place, be it accounts, contacts or invoices, letting you be in control all the time. That way, it becomes an ideal option to go with when it comes to handling your books of accounts in the most effortless yet accurate manner.
And that’s not all. Xero easily syncs with your bank accounts and provides a clear picture of your financial standings whenever you need it. It also automates repetitive tasks, such as reporting and invoicing, to accelerate things further.
» Who Is It For:
As a cloud accounting software solution, Xero fits perfectly well with the accounting needs of small businesses, bookkeepers and accountants. It also streamlines operations for self-employed individuals and start-ups that have less complex accounting requirements. If you are someone who is just starting out to take hold of your books, this can be your go-to system. In other words, it can simplify things for, let’s say, a local cafe and a fashion retailer with as much accuracy and efficacy.
» Why We Picked It:
Xero grabs the second spot on our list of the best accounting software for small businesses due to its all-in-one features packed into a simple-to-navigate interface. It enables you to do every vital task you would expect out of it – from tracking and paying bills to claiming expenses to monitoring projects to bank reconciliations.
Moreover, the solution includes built-in, easy pay runs for employees, along with the functionality to integrate with a third-party payroll app. Its real-time collaborations are smooth, and so are its reporting functions. We particularly liked the seamless way in which it offers anytime, anywhere access across devices.
» Pricing Details:
Xero is available in three different plans:
› Starter – $20 per month
› Standard – $30 per month
› Premium – $40 per month
All plans come in with 24/7 support online. You could also opt for its 30-day free trial.
» Pros and Cons:
Pros:
› A comprehensive accounting system for small businesses & individual professionals
› Offers hassle-free integrations with a variety of tools & solutions
› Provides easy customization to suit your workflow
› Real-time collaboration helps teams to work together without hindrance
› Powerful reporting presents an accurate picture of your finances as & when you need
› Remote access & dedicated mobile app ensures work doesn’t halt
› Inventory management facilitates smoother business operations
Cons:
› For an established entity with complex bookkeeping needs, it offers limited features.
10. AlignBooks
» Why You Should Buy This:
AlignBooks provides you with a simple user experience to let you handle your accounting, as well as billing needs, without any fuss. It is a carefully designed online accounting software that packs in advanced accounting, reporting, and inventory management functions. You can also depend on it for its intelligent, super-accurate MIS reports.
Apart from that, AlignBooks offers tax compliance so that you neither miss any of your tax deadlines nor make any errors in the filing process. The best part is, you get the option to choose between its cloud-based solution or an on-premise one based on your individual requirements and workflow. Both the options offer thorough security to protect your precious data.
» Who Is It For:
The ideal customers for AlignBooks are MSMEs to help them tackle their business accounting operations without a bit of stress. It is also a perfect solution for any sole entrepreneur or a start-up that needs to handle its accounts on the go. Even freelancers can rely on this software to be in control of their finances.
» Why We Picked It:
We selected AlignBooks in our list of top bookkeeping software owing to its rich set of features suitable for small-to-mid-sized businesses across industries. The system includes a range of modules to handle various aspects of your business with unparalleled efficacy – from bookkeeping to CRM to invoicing and sales to inventory and asset tracking to payroll integration. It supports multiple currencies and provides instant SMS and email alerts.
Interestingly enough, you can define user roles and privileges to restrict access to only those who need to see the crucial financial data. It has a neat dashboard that gives an overview of everything you need to see at a glance. The highlight for us is the way this software simplifies the entire invoicing process. Besides, you get to switch to the offline mode whenever you prefer and still have your data backed up safely after going online.
» Pricing Details:
AlignBooks offers the following plans & packages:
› Basic at INR 2,500 a year
› Premium at INR 6,000 a year
› Ultima at INR 9,000 a year
› ERP at INR 30,000 a year
» Pros and Cons:
Pros:
› Uninterrupted access from wherever you are through web or mobile app
› Advanced accounting functions for error-free books
› Easy imports from excel sheets
› Multi-currency support
› Restriction to data access through user privileges and access rules
› User-friendly dashboard to navigate the operations smoothly
› Intelligent reporting boosting strategic business decisions
› High-level security system to assure information protection
› Real-time backup of transactions and data
› Regular version upgrades without causing any halt to the live systems
Cons:
› The product is meant for Indian users
Conclusion
Regardless of your business model and size, you need to keep track of your accounts and eventually find the best accounting software for small business in order to end up with a smooth running business. Of course, having a disability or learning difficulty doesn’t mean you must miss out on this important part of running your business. Many tools are being created that are aimed at making accounting accessible.