There are a plenty of accounting software in market, but still some companies are not able to choose a perfect accounting system for their business. It gets harder when you face so many software packages in market. Therefore, we have come up with a list which helps you to find the best accounting software for your company.
If you are planning to start business and need to use accounting software for the running of your business then you must be searching for best accounting software. If yes then I suggest to use QuickBooks as this is one of the most popular and best accounting software around the globe.
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
» Why You Should Buy This:
FreshBooks has all it takes to make invoicing and accounting a breeze for your business. Regarded as one of the best accounting solutions, it can suit your distinct business accounting needs through its impressive and relatively simpler customization functions. Whether you work on your own, with contractual employees or a full-time workforce, it cannot just track but also handle your books and transactions both online and offline.
In addition to that, FreshBooks simplifies cash flow management and supports a double-entry accounting system, taking the hassles out of your everyday bookkeeping. And since it includes time tracking as well, you can easily turn the hours you’ve worked into an actionable invoice!
» Who Is It For:
FreshBooks has been designed to suit the accounting needs of businesses owners and entrepreneurs. It particularly fits in the ideal accounting software for small businesses’ definition, irrespective of their industry. Whether you are a self-employed professional, freelancer, or a business with employees and contract workers, it makes managing every penny coming in and going out more effectively. In other words, you can track your supplies and pay for them as swiftly as you can manage projects using the software.
It is a perfect choice for businesses that need to monitor time, income and expenses consistently.
» Why We Picked It:
We picked FreshBooks as #1 on our list since it is an established accounting software solution provider with a user base of over 24 million globally. The system is rich in features, and at the same time, easy to use for a novice. It comes in with an active support team, ready to assist you whenever you need them.
The system is also available as a mobile application, letting you seamlessly take your accounts wherever you go. The fact that FreshBooks provides hassle-free integrations with more than 100 other tools, such as Slack, MailChimp, Stripe and Gmail, also made us shortlist it.
» Pricing Details:
You can choose one out of FreshBooks’ four pricing plans to get started:
› Lite costs about $7.50 a month
› Plus costs around $12.50 per month
› Premium costs about $25 a month
› Select plan is available at custom pricing
All the plans are also available for an annual package. You can also opt for a free 30-day trial of your preferred package, containing full features.
» Pros and Cons:
Pros:
› Comprehensive accounting and invoicing software for business owners
› Sleek, professional invoicing that merely takes seconds to generate
› Efficient organization of income and expenses, making you ready for the tax season
› Ability to track time and automatically put those working hours into the invoice
› A single place that holds every communication, feedback and file, enabling prompt collaboration
› Smart reporting functions
› Accurate books complying with all the regulations, fostering informed business decisions
› Anytime, anywhere access
› Integrations with 100+ third-party tools
Cons:
› With add-ons, it can stretch your budge.
› The Lite plan allows only five billable clients.
» Reviews & Ratings:
FreshBooks is one of the very few popular small businesses accounting software with excellent functions, an easy-to-move-around interface, and proactive support. It has garnered an impressive rating of 4.5 on GetApp, speaking volumes about its efficacy. Here’s what its users are saying from across the world:
» Capterra: 4.5/5 » G2crowd: 4.5/5 » GetApp: 4.5/5
» Conclusion:
To conclude, we’d like to highlight that FreshBooks offers a wholesome package to make accounting simpler for non-accountants out there. At the same time, though, it packs in enviable advanced functions to appeal to the seasoned accountants to keep using this system.
“Freshbooks is a simple and straight-forward accounting solution. The biggest benefit we receive is how easy it is to send invoices and get paid online. Freshbooks makes this a lot easier than some of the other solutions we’ve tried over the years. Customer service – it’s amazing.”
– Richard I.
QuickBooks Online
QuickBooks Online is the best overall accounting software for small businesses of those reviewed. Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed. All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.Pros
- Scalable
- Commonly used by accounting professionals
- Integration with third-party applications
- Cloud-based
- Mobile app
Cons
- Upgrade required for more users
- Occasional syncing problems with banks and credit cards
Intuit’s QuickBooks Online has been the most common accounting software used by small businesses and their bookkeeping and tax professionals. The software is cloud-based and can be accessed through a web browser or through the mobile app.
After the 30-day free trial, the four options for subscription plans include: Simple Start at $25 per month, Essentials at $40 per month, Plus at $70 per month, and Advanced at $150 per month. Typically there is a significant discount offered for the first few months, and some accountants are able to offer wholesale pricing to small businesses, as well.
The monthly subscription for this software can be upgraded as a business grows, and there are many customization options with the mobile app that can be used to receive payments, review reports, capture an image of a receipt, and track business mileage. For businesses looking for a payroll solution, QuickBooks Payroll fully integrates with QuickBooks Online.
Each plan offers more advanced features like inventory management, time tracking, additional users, and budgeting. Most service-based small businesses will find that Simple Start meets all of their needs. For product-based small businesses, Essentials or Plus will have more options for inventory and customizations. The Advanced subscription is a new offering and provides robust financial reporting that is powered by Fathom. Fathom is an elite online financial report analysis tool used by many large companies all over the world.
All plans allow integration with third-party apps such as Stripe or PayPal. QuickBooks Online’s app store breaks down all of their apps by function and provides helpful examples of the benefits of each app.
Conclusion
There are many things in world that many business owners confuse. One of these is the difference between accounting and bookkeeping. Initially, they both seem to be allied fields but in reality there are a lot of differences between the two. Though there may not exist a big or really huge difference between these two but their significance is clearly different from each other. Even though both share a common goal, which is to offer financial records, they work differently in this process. In short their functions are different from each other.