Here is the list of top 10 accounting software. This list comes from our personal experience. We explain briefly about each accounting software and its features. It will help you to choose the appropriate software for your company.
This is the most comprehensive list of top 10 accounting software that you can find on the web. Browse through this list and select the best package for your business. You’re sure to find something that matches your needs right here.
GoDaddy Online Bookkeeping: Best for Online Merchants
GoDaddy Online BookkeepingGoDaddy Online Bookkeeping integrates sales data from Amazon, Etsy and PayPal. You can generate reports and make business decisions based on real-time information.There are three pricing plans that cater to different-sized businesses and merchants.GoDaddy Online Bookkeeping was designed for sole proprietors and limited liability companies; larger businesses may need a program with more accounting features.COMPARE QUOTES
The sales channels are blurring for small business owners who must manage both online and offline sales, which is why it’s important for those businesses to have an accounting program that can keep all of those transactions together. GoDaddy Online Bookkeeping stands out in that regard, thanks to integrations with marketplaces such as Amazon , Etsy and PayPal; the ease with which you can send invoices and accept payments; and the ability to run a slew of reports. Plus, you get all of those features at an affordable price, making GoDaddy Online Bookkeeping our choice for the best accounting software for online merchants.
Editor’s score: 7.75/10
Online merchants need a lot from their accounting software. In addition to the typical features, online businesses need a way to sort online versus in-store sales. GoDaddy Online Bookkeeping enables business owners to track all their data in one location. You can import your accounts from Amazon, eBay, Etsy and PayPal, and run a slew of reports to give you real-time data and deep insight and analysis. Like the other accounting software we reviewed, GoDaddy Online Bookkeeping is cloud-based, which means there’s nothing to download and you can sign in from any internet-connected device.
In addition to online sales data integration, this accounting software has many features small business owners need, including the ability to send invoices and estimates, process payments via a mobile device, schedule recurring invoices, and track mileage and time.
GoDaddy has three affordable pricing plans. The basic plan is $4.99 a month, the midtier plan is $9.99 a month and the premium plan is $14.99 a month.
GoDaddy had sole proprietors and limited liability companies in mind when creating this accounting software, which is another reason we selected it as the best accounting software for online merchants. Online retailers that are just starting out may have a great product they want to sell but not a lot of business and accounting know-how. GoDaddy’s accounting software is simple to get up and running and is very easy to use. There aren’t a lot of complex features that you’ll never use, but there are many helpful ones that will save you time and money.
Some of those useful tools include tax features. GoDaddy automatically categorizes transactions into different IRS tax buckets, as well as tracks estimated tax payments that are due and sales tax your business collected. When it comes time to file with the IRS, you’ll have all the information at the ready.
GoDaddy Online Bookkeeping doesn’t have a ton of bells and whistles and an expensive price tag to go along with them, but it does have a lot of online-merchant-focused features that make it stand out. For online merchants that want to centralize their online sales, send invoices, track expenses and run reports, GoDaddy Online Bookkeeping checks off all the boxes.
Wave Financial: Best Free Option
Wave FinancialWave links with bank accounts and credit cards, so you can track expenses automatically.Wave gives you standard bookkeeping services for free.Wave’s integrations are more limited than some of its rivals’.COMPARE QUOTES
Wave Financial offers many important, quality accounting features for free. It connects to your bank accounts in real time, and offers payroll and invoicing features and unlimited accountant connections. Those are just a few of the reasons we selected Wave as our pick for the best free accounting software.
Editor’s score: 8/10
With Wave, you don’t have to worry about monthly or annual fees, nor do you have to license software. Wave is completely free unless you select optional add-ons. That means that, if you want to send invoices, run reports and integrate with popular business apps, you don’t have to pay a penny. There are no limits on the number of transactions, invoices you send and users who access your Wave account. If you want to accept invoice payments, Wave charges a flat rate of 2.9% plus 30 cents per credit card transaction. For ACH bank transfers, Wave charges 1%, and there’s a $1 minimum fee. The company also has additional payroll and bookkeeping services that business owners can access for a fee.
Wave easily holds its own when compared with paid accounting software. This program automates many aspects of accounting, thereby saving business owners precious time. Through the cloud-based accounting program, you can create and schedule recurring invoices and payments, as well as set up automatic payment reminders and automatic syncing with your bank, credit card and PayPal accounts.
Wave’s reporting capabilities also stand out. You might think a free accounting application wouldn’t have many reporting features, but that’s not true of Wave. You can run dozens of reports on everything from cash flow to profits and losses, as well as track expenses and upload receipt images. Wave integrates with Etsy, PayPal, Shoeboxed and Zapier, which gives you access to hundreds of third-party apps.
Small businesses should seriously consider using Wave. The platform is easy to use and offers many of the features included in the best paid accounting software programs at a similar level of quality. Wave Financial might not be as comprehensive as some accounting programs, but it’s still a step ahead of other free accounting software.
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.
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.
Conclusion
There are many different packages software in the market today, which makes finding the best one for your company a tough decision. To help you through your search we have compiled a list of our top 10 accounting software allowing you to make an easier decision.