The accounting software market is flooded with a number of options, including some that are developed by industry giants. While many financial institutions have their own accounting software packages, it is often much more cost-effective to utilize specialized software. These include general ledger software and payroll software.
In this article we’ve reviewed the top accounting software on the market. Use our guide to learn about the best accounting software, compare features, and read reviews so you find the best one to fit your business.
Kashoo: Best iOS-only
- Starting at $0.00/mo.
Mobile expense tracking and invoicing
Free invoicing-only plan and app
App limited to iOS only
Data as of 12/15/21. Offers and availability may vary by location and are subject to change.
App Store rating: 4.2 stars (70 ratings)15
We hate to recommend an Apple-only app, but it seems only fair to balance OneUp’s abysmal iOS ratings with Kashoo’s well-reviewed iPhone app.
Kashoo’s main emphasis is simplicity. It’s one of the most streamlined, straightforward accounting solutions you can find, which makes it perfect for first-time business owners who aren’t yet familiar with bookkeeping processes. The app is just as straightforward as the desktop software. You shouldn’t be overwhelmed with confusing charts or overly complex reports. Instead, you can use it to easily send invoices, collect payments, and even track sales tax.
As with most apps in the “simple and straightforward” category, Kashoo’s simplicity is its main downside. The software is great, but if you’re hoping for in-depth reports and accounting features, QuickBooks, FreshBooks, or Xero all have more to offer. And, of course, the app is only available for iOS. Android users can’t take advantage of Kashoo’s easy accounting—at least, not yet. (An Android Kashoo app appears to be in the works.)
myBooks
» Why You Should Buy This:
As a small business accounting software, myBooks is affordable yet loaded with features you need to keep your books of accounts spot-free. It easily syncs in your bank accounts and imports bank transactions automatically, freeing you from having to handle those separately on another app.
Designed intuitively, the software is easy to use, regardless of how tech-savvy you are or if you have used any such software before. Its sleek dashboard provides you with an overview of all your financial activities – from invoice reminders to file status to transaction alerts. That quickly fills you in all the important happenings, facilitating prompt actions & swift decisions.
» Who Is It For:
myBooks online accounting software solution fits perfectly well with the accounting requirements of small businesses. You could be a store-front, a home-based entrepreneur, a self-employed individual or even a construction business and trust myBooks for its accurate accounting functionality. If you are looking for a bookkeeping system that is cloud-based as well as simple to adapt to your business, then this one may work for you.
» Why We Picked It:
We placed myBooks in our top-rated accounting software for small businesses’ list given its all-inclusive features and affordability. It offers real-time updates on your financial status so that the key decision-makers can leverage those to grow the business. Its dashboard provides analytics in all the key accounting areas, whether it is income, expenses, invoices, or tax summaries. You can easily make your way around the solution due to its intuitive design. Moreover, it makes it simple to monitor and control the cash flow in the organization.
The primary feature for us, however, is the way you can define user roles to let them access only the aspects you have given permission for. That provides tremendous security and data privacy without driving your bookkeeping to a halt.
» Pricing Details:
You choose from the three plans of myBooks to get started with its software:
› Basic at 0 costs
› Premium at around $33.34 for an annual billing
› Standard at around $13.33 for an annual billing
» Pros and Cons:
Pros:
› Affordable to suit the budget of a small business
› All-inclusive features, from income & expenses to invoicing to tax assistance to reports, saving the day for you
› Flexible enough to adapt to your unique business accounting needs
› Supports transactions in multiple currencies, boosting your business growth
› Capability to handle multiple business accounts from a single user ID
› Automated imports of bank transactions, saving you precious time & efforts
› Bank-level security measures to ensure data protection
› Easy access from any device, wherever you are
Cons:
› Limited features for lower-priced plans
» Reviews & Ratings:
myBooks has obtained praises from its diverse set of users for its efficient handling of business bookkeeping needs. The ease of use and simple user experience are prime factors that make it a popular choice among small business owners. Here is the lowdown of the ratings users have given the system on the popular software reviewing platforms:
» Capterra: 4.4/5 » G2crowd: 4.4/5 » GetApp: 4.3/5
» Conclusion:
As a cloud accounting system, it offers all the prime features to keep business accounting books on track. And since it also helps you with your tax needs, it proves to be a good choice.
Rossum
Rossum is a powerful cloud-based platform designed to streamlines account payable processes from importing documents, collecting and capturing data, purchase order matching, to invoice processing. This software’s system is powered by a self-learning AI engine that automates various critical processes, thus reducing manual efforts and human error.
As an intelligent cloud-based platform, Rossum addresses the downsides of traditional OCR systems. By connecting Rossum to your document sources (i.e., document scanners, DMS systems, API, RPA, and email inboxes), it automatically imports all documents into the Rossum system. Its AI-powered engine also recognizes different document formats and layouts, thus there is no need to set up or create templates for documents and invoices. Furthermore, Rossum identifies duplicates, merged files, and auxiliary data and handles them accordingly to remove all unnecessary information and maintain a clean and organized curated feed of transactional data.
Try out Rossum with their free trialVISIT WEBSITEFREE TRIAL
Another advantage Rossum has over other similar systems is its ability to incorporate the changes, customizations, and corrections set by the user. This is helpful when more data that the system was not set to detect before suddenly get added to the information that needs to be extracted from an invoice. All the user needs to do is check the imported invoice and customize the fields that need to be validated and the system will then apply the changes moving forward. Moreover, you can extend Rossum’s functionality by integrating it with your existing systems, such as ERPs and RPAs.
Conclusion
In today’s business world, accounting software is absolutely essential. However, there are multiple kinds of accounting software systems on the market. Some have features geared toward small or home businesses, others for medium to larger corporations and production businesses. No matter what size your business is and what features you need, it is important that you choose the best type of software for your needs.