top accounting software

FreshBooks is a great option, with compliance built-in for American, Canadian, and British companies. Connections with other apps turn good accounting software into great accounting software. Whether you need to sync your software up with Google Sheets or your e-commerce platform, there’s an app integration for virtually everyone. The main difference between the four plans is the number of different clients that can be billed per month. For instance, as of this writing (February 2024), FreshBooks is offering 60% off for six months, which lowers its starting price to $7.60 a month or $136.80 a year. Businesses of every size need an accounting system to track revenues and expenses, process invoices and send out bills, and track assets and liabilities.

ZipBooks’ iOS app has disappeared from the App Store, and it’s never had a Google Play app worth mentioning. If you’re looking for a cheaper solution, Kashoo offers an invoice-centric plan for $0.00. Along with sending invoices, you can use the free plan to track expenses, accept online payments, and send estimates. We’re not sure if the free plan lets you track income and expenses or not—Kashoo’s site gives contradictory answers. FreshBooks is one of the best small business accounting software options on the market—and for good reason. FreshBooks is a cloud-based accounting software that combines all the accounting features you need into one simple platform.

This process can also reduce human error, and make a time consuming task more efficient. In this plan, Wave will process payroll and prepare payroll tax calculations, but the user is responsible for manually completing payroll tax forms and submitting tax payments. In this plan, payroll is full-service, meaning that all tax filings and payments are managed by Wave.

  1. While it doesn’t have as many extras with its small business features, it makes up for it in flexibility, with the ability to track stocks, commodities and other investments.
  2. An off-the-shelf software that handles core accounting may lack additional applications such as payroll, advanced reporting, or more involved inventory tracking.
  3. When choosing the best accounting software for your business, there are several factors you should consider, including price, features, the type of software you need and what your company’s specific needs are.
  4. This plan doesn’t limit the number of invoices and quotes you can send, nor the number of bills you can enter.
  5. However, Xero’s $13 a month plan limits you to entering only five bills and sending only 20 invoices a month.

We whittled down our options after assigning weighted scores to each feature, and then we ranked the companies based on those factors. If your small business has less than five employees, you can use the free version of NCH for your accounting software. The free version lacks some of the bigger features suitable for larger enterprises, but still has much to offer. Examples of financial statements you can generate include income statements, balance sheets, profit and loss (P&L) statements and sales analysis by item, customer and salesperson. Accounting software is software that automates the most important bookkeeping tasks for small businesses. Depending on the type of accounting software you invest in, the software will help you create and send invoices, track projects and spending, and much more.

Intacct also includes support for financial reporting, billing, sales and use tax, inventory management, and project accounting. It’s important to note that the cost of accounting software can vary greatly, so it’s important to compare different systems and plans to find the best fit for your business. You can choose a basic system and add à la carte options such as project management or CRM, or you can choose an all-in-one system that includes everything you need. If you have five or fewer clients, you can sign up for FreshBooks’ Lite plan for $19 per month.

Customer Reviews and Ratings (6%)

Zoho Books forms part of a much larger software portfolio based in India that offers all manner of solutions for anyone and everyone. Noted for its clean and simple cloud-based interface, Zoho Books makes a great cost-effective option if you’re a freelancer, sole trader or someone running a small business. The Starter package is aimed at sole traders, contractors and small businesses.

In addition to invoicing, you also get basic reports, vendor and customer management and digital payments through Square or PayPal. Paid plans start at $15 per month, and include features, such as auto-billing, reminders, time tracking and the ability to save invoice line items. Sage is a lightweight, cloud-based accounting software designed for entrepreneurs, freelancers, and small businesses. Sage business cloud accounting offers the essentials that you expect in small business accounting software, but it lacks some notable features that may create limitations down the line. The features that Sage does offer are done well, such as their inventory tracking system and unlimited user count on accounts.

top accounting software

Did users also have access to professional consulting services if they wanted them? What we found was that “best fit” software varied, depending upon the needs of the company procuring it, and in some cases, the industry the company was in. The cloud-based accounting solution not only enables businesses to track sales and expenses, manage customers, and create estimates, but it also supports collaboration with external accountants. While it may lack industry-specific functions, it remains a top choice for service-based businesses that don’t require inventory tracking in their books. Zoho Books is a cloud-based accounting software with a simple user interface and solid functionality for invoicing, inventory, and project management. Zoho Books is best suited to small and medium businesses looking for an alternative to the enterprise-level software available.

Best Accounting Software in 2024

This app provides remote accounting capabilities without compromising the foundational features of the desktop software. In addition, the AccountEdge Hosted option provides remote access from any device, offering flexibility to businesses. Sage Business Cloud Accounting is a good choice for micro-businesses because it offers a variety of features and integrations, yet is still relatively affordable.

This also makes accepting credit card payments in the field easier than ever. Integrations, or APIs, allow distinct products to talk with one another. For example, your payroll system could update your HR team with a chat program (such as Slack) of any processing errors. Your payment processor might automatically push new receivable entries to your accounting system.

Alternatives to Small Business Accounting Software

QuickBooks Online is definitely among the most popular accounting software for small businesses, and its thorough accounting features definitely make it the best accounting software for many users. Here are five more small-business accounting software options that could work better for you. The answer to this can greatly depend on the accounting software—some offer great functionality but are difficult to learn for those who aren’t already experienced with accounting. On the other hand, some are so simple that they’re missing key features. If you don’t have a lot of accounting knowledge, the best business accounting software should be powerful yet easy to use—FreshBooks might be the right choice. Need something easy to set up and use that still has all the features you need to get things done?

Accounting Software Can Integrate With Other Systems

It offers two distinct operational modes—”Do-It-For-Me” and “I-Do-It-Myself”—allowing businesses to choose the level of control they wish to exert. This adaptability ensures businesses can navigate growth phases while maintaining financial oversight. Notably, OneUp is replete with features such as dashboards, invoicing, CRM and more, offering businesses an expansive toolkit to navigate their financial landscape. The platform’s commitment to consistency across devices ensures that as businesses grow, their accounting access remains unhindered, whether they’re at the office desk or on the move. To determine the best free accounting software, we looked at a variety of factors, including features, customer reviews and value.

Wave is a good choice for a service-based small business that sends simple invoices and doesn’t need to run payroll. At year-end, accountants can pull the necessary reports from Wave to prepare a business’s tax return. There are four different Freshbooks plans to choose, and businesses can get a 10% discount if they choose to pay yearly rather than monthly. Additionally, FreshBooks often offers discounts for your first months of membership. All accounting software packages address the core functionality of accounting, such as income and expenses, receivables and payables, but some software is richer in functionality than others. Zoho Books includes Banking, Sales, Purchases, Time Tracking, Accounting, and Reports.

How We Chose Accounting Software Companies

Most importantly, with Wave’s free plan, you can send an unlimited number of invoices to an unlimited number of clients. You can also connect an unlimited number of bank accounts to track transactions. Plus, unlike FreshBooks, Wave’s free and paid plans both rely on double-entry accounting to help ensure your books’ accuracy. While some of its competition limits the number of invoices you can send, ZipBooks free accounting software has unlimited invoicing. This makes it a good choice if your business relies heavily on invoicing for revenue.

Most of the accounting software on our list can accommodate growing businesses, up to and including enterprises. But at some point, accounting software like Xero or QuickBooks might not be complex enough for your enterprise’s complicated financial needs. If you’ve outgrown your accounting software, it’s time to level up to an enterprise resource planning solution (ERP) like NetSuite.

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