Accounting is a term that is very commonly used these days. But do we really understand the breadth of the word and what it exactly means? Accounting in simple terms is the detailed and systematic recording of all the financial transactions that are carried out. Depending on the size and magnitude of the transactions carried out, accounting can be for small businesses, management accounting, government accounting among other areas. Helping organizations manage these accounts with ease are the best accounting software solutions that are available in the market.
But what is accounting software?
Accounting software can be defined as computer software or program application that helps accountants or bookkeepers in recording and reporting the financial transactions carried out by the organization. Depending on the size of the organization, different accounting software(s) are implemented to carry out the designated tasks efficiently.
In today’s day and age, the impetus of having the best accounting software can never be overstated. Accounting software helps organizations track their transactions with expert analysis and custom reports. Owing to this need, there are a plethora of options available in the market, and to help make an informed decision, we’ve compiled the list of 10 best accounting software(s) that are available in the market.
QuickBooks
QuickBooks is one of the best accounting software that can manage the invoices, projects, and expenses of small and large enterprises. Equipped with a centralized dashboard, QuickBooks helps businesses gauge organizational performance with the help of relevant business trends and key performance indicators. It also allows the admins to assign relevant tasks to sales representatives, along with giving access to specific users to collaborate on certain projects.
Key Features
Being one of the best accounting software, QuickBooks comes with numerous features that include the likes of:
- Accounts Receivable
- Bank Reconciliation
- Billing & Invoicing
- CPA Firms
- Expense Tracking
- Fixed Asset Management
- Nonprofits
- Payroll Management
- Purchase Orders
- Project Accounting
- Billing & Invoicing
- Client Management
- Client Portal
- Document Management
- Due Date Tracking
- Project Management
Free trial
QuickBooks offers a free trial for its users.
Pricing
Pricing plans for QuickBooks start at $5 per month, per user.
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Pros
- QuickBooks with its user-friendly inventory system is a complete accounting software.
- By offering different reports in the form of inventory-related reports, expenses reports, account payables and receivables, QuickBooks is very handy for all businesses.
- QuickBooks streamlines all the processes, at a very reasonable cost.
Cons
- QuickBooks is not entirely customizable and flexible for users.
- There is also a limit on the number of items and size of the items it allows.
• The software is slow to adapt to current market trends.
Xero
Xero is often regarded as one of the best accounting software(s) for small and growing businesses. It also provides business owners with the opportunity to connect with trusted financial advisors who provide relevant advice on the financial position. The solution can also be accessed from anywhere with any device, to view cash flows, account and transaction details.
Key Features
Xero software comes with a range of features that include the likes of:
- Accounting dashboard
- Accounts payable (AP)
- Bank reconciliation
- Inventory management
- Expense management
- Budgeting and financial reporting
- Fixed assets
- Sales tax
- Purchase orders
- Sales quotes
- Multi-currency
- File storage
- Business performance dashboards
Free trial
Xero offers a free trial of 30 days for its users to try out the features.
Pricing
Pricing plans for Xero software start at $ 11 per month, per user.
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Pros
- Xero accommodates both cash and accrual accounting.
- The software can match multiple invoices to a single deposit transaction.
- Xero software includes inventory management and fixed assets in all its plans.
- The software is very user-friendly and affordable to use for small businesses.
Cons
- The software has limited options when it comes to generating customized reports.
- The contact list in the software is mixed together wherein the contacts of customers and suppliers are together.
- The service response is erratic and cannot be relied on.
FreshBooks
FreshBooks is known for automating invoicing, payment options and payment reminders. It is also one of the best accounting software that increases the team’s productivity by having precise time tracking and collaborative project tools. Catering to small and medium-sized businesses, FreshBooks serves various clients across legal services, marketing, IT, consulting, and home services sectors.
Key Features
Features for FreshBooks include:
- Accounting Management
- Client portal
- Expense Tracking
- Time Tracking
- Accounts Receivable
- Bank Reconciliation
- Billing & Invoicing
- Expense Tracking
- Billing Portal
- Contact Database
- Customizable Invoices
- Hourly Billing
- Mobile Payments
- Multi-Currency
- Online Invoicing
- Online Payments
- Payment Processing
- Project Billing
- Recurring/Subscription Billing
- Tax Calculator
Free trial
FreshBooks does offer a free trial.
Pricing
Pricing plans for FreshBooks start at $ 4.50 per month.
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Pros
- The software allows users to add and remove any third-party apps if and when needed.
- The software is easy to use with invoicing clients, tracking time and adjusting costs for financial reporting, all done seamlessly.
- The application also has a payroll integration that allows small businesses to manage their payroll functionalities with their accounting software.
Cons
- The mobile application for tracking time is extremely buggy.
- The accounting features are not adequate for a big enterprise.
• The application has a limit on the number of users who can use it at any given point in time.
Wave
Wave is one of the best accounting software designed keeping in mind the needs of freelancers, consultants and small business owners. The software provides a range of features across numerous accounting and invoicing processes with the main aim of streamlining all the bookkeeping processes. The application comes with an all integrated dashboard that includes invoicing tools and the options to choose among different customizable invoicing templates.
Key Features
Wave comes with numerous features that include the likes of:
- Accounts Receivable
- Bank Reconciliation
- Billing & Invoicing
- CPA Firms
- Expense Tracking
- Fixed Asset Management
- Fund Accounting
- Government
- Nonprofits
- Payroll Management
- Project Accounting
- Purchase Orders
• Tax Management
Free trial
No details about the availability of a free trial have been provided by the provider.
Pricing
For pricing details on Wave accounting, one must contact the provider directly.
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Pros
- The software is very easy to understand and use.
- Wave is free on the cloud and works on all platforms.
- If businesses or freelancers aren’t looking for invoicing and payroll features, Wave can be really handy.
Cons
- The software experience is constantly being updated, with some updates being completely buggy.
- The software can’t generate customized reports and the options are limited.
- The software cannot compound more than 1 set of taxes in an invoice.
Zoho Books
Zoho Books is a renowned cloud-based accounting solution for small and midsized companies. The application allows users to handle different timesheets of projects, along with tracking any reimbursable expense. The software also has the ability to list down the number of items that have been sold or purchased with notifications being sent out for any of the desired values.
Key Features
Zoho Books comes with numerous features that include the likes of:
- Accounts Receivable
- Bank Reconciliation
- Billing & Invoicing
- Purchase orders
- Accounts Payable
- Billing & Invoicing
- General ledger
Free trial
Zoho Books offers a free trial for its users.
Pricing
Pricing plans for Zoho Books start at $ 9 per month.
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Pros
- The dashboard of the application is designed very well, keeping in mind all the features that accounting software(s) need to have.
- It is very simple to use when it comes to facets around simple bookkeeping.
- The application is stable and offers great support.
Cons
- The software is designed keeping in mind accountants and is not easy to use otherwise.
- The software does not have any payroll features, which most of the other applications have.
Sage
Sage, a well-known enterprise resource planning (ERP) software is also one of the best accounting software solutions that are available in the market. Designed keeping in mind the needs of small and medium-sized enterprises, Sage is used widely across distribution and service companies, manufacturing, industrial supplies and electronics industries. Sage brings with it a complete solution for business intelligence, customer relationship management, time and project management, core accounting and distribution among others.
Key Features
Sage offers numerous features that include the likes of:
- Accountant Access
- Bank Statement Imports
- Dashboards
- Drill Downs
- Mobile Applications
- Recurring Invoices
- Report Designer
- To-Do List
Free trial
Sage does offer a free trial to its users.
Pricing
For details on pricing plans, one must contact the provider directly.
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Pros
- Sage has one of the cleanest UIs among the different ERPs and accounting software(s) that are available in the market.
- The order allocation and warehouse plugins work well too.
- The software can collect data from different nodes and roll them up for budgeting and forecasting.
Cons
- The software is not agile with the rest of the utility software solutions that are available in the market.
- The price and price level functions do not work the way they should.
- The amount of time the software takes to complete a function is a lot in comparison with the other solutions.
Giddh
Giddh Books is one of the best accounting software solutions that aim to simplify the accounting process, with its secure Linux, AWS software. The software encrypts the data ensuring that it cannot be processed unless given access. Being completely ledger-based, Giddh offers unique accounting solutions at an affordable price.
Key Features
Features of Giddh include:
- Accounts Receivable
- Bank Reconciliation
- Billing & Invoicing
- Expense Tracking
- Fund Accounting
- Government
- Nonprofits
- Project Accounting
- Purchase Orders
- Tax Management
- Aging Tracking
- Billing & Invoicing
- Check Processing
- Collections Management
- Customer Statements
- Online Payment Processing
- Overpayment Processing
- Partial Payments
- Receivables Ledger
Free trial
Giddh does offer a free trial.
Pricing
Pricing plans for Giddh start at $20 per year.
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Pros
- The software’s modules are very simple and easy to use.
- Vendor management through the software can be done easily without any hassles.
- Owing to its myriad features, Giddh can automate a lot of accounting work.
Cons
- Giddh does not have a dedicated mobile application.
- The software does not come with payroll management
- The number of customized reports that can be generated is limited.
SAP Concur
SAP Concur is one of the most well-renowned and best accounting software solutions available in the market. The software can handle travel expenses, compliance and risk management across the world. The application also works in tandem with the partners to unlock powerful insights that can enable businesses to reduce complexity and manage their resources better.
Key Features
SAP Concur has numerous features that include the likes of:
- 1099 Preparation
- Aging Tracking
- Approval Process Control
- Cash Management
- Check Writing
- Data Extraction
- Duplicate Payment Alert
- Electronic Funds Transfer
- Fraud Detection
- Invoice Processing
- PO Reconciliation
- Recurring Payments
- Vendor Management
Free trial
SAP Concur does offer a free trial.
Pricing
For details on pricing, one must contact the provider directly.
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Pros
- The application is easy to use to upload documents and images.
- The companion mobile application is very handy to use and can handle all the functionalities easily.
- The software has evolved well from the beginning to manage accounting and expenses seamlessly.
Cons
- The software is not always intuitive to use.
- At times the application can be really slow to use.
• Credit card integration is not as seamless as one might expect.
Vyapar
Vyapar is known as one of the best accounting software solutions for small businesses. The application can estimate orders, generate reports, track expenses, and manage inventory right from the comfort of a smartphone. The software also allows one to customize and share invoices through WhatsApp. One can also track unpaid bills and send payment reminders to process collections even more quickly.
Key Features
Vyapar has a range of features that include the likes of:
- Accounts Receivable
- Billing & Invoicing
- Expense Tracking
- Purchase Orders
- Tax Management
Free trial
Vyapar does offer a free trial to its users.
Pricing
Pricing plans for Vyapar start at $34 per year, per user.
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Pros
- The application and its features are constantly being updated with improvements, helping out the users.
- Easy invoicing and purchase entries are some of the best and seamless features of the application.
- It is an easy to use portable on the go accounting software that has all the features one needs.
Cons
- The software still has a long way to go with bank integrations.
• The application does not provide a purchase price history which is common among the accounting software solutions in the market.
Ledgerlite
Ledgerlite is among the award-winning best accounting software for an organization that is looking for a general ledger. Easy to download, the software is the perfect tool to maintain the books of an organization, business or trust with privacy given utmost importance.
Key Features
Ledgerlite has numerous features that include the likes of:
- Accounts Receivable
- Bank Reconciliation
- CPA Firms
- Expense Tracking
- Fixed Asset Management
- Fund Accounting
- Nonprofits
- Project Accounting
- Tax Management
Free trial
Ledgerlite offers a free trial for its users.
Pricing
Pricing for Ledgerlite starts at $ 99 as a one-time payment.
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Pros
- The software provides unparalleled ease when it comes to registering financial transactions.
- The application is not tied to any monthly fee, offering customers a range of options through a one-time fee.
- The application is highly effective when it comes to a double-entry accounting system with a simple and intuitive interface.
Cons
- The application does not have enough features compared to the others available in the market.
- The software does not come with journal and voucher numbering, making it difficult to control documents.
• Being at the bottom of the page, the options for entries are not readily visible for users.