Accounting is probably one of the most stressful parts of running a business. Every month you need to collect data, analyse it and generate reports. After that you’ll have to deal with taxes and reporting, which can be very time-consuming. So don’t waste your valuable time anymore, get one of the 10 best accounting software listed below:
Accounting software is one of the first steps toward a solid financial management system for your small business. Accounting software these days can do just about anything, it’s up to you to decide exactly what you want your accounting software to be able to do. We have listed top 10 accounting software based on their features and cost in 2018 to help you choose the one which is best for you.
Accounting software is a must-have for any business. It’s the backbone of your financial system, and it helps you manage your money, keep track of expenses and revenues, and stay in compliance with tax laws.
Here are 10 of the best accounting software options on the market today:
- Quickbooks Online: Quickbooks Online is user-friendly and easy to learn. It has all the features you need to run your business, including invoicing, bill pay, expense tracking, payroll, inventory management, and more. The software is secure—you can access it from anywhere at any time—and it integrates with other popular programs like Google Drive and Dropbox so that you can easily share files with employees or clients.
- FreshBooks: FreshBooks offers more than just accounting features—it also includes features that help you manage clients by creating proposals and tracking their payment history over time. You can easily integrate FreshBooks into your website or blog so that clients can view billing details directly from their accounts page on your site without having to log into another platform entirely!
- Wave Accounting: Wave Accounting makes it easy for small businesses to manage their finances through a simple interface designed specifically for
The accounting software market is a crowded one, with many providers vying for your business. It’s important to choose the right accounting software for your needs, but that also means you have to research and compare a lot of options.
We’ve made this list of 10 of the best accounting software options available today. We hope it helps you find the right one for your business!
10 best accounting software
Accounting software saves time and hassles in recording financial transactions. Using the accounting app allows accounting personnel and business owners to focus on strategic aspects of managing a business.
It automates the task of generating financial reports that help business owners to make an informed decision regarding the business.
Selecting an accounting app is not easy. There is a plethora of different accounting software available with diverse features. In this guide, we have reviewed 11 best accounting tools including information about price, best features, and target users.
Accounting Software
Fact Check: The accounting software market size is expected to grow from $5.7 billion in 2017 to about $11.7 billion by 2026. The CAGR between 2018 and 2026 is expected to be 8.6 percent.
Top 7 Accounting Software according to Capterra:
Pro-Tip: Different accounting app has features that are designed for specific users. You should select an accounting app with features that meet your requirements. Download a trial version if available to test the software before purchasing it.
Frequently Asked Questions
Q #1) What is an accounting application?
Answer: An accounting application is used for recording financial transactions. The software saves time and effort in managing expenses and revenues. You can print reports to get a snapshot of the financial position of your company at a particular period.
Q #2) What are the features of accounting software?
Answer: These come with different features. The main features of an accounting app include invoices, expense management, tax calculation, and bank reconciliation.
Q #3) What are the benefits of accounting software?
Answer: Using an accounting application saves time in managing financial data. The software can automatically generate accounting data. It allows business owners to focus on more important aspects of running the business.
Q #4) How to use an accounting application?
Answer: Anyone that knows how to use a windows application can use accounting software. Accounting software allows you to enter transactions using a keyboard and mouse. If you have a touch screen, you can touch the screen and enter fields using the keyboard.
List of Top Accounting Software
Here is a list of popular Business Accounting Software:
- FreshBooks
- Zoho Books
- QuickBooks Intuit
- Bill.com
- Wave
- Xero
- Pabbly
- Sage 50cloud
- AccountingEdge
- Kashoo
- OneUp
- GoDaddy Bookkeeping
Comparison of BEST Bookkeeping Software
| Tool Name | Best For | Features | Price | Free Trial | Ratings ***** |
|---|---|---|---|---|---|
| FreshBooks | Independent contractors and small business owners. | · Payment and invoice management · Automated transactions · Late fees scheduler · Automated bank import | Lite ($6 per month), Plus ($10 per month), Premium ($20 per month) | 30 days | 5/5 |
| Zoho Books | Business owners who want to track expenses & automate workflows. | Invoicing & expenses, Tax payments, inventory, etc. | It starts at $15 per organization per month. | Available for 14 days. | 5/5 |
| QuickBooks Intuit | Accounting, invoicing, inventory management, & taxation for self-employed & small to midsize businesses. | · Invoicing, · Payroll, · Taxation, · Multi-currency support, etc. | It starts at $12.50 per month. | Available for 30 days. | 5/5 |
| Bill.com | Smart AP and AR automation and new bill payment capabilities. | Standard approval workflows, log payment-related activities, etc. | It starts at $39 per user per month. | Available | 5/5 |
| Wave | Invoice, accounts, and cashflow management for free. | · Invoice management · Cash flow management · Payroll · Purchases | Free | N/A | 4/5 |
| Xero | Small and medium-sized businesses. | · Track expenses · Sales invoice · Pay bills · Multiple currency support | Starter ($20 per month), Standard ($30 per month), and Premium ($40 per month) | 30-day trial | 5/5 |
| Pabbly | Basic accounting and expense tracking for small business owners. | · Recurring billing and subscriptions · Invoice management · Expense Tracking | Starter ($19 per month), Rookie ($37 per month), Pro ($57 per month), and Advanced ($79 per month). | 14 days | 5/5 |
| Sage50cloud | Basic and advanced accounting for small and medium sized businesses. | · Inventory · Taxes · Budgeting · Cash flow · Invoicing | Pro Accounting ($50.58 per month), Premium($78.25 per month), Quantum Accounting ($131.66 per month) | 30 days | 4/5 |
Review of the business accounting software:
#1) FreshBooks
Best for independent contractors and business owners.
FreshBooks is affordable accounting software for businesses and self-employed individuals. There are lots of features for recording, monitoring, and managing expenses and invoices.
Features:
- Payment and invoice management
- Automated transactions
- Late fees scheduler
- Automated bank import
Cons: Lack of inventory management features.
Verdict: FreshBooks is simple-to-use accounting software. The application has all the basic features required for managing the software. It is also affordably priced for businesses and self-employed individuals.
Price: FreshBooks is available in different packages. You can select Lite ($6 per month), Plus ($10 per month), Premium ($20 per month), and custom packages. You can try the software for free for up to 30 days.
Here are the details of the different FreshBooks packages:
#2) Zoho Books
Best for business owners who want to track expenses and automate workflows.
Zoho Books is comprehensive accounting software for businesses. The software has a lot of features that will meet the needs of different sizes of businesses and individuals. It supports multiple contacts, users, and workflows. Additionally, the software application can integrate with dozens of popular CRM and eCommerce apps.
Features:
- Invoicing and expenses
- Estimates
- Inventory
- Projects
- Tax payments
Cons: No multi-currency support
Verdict: ZohoBooks is one of the best value business accounting tools. The basic version of the software is affordable and packaged with features. Businesses with advanced accounting features can select the professional version.
Price: Zoho Books is available in three packages. The Basic package is $9 per month and comes with features such as 50 contacts, 2 users, 5 automated workflows, bank reconciliation, custom invoices, expense, recurring transactions, sales approval, and budgeting.
The Standard version costs $19 per month that supports 500 contacts, 3 users, 10 workflows, and has additional features like bills management, vendor credits, reporting tags, purchase approval, and Twillo integration.
The Premium package costs $29 per month that supports 500+ contacts, 3 users, 10 workflows, and comes with advanced features like purchase orders, sales orders, stock tracking, custom domain, and vendor portal. You can also try the software for 14-days.
#3) QuickBooks Intuit
Best for accounting, invoicing, inventory management, and taxation for self-employed consultants, and small and medium-sized businesses.
QuickBooks Intuit is a highly popular accounting software using by millions of businesses. The software offers a comprehensive list of features that makes it ideal for small and medium-sized businesses. There is also a limited feature software designed for self-employed and contractors.
Features:
- Invoicing
- Payroll
- Taxation
- Multi-currency support
- Integration with PayPal, Shopify, Square, and dozens of other apps
Cons:
- Slow response during peak times
- Poor navigation
Verdict: QuickBooks is one of the most popular accounting software for businesses. The software has loads of features that are targeted to different users.
Price: QuickBooks is offered in three versions. The Simple Start package costs $20 per month that comes with features such as record financial transactions, invoicing, store receipts, track mileage, integration with banks, track GST, cash flow planner, and payroll for 4 staff.
The Essentials package costs $35 per month that contains all the features of the basic package plus additional features like payroll of 7 staff, multi-currency support, managing bills and suppliers, recurring transactions, and up to 3 users support.
The Plus package costs $50 per month that comes with advanced features like payroll of up to 10 staff, 5users support, inventory tracking, project tracking, and budget planner.
=> Visit QuickBooks Intuit Website
#4) Bill.com
Best for smart AP and AR automation and new bill payment capabilities.
Bill.com offers a cloud-based solution to automate Accounts Payable and Accounts Receivable. It contains new bill payment capabilities. It provides an integrated platform that will let you connect your payment accounts and accounting tools for automating payments from start to finish.
Features:
- Bill.com offers smart features like automatic data entry.
- It can detect duplicate invoices.
- It supports new payment options like ACH, virtual cards, international wire transfers.
- It logs the payment-related activity.
- It provides features to set up approval workflows and custom roles.
Cons:
- As per the reviews, the reports features need improvement.
Verdict: This cloud-based software is the best fit for small to medium-sized businesses. It will simplify international payments. It can automate your payments from the start to finish. It will increase efficiency and give you more control.
Price: For businesses, Bill.com offers four pricing plans i.e. Essentials ($39 per user per month), Team ($49 per user per month), Corporate ($69 per user per month), and Enterprise (Get a quote). For Accounting Firms, the solution is available at $49 per month. A free trial is available to try the software.
#5) Wave
Best for invoice, accounts, and cash flow management for free.
Wave is free accounting software for businesses and individuals. The software can be used for basic accounts management. You can use the application to track expenses, cash flow management, and sales and purchase management.
Features:
- Invoice management
- Cash flow management
- Payroll
- Purchases
Cons: Lack of advanced features.
Verdict: Wave is a simple accounting package that is completely free. It has features that will meet the needs of most business owners and self-employed individuals. You won’t have much to complain about the accounting software since it is free.
Price: Free.
Website: Wave
#6) Xero
Best for small and medium-sized businesses.
Xero is a complete accounting package that has dozens of accounting features best for small and medium-sized businesses. The accounting software allows you to reconcile accounts, pay bills, track expenses, and create sales invoices.
Features:
- Track expenses
- Sales invoice
- Pay bills
- Multiple currency support
Cons: Limited features
Verdict: Xero does not have a lot of features. But most businesses will find the features adequate for their needs.
Price: Xero is available in three packages. The Starter package costs $20 per month and features 5 invoices, 5 bills, 20 bank reconciliation, bills, and receipts management. The Standard and Premium packages cost $30 and $40 per month, respectively.
These packages have additional features such as unlimited invoices, bank reconciliations, bills, and receipts management. You can try the software for 30 days.
Website: Xero
#7) Pabbly
Best for basic accounting and expense tracking for business owners.
Pabbly boasts of different account management features. The software has all the features required for managing financial transactions by business owners. It supports reports, invoices, workbook events, and other features.
Features:
- Recurring billing and subscriptions
- Invoice management
- Expense Tracking
Cons: Limited Accounts feature
Verdict: Pabbly is a solid accounting tool with great features. It is suitable for independent contractors and business users.
Price: You can select from four different packages. The Starter ($19 per month), Rookie ($37 per month), Pro ($57 per month), and Advanced ($79 per month). You can enjoy unlimited features with a free 14-day trial.
Website: Pabbly
#8) Sage 50cloud
Best for basic and advanced accounting for small and medium-sized businesses.
Sage 50cloud is a great accounting application suited for small and medium-sized businesses. It is a hybrid-desktop app with a cloud component for data storage. A great feature of the software is the add-ons that extend the features of the software. The app also features mobile payments so that you can easily pay bills using your smartphone.
Features:
- Inventory
- Taxes
- Budgeting
- Cash flow
- Invoicing
Cons: Expensive packages
Verdict: Sage 50cloud is a simple accounting app that lets you track expenses and pay bills. You can use the app to track finances and calculate taxes.
Price: Sage 50cloud is available in three packages: Pro Accounting, Premium Accounting, and Quantum Accounting. The Pro Accounting package costs $50.58 per month and contains features such as bills management, purchase orders, job costs, payroll, automated bank reconciliation, and remote access.
The Premium feature costs $78.25 per month that contains additional features such as job costing, budgeting, and auditing trail. The Quantum Accounting package costs $131.66 per month that comes with advanced features like role-based security, job insights, and multiple company support.
You can try the software for 30-days to test the functionality of the app.
Website: Sage 50cloud
#9) AccountingEdge
Best for business accounting and bookkeeping for Mac users.
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AccountingEdge is one of the oldest accounting software established in 1989. The exclusive Mac desktop accounting software is the most complete solution for businesses. The software supports invoicing, reporting, time billing, inventory management, and more.
Features:
- Invoicing
- Sales tax
- Project Management
- CRM
- Fixed asset tracking
Cons: Supports only Mac desktop.
Verdict: Most Mac users praise the software for its usability and features. The best feature of the accounting software is the plethora of add-ons that extend the feature of the application.
Price: The software is offered in two packages. The AccountingEdge Pro costs a one-time fee of $499. It supports up to 10 users and has features such as general ledger, banking, time billing, inventory, payroll, and credit card payments.
The Enterprise ERP package is for larger businesses that want a customizable accounting ERP solution. You have to contact the company for a free quote. Moreover, you can try the software for up to 30 days with no limitations to testing the software functionalities. Here are the details of the basic and enterprise versions.
Website: AccountingEdge
#10) Kashoo
Best for self-employed and businesses for creating invoices, tracking bills, and managing vendors.
Features:
- Mobile app
- Bills and payment management
- Automatic backups
- Tax calculations
- Multi-currency support
Cons:
- Limited integrations
- No support for mobile apps
Verdict: Kashoo has lots of features that are not present in much bookkeeping accounting software. The software can save time in recording and tracking expenses. It may not be the cheapest bookkeeping software. But the cost is worth every penny.
Price: Kashoo has a simple pricing structure. The monthly subscription costs $19.95 while the annual subscriptions cost $16.65 per month. You can try Kashoo for 14-days to test the usability of the software. You can opt for a monthly or annual subscription.
Website: Kashoo
#11) OneUp
Best for accounting, invoicing, inventory management, and CRM for different types of users.
One Up is a unique accounting tool as it offers a load of unique features in addition to bookkeeping such as CRMs, and lining bank accounts, and bank reconciliation.
Features:
- Invoicing
- Accounting
- Inventory
- CRM
Cons:
- Unlimited package is costly
- Limited reporting option
Verdict: One Up has a lot of features that make it ideal for different people. Sole proprietorship and businesses can select a package that suits their requirements. The software is particularly praised for its ease of use. But reviewers have complained that the reporting system is limited.
Price: Pricing of One Up range from $9 to $169 per month. There is also a free 30 day trial with unlimited features and customer support so that you can fully test the bookkeeping software.
The Self version that costs $9 per month is targeted to self-employed individuals, including freelancers and contractors. The Pro version costs $19 per month that supports 2 users. It is ideal for business partners or sole proprietorship. The Plus version costs $29 per month, and it features CRM and supports 3 users. The Team package costs $69 per month that supports 7 users.
It is suitable for businesses. Last, the Unlimited package costs $169 per month that supports unlimited users. Details of the price packages are as follows:
Website: OneUp
#12) GoDaddy Bookkeeping
Best for calculating financial transactions and tax calculations for freelancers and self-employed contractors.
Most people know GoDaddy as a website host service provider. But the company also offers online bookkeeping software for tracking sales and expenses and calculating taxes. The accounting software integrates with eBay, Etsy, and Amazon that makes it great for online business owners.
Features:
- Calculation of quarterly taxes
- Integration with Amazon, Etsy, eBay, and Paypal
- Accept mobile payments
- Invoice and estimates
- Track mileage and time
Cons:
- Project tracking not available
- Lacks bill payment feature
Verdict: The bookkeeping software is designed with the needs of the sole proprietor and LLC businesses. The basic version is inexpensive and has all the features that you require to record and track financial data. Overall, this is a great value for money accounting software.
Price: GoDaddy Bookkeeping is available in three versions. The Basic Get Paid version costs $4.99 per month that features invoice and estimates, accept debit or credit card payments from mobile, record time and mileage, and current-year financial report.
The Advanced Essentials version costs $9.99 per month that apart from all the features of the basic version also offers unlimited financial reports, tax worksheets, bank and credit card transaction import, and integration with Amazon, Etsy, eBay, and PayPal. The Premium version costs $14.99 per month that supports an additional feature of recurring invoices.
The following table shows details of the different packages offered to customers:
| Get Paid | Essentials | Premium |
|---|---|---|
| $4.99 per month Track time and mileage Invoice and estimates Accept credit and debit card payments from mobile Current year business report | $9.99 per month All features in Essentials plus unlimited period business reports, tax worksheets, integration with Amazon, Etsy, eBay, and PayPal | $14.99 per month All features in Essentials plus the ability to schedule and send recurring expenses |
Website: GoDaddy Bookkeeping