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15 Best Accounting Software Systems For Your Business

Category: B2B News
What is the best accounting software system for your business?

The best accounting software system for your business is FreshBooks. It is a complete accounting and invoicing platform that automates your time tracking, expense management, and invoicing workflows.

Accounting is not an easy task. Small businesses to large enterprises face common challenges when it comes to managing their business’ finances. Some of the top obstacles you may encounter involve payroll management, unforeseen expenses, taxes, and cash flow management. Accounting software can help you handle some of the time-consuming tasks so you can focus on more important aspects of running your business.

There are numerous accounting products available to cater to different business sizes, types, and niches. To jumpstart your search, we compiled the top products in the category. You can explore each product, determine if it matches your requirements, and narrow down your choices.

best accounting systems

Time equals money. Hence, if the major portion of your work time is spent on spreadsheets, manual tasks, and databases – which commonly comprises accounting, you hamper your business growth as your attention is away from driving your business forward. In a study by Silverfin, 67% of accountants think tech in accounting enables them to be more efficient and finish their work faster. By utilizing technology to focus on work that grows your business, you can boost your revenue potential.

Source: Silverfin

Investing in the right accounting software enables you to gain more value in terms of growing your business and increasing your revenue. According to an Intuit research, 53% of practices are investing more in technology in 2018. It also revealed that 14% are increasing their investment by a lot, while 39% are somewhat increasing. These figures show more and more companies are realizing the benefits of using technology to optimize their accounting tasks. With this trend among tax and accounting professionals, adapting is crucial, so your processes won’t get left behind.

Without further ado, we’ll go over the top 15 accounting tools you should consider.

1. FreshBooks

FreshBooks dashboard

FreshBooks is one of the leaders in our accounting software category. Our team found FreshBooks to be the most easy-to-use accounting solution for freelance accountants and small businesses currently offered in the market.

The software is being used by more than five million users around the world to streamline time tracking and invoicing. The vendor has recently updated the product to allow easy collaboration between team members and has added a redesigned dashboard where you can prioritize tasks and manage payments. The classic features have not changed, and FreshBooks continues to offer top-rate invoice-to-payment functionalities, including direct payment gateways, overdue payment reminders, delay fees, and payment claims. You can use the system to collect payments easily and automate the recurring billing process to accept Google Checkouts, Amex, PayPal, and credit card payments.

What’s more, is that pricing is affordable for almost any budget, and the vendor offers a convenient 30-day free trial to enable you to test drive the features before you plunk down your money.

FreshBooks

An award given to products our B2B experts find especially valuable for companies

Try out FreshBooks with their free trial

FreshBooks also recently added features such as bank reconciliations, invitations for up to 10 accountants, new balance sheet reports, directly adding the credit card to the client profile, and adding payments in bulk. It also improved the navigation experience by adding sections for Invoices, Reports, and Accounting.

FreshBooks has not neglected any utility, and companies can use it to manage invoices as well as expenses. You can easily generate insightful tax summaries and reports after the data is processed. The vendor also offers a handy mobile app. The system seamlessly integrates with other business apps, such as billing and invoicing software. You can rely on the support of knowledgeable and experienced agents if you have any issues. 

Detailed FreshBooks Review

2. NetSuite ERP

NetSuite ERP dashboard

NetSuite ERP is essentially a customer relationship management (CRM) solution, but the platform can be used for sales and marketing automation, as well as order management and customer support. It offers a myriad of tools and features to make financial management simple.

Standard features include pre-configured dashboards that can be customized by users for their specific needs. NetSuite ERP also offers robust automation and scalability features. It can grow with your company and automate processes such as financial management, order management, revenue management, fixed assets, inventory management, and billing.

The vendor offers a great demo of the product that will introduce you to all key features.

NetSuite ERP

NetSuite ERP

Try out NetSuite ERP with their free trial

Another great thing about NetSuite ERP is that it comes with great reporting features. For starters, users can easily customize their view of key performance indicators and generate reports that are specific to their role in the company. They can also track vendor performance and monitor inventory levels, allowing them to further improve the customer experience.

Detailed NetSuite ERP Review

3. Tipalti

Tipalti dashboard

Tipalti is a cloud payment automation and management software that helps simplify global mass payments. This makes the software suitable for companies with offices worldwide. Notably, you can accept payment in more than 190 countries, use 120 currency options, and rely on 6 payment methods, including PayPal, wire, local bank transfer, and debit card. Moreover, the software simplifies the daily task of ensuring that your company’s financial data and processes are timely, accurate, and easy to understand.

The software helps businesses avoid late payments, noncompliance, and over-tasking the accounting team. It also has flexible payment reconciliation, AP, and financial reporting features that work with a myriad of payment gateways and ERP systems.

The vendor also offers an appealing test drive of all software features is available to you.

Tipalti

Tipalti

Try out Tipalti with their free trial

With it, you can minimize, if not eliminate, downstream issues and human error, by letting suppliers input tax data directly in the Supplier Management portal. A Remittance Validation Engine, which monitors over 26,000 national and international standards, guarantees the integrity of supplier data.

Detailed Tipalti Review

4. FreeAgent

FreeAgent dashboard

FreeAgent is a powerful, feature-filled online tool explicitly designed to help freelancers and small business owners and their accountants keep tabs on their finances. Dubbed as the accounting app that does it all, FreeAgent brings with it a suite of tools meant to control and manage all aspects of your business’ financial operations including payrolls, expenses, estimates and invoices, bank transaction, cash flows, taxes, time tracking, and your project’s financial performance.

It is the accounting software of choice for over 60,000 businesses, relying on its ability to bring together and manage all aspects of their financial operations. With the platform, you can both send and track invoices that are created by the system itself, and have your expenses monitored simply by taking a photo of your receipt using your phone and uploading it to the system.

The vendor also offers a great free trial plan that lets you try out all the key features.

FreeAgent

FreeAgent

Try out FreeAgent with their free trial

FreeAgent offers a built-in stopwatch and timesheets that you can use to keep time records. You keep track of cash flows through the dashboard and link to bank accounts with transactions imported automatically into the platform. Likewise, you get an overview of your business’ income, expenses, profitability, and receivables. FreeAgent can integrate with more than two dozen external apps and services and can accommodate over 750 add-ons with Zapier.

Detailed FreeAgent Review

5. Zoho Books

Zoho Books dashboard

Any member of the Zoho family is a good product, and you rely on the company’s productivity suite to streamline your business. Their accounting software Zoho Books is also of top quality, which is why it got a high ranking on our list.

Why is Zoho Books in our list of best accounting software? The reason is this award-winning solution offers great value for money. It easily automates bank feeds, sends payment reminders automatically, and makes it easy to send and track retainer invoices. The system is unique as it integrates with Stripe and makes it simple to do payment reconciliation.

You can use all the features for free for a period of time to see if the software matches your needs.

Zoho Books

Zoho Books

Try out Zoho Books with their free trial

Zoho Books is similar to Freshbooks in the manner it supports collaboration to dissolve miscommunication between a company’s accounting and sales units. Similar to Freshbooks, Zoho Books also offers mobile optimization and API for integration with other business apps. You can also make use of premade integrations with other Zoho products. It also enhanced its features like invoice templates and custom domain and added new features like recurring journals and bulk payments received and project deletion.

Detailed Zoho Books Review

6. Sage Business Cloud Accounting

Sage Business Cloud Accounting dashboard

Sage Business Cloud Accounting is ideal for small businesses. With that, it offers two affordable plans designed to fit the budget and needs of small businesses. For sole traders and micro-businesses, you can make use of its entry-level accounting solution at $10 per month. If you need invoicing and cash flow management features, you can opt for the app’s higher plan at $25 per month. 

The product focuses on streamlining paperwork, minimizing spreadsheets, and staying on top of your finances. It simplifies business payroll and ensures compliance with the Affordable Care Act. It empowers financial management by consolidating data and automating complex financial processes. It also handles payments and banking.

The vendor offers a comprehensive free trial to get you up to speed with the features.

Sage Business Cloud Accounting

Sage Business Cloud Accounting

Try out Sage Business Cloud Accounting with their free trial

The software connects with other apps and offers intuitive apps for your mobile device. This enables you to manage your invoicing, banking, and cash flow on the go. Sage also regularly fixes and updates its features like bank reconciliations, CSV imports, and journal functionalities.

Detailed Sage Business Cloud Accounting Review

7. Sage 50cloud

Sage 50cloud dashboard

Sage 50cloud is a best-in-class online accounting platform built to help SMBs efficiently manage their finances as well as compliance with taxes and reporting requirements. It comes with 50 enterprise-level features and capabilities to help you get a handle on your taxes, inventory, budgeting, cash flow, expenses, invoicing, and financial data, among others. It offers an extensive array of add-ons, including credit card processing, HR/payroll, POS, ecommerce, data management, and more.  With its mobile capability, you can make payments on-the-go and bill customers, and provide your accountants with real-time access to accounting books.

A unique attribute of the accounting platform is that it combines the robust feature set of the desktop with the accessibility of the cloud, letting you access and store data in the cloud and perform other tasks on your on-site PCs. You can use the software to track purchases and vendors and pay bills while its expense management features let you undertake mobile payments and bank feeds.

The vendor has an appealing free trial where you can tinker with the features at no cost.

Sage 50cloud

Sage 50cloud

Try out Sage 50cloud with their free trial

In addition to the abovementioned, it also allows you to connect to your bank accounts, providing for real-time recording of sales and receipts, tracking receivables, transferring funds, reconciling bank accounts, and making deposits. Furthermore, the platform offers new features such as electronic invoices, streamlined transaction approvals, and integrated Microsoft Pay.

Detailed Sage 50cloud Review

8. BigTime

BigTime dashboard

BigTime serves as an all-in-one platform for billing, invoicing, expense tracking, and timekeeping. The software makes it easier for you to track expenses and billable hours, whether offline or online. The automation of these processes minimizes inaccuracies and errors caused by manual entry.

Aside from tracking time and expenses, BigTime also streamlines your billing and invoicing process. Plus, the platform provides reporting capabilities in a variety of formats, including XLS and PDF.

Get to know the features firsthand at no cost and without commitment through the free trial plan that the vendor offers.

BigTime

BigTime

Try out BigTime with their free trial

BigTime offers the features of project management tools, as well, as the platform lets you create timelines in the form of Gantt charts and break down projects into tasks. This way, it is easier for project managers to map out their tasks, see deadlines in one dashboard, as well as monitor the progress of their projects.

Detailed BigTime Review

9. Tradogram

Tradogram dashboard

Tradogram is an e-procurement platform designed to streamline the purchasing process for your business. The platform comes with built-in tools to help you manage suppliers, control costs, and track expenses. This way, you get finer control over your business’ spending.

Tradogram offers built-in capabilities for inventory management, multi-level management, and report generation. You’ll also get tools for producing invoices, POs, contracts, and other documents. The software centralizes all these features into one platform to organize your procurement process.

An appealing test drive of all software features is available to you through the vendor’s free trial plan.

Tradogram

Tradogram

Try out Tradogram with their free trial

In addition to the abovementioned features, Tradogram also integrates with practically any other third-party cloud-based applications. Meaning, you can connect it with your existing software ecosystem and streamline your process across tools. With these said, you can ensure that this platform will give you total control over your total cost of ownership.

Detailed Tradogram Review

10. Zoho Expense

Zoho Expense dashboard

For businesses looking to have a better expense reporting tool for their accounting processes, Zoho Expense is a reliable product to try out. Using the tool expedites approvals, automates the creation of expense reports, and accelerate reimbursements. One of the things you’ll like about this tool is its intuitive mobile app. With your smartphone, you can simply take a photo of the receipt. The tool automatically transforms it into an expense entry.

Aside from the features we’ve already mentioned, Zoho Expense also comes with a slew of other advanced tools such as card transaction processing, mileage tracking, and expense analytics. With these, users will surely be able to streamline their accounting processes and make them more efficient. Moreover, it will allow them to reduce the risk of human error and minimize the need for multiple software solutions for their day-to-day operations.

The vendor has an appealing free trial where you can tinker with the features at no cost.

Zoho Expense

Zoho Expense

Try out Zoho Expense with their free trial

Zoho Expense includes its advanced features at affordable prices. For starters, the app has a forever-free plan that already supports 3 users. For unlimited receipt storage and auto scans, you can upgrade to the Premium Plan for only $2.50 per user per month. For larger teams, you have to request a quote for its Enterprise Plan.

Detailed Zoho Expense Review

11. AvidXchange

AvidXchange dashboard

AvidXchange provides a comprehensive solution that SMBs and large enterprises in the B2B industry can leverage for their accounts payable and billing management requirements. With this solution at their disposal, users can perform paperless invoicing, automate the purchase-to-pay processes, as well as manage payments as efficiently as possible.

Aside from its features for billing, invoicing, bank reconciliation, and accounts receivable management, it also comes equipped with a spend management tool. This helps users keep tabs on all expenses and make sure that all transactions are kept within the budget. Lastly, this software offers a supplier portal where businesses can manage all their transactions with their vendors.

You can use all the features for free for a period of time to see if the software matches your needs.

AvidXchange

AvidXchange

Try out AvidXchange with their free trial

For added convenience, AvidXchange can easily integrate with third-party accounting systems such as QuickBooks, NetSuite, and Sage Intacct. With this, you can seamlesssly record your business transactions as you process them, consolidate them in a single hub and accelerate your operations.

Detailed AvidXchange Review

12. SignRequest

SignRequest dashboard

SignRequest is an e-signature solution that makes contract management easier. The platform allows users to affix legally binding digital signatures to documents, speeding up approval processes, and helping boost sales for your business.

With SignRequest, you stay in control of contracts and agreements. This makes transactions more transparent and the auditing process more convenient. This is particularly useful for highly regulated sectors and industries.

The vendor offers a comprehensive free trial to get you up to speed with the features.

SignRequest

SignRequest

Try out SignRequest with their free trial

In addition, SignRequest is built for flexibility. It can support 13 languages and provides extensive customization options for templates. Moreover, the platform comes equipped with API capabilities so you can easily connect it with a number of third-party integrations.

Detailed SignRequest Review

13. Sage Intacct

Sage Intacct dashboard

The brand name Sage Intacct is derived from two words, ‘internet’ and ‘accounting,’ which, meaning it is a cloud-based accounting system. It is the right choice for individuals and businesses that are looking for an advanced accounting platform. This means that to use the software effectively, you need to be well-versed in accounting and related processes.

The learning curve is steep, but it is worth it to get well acquainted with the software. Intacct offers helpful features for a range of users, which have made it popular. The basic set of features include employee expenses, purchasing, cash management, order entry, accounts payable and accounts receivable, and general ledger. You can also add advanced modules such as Salesforce.com integration, revenue recognition, global consolidations, and project accounting.

Detailed Sage Intacct Review

14. Xero

Xero dashboard

Xero enables business owners and their advisors to access and manage real-time financial data anywhere, anytime, and on any device. It is designed for small business owners and helps them track and manage wages, revenues, receivables, payables, expenditures, and cash flow. You can also configure rules and customize them to fit your needs.

The solution offers connections to more than 5,000 banks and other financial institutions across the world. This feature allows users to automatically import and categorize their latest PayPal, credit card, and banking transactions. Another useful feature is that Xero automatically reconciles all your bank transactions, which makes it easy for you to manage and control your finances. Other helpful features are real-time currency exchange updates, multiple currencies, multiple languages, and custom invoices.

Detailed Xero Review

15. ADP Workforce Now

ADP Workforce Now dashboard

ADP Workforce Now is a complete accounting platform with payroll, HR, talent, benefits, and time tools. It is an integrated system that you can use along with your existing tools. It is also scalable so you can grow your business with it. This cloud-based software takes away the manual entries from your workflows and empowers automation. It simplifies payroll by ensuring accurate tax filings, pay calculations, and deductions.

This tool is ideal for mid-sized businesses looking for a tool they can use to manage their accounting and HR in-house. It helps you stay on top of your employees – record-keeping, new-hire onboarding, and compensation planning, among others. This accounting platform even doubles as time-tracking software. Accountants can have access to the system so they can execute and take care of your accounting process on your behalf when needed.

Detailed ADP Workforce Now Review

For Accounting, Technology is the Future

Utilizing technology for your accounting process is the future. The growing awareness of these systems and their benefits is a testament to its effectiveness. By automating tasks, you can save time and use it for more important matters that involve growing your business. With that, it’s important to choose the right software that matches your needs.

Evaluate your business needs and identify which features you need. You can quickly narrow down your search by looking at the top accounting software systems and determining which of them can fulfill your requirements. Register for free trials and demos to know more about the product without spending anything. To start, you can try out FreshBooks, a top product in the category, and explore its features firsthand.

By Nestor Gilbert

Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.

5 Comments »
bob says:

hi, which one can I find on birate day, I want to find one I can download thats not an online software any ones I can buy that arent online suites?

Reply to this comment »
Douglas Maddison says:

How can we determine what’s the best accounting software for our business? I have a small online retail business that’s barely a year old and I feel that my current accounting platform is not up to task. I’d like to shift to another solution that’s more robust and reliable (and preferably affordable) especially after having read the above comment on the IRS requirement.

Reply to this comment »
Alex says:

There several accounting software products in the market today that are not only rich in features and have solid capabilities but are also budget-friendly and designed for the needs of small and mid-sized business. This list of examples of accounting software systems for your business can help you find the most suitable solution and narrow down your choices. Majority if not all of them are online platforms that you can use by paying monthly subscriptions. The advantage of cloud hosted solutions is that you do not have to install, update or maintain anything, aside from being able to access and use the platform from any internet connected device.

Essentially, the best accounting software is the one that matches and meets your business requirements and only you can assess that. Most vendors of accounting software products offer free trials, allowing you to test the software first hand. While many of these solutions carry similar key accounting features such as billing and invoicing, budget and forecasting, inventory and fixed asset management as well as tax management, among others, it is also important to check out the following:

- Is it intuitive and simple to use?
- Can it smoothly integrate with third-party apps and systems?
- Can it do in-depth analysis and generate insightful reports?
- Is it fast, responsive and accurate?
- Can it automate and streamline daily routine?
- Can it help you develop smarter strategies?
- Can it combine multiple data operations in one platform?
- Can it work with your existing financial framework, and not you having to adjust to it?

The above are just some examples that the accounting solution should be able to do to boost efficiency and productivity of your financial or accounting team. Ultimately, accounting software should help your business realize savings from more accurate financial/accounting operations. While tax management is just one area that good accounting solutions can ably handle, all its other components and functionalities are built to work together to drive your business forward.

I could recommend some great accounting solutions from the list I’ve mentioned earlier but at the end of the day, it’s for you to decide. So check them out and see what fits right into your business.

Reply to this comment »
Anthony Medina says:

It helps that on my side, with my business and accountant, these accounting software solutions speed up and simplify the tax record preparation and submission and keeps it error-free. Does the IRS encourage and promote this practice nowadays?

Reply to this comment »
Sandra Klanijan says:

The answer to that is yes. That’s why there has been a proliferation of accounting software solutions not only to help businesses and professionals with their financials but also to streamline the process and preparation of tax records and documents. The IRS supports this practice and you can check their information page (updated as of October 2017) on the use of electronic accounting software records for more details. The takeaways of the topic on that page include the following:
- Electronic information management is now the standard to eliminate traditional paper books and records in the IRS examination process.
- It reduces the burden while increasing the efficiency of examiner’s analysis, and provides a complete set of taxpayer’s accounting records.
- The IRS will request electronic accounting software backup files early in their examination.
- The IRS has the ability to accept and read data files from accounting software programs currently used by most business taxpayers.

You see therefore the importance of having the leading accounting software products out there used by businesses. Accounting software will be required by the IRS for the efficient examination and analysis of your tax records. It benefits both you and the IRS, simplifying the preparation and submission of tax information on your part and the work on their end.

It is worth pointing out that with the capability of accounting software solutions to produce large number of pre-set reports, the examiner is able to drill down on the underlying data in each report as well as test the veracity of the accounting records you submitted. Accounting software helps you generate accurate and verifiable tax information that can stand the test and analysis of the IRS examiner. This is crucial, and a good accounting software can help you in this area.

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