15 Best Accounting Software Systems For Your Business
Accounting software is an essential system for companies of all sizes and in any industry. The software offers many benefits which has made it popular. Advantages include faster accounting, reduced costs, and mistake-free taxation. Accounting systems offer a range of useful features and companies usually select a solution that has an attractive interface and is easy to use. As there are scores of good quality accounting platforms out there, selecting the right one can be a hard task. To help you make the correct choice, we have prepared a list of the best accounting software systems you can consider for your company.
1. FreshBooks – Score: 9.8/10
FreshBooks is the current leader in our accounting software category. Its awesome features have fetched it an impressive score of 9.8/10 and user satisfaction rate of 99%. Plus, it has won prestigious quality awards from our experts including the Best Accounting Software Award for 2016 and the Supreme Software Award for 2016. 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 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.
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, and you can rely on the support of knowledgeable and experienced agents if you have any issues. The 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.
2. Brightpearl – Score: 9.7/10
If you want an alternative to Freshbooks, you can consider Brightpearl, another excellent accounting solution designed for small and medium-sized businesses. In terms of functionality, Brightpearl is close to Freshbooks. But there is a big pricing gap between the two software platforms.
If you have the budget, you can definitely consider Brightpearl which is a leading accounting system designed for retail purposes. It is cloud-based and allows store managers to do accounting, and manage customer accounts and inventory from anywhere. An impressive feature is the central organizational hub that you can smoothly integrate with your shipping system, and from where you can manage payables/receivables for all your sales channels. Other features include batch processing, CRM, quoting, POS suite, order management, and sales-related functions.
Similar to Freshbooks, Brightpearl is mobile-optimized, offers a developers’ API for smooth integration with your other business apps, and offers premium customer support for all pricing packages.
3. Intacct – Score: 9.6/10
The brand name Intacct is derived from two words, ‘internet’ and ‘accounting’, which reflects that 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.
4. Zoho Books – Score: 9.5/10
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 begets 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.
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.
5. QuickBooks Enterprise – Score: 9.4/10
QuickBooks Enterprise is the professional business version of the Quickbooks accounting software. QuickBooks Pro levies a single-payment license for enterprise-grade users, therefore it is not suitable for small and mid-sized businesses.
QuickBooks Enterprise is designed to suit experienced users and offers several advanced accounting modules including employee management, payroll, purchasing, sales, inventory, and reporting. Entry-level accountants can find the system hard to use. But once you get the hang of it, you can benefit from useful features such as tracking fixed assets, direct credit card transactions, automated billing, custom reports, and combined reports.
For taxation, Quickbooks offers a unique feature for automated tax deductible expenses. Retailers can benefit as they can access all items from a single solution, enabling them to track services, locate tasks, accommodate customer requests to change quantities, and create BOMs (bills of materials).
6. Xero – Score: 9.3/10
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 with 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 Xero automatically reconciles all your bank transactions, which make 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.
7. NetSuite ERP – Score: 9.1/10
NetSuite ERP is essentially a customer relationship management (CRM) solution, but the platform can be used for sales force and marketing automation, as well as order management and customer support. It offers a load 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. Users can easily customize their view of key performance indicators and generate reports that are specific to their role in the company.
8. FinancialForce Accounting – Score: 9.1/10
FinancialForce Accounting is a comprehensive financial management solution that offers a fresh approach to how businesses should do their accounting work. It makes use of the power of Force.com and offers users a robust system that is easy to maintain. The interface is a bit complex and more suited to the advanced skill levels of experienced and professional accountants.
The product offers impressive features including robust billing, accounting, media, and Professional Services Automation solutions. Other top functionalities include automated ordering and billing, cash management functions to optimize cash flow, streamlined payables and receivables, and an efficient and flexible general ledger.
9. Sage 50 – Score: 8.8/10
Sage 50 is another quality accounting solution that is offered in multiple versions for the requirements of every business. It is a simple yet robust desktop accounting application which easily manages account payables and receivables, billing, and cash flow management. The app is easy to use and also offers module-level security and industry-specific features.
Sage 50 owes its popularity to its simplicity and ease of use as it has eschewed needless bells and whistles that can be confusing for users. The app is well-structured, flexible, and fast, making it ideal for small accounting teams. The pricing is affordable and for just $29/month you get great features such as terminal services, job management, and automated data backup.
10. AccountEdge – Score: 8.6/10
AccountEdge is a simple desktop-based accounting software that runs payrolls, and manages purchases and sales. Its double-entry feature allows accountants to analyze their files and extract operable info for insightful custom reports any time. Trademark features include great inventory reports, automated invoicing, and direct deposits.
This software provides all vital important banking functions: You can easily spend and receive money, reconcile accounts, and make electronic payments without creating a separate purchase order for each of them. You can use the system to track time and bill your activities, and pay your employees based on vacation, healthcare, and 401K deductions calculated within. Advanced users can repurpose the software for inventory tracking and even use it as an ecommerce solution by integrating it with a relevant program like Shopify.
11. Tipalti – Score: 9.1/10
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 the company’s finance data and processes are timely, accurate, and easy to understand.
The software helps businesses to avoid late payments, noncompliance, and overtasking 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. 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 integrity of supplier data.
12. PaySimple – Score 8.9/10
Typical small business only needs to streamline its billing and invoicing so the owner can focus on actually running the business, not its numbers. If this is true for you, PaySimple may be a good fit. The cloud receivables automation software is designed primarily for small business accounting. It focuses on online billing and invoicing, which can greatly enhance your ability to sell and collect in e-commerce. It is easy to set up and use, and lets you stop chasing payments and keeping tabs on AR. You can generate invoices fast, send them out, all that with the flexibility to use different payment gateways. As with all top-class accounting software, PaySimple has a secure platform and can accept various payment methods, including ACH e-checks, credit cards, and debit cards.
Other noteworthy features of this software include: a booking tool that allows you to showcase products or services online, a calendar that helps you monitor your and your staff’s tasks or send auto follow-ups to clients, and mobile payment support. Note though that PaySimple may be too basic for businesses with complex accounting needs.
13. Intuit Payroll – Score 8.8/10
Intuit Payroll is a cloud payroll solution that is ideal for small businesses who are looking mainly to streamline their payroll process. Designed the makers of QuickBooks–one of the most popular accounting software–Intuit Payroll can help unburden you of cumbersome, repetitive employee pay tasks. Not only that, it helps you to avoid pay disputes to keep your staff happy and the business running smoothly.
Intuit Payroll offers three packages (each with some limitations) except for the premium plan which includes all the features. This means you can easily scale down the software to suit the tightest budget in lean times, while still ensuring employees have a timely and accurate payroll. To get the most out of this software, you can get the Full Service Payroll that manages all payroll and tax processes, including automating payroll tax calculations. Furthermore, if you’re using QuickBooks, this payroll solution works seamlessly without you having to worry about data migration issues.
Aside from handling payroll processes, Intuit Payroll also features hiring tools and a knowledge base of talent sourcing. Its live expert support is great and, in fact, one of the its most admired aspects.
14. Zoho Invoice – Score 8.8/10
Zoho Invoice is one of the more popular small business SaaS accounting solutions. But that may be a bit misleading because Zoho Invoice, as its name suggests, is solely focused on the invoice process. It is designed for sole proprietors, consultants, and freelancers with the basic need to send professional billings. Indeed, the software is very popular among web designers, writers, photographers, and other freelancers.
If you are too small to hire a bookkeeper or accountant, Zoho Invoice can help you create and send industry-standard invoices with a range of layout templates (or custom design it). You can also monitor these invoices online so you can keep tabs on your receivables. Likewise, it’s easy to create invoices in different currencies and languages, making this solution useful for professionals with clients in different countries.
15. Bill.com – Score: 8.8/10
Bill.com is a cloud solution focused on simplifying your business payments as its key value proposition. What it lacks in comparison to other more complex accounting tools, it makes up for with impressive small businesses features to streamline accounts receivables and accounts payments. Being one of the fastest growing business payment networks in the US today, Bill.com is a host to nearly 200,000 users for their billing and payment processes.
The software helps you to implement AR/AP online without fear of data error or security breach. By receiving, approving, and paying bills online you can cut your billing and payment turnaround by half. AR payments are transferred directly to your bank account, while your APs are sent to the supplier’s bank account. Another notable feature is the ability to stack invoices in your scanner or fax and send them to Bill.com. Other key features include: unlimited document storage, custom invoicing services, and mobile back office accessibility.Category: B2B News