Most small businesses run on a tight budget. As a result, they often skip over the part about hiring an accountant. However, by its nature, the task of accounting is organically ingrained in business operations. Therefore, the burden of accounting and bookkeeping automatically falls on the owner or manager to figure out on their own. As it stands, they are already drowning in their workload. Moreover, the task of accounting, by its nature, demands a lot of meticulousness and caution.
If it had been a decade ago, this could have been a serious challenge for business owners and managers. But today, we have several cutting-edge digital tools at our disposal that make our job easy. For accounting, too, you can now leverage such an advanced digital tool—accounting and bookkeeping software.
Accounting software, often referred to as accounting and bookkeeping software is used to record and handle business transactions. Consider it a sophisticated computerized ledger that streamlines double-entry accounting. It can help with billing, accounts payable, payroll, tax filing, and financial reporting. So, if you are having trouble with your accounting and bookkeeping, you should get accounting software for your business as soon as possible.
Here are the 20 best accounting software options for you to choose from and automate your accounting process.
List of 20 Accounting & Bookkeeping Software
Intuit QuickBooks Online
Intuit Quickbooks is likely to be the first resource that you think of when it comes to the best small business accounting software—and for a valid reason. It’s been around for long enough for you to have a good understanding of what you’re gaining when you decide to invest in QuickBooks—an affordable, easily accessible, reliable accounting solution that can accommodate businesses of all sizes. It is the global leader in cloud-based accounting.
QuickBooks Online provides a systematic, integrated, and streamlined view of your cash flow and advanced tools to manage all your financial needs. QBO enables you to keep track of your income and expenses, issue invoices and receive payments, generate reports, create estimates, manage sales and taxes, and record and organize receipts. More advanced plans include the ability to track inventory, and time, and even run full-service payroll. It also integrates with over a hundred third-party applications and software, such as Field Promax, PayPal, and Square, to meet all your accounting and bookkeeping requirements on one single platform. Aside from its exceptional range of features, the application distinguishes itself with features such as receipt capture and 24/7 chat assistance.
- Bank feeds
- GST & VAT
- Insights and reports
- Mobile app
Xero Accounting Software serves as a cloud-based accounting and bookkeeping platform for small and midsize businesses. It links businesses with trusted consultants and provides owners with real-time insight into their company’s financial health. It has extensive accounting tools that allow businesses to monitor cash flows, account details, as well as transactions from anywhere. Bank transactions are auto-imported and coded. It offers an online bill payment tool that assists businesses in tracking their spending and knowing when their bills are due, as well as maintaining strong relationships with company vendors who supply key business goods.
As a web-based platform, users can access Xero from anywhere as long as they have a working internet connection. With remote review and approval of every single receipt, Xero Accounting Software also simplifies managing personal costs. It is also compatible with a variety of data sources, including Bill.com, ADP, and Vend.
- Easy invoicing with templates
- Recurring invoices
- Automatic updates
- Tax filing
- Third-party integration
- HMRC-recognized VAT software
FreshBooks is a simple solution that makes small business accounting easier and more effective. It is a full-featured, double-entry accounting system that provides an excellent user experience. However, it is best suited for small businesses with limited users. They may utilize it for basic money management tasks such as sending invoices, managing bank accounts, receiving payments, and tracking expenses. Larger businesses can incorporate advanced tools like mileage and time monitoring, projects and proposals, and reports.
- In-app estimates and proposals
- Pre-populated chart of accounts
- Checkout links
- App integrations
NetSuite’s Enterprise Resource Planning (ERP) accounting program assists small companies with functions such as financial management and planning, fulfillment, order management, supply chain management, and procurement by combining these processes into a single, streamlined system. It provides a comprehensive accounting and bookkeeping solution, equipped with features that can help your business at every level as it grows and scales. If you expect rapid expansion, NetSuite ERP may be a good fit.
- Real-time analytics
- Dynamic inventory management
- Prorate conventions
- Purchase management
- Committed POs
- Sales management
Zoho Books is a wonderful resource for assisting your small business with cash flow and financial management. The program enables you to automate processes and collaborate across teams. It offers first-rate solutions for financial reporting, banking, inventory management, time tracking, and more—powered up by a top-of-the-line user interface.
One of Zoho’s most appealing features is its simple, user-friendly interface. It has a comprehensive dashboard that nearly any member of the team can understand. It also provides advantages such as good customer service and the option to take payments online.
- Customizable Invoice Templates
- Online payments
- Recurring expenses
- Transaction approval
- Inventory tracking
- Landed cost
- Vendor credits
- Customer Portal
Clockify is primarily known for its time-tracking applications, but the advanced digital tool can also track billable hours, set hourly rates, and generate reports or bills to automate accounting and bookkeeping.
Clockify works great for both large and small accounting firms, and it works well for managing expenses. It excels in time and task management as well as monitoring activity across multiple devices.
Clockify is compatible with all operating systems, including Mac, Android, Windows, iOS, Linux, and other web browsers.
- Calendar Apps
Melio is a B2B online payment service for businesses. It is designed for businesses of every kind to make and receive payments in their preferred method, whether by ACH, check, or credit card. You can also use this application to manage your cash flow and transactions, as well as create and send invoices.
Melio has no periodic or annual subscription costs, and while it is mainly free to download and use, certain transactions do incur a minimal fee.
- Payment scheduling
- Payment reminders
- Automated data synchronization
Wave is an effective accounting software for small enterprises and independent contractors. It offers a strong emphasis on usability and synchronization, allowing you to easily manage your expenses, link your bank accounts, and balance your books. It also complements Wave’s other resources, giving you a single platform if you want to invest in other products from Wave. Most of its services, including invoice and transaction management, are free. However, if you need integrated time tracking, inventory tracking, or project management, you’ll need to go for other options.
- Unlimited income and expense tracking
- Dashboard monitoring for cash balances and invoice statuses
- Customizable sales taxes
- Exportable, basic accounting reports, and financial statements.
- Unlimited bank and credit card connections
Pabbly Subscription Billing is a great subscription management and recurring billing software for small and medium-sized organizations. This software offers useful data on your monthly revenue, payments, active clients, net revenue, and new subscriptions in real time. It also effectively automates all of your business procedures, client interactions, and invoice preparation, allowing you to focus on growing your business.
- Multiple Billing Model
- Payment Gateways
- Client Portal Access
- Task Management
- Create Checkout Page
- Dunning Management
- Global Tax Management
- Creating and Sending Invoices
Sage allows you to invest less time in handling administrative tasks and focus on more important aspects of your business. The software enables you to send invoices, track payments, and costs, and estimate your tax liability. Although Sage does not include time-tracking or collaborative features, its feature set is impressive enough to justify its high price. Payroll. however,l is a separate application in Sage.
- Payments and banking
- Cash flow management
- Advanced inventory management
- Sales optimization
- Payment tracking and acceptance in multiple currencies
Another great double-entry accounting software for your business is OneUp. It seamlessly synchronizes with your bank accounts, organizes transactions, and verifies proposed entries, allowing you to complete your books swiftly and accurately. All in all, these elements amount to nearly 95% accounting automation for your workflow.
- Cash management
- Expense tracking
- Bank reconciliation
OnPay can assist you in automating tax filings, entering payment information, and managing benefits such as health insurance, compensation insurance, and 401(k). It also provides limitless payroll runs for both W-2 and 1099 employees.
Furthermore, OnPay can manage tax form filings, calculate payroll taxes, and even pay your taxes. The best part is, OnPay will also accept responsibility for any tax filing mistakes made while using the platform.
- All tax filings and payments
- Unlimited monthly pay runs
- W-2 and 1099 workers
- Multiple pay rates and schedules
- Pay by direct deposit, debit card, or check
- Unemployment insurance withholding. …
- Custom reporting
Accounting Seed is an excellent cloud-based accounting platform that offers a whole range of useful features. It has a notably secure and reliable API and integrates seamlessly with your organization’s critical applications as well as bank accounts. Thus, it provides real-time visibility and comprehensive insight into your finances overall. Accounting Seed is a great choice if you are looking for an accounting solution that automates almost all of your financial tasks and frees up your time. The cloud-based application also enables you to access the platform from anywhere, at any time, giving you additional mobility and flexibility to enhance your business performance.
- Billing and invoicing
- Custom reports
- Project accounting
- Payment acceptance
- Invoices from sales orders
- Recurrent invoices
- Customer portal
- Data integration
ZipBooks provides an array of easy-to-use invoicing and billing tools, such as automated billing and invoice reminders, to reduce administrative effort. You may also use their distinct reporting and intelligence capabilities to make data-driven financial judgments. One of ZipBooks’ most appealing features is its unparalleled user experience. Its simple, color-coded design is easy to use without losing robust capabilities.
- Billing and invoicing
- Core accounting
- Financial reporting
- Online invoicing
- Business intelligence and reporting
- Expense tracking
- Credit card processing
- Expense management
- Time tracking
ZarMoney is a comprehensive solution with a wide variety of functions. It addresses practically every accounting function that your company must manage, such as productivity, sophisticated inventory, and reporting. You should have no trouble selecting a plan that works for you, with payment structures that can suit anyone from sole proprietors to small businesses to major enterprises.
- Customers and accounts receivable
- Vendors and accounts payable
- Advance inventory
- Customizable dashboard
- Text and email alerts
Patriot Software Accounting
Patriot Software Accounting Premium is best suited for simple small enterprises that are unlikely to eventually outgrow it. Although the interface with Patriot’s payroll application is a significant benefit, the accounting component is lacking in areas such as inventory, time tracking, contact records, and merchant account selection. However, its low cost, extensive support, and ease of use make it an excellent choice for a newbie or small company.
- Unlimited use
- Manage expenses
- Invoices and bills
- Financial reports
- Easily import data
- Track accounts payable and accounts receivable
- Aging reports
- View summaries
Tipalti is ideal for firms that must meet strict deadlines. It can assist you in keeping track of and meeting time-bound payment targets every time. The program, however, still tries to address concerns such as late payments, noncompliance, and administrative overload.
- Payments Scheduling
- Batch Processing
- Automated Workflows
- Self Service
- Payment Tracking
- Billing and Invoicing
AccountEdge Pro offers desktop users customizable and streamlined double-entry accounting solutions ranging from time billing and reporting to inventory. The program is also accessible for a one-time subscription fee, which might save you a lot of money in the long run by eliminating membership costs.
- Billing Portal
- Billing and Invoicing
- Accounting Integration
- Activity Tracking
- Alerts and Notifications
- Activity Dashboard
TrulySmall from Kashoo
TrulySmall is yet another accounting and billing solution that provides robust features at an affordable price. It is an ideal, easy-to-use solution, with plans and features to meet the demands of every small business. Its functionality is simple but effective, and its pricing structure allows for infinite users at a minimal cost.
- Expenses and transactions
- Reports and analytics
- Automatic reconciliation
It is nice to have a list of options, but how do you determine which accounting and bookkeeping software is right for your company?
To find the best solution, you need to identify your needs first. Make a list of your accounting requirements and prioritize them from most important to least important. Once you have shortlisted your choices after careful research, check whether they meet your needs. Then again, check which one of them fulfills your needs most efficiently and yet fits your budget. For example, QuickBooks Online may be a great choice for accounting and bookkeeping for field service companies. Nevertheless, it is more efficient to sign up for a field service management software solution that supports QuickBooks integration. This way, you get both field service management and accounting solutions on a single platform without spending extra money.