Accounting Software

Accounting software can easily help to manage expenses, income and make tax return filling hassle free. These suites come with many options such as bank account integration to automate much of the process. Some of them also offer built-in time tracking, billing and invoicing.

Below is a list of some leading online accounting solutions ranked by their popularity.

1

Account Edge

AccountEdge is a cloud-based accounting software for small business. It allows you to enter invoices, quotes, and orders, as well as complete business tasks from...

By: Acclivity Group LLC.

2

FreshBooks

FreshBooks is an intuitive accounting software that you can access from anywhere, with automatic upgrades. It allows you to customize your invoice, accept credit card...

By: 2ndSite Inc.

3

Express Accounts

Express Accounts is an accounting and bookkeeping software for small business, which works with Windows and Mac operating systems. It provides various features, including sales...

By: NCH Software Pty Ltd

4

KashFlow

KashFlow is an award-winning accounting software designed specifically for small business. It features intuitive UI, anywhere access, quick setup, data transfer, invoice creation, credit control,...

By: KashFlow Software Ltd,

5

QuickBooks

QuickBooks is an online accounting software that you can access and manage from anywhere. It allows you to sync your account with your bank, send...

By: Intuit Inc.

6

Xero

Xero is an online accounting software with bank-level security and add-on marketplace. It provides various important features, such as online accounting, automatic bank reconciliation, smart...

By: Xero Limited.

7

Wave

Wave provides a quick and easy accounting software for small business, with accountant-approved and secure technology. It features real accounting, multiple users, third-party integrations, invoice...

By: Wave Accounting Inc.

8

FreeAgent

FreeAgent is a web-based and mobile-friendly bookkeeping software designed for freelancers and small businesses. It features all-in-one dashboard, professional estimates, good-looking invoice, simple expense tracking,...

By: FreeAgent Central Ltd

9

Sage One

Sage One is a simple online accounting software that is targeted for small business owners. It features online accounting, quotes and estimates, invoices, reports, bank...

By: Sage Software, Inc.

10

MYOB

MYOB (Abbreviation of 'Mind Your Own Business') is an Aussie online accounting software that helps to manage your finance, save time, and stay ATO compliant....

By: MYOB Technology Pty Ltd.

11

Debitoor

Debitoor offers online invoicing and accounting platform for small businesses. They offer all the standard features for accounting and bookkeeping such as bank account integration...

By: ECI Debitoor ApS

12

Saasu

Saasu is an Aussie company that helps to automate the accounting process of your business with a simple online accounting software. It provides various features,...

By: Saasu Pty. Ltd.

13

Crunch

Crunch provides a simple accounting service for freelancers, contractors, startups, and small businesses, with online software that you can access anytime and anywhere. The company...

By: E-Crunch Ltd.

14

Kashoo

Kashoo provides a simple cloud accounting software for individuals and small business owners worldwide. It features easy invoicing, bank reconciliation, tax prep, expense management, multiple...

By: Kashoo Cloud Accounting Inc.

15

ClearBooks

ClearBooks is an online accounting software targeted for accountants and small businesses. It provides various features, such as invoicing, expenses, financial reports, and mobile accounting....

By: Clear Books plc

16

Zoho Books

Zoho Books provides an online accounting software for small business to keep their cash flow under control. It features online payment, automatic workflow, multiple project...

By: Zoho Corporation Pvt. Ltd.

17

Less Accounting

LessAccounting provides a simple accounting software for small business, with easy and automatic bookkeeping. It features expense tracking, invoicing, proposals, mileage, contacts, accounting workflows, data...

By: Less Everything, Inc.

18

Outright

Outright allows you take your small business finances in one place, with simple invoicing and bookkeeping. It features automatic data import from banks, PayPal, credit...

By: Godaddy Inc

19

Front Accounting

FrontAccounting provides an easy accounting software designed for small companies. It features sales and accounts receivables, purchases and accounts payables, inventory and stocks, manufacturing, cash...

By: FrontAccounting, LLC.

20

Reckon

Reckon provides accounting solutions for accountants, businesses, and bookkeepers. It features bill and expense tracking, email documents, GST tracking, weekend support, unlimited data files, automatic...

By: Reckon Limited.

21

Manager

Manager is a free small business accounting software that is available for Windows, Mac, and Linux platforms. It features cash management, bank reconciliation, billing and...

By: NGSoftware Pty Ltd

22

Twinfield

Twinfield is an online accounting software that is easy to use and allows you to manage your finances, keep track of your expenses, and take...

By: Wolters Kluwer (UK) Limited

23

Capium

Capium is a single-platform accounting software made for businesses and accountants. It features simplified accounting, Companies House direct filing, instant report, RTI compliance for PAYE,...

By: Capium Limited

24

PayChex Accounting Online

Paychex Accounting Online is a simple accounting software for small business, which allows you to work together with your accountants and business partners. It features...

By: Paychex, Inc.

25

Reach

Reach is an all-in-one web-based accounting software made for various types of businesses. It features customer relationship management, sales management, billing and invoicing, point of...

By: Reach Process Outsourcing Pvt Ltd.

26

BrightBook

Brightbook is a simple and easy online accounting software made for professionals and companies worldwide. It allows you to access the software from anywhere, send...

By: Brightbook Limited.

27

Working Point

WorkingPoint provides various online management solutions for small business, including accounting, invoicing, financial reporting, tax reporting, business dashboard, and more. It features financial analytics, business...

By: WorkingPoint, Inc.

28

Bullet

Bullet is an online accounting software with free online invoicing, allowing you to automate your accounting tasks. It provides easy user interface and it is...

By: Gleman Software Development Ltd

29

Pulse

Pulse is an online accounting software that allows you to manage the financial aspects of your business. It features multiple cash flow views, companies and...

By: Pulseapp.com, Inc.

30

Yendo

Yendo provides cloud accounting software, cloud CRM software, cloud payments software, and newsletter software used by companies in 17 countries. It features shared accountant access,...

By: Yendo Limited

31

Merrchant

Merrchant provides world's best Free Online Accounting Software & GST Billing Software for small business in India. Merrchant Accounting Software is trusted by industry leaders...

By: Merrchant

32

Sage 50c

Provides one of the best accounting solutions for businesses, with multiple users and support for multiple companies. Has a simple yet powerful desktop software with...

By: Sage Group plc

Account Software Buying Guide

With the introduction of digital accounting solutions, gone are those days when keeping the accounting books used to be a paper-oriented process. The digital age has certainly made it possible even for a small business to use an affordable accounting tool for automating several accounting tasks. Right from bank reconciliation statement to balance sheets, the accounting programs can do a lot in no time for any kind of business.

Accounting software programs not only alleviates calculation errors but give you business insights that a paper document or report might not provide, such as overstocked items, sales forecasts, and highlighting the least profitable product or service. What can be more beneficial than having all financial data conciliated at one place for a business?

However, the market is filled with a variety of business accounting software that can track and manage all accounting information. However, it can be challenging to find the most suitable accounting software for your business. Nevertheless, you can simplify this task by identifying and analyzing your business needs.

You can then map these needs to the features and capabilities of promising programs for finding out the best one. Obviously, this mapping requires understanding of accounting basics as well. For meticulous but hassle-free selection, here are some features to consider.

Online vs Offline Accounting

While some accounting tools are desktop-based, many are cloud-based. The latter is in more demand for its anytime as well as anywhere accessibility for performing accounting tasks. It is better to go for a cloud-based program in case you are working with freelancers or have your business staff spread across geographical boundaries. Moreover, there is no need to download such a program and that even setting your account or business profile is quicker.

Number of Users

Most accounting apps are limited when it comes to giving access to users. A few might support only 10, while some might support 25. What you need to know here is that the price you pay rises directly with the increase in the number of users supported. However, you can also find a few applications that tend to support unlimited users at highly competitive price. The key to choose the right app from this aspect is to know beforehand how many users will have access to the cloud-based software.

Helpful Interface

If you are about to use an accounting software for the first time, it is truly nice to have a self-explanatory interface. It should be such you need not spend time in looking for options or in learning from too many videos. Further, it should not be cluttered.

Accounting Features

Several accounting apps come with several menus or modules such as Sales to create and track orders and invoices, Contacts to add and manage contact details of clients and customers, and Time Tracking for tracking the time of each employee or contractor given to a project. They also have bank reconciliation module that automatically synchronizes with your bank accounts to download data, Account Receivables and Payables to track expenses and income, and Quotes to create and track quotations.

If customization is what you need, look for an app that allows customizing its templates without any restrictions. There should be formatting options along with the utility to add your company logo. If you are looking for full automation, then ensure to have features such as automatic payment reminders, automatic invoice reminders, tracking when customers opened invoices, and adding mileage for tax returns.

Accounting Standards in Action

It is remarkable to note that many accounting tools follow different standards; a few supports single entry, while others implement the double entry practices. Similarly, many might switch to and fro from accrual to cash standards of accounting, influencing the reports themselves. Usually, businesses prefer double-entry standards, small businesses or startups might prefer the cash-accrual methods for fulfilling regulatory and reporting needs.

Reporting

Without reports, no tool or app can be complete! Therefore, look for a program that can give you maximum reports including cash flow statements, profit and loss statement, wages, chart of accounts, receivables, and payables. These reports are essential for tracking business, getting loans, and complying with reporting requirements of stakeholders. Small businesses would also love to have some more reports such as sales taxes payable, accounts receivable, accounts payable, and payroll deductions payable.

Automatic Entry of Data

This is the biggest selling point of any online accounting software, as the computer does all the work automatically. This simply saves a lot of time. However, note that this automation is not 100%, as you probably need to enter data at some point in time, which means data transfer through export or import might not be always error-free.

The bank statement data is the most common data that the software automatically enters either via a direct connection to the bank account and doing it on its own or prompting to download an electronic statement and uploading the same into the software. However, the best software picks up or learns certain things for simplifying the entry of information.

Integration with Other Apps

The ability to integrate with other tools is certainly a plus point of accounting software for exchanging data. A few services that you might wish to integrate include invoicing, payroll, investment tracking, inventory management, payment processing, project management and Customer Relationship Management (CRM). Good integration involves transferring data smoothly from one tool to another seamlessly as well as automatically. Such integrations also allows you to view all business information from one place for having a comprehensive look for unseen foresights.  

Data Security

Having a cloud-based accounting application without security certainly makes no sense. Most online accounting apps claim to give you bank-like security such as 256-bit encryption, intrusion detection, and regular server checks. They have strict security requirements for securing data from hackers and unintentional loss. Therefore, it is wise to choose such an accounting app.

Invoicing

It is vital to see how simple it is to create, send, and customize invoices. A good software allows selecting a customer based on which the contact information is entered automatically into a novel invoice. It also allows automatically retrievable invoices and adjusting pricing or quantities.

Document Attachment

The ability to attach an invoice to the software records allows linking any of your records to an image or document or image, such as a JPG or PDF. Because it is required to offer proof of every record, attaching a proof directly to each record is handy.

Several of the accounting software mentioned here are easier to use, and that a few of them are designed for users having no accounting background at all. As a fact, numerous tools are available, which can overwhelm you in selecting the best one. Nevertheless, the features described above can help you choose the ideal online accounting software with ease.

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