20 Best Accounting Software (September, 2023)

For a startup business, it may be less confusing handling your finances. However, as your business grows, your finances become complex and require scalable accounting software.

The best accounting software does not just track your transactions and manage your payroll. Still, it is scalable, cost-effective, and easy to use, with features that create comprehensive financial reports for better decision-making.

Although these software packages aren’t the same, each with its specifications and limitations. However, some of the best accounting software in 2023 include QuickBooks, FreshBooks, Bench, Zoho Books, and Xero.

Some of these questions might give you cold feet as you attempt to make the buying decision.

• How do I get the best accounting software for my business?
• What are the factors to consider while choosing an accounting solution?
• What will be the cost implications?
• How does it work?
• What are the advantages and disadvantages? And so on.

This article seeks to satisfy your curiosity by providing detailed answers to your questions.

The Best Accounting Software in 2023?

As a business owner, your objectives for your firm are to reduce error, save time, increase productivity, and maximize profit while minimizing cost.

Although, with the availability of scalable accounting software, businesses can successfully run their accounts with a near-zero error margin. However, there is a struggle for the best accounting software in the tech market today.

Below is a comparison of the best accounting software you can get in 2023. This comparison is made by analyzing their features, pricing, and other factors.

1. QuickBooks

QuickBooks is one of the best accounting software in the tech market today, providing businesses with accounting and bookkeeping services. QuickBooks is a business and technology company that’s been in existence since 1983.

This makes QuickBooks one of the oldest accounting software providers. Talk of vast experience? That’s a load of it on their sleeves.

Features of QuickBooks

QuickBooks has some features that make it suitable to be ranked as one of the best accounting software in 2023. These features are:

• Invoicing
• Expenses tracking
• Bank and credit card reconciliation
• Financial reporting
• Tax Preparation
• Inventory management
• Payroll
• Mobile App
• Software Integration

Pricing for QuickBooks

QuickBooks offers various prices depending on the version and features you choose.

QuickBooks Online pricing plans are

• Simple Start: $25 per month
• Essentials: $40 per month
• Plus: $70 per month
• Advanced: $150 per month

QuickBooks Desktop (for Windows) has three versions:

• Pro: $299.95
• Premier: $499.95
• Enterprise: $1,199.95

Discounts may be available for multiple users or annual subscriptions. However, It’s also possible to sign up for a free trial with QuickBooks Online before purchasing.

Pros of using QuickBooks

Some pros of using QuickBooks include

• User-Friendly Interface
• Automated features
• Software Integration
• Accessibility

Cons of Using QuickBooks

Although QuickBooks is a powerful and flexible accounting software that’s good for many businesses. However, it’s not perfect and has some limitations too. Some of its cons include

• It has limited scalability as it may not be suitable for large businesses that require more advanced features.
• It has limited customization features. Some users may find its default settings a little restrictive.

2. FreshBooks

FreshBooks is a cloud-based invoicing and accounting software designed for small businesses. This software allows users to create and send professional-looking invoices, track time and expenses, and manage projects and clients.

Features of FreshBooks

As one of the best small business accounting software, FreshBooks possesses some of the following features:

• Automated reminders
• Recurring invoices
• Online payment
• Customizable invoices and estimates
• Expense tracking and receipt management
• Reports and financial statements
• Project management and team collaboration
• Mobile app for iOS and Android

Pricing for FreshBooks

FreshBooks offers a 30-day trial period and discounts on annual subscriptions. There are several pricing plans for its invoicing and accounting software. Some of its subscriptions include:

• Lite: This plan is free and for up to 5 clients.
• Plus: $15 per month for up to 50 clients.
• Premium: $25 per month for up to 500 clients.
• Select Custom pricing for businesses with more than 500 clients.
• Self-employed: This plan is available for freelancers and independent contractors for $10 per month.

Pros of Using FreshBooks

Here are some pros of using FreshBooks:

• User-Friendly Interface
• Automated features
• Customizable invoices
• Accessibility
• Self-employed plans

Cons of Using FreshBooks

• FreshBooks may not be suitable for larger businesses that require more advanced features and greater scalability.
• FreshBooks can be relatively expensive when compared to other invoicing software, especially for businesses that need more than the basic features.

3. Bench

Bench is one of Canada’s most sought-after financial accounting software. Little wonder it was ranked among the best accounting software for 2023. Bench is a cloud-based bookkeeping and accounting software designed for business owners and their employees.

Features of using Bench

Some of the key features of Bench include:

• Bookkeeping services
• Automated data entry
• Financial statements
• Tax Preparation
• Tax planning
• Customizable dashboard
• Accessibility
• Software Integration
• Bank reconciliation
• Business benchmarking

Pricing for Bench

Bench offers a free trial for all its subscriptions. However, its monthly subscription depends on the number of transactions your business processes monthly. They are as stated below:

• Starter: $139 per month or up to 250 transactions per month.
• Small Business: $199 per month for up to 750 transactions over that month.
• Growing Business: $349 per month for up to 2,500 transactions.
• Enterprise: Custom pricing for businesses that process more than 2,500 transactions monthly.

Pros of using Bench

• It offers full-service bookkeeping irrespective of the price plan you choose.
• It automatically categorizes and input transactions.
• Tax preparation and planning
• Customizable dashboard
• It provides a complete tour of its services as part of its free trial.
• With its benchmarking feature, you can compare your financial performance with other businesses in your industry.

Cons of using Bench

• There may be some limitations with software integration.
• You may experience limited control over bookkeeping processes.

4. Wave

If your staff strength is 10 or less, and you are looking to get financial accounting software that’s easy to use and fully kitted, too, then you can consider Wave.

Features of Wave

Wave Accounting software offers a range of features, including:

• Invoicing
• Expense tracking
• Receipt scanning
• Financial reporting
• Software Integration
• Payroll
• Bank and credit card reconciliation
• Mobile app
• Multi-currency support
• Multi-User Access

Pricing for Wave

Wave is one of the best free accounting software. However, it comes with some paid features. These features are available for a monthly fee of $9 or an annual fee of $99.

Pros of using Wave

• Free
• Dedicated invoicing on the mobile app
• Unlimited users
• Easily accessible
• Cloud-Based
• User-friendly interface

Cons of using Wave

• As free software, it may not have all the features of more expensive accounting software.
• Although Wave is free, you may have to pay for phone support.

5. Xero

Xero is an excellent software for business owners who streamline their operations. As one of the best accounting software in 2023, Xero is known for its ability to integrate with other business software, such as payroll and inventory management software.

Features of Xero

This cloud-based accounting software offers a wide range of features which includes:

• Inventory management
• Payroll
• Bank reconciliation
• Financial reporting
• Sales tax management
• Multi-currency support
• Software integration
• Automated bill and receipt capturing

Pricing for Xero

Xero, one of the best accounting software in 2023, offers a 30-day free trial that gives you access to all its features before purchasing. However, here are its subscription plans:

• Xero Starter: $9 per month
• Xero Standard: $30 per month
• Xero Premium: $60 per month

Each plan comes with different features and support options. Therefore, before you purchase, you should review its features and select what suits your business needs.

Pros of Using Xero

Here are some of the benefits you get when you use Xero.

• It integrates with more than 1,000 business software.
• It’s affordable for growing business
• Simple layout that’s easy to use
• Streamlining accounting tasks
• Improves financial visibility through real-time reporting
• Enhance collaboration through multi-user access.
• Helps you manage all aspects of your business by integrating with your other business software.

Cons of Using Xero

• At the entry-level, there are limitations to bills and invoices
• There is no available customer support number to call. However, you will be called when necessary.

6. Zoho Books

Zoho Books was first launched in 2007 and was designed for small and medium-sized businesses. It boasts more than 45 third-party integrations and is used by thousands of businesses worldwide.

So, it shouldn’t surprise you that Zoho Books is considered incredibly reliable and one of the best accounting software in 2023.

Features of Zoho Books

Zoho Books accounting software has features that help medium and small businesses effectively manage their finances. These features include:

• Invoicing
• Bank reconciliation
• Financial reporting
• Expense tracking
• Software Integration
• Multi-currency support
• Software Integration
• Project management
• Tax management
• Inventory management
• Multi-user access

Pricing for Zoho Books

The price for Zoho Books is dependent on the type of plan you choose. That being said, here are the pricing plans:

• Basic: $9 per month
• Standard: $19 per month
• Professional: $29 per month
• Premium: $39 per month

You are entitled to a 50% discount with Zoho Books if you run a nonprofit and educational institution. This discount is accompanied by o months of free usage on your annual subscription.

Pros of Using Zoho Books

• It has a user-friendly interface.
• It is flexible and easily accessible anywhere and at any time.
• Its Multi-User Access feature increases team collaboration.
• Software integration
• Automated tasks
• It’s relatively affordable to use and maintain.

Cons of using Zoho Books

• Limited scalability and functionalities as it’s not designed for large businesses.
• Even though Zoho Books provides a wide range of features, it may not be customizable to fit your business’s unique needs.

7. Sage 50Cloud

Sage 50cloud, introduced in 1980, was designed to help organize, sort, and track the financial needs of small and medium-sized businesses, respectively.

However, in a bid to stay relevant and most sought after in the financial and technology market today, Sage 50cloud underwent a series of upgrades and updates.

Formerly known as Sage Peachtree, then was upgraded to Sage 50 and then finally to Sage 50Cloud to represent its Cloud-Based ability. All these are geared toward meeting the needs of their clients.

No wonder Sage 50cloud is one of the best accounting software in 2023, with thousands of users worldwide.

Features of Sage 50Cloud

Sage 50Cloud offers small and medium-sized businesses several features to help manage their Finances on a single platform. Which includes:

• Cloud-based
• Inventory management
• Tax management
• Banking and credit card management
• Time tracking
• Financial reporting and analysis
• Software integration
• Payroll management
• Multi-currency support
• Job costing
• Multi-User Access

Pricing for Sage 50Cloud

Just like other accounting software, the pricing of Sage 50Cloud depends on the plan you choose and the number of users. Although, sage 50Cloud offers Its client a free trial period with all paid features available. However, this trial period is for new users and lasts for 30 days.

Pros of Using Sage 50Cloud

• Promotes hybrid working as it’s accessible anywhere and anytime, provided there is an internet connection.
• The software automatically updates itself when a new update is available.
• Its Multi-User Access feature increases flexibility and teamwork.
• It reduces the risk of data loss, hardware theft, and damage as all financial data are stored on the cloud.
• It is scalable.

Cons of Using Sage 50Cloud

• You may have limited control over the privacy and security of your financial data stored in the cloud.
• It requires an internet connection to function correctly.

8. Quicken

Quicken is a personal finance management software available on Windows and Mac. It helps users manage their finances.

However, this software focuses more on managing your personal finance than business accounting. However, it comprises juicy features that benefit sole proprietors and small businesses.

Features of Quicken

Quicken, one of the best accounting software for managing personal finances, possesses the following features:

• Expense tracking
• Budgeting
• Investment management
• Bank and credit card management
• Financial reporting
• Debt reduction
• Bill management
• Mobile App
• Import and export ability

Pricing for Quicken

Quicken accounting software offers a 30-day trial to its first-time users. However, its paid plans include the following:

• Quicken Starter: $34.99 (one-time purchase)
• Quicken Deluxe: $44.99 (one-time purchase)
• Quicken Premier: $74.99 (one-time purchase)
• Quicken Home & Business: $99.99 (one-time purchase)
• Quicken Rental Property Manager: $169.99 (one-time purchase)
• Quicken Subscription: $34.99 per year

Pros of Using Quicken

• User-friendly interface that’s easy to navigate
• It helps you identify ways to save money through budgeting
• Helps you understand and track all your investments
• It helps you sync your data from several devices into the cloud
• Helps you generate varieties of financial reports and charts.

Cons of Using Quicken

• You may experience slight limitations with bank connectivity. It cannot connect to all banks and financial institutions.
• Some clients have reported slight difficulty accessing help from customer support. This can be frustrating, especially when you have trouble with the software.

9. OneUp

OneUp is one of Canada’s most recent accounting software, designed in 2015 to meet the needs of small business owners, freelancers, and entrepreneurs alike.

Although, OneUp is a new software compared to other alternatives. However, being developed in today’s evolving world and constantly upgrading to meet customer needs makes it one of the best accounting software.

Features of OneUp

Some of the key features of using OneUp include:

• Automated bank and credit card importation
• Invoicing
• Expense tracking
• Financial reporting
• Time tracking
• Multi-User Access
• Multi-currency support
• Inventory management
• Tax management
• Project management
• Software Integration

Pricing for OneUp

OneUp offers a free 14-day trial period that allows new users to experience the app. However, the trial version is limited and doesn’t include some features such as software integration, inventory management, and project management.

OneUp pricing plans are as follows:

• Starter: Free for up to 20 transactions per month
• Basic: $9 per month. Up to 100 transactions per month
• Plus: $19 per month. Up to 250 transactions per month
• Pro: $29 per month. Up to 500 transactions per month
• Premier: $49 per month and has unlimited transactions limit per month.

Pros of Using OneUp

• User-friendly interface that’s easy to navigate
• Customizable features that can be configured to suit your business needs
• It improves communication and collaboration
• It increases visibility into the sales pipeline
• It improves customer management
• It automates repetitive tasks

Cons of Using OneUp

• Limited scalability
• Limited access to data
• Limited customization ability

10. KashFlow

Founded in 2005 by Duane Jackson, an expert software developer, KashFlow is one of the UK’s leading online accounting services providers to small businesses.

With comprehensive accounting tools and features at its disposal, little wonder why KashFlow is listed among the best accounting software in 2023.

Features of KashFlow

KashFlow is constantly upgrading its Software and adding new features. However, here are some of the critical features of KashFlow includes:

• Invoicing
• Quotations
• Purchase Orders
• Credit Notes
• Purchase Invoicing
• Expense Claims
• Bank Reconciliation
• Sales Tax (VAT)
• Multi-Currency
• Financial Reports
• Automatic Reminders
• Time Tracking
• Inventory Management
• Recurring Invoices
• Purchase Orders
• Credit Note
• Purchase Invoicing
• Multi-User
• Role-Based Access
• Integrations with various payment gateways and online banking.

Pricing for KashFlow

KashFlow offers a 14-day trial period to its first-time users. However, here are its subscription plans:

• Starter: The pricing for this plan starts at around $13 per user per month
• Pro: The pricing for this plan starts at around $26 per user per month.
• Plus: The pricing for this plan starts at around $46 per user per month.
• Premium: The pricing for this plan starts at around $65 per user per month.

Pros of Using KashFlow

Some of the pros of using KashFlow include

• User-friendly interface that’s easy to navigate.
• Automation of accounting tasks to save time.
• Its software integration feature makes it easy to streamline financial management processes.
• Allows you to operate in different currencies with its Multi-Currency feature
• Provides tools for advanced inventory management
• It’s scalable and easily accessible.
• Good customer service delivery.

Cons of Using KashFlow

There are some potential constraints to using KashFlow accounting software. This includes:

• There may be slight limitations in integrating with some CRM and e-commerce software.
• Some users have complained of limited scalability and accessibility.
• KashFlow may not support or handle international currencies or taxes.

11. Gusto

Formerly known as ZenPayroll, and founded in 2011 by three software developer experts, Joshua Reeves, Edward Kim, and Tomer London. Gusto was created with the goal of making payroll and benefits processes easy for small businesses.

As a payroll, benefits, and HR software, it helps small businesses automate some processes such as paying employees, managing taxes and providing benefits plans.

Features of Gusto

Gusto’s key features include the following:

• Payroll
• Benefits
• Time tracking
• Employee self-onboarding
• Tax Compliance
• Financial Reporting
• Mobile App
• Paid Time off (PTO) Management
• Employee Directory
• Software Integrations

Pricing for Gusto

Gusto offers a 30-day free trial period to its first-time users and a $142 one-time set-up fee. Asides from these, it also offers a variety of pricing plans, including the following:

• The Core plan: This plan’s pricing begins at $39 per month, plus $6 per employee per month.
• The Complete plan: This plan’s pricing starts at $149 per month, plus $12 per employee per month.
• The Concierge plan: This plan’s pricing begins at $349 per month, plus $18 per employee per month.

Pros of Using Gusto

• It automates payroll processes, including calculating taxes and deductions and generating paychecks and direct deposits.
• It offers employee benefits, including health insurance, 401(k) plans, and commuter benefits.
• It integrates with other business software, including accounting and time tracking.
• It helps businesses comply with labour laws and regulations, reducing the risk of fines and penalties.
• Its mobile app allows employees to access their pay stubs, employee handbook, and company documents, which is helpful for employees who are constantly on the go.
• It’s affordable with good customer support services
• It delivers detailed payroll, benefits, and employee information reports, making it simple for businesses to maintain their financial and HR data.

Cons of Using Gusto

Gusto is a comprehensive and user-friendly software that may help small businesses manage payroll, benefits, and HR operations. However, there are several possible downsides to using it:

• Some users may find slight hitches in customizing its payroll features to fit their needs.
• Its features may not be suitable for construction companies.

12. Microsoft Dynamics GP

Also known as Great Plains, Microsoft Dynamics GP is a comprehensive software offering. It can help businesses streamline operations, manage their finances, and make better business decisions.

It’s a good fit for small and mid-size businesses looking for a flexible, customizable solution that can be integrated with other systems.

It is designed to collaborate with other Microsoft products such as Outlook, Excel, and Word, making it simple to integrate into an organization’s existing IT stack.

Features of Microsoft Dynamics GP

Some of the features of this software include:

• Financial management
• Supply chain management
• Sales management
• Project management
• Human resource and payroll
• Business intelligence and reporting
• Multilingual and multi-currency support
• Customizable features
• Cloud-based deployment
• Receivable management
• Acceptable management
• Cash flow management
• Fixed asset management

Pricing for Microsoft Dynamics GP

Microsoft Dynamics GP cost varies depending on the version, number of users, and specific modules or customization services required.

Here are some common Microsoft Dynamics GP price guidelines:

• Essential: This is based on the number of users. It starts at $100 per user per month.
• Advanced management:  The pricing begins at $200 per user each month.
• Advanced Operations: This edition’s pricing begins at $300 per user per month.
• Complete: The pricing is based on

Pros of Using Microsoft Dynamics GP

• It supports several languages and currencies, making it an excellent choice for enterprises operating in multiple areas or nations.
• It has various features that may assist organizations in managing their finances, supply chain, and operations. This makes it a one-stop solution for many company needs.
• It provides flexibility and ease of access as it’s cloud-based.
• It is built on Microsoft technology and can integrate well with other Microsoft products, such as Outlook, Excel, and Word.
• It is customizable.

Cons of Using Microsoft Dynamics GP

• It can be complex to set up, customize and use
• Limited mobile support
• High cost

13. Oracle NetSuite

Oracle NetSuite is a cloud-based enterprise resource planning (ERP) software designed to serve as a one-stop solution for companies, mainly medium and large-sized businesses. With varieties of features that are tailored to serve the specific needs of different enterprises.

Oracle NetSuite’s primary features include the following:

• Financial management
• Inventory management
• Customer relationship management
• Cloud-based
• Multi-currency and multi-language support
• Financial reporting
• Mobile App
• Budgeting and forecasting tools
• Software integration
• Invoicing

Pricing for Oracle NetSuite

The pricing for Oracle NetSuite varies depending on the package, level of customization and the number of users your business requires. These packages are:

• NetSuite Basic: starting at $999 per month
• NetSuite OneWorld: starting at $1,999 per month
• NetSuite Advanced: starting at $2,999 per month

Pros of Using Oracle NetSuite

• It’s customizable to fit the unique needs of your business
• Provides real-time visibility into your financial performance.
• Provides a collaboration and communication platform for users
• Provides on-the-go accessibility with its mobile application and cloud-based features.
• Its Multi-Currency feature supports more than 190 currencies and exchange rates.

Cons of Using Oracle NetSuite

• May be of high cost.
• It can be complicated to set up and manage.

14. Melio

Melio is a cloud-based accounting software founded in 2016 by Shai Wininger and Jared Land, the former co-founders of Fiverr, the most popular online market for freelance services.

Melio was designed to automate the tedious and time-consuming aspect of accounting for small businesses, such as accounts payable and receivables.

Features of Melio

Some of the core features of Melio include:

• Multi-User Access
• Software integration
• Automated bank reconciliation
• Mobile App
• Accounts payable and receivable
• Invoicing
• Cash management
• Customizable invoices
• Expense tracking
• Software integration

Pricing for Melio

Melio offers different pricing plans for its cloud-based accounting software. These include:

• Free: $0 per user per month
• Starter: $9 per user per month
• Business: $29 per user per month
• Enterprise: The cost for this plan is only available by quote.

Pros of Using Melio

• Ease of set-up and implementation
• Affordable plans
• Quick and efficient user interface
• Fast and easy payment processes
• Mobile App

Cons of Using Melio

• Some users have experienced slight delays in customer support services.
• This software currently supports only US-based businesses and transactions in US dollars.

15. Kashoo

Kashoo is a cloud-based accounting software developed in 2008 by software developers Jim Secord and Rodel De Leon in Canada. This software was designed to provide small businesses with easy-to-use, affordable and accessible accounting solutions.

Features of Kashoo

Aside from its unusual name, Kashoo has various accounting features for smoothly running business accounts. These include:

• Software integration
• Expense tracking
• Double-entry accounting
• Financial reporting
• Invoicing
• Time tracking
• Multi-currency support
• Tax support
• Mobile App

Pricing for Kashoo

After a 14-day trial free period available to first-time users, Kashoo has the following subscription plans for businesses to choose from

• Pay-as-you-go: This plan starts at $19.99 per month
• Monthly Plan: The cost of this plan starts at $29.99 per month

Pros of Using Kashoo

• Ease to navigate user-friendly interface
• Excellent income and expense tracking capabilities
• Free chat support
• Project cost and managing tools

Cons of Using Kashoo

• There are no inventory tracking and time management tools
• Doesn’t have an Android app available

16. Bill.com

This cloud-based financial management software was developed in 2006 by Rene Lacerte in the United States. Bill.com’s initial target was to help small businesses automate their accounts payable and receivable.

However, following a few updates and upgrades, additional features were created to help businesses streamline their financial operations to reduce manual errors.

Features of Bill.com

• Invoicing and bill payment
• Automated accounts payable and receivable
• Electronic payment
• Document management
• Financial reporting
• Mobile access
• Software integration

Pricing for Bill.com

Bill.com offers different pricing plans depending on the number of users and level of service delivery your business needs. Although it offers a free trial period to explore some of its features. However, its paid plans are:

• Standard plan: This plan is designed for small businesses, and it costs $29 per user per month
• Plus plan: This plan is suitable for growing businesses, and it starts at $39 per user per month
• Pro plan: This plan is designed for larger businesses, starting at $59 per user per month.
• Custom plan: This plan includes specific features customized to fit your business’s unique needs. This plan’s price is upon request.

Pros of Using Bill.com

• User-friendly interface that’s easy to navigate and intuitive
• Excellent account payable processing
• Multiple approval levels
• User-defined policies
• Varieties of payment methods available

Cons of Using Bill.com

• Some users have complaints about limited customization for multinational businesses.
• Some users have complaints about the absence of a real-life customer support agent.
• Reports have limited customization ability.

17. Brightpearl

Brightpearl was founded by two software developers, Chris Tanner and Nick King, in 2008. This Cloud-based software was designed for small and medium-sized businesses to integrate with e-commerce platforms and automate some accounting functions.

Features of Brightpearl

Brightpearl accounting software offers a wide range of features to medium and small-size businesses. These include:

• Advanced inventory management
• Software integration
• Invoicing
• Financial reporting
• E-commerce integration
• Customer Relationship Management CRM
• Multi-Currency support
• Purchase ordering
• Multi-location inventory
• Mobile App

Pricing for Brightpearl

Brightpearl accounting software offers you a free trial period to explore and experience some of its features. Although the pricing plans are detailed on their website but without a price tag. So, you’ll have to contact their sales team to get a quote.

The following are the available paid plans:

• Basic plans: This plan starts around $99
• Advanced plan: This plan starts at around $199

Pros of Using Brightpearl

• Simple and easy to set up
• Its inventory management can help you view all customer orders and transact on one platform.
• Provides access to a wide range of channels through software integration.
• It helps you handle unpredictable demand and supply chain disruption.
• Helps you address industry benchmarks and stay above your competitors.
• Extensive library of plug-and-play software integrations.

Cons of Using Brightpearl

• Some users have complained about long steps while processing some features.

18. FreeAgent

FreeAgent is an accounting software for small businesses and freelancers that is cloud-based. Its goal is to assist users in managing their finances, invoicing, expenses, and taxes. This software allows you to manage your income and expenses, create and send invoices, and track your time.

Features of FreeAgent

Some of the key features of FreeAgent include:

• Income and expense tracking
• Invoice management
• Time tracking
• Financial reporting
• Bank reconciliation
• Tax support
• Mobile App
• Multi-Currency support
• Cash management

Pricing for FreeAgent

FreeAgent offers a 30-day free trial period to new users. However, it offers a range of pricing plans to suit different business needs.

• The “Self-employed” plan costs $9 per month.
• The “Limited company” plan costs $24 per month.
• The “Accountants” plan costs $29 per month and is designed for accountants and bookkeepers.

Pros of Using FreeAgent

There are several pros to using FreeAgent accounting software, including:

• User-friendly interface
• Automated features
• Improved efficiency
• Better financial insight
• Collaboration
• Affordability
• Cost-effective
• Better cash flow management
• Increased mobility

Cons of Using FreeAgent

• No Android app is available
• Doesn’t allow for adding information about other businesses to self-assessment.
• Receipt numbering is not automated

19. Neat

Neat is a cloud-based accounting software designed for small businesses. This software allows users to scan and organize financial documents, track expenses, and generate reports.

Features of Neat

• Income and expense categorization
• Software integration
• Receipt scanning
• Mobile app
• Invoicing
• Bank reconciliation
• Multi-user access
• Receipt and document scanning
• Customizable dashboard

Pricing for Neat

Neat offers its new users a 14-day free trial period to explore and experience some of the features before opting for a paid version. However, when you are set to choose a plan, you have the below options for payment:

• Monthly Plan: $29 per month
• Annual Plan: $288 per year — $24 per month

Pros of Using Neat

• Mobile accessibilities
• Easily link receipts with expenses
• Automated and customized accounting system
• Cloud-based
• Ability to send customizable invoices

Cons of Using Neat

• Lacks payroll feature
• No time tracking
• A little high cost

20. GnuCash

GnuCash is a free, open-source accounting software for sole proprietorships and small businesses. It was first released in 1998 and has since become a popular alternative to other accounting software.

Features of GnuCash

As a free and open-source accounting software, here are some of its key features:

• Income and expense tracking
• Bank reconciliation
• Double-entry accounting system
• Support for multiple currencies
• Scheduled transactions
• Financial reporting and budgeting
• Online banking and investment support
• Small business accounting features such as invoicing and customer/vendor tracking
• Customizable accounts and transaction types
• Support for various file formats, including QIF, OFX, HBCI, and CSV
• Available for Windows, macOS, and Linux.

Pricing for GnuCash

GnuCash is free and open-source software, meaning you can download and use it at zero cost. However, there will be cost implications when working with third-party individuals specializing in GnuCash. Such include the cost of:

• Installation
• Set-up
• Customization
• Training

Pros of Using GnuCash

• Compatible with Windows, Mac, and Linux operating systems and can be used on any device.
• As it is free software, it can save your business money on expensive accounting software.
• Its double-entry accounting helps ensure the accuracy of your financial records.
• It supports multiple currencies, which can be helpful for businesses that deal with international customers or vendors.
• It allows you to customize accounts, transaction types, and other settings to fit your business’s specific needs.

Cons of Using GnuCash

• Not cloud-based
• Requires manual data entry
• No live customer service is available
• Limited functions

Factors to Consider When Choosing the Best Accounting Software

When choosing the best accounting software for your business, there are certain factors to consider, which include: cost, features, integration ability, scalability, and so on.

It’s recommended to research and compare different options, read reviews and testimonials, and even try a free trial before making a final decision.

Be it a small, medium, or large-scale business, when it comes to choosing the best accounting software, there are specific criteria to look out for. It would be a waste of money to invest in accounting software only to be disappointed by its features.

These factors include:

Size of Your Business

This is the foremost factor to consider when choosing an accounting software package. It is crucial to evaluate the number of accounting tasks to be performed and the scalability of the solution package.

Accessibility

For startup businesses with one location, accounting software can be installed to run smoothly on your business network. However, in light of future expansion, where you have branches in different locations.

It wouldn’t be cost-effective to get different accounting software for each branch. Therefore, it’s best to acquire software that’s easily accessible to you and your team.

Level of Knowledge Required

Wouldn’t it be a bad investment to purchase accounting software that’s complicated for you and your employees to operate? What you want is stress-free and easy-to-use software. Ideally, software that requires simple data input and automation of repetitive tasks.

Cost

When buying the best accounting software, you will have to compare costs. Aside from the purchasing cost, there are several other cost implications. This includes:

• Upgrade fees
• Licensing fees
• Support fees
• Cost of installation and set-up

So, irrespective of your budget, the focus is to maximize profit while minimizing cost.

Web-based

With web-based accounting software, keeping track of your business’ finances is on the go. Sending, receiving mail, and even making payments have been digitized.

So far, there is an internet connection, and recent financial reports can be generated and used in making business-related decisions.

Data security

Data security is an integral part of any business, especially for startups trying to find their footing. And desktop-based accounting software is gradually going extinct.

Therefore, investing in cloud-based accounting software for better data security would be good.

Integration with other business software.

Another vital factor to consider when choosing the best accounting software is integration. Will it work seamlessly with existing software?

If yes, then you can go ahead to purchase. However, if you are unsure, you can consider selecting from other options.

Customer support.

No matter how sophisticated and glittery the accounting software appears, how will it benefit your business if there is little to zero customer support system? Evaluating the customer support system of the software you wish to acquire is an important criterion to put in mind.

Spending a fortune on accounting software with zero problem-solving customer support systems would be disappointing. Who wants to be on hold for eternity when faced with a troubling situation?

How Much Does Accounting Software Cost?

Basically, the cost of accounting software can vary depending on the software features and your business size. That said, there is free accounting software, but with limited features.

However, the price of an average accounting software ranges between $9 per month and $150 per month.

Based on our research, here are the five (5) best accounting software with their prices:

Accounting Software	Best For	Prices per month	Extras
QuickBooks	Small and Medium size businesses	$25 to $150	Free trial period
FreshBooks	Small businesses and freelancers	$15 to $25	Optional Custom price Free lite plan Free trial period
Bench	Small businesses and entrepreneurs	$139 to $349	Free trial period Optional Custom price
Xero	All sizes of business	$9 to $60	Free trial period
Wave	Small businesses and freelancers	Free	Optional annual subscription of $9 to $99

Features of the Best Accounting Software

No two accounting software programs are the same. However, the best accounting software has features that analyze basic accounting requirements, make budgets and forecasts, take inventories, etc.

For accounting software to be ranked as one of the best, it must possess the majority of the following features:

• Bookkeeping
• Bank reconciliation
• Accounts payable and receivable
• Financial reporting
• Multi-currency support
• Tax compliance
• Budgeting and forecasting
• Inventory management
• Payroll
• Multi-user access
• Integration with other business software
• Cloud-Based accessibility
• User-friendly interface
• Good customer support service delivery.

Bookkeeping

Every business needs bookkeeping, and yours shouldn’t be an exception. Bookkeeping is the core of any business accounting system. This feature provides financial statements like the income and balance sheets that shed light on your company’s financial situation.

Such financial data is used to make wise business choices, ensuring that tax regulations are followed.

The bookkeeping feature of accounting software carries out the following tasks:

• Recording Financial Transactions
• Classifying Financial Transactions
• Summarizing financial transactions
• Reconciling Financial Reports

Accounts Payable and Accounts Receivable

Accounts payable is the amount of money your business owes its suppliers or vendors for goods or services acquired on credit. While accounts receivable is the reverse.

It is the amount of money owed to your business by customers for goods or services sold on credit.

This accounting feature records and manages your business debts and credits, such as invoicing, bill payments, and client balance tracking.

Tracking both accounts payable and accounts receivable is necessary, aside from managing your company’s financial transactions. It also ensures that payments are made and received promptly.

Bank Reconciliation

Bank reconciliation is the process of comparing your company’s bank statement to its records in the general ledger to confirm that they match.

• The benefits of bank reconciliation to business owners are as follows:
• Improved Accuracy of Financial Statements
• Early Identification of Discrepancies
• Detection of Fraud
• Better Cash Management
• Compliance With Regulatory Requirements.
• Better Budgeting and Forecasting.

Financial Reporting

The best accounting software’s financial reporting features provide businesses with helpful information. Such as data that can be used to make informed decisions about your company’s fint

Accounting software can be used to generate the following financial reports:

• Balance Sheet
• Income Statement
• Cash Flow Statement
• Trial Balance
• General Ledger

Multi-Currency Support

This is one of the best accounting software features that support using multiple currencies for transactions and generating financial reports.

Regarding multi-currency support, the accounting software automatically converts transactions from one currency to another by the current exchange rate.

Getting accounting software with a Multi-Currency support feature will be great if your business deals with international customers and suppliers.

Tax Compliance

Tax compliance in accounting software refers to the ability of the software to ensure that financial transactions and reports are by relevant tax laws and regulations.

This feature helps you comply with tax laws by generating necessary reports and forms. It can provide reminders for important tax deadlines.

Budgeting And Forecasting

A budget serves as a financial roadmap for your company that provides a clear picture of your business’s financial objectives and goals.

Forecasting, on the other hand, uses historical data compared to your current data to analyze your company’s expected future financial positions.

Budgeting and forecasting is one of the best accounting software features and can benefit your business in the following ways:

• Improved financial planning
• Increased visibility into financial performance
• Enhanced control over cost
• Better decision making
• Better communication between different departments
• Facilitation of performance evaluation
• Improved cash flow management
• Facilitation of loan application

Inventory Management

This feature helps you manage and track all your business inventories, stock movements, stock values, cost, and sales and generate inventory performance reports. Inventory management includes the following:

• Recording stock movements such as sales orders, purchase orders, returns, and deliveries.
• Inventory tracking includes setting reorder points, tracking stock on hand, and viewing inventory levels by location, product, or supplier.
• Stock valuation tracks stock values and also views stock values by location, products, and suppliers.
• Generating reports on stock movements, inventory levels, turnover, and valuations.
• Some accounting software also offers barcode scanning functionality for easy and efficient inventory tracking.
• Multi-location inventory management function helps manage inventory across multiple locations, such as retail stores and warehouses.

Payroll

The payroll feature is one of the most sought-after features of the best accounting software in the tech market today. It provides tools for managing employee payroll, including tax calculations, paychecks, and punctuality checks for employees.

There are several benefits of the payroll feature, especially for employers. This includes:

• Automated Payroll Processes
• Accurate Record Keeping
• Improved Satisfaction
• Better Budgeting
• Direct Deposit
• Time Tracking
• Reporting

Multi-User Access

Teamwork is an integral part of any business. Effective teamwork can lead to improved productivity, increased job satisfaction, and better overall performance for a business.

Accounting software with multi-user access is significant for businesses that need to manage their financial data collectively and efficiently.

Some of the benefits of multi-user access to businesses include:

• It allows multiple users to work together on financial tasks, which increases collaboration.
• It improves data accuracy because more than one employee can work on a set of financial data. And because it’s teamwork, tax and projects can be completed quicker and more efficiently.
• It allows for real-time access to data which reduces the risk of errors and helps in better decision-making.
• It brings about greater business control as access and permissions can be assigned to different users. Giving them control over their finances while promoting teamwork and collaboration.

So, when choosing any accounting software, be sure it allows for multi-user access and collaboration.

Integration With Other Software

Essentially, software integrations allow different software programs to “talk” to each other and share data. This can save business owners a lot of time and effort, as you don’t have to manually transfer information from one program to another.

Still confused? Let me explain. Imagine you use one program to manage your customer’s information and another program for accounting. Without integration, you would have to manually input your customer’s information into the accounting software.

However, with integration, the customer information is automatically transferred, saving you time and reducing the chance of errors.

Another benefit of software integration is that it can help you streamline processes and make them more efficient. For example, you might use one program for sales, another for inventory management and a third for shipping.

Integrating these programs allows you to track sales, manage inventory, and ship products all in one place. Cool right?

Cloud-Based Accessibility

As a business owner, you are always on the go. Whether at the office, on a business trip, or working from home. Wouldn’t it be nice to have access to your accounting information anytime and from any place?

I’m sure it would. That’s where cloud-based accounting software comes in.

With cloud-based accounting software, you can access your financial data stored on servers over the internet. You only require an internet-enabled device to log in with your account details.

That means you can access the software from your desktop computer, laptop, or smartphone while on the go.

User-Friendly Interface

An excellent user-friendly Interface is a feature of the best accounting software in recent times. This refers to the layout and design of the accounting software that’s easy for users to understand and navigate.

A user-friendly interface includes simple and intuitive menu options, clear and concise instructions, and logical information organization.

The best accounting software should have a user-friendly interface, allowing you to efficiently perform accounting tasks. This includes entering financial transactions, generating reports, and analyzing data with little to no experience.

However, investing in a user-friendly interface can help you improve productivity, reduce errors, lower training costs, increase adoption, and improve user satisfaction.

Pros of the Best Accounting Software

Accounting software offers a wide range of benefits to businesses of all sizes. However, for the scope of this article, we would like to talk about a few of these benefits. This includes:

Streamlining Financial Processes

Accounting software can automate many tasks associated with financial management, such as bookkeeping, invoicing, and financial reporting. This can save businesses significant amounts of time and money while increasing the accuracy of financial data.

Improved Data Accuracy

With accounting software, businesses can access real-time data, which can help improve financial information accuracy. This means that companies can make more informed decisions based on up-to-date information.

Advanced Reporting

Many accounting software programs come with advanced reporting features. This feature allows businesses to generate detailed financial reports and analyze data for decision-making.

Also, advanced reporting can help businesses identify trends and opportunities for growth and areas where costs can be reduced.

Compliance With Tax and Regulatory Requirements

The best accounting software can help businesses to comply with tax and regulatory requirements.

Many accounting software programs include features such as automatic tax calculations and the ability to generate required financial reports. And this can help businesses avoid costly penalties and fines.

Improved Collaboration and Communication

Accounting software can help improve team members’ collaboration and communication by allowing them to access and share financial data in real time. This can lead to more efficient and effective decision-making.

Better Cash Flow Management

Accounting software can help businesses to better manage their cash flow by providing real-time visibility into financial data. This can help businesses identify potential cash flow issues and address them before they become a problem.

Better Inventory Management

Some accounting software programs come with inventory management features, which can help businesses track inventory levels, monitor stock movements, and manage reorder points. This can help avoid stockouts, reduce waste, and improve customer service.

Automated Billing And Invoicing

Accounting software can automate the billing and invoicing process, saving businesses time and reducing the risk of errors. This can help businesses to get paid faster and improve customer relationships.

Secure Data Storage

Accounting software can provide a secure platform for storing financial data, which can help businesses to protect sensitive information and comply with data privacy regulations.

Scalability

Accounting software can be scaled to the business’s needs, whether small, medium, or large. This can help businesses grow and expand without worrying about outgrowing their financial management systems.

Cons of Accounting Software

It would be a lack of justice to speak of the benefits without the constraints. Of course, no software comes complete; there will be one or two limitations. After all, this software was made by humans. 

So, before you purchase that promising accounting software, check to understand its limitations too. Although software developers try to make the best accounting software for businesses. However, some software may possess a few of these constraints:

Limited Reporting Capabilities

Some accounting software solutions may not have advanced reporting capabilities that can provide a business with a detailed analysis of its financial performance.

Limited Functionality

Some accounting software solutions may not have all the features and functionalities a business needs. And this could prevent the business from fully automating its accounting processes and getting a complete picture of its financial performance.

Limited Support

Some accounting software solutions may not have adequate support options or resources to help users troubleshoot problems or get the help they need.

Limited Scalability

Some accounting software solutions may not be able to handle the increased volume of transactions as the business grows. This could result in the need to upgrade to a more robust solution.

Limited Customization

Some accounting software solutions may not be flexible enough to meet the specific needs of a business. In these instances, businesses must adapt their processes to fit the software rather than the other way around.

Cybersecurity

Accounting software stores sensitive financial data, and businesses need to ensure that the software has appropriate security measures in place to protect the data from cyber-attacks.

Training

Businesses must ensure that their employees have the necessary training to use the accounting software effectively. This can be time-consuming and costly, especially if the software is complex.

Integration

Businesses must ensure that their accounting software can integrate with other systems and software they use, such as CRM, ERP, and payroll systems.

Data Migration

Migrating financial data from one accounting software to another can be a complex and time-consuming process.

Businesses need to ensure that they have the necessary resources to handle data migration and that the new software can support the data format of the previous software.

Cost

Accounting software can be expensive, especially for businesses that require advanced features or multiple users. Additionally, businesses may need to pay for annual maintenance or support fees.

Conclusion

Undoubtedly, the best accounting software helps businesses successfully run their accounts with little or no errors. Although, this depends on the specific needs and requirements of the business.

However, it is essential to consider all possible factors, such as the features and pricing of each option.

Lest you invest hugely into accounting software that doesn’t fit your business needs. Then you fight to keep it functional and spend more to switch to a better one.

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