The 10 Best Accounting Softwares for your Business
Here are our accounting favourites, wrapped into a single digestible list. Paid or free, these tools will make the tedious task of accounting a tad bit easier.
With the rise of automation in 2021, accounting has taken to the clouds too. They can be used to efficiently and effectively log and journal all transactions. With newer and improved accounting softwares coming out every day, automation of tax and invoice generation has become simpler. Data can be backed up to never lose access, so its calamity and accident proof.
Here are our picks for the 10 best accounting softwares for your business in 2021:
QuickBooks(price available on request)
QuickBooks is considered the number one accounting software in many QuickBooks online reviews because it gives users the flexibility of where small businesses can perform accounting tasks through the online version of QuickBooks. By switching to the QuickBooks online plan, small businesses can perform a number of administrative tasks, including invoice creation. Users can work from their smartphone, MAC, or computer at any time, and this feature allows up to five users to access their accounts.
Odoo (price starting at $8/month)
Odoo is open source software, fully integrated and fully customizable with hundreds of professional business applications. Odoo offers everything a company needs to run efficiently, such as CRM, sales, projects, production, inventory and accounting, to name a few. Regardless of size or budget, Odoo is specifically designed to support companies with a wide range of effective and easily expandable business solutions. Odoo helps to create professional invoices, manage recurring billings, and easily track outstanding and current payments. Odoo also creates your earnings report, balance sheet or cash flow statements. Odoo currently has over 7 million users.
GnuCash is a free to use accounting software. You have instant and free access to a system that allows you to set up and manage items like invoices and payments, manage customers and suppliers, and budget flow. Thanks to how GnuCash works, you will find that this tool has become a very useful tool for budget management, especially if you have a small business because of the corona-virus.
Dolibarr is a free ERP & CRM, open-source software package for managing companies, freelancers, or organizations. This is an open-source project based on a WAMP, MAMP, or LAMP server and by adding modules you can activate the functions you need. Dolibarr is designed to provide software for Enterprise Resource Planning and Customer Relationship Management with the main purpose is to be easy to install, use and develop.
Sage Business Cloud X3(pricing starts at $24,000)
Sage Business Cloud X3 is an ERP suite with integrated functions for financial management, sales, customer service, inventory management, production, and business intelligence. Sage X3 is web-based, browser-enabled, and responsive to mobile devices. At the same time, the app is available as a standard service in the AWS cloud managed by Sage. The software is customizable to suit business needs, user roles, and preferences. Visual processes, automated workflows and warnings, document management, and communication tools are some of the features.
Xero(price starts at $60/month)
Xero Accounting Service offers powerful account reconciliation, data entry, transaction trading, and project tracking. Recent advances in new business installation and verification have made it a great choice for small businesses. You can create records for customers, vendors, employees, and items. You can then use these records for standard and customizable transactions such as invoices, orders, and quotes. Xero also lets you manage fixed assets - something competitors don't.
FreshBooks(price starting from $7.50/month)
The most important accounting requirement for most service-oriented businesses is invoicing. FreshBooks offers more billing customization options over other accounting software. Its main role is to send, receive, print, and pay invoices, but it can also meet basic business accounting needs. This accounting software makes it easy for service-minded companies to send quotes and invoices, request down payments, collect customer service, track project times and receive payments.
Wave is an online accounting software with features such as invoicing, billing, payment tracking, payroll, financial management, credit card processing, and scanning. Wave Accounting is designed to help companies simplify accounting processes. With Wave Bank Reconciliation tools, companies can manage all of their bank account and credit card information in real-time to improve their accounting efficiency and accuracy. Small business owners can choose custom invoice templates based on unique business needs. Invoices can be sent via email, and the software's credit card processing feature allows users to collect payments online.
9. Zoho Books
Zoho Books is a great choice for cloud-based small business accounting with an exceptional user interface, affordable pricing, and a comprehensive set of tools. Larger companies could also consider this, although payroll support is very limited.
10. AccountEdge Pro( plans starting from $15/month)
AccountEdge is a complete small business management and accounting solution for your Mac office, with everything you need to sell and buy, track and create inventory, billing time, and contact management. The larger task window contains tabs for details, details, budget analysis, offers, and activity coupons for detailed and up-to-date information.
In the End
This is in no way a comprehensive list. It’s just our favorites, wrapped into a single digestible list. There might be better alternatives out there but these Accounting Softwares are good to get started. Paid or free, these tools will make your job a whole lot easier. Some factors to consider before investing in any one software are cost, scalability, ease of use, reputation, and accounting features. As your business grows, most software is scalable and you can easily upgrade your plans to meet your new business needs. A stronger plan allows companies to track inventory, edit more personal financial reports, run payroll statements, and choose from more billing options. Before you purchase a plan, we suggest trying out a basic plan/demo if available by the vendor.