When searching for the best type of accounting software you will often find that there are more things similar compared to what is different amongst the different brands. They are all able to handle the management of general ledger, invoicing and payment processing using their standard modules. Most software also has additional features like tax preparation and accounting services, inventory management, invoicing and payments, and payroll support.
In the most basic terms the accounting software aids accountants and bookkeepers in recording all of the business transactions to be used for their different types of reports. Gone are the days of handling accounting using bulky paper files and journals or even excel sheets. All of your accounting work is going to be automated when using accounting software which saves you a great amount of time and pretty much eliminates human errors.
Here you will be able to compare the top 5 accounting software being used today and determine what works best for you company. You can click the links to get a more in-depth look at the features and benefits.
Zoho Books – This software was created to support the accounting for sole proprietors, freelancers and businesses with less than 10 employees. In general Zoho tends to lack the features required for managing the accounting of bigger sized companies. The subscription based software will give you absolute control over financial management. You can sync bank accounts and create / deliver invoices and it supports up to 10 users and 500 contacts. Prices start at $9 per month.
Quickbooks – Simplifies the most complex accounting tasks for small businesses. This is the most popular accounting software for accountants, bookkeepers and financial officers. With its useful features of accounts payable and receivable, project tracking and inventory makes it a viable choice for all business types. Prices start at $10 per month or a one time download fee of $300.
XERO – This is the king of accounting software for Mac users. The easy to use program can integrate with 500 different third party apps to handle everything from time tracking to payroll. Xero is well known for its outstanding customer support given to their users. There is no time tracking or billable hours. Prices start at $9 per month.
FreshBooks – Used for the smaller service-based businesses since it focuses on the invoicing aspects of accounting. You can set up recurring invoices and automatic payment reminders as well accepting online payments. FreshBooks also tracks billable time and expenses which can be added to the invoices. There is no vendor management or inventory tracking available with this software. Prices start at $15 per month.
Wave – This free software is loaded with everything necessary to handle of your business financials, including invoicing, expense tracking and reporting. Wave can automatically send recurring invoices and payment reminders along with manage the payroll with its add-on services. There is no inventory tracking or billable hours tracking. Wave is free but the add-on services will come with a fee.