Do you need to manage your company’s finances, but not totally sure where to begin? Maybe you want to categorize and reconcile your bank transactions on the go? If you’ve asked these questions before, consider looking into an accounting software for your business.
In this guide, we’ll examine our favorite business accounting software options to determine which one’s right for you. Feel free to dive into our reviews for more information or visit their websites directly. Enjoy!
Quick Note: All of the tools in this guide offer a free trial of up to 30 days. If you have two favorites but aren’t sure which to choose, consider signing-up for both and deciding which you prefer.
With over 1 million subscribers and 1,700 employees, Xero is a major operation. Their customers adore their extensive suite of features, including the following:
Xero also boasts excellent customer feedback, as they maintain a 4.4 average score out of 5 on GetApp. We love the way they’re constantly evolving and improving their platform, which is a major reason Xero is our top accounting software choice.
FreshBooks lays claim to over 10 million users, with $60+ billion of invoices paid. With that kind of volume, they must be doing something right. Their users especially enjoy features like these:
Additionally, their customers rave about the quality service they provide. On GetApp, FreshBooks averages a 4.6 score out of 5. In fact, they have more users than any other business accounting software, making them a strong contender in the industry.
This cloud-based program is an online-only version of the popular QuickBooks business accounting software. QuickBooks boasts over 4 million customers worldwide, and those users get access to some great features:
QuickBooks Online has a couple minor limitations though, for example their Mac compatibility isn’t particularly strong and the desktop version is more reliable than the convenience-driven QuickBooks Online. Other than these minor snags, we’re fans of what they offer.
An excellent choice for freelancers and sole proprietors, LessAccounting applies the “less is more” philosophy to small business accounting. They offer simplified money management solutions, including:
If you’re looking for streamlined, easy-to-use small business accounting software, you might want to join LessAccounting’s 80,000+ subscribers. We wouldn’t necessarily use their software if your company has more than a few employees, but for smaller operations they’re a great solution.
Cloud-based Wave offers their core software completely free of charge, only billing customers for add-on features like credit card processing and payroll. They’re another strong contender for contractors and sole proprietors, with an impressive suite of free features:
Obviously, being a truly free, 100% cloud-based product has its limitations. Still, for those of you who don’t need a large variety of advanced features, there’s no sense in paying for functions you won’t use.
Sage One is a bit of an old-school option in the way that they stick so strictly to traditional double-entry accounting practices. If you don’t know what this means, Sage One is probably not for you, but for those of you who do, you could enjoy features like these:
Sage One also offers easy-to-use collaboration tools and has solid customer feedback. If you prefer to adhere to tried and true traditional accounting methods, they’ll likely suit your needs.
Kashoo is a contender for those of you who place a high value on ease of use. They don’t stand out in any one particular way, but the entire experience is streamlined and you enjoy a nice set of features as well.
They also have fantastic customer feedback, with a 4.8 average score out of 5 on GetApp. Their smooth user-interface makes them the simplest business accounting software tool to use.
With accounting software, the chance of human error is less likely. All accounting software tools are extremely accurate (provided you enter the right information).
By using business accounting software, you’ll be able to save countless hours over the lifetime of your business. Your financial reports are totally automated.
If your business needs to invoice customers, you can customize and send them out with your accounting software. This’ll help you get paid faster!
No more calculating on your own because most accounting software automatically calculates your financials for you.
With the built-in expense tracking, accounting software is extremely useful for keeping an eye on where your money’s going.
Since many of the accounting software tools are web-based, an internet connection is required. Even the ones that aren’t cloud-based need web access from time to time for syncing purposes.
Accounting software most likely won’t be the ‘end-all’ for keeping finances in check. It’s likely that you’ll still need an accountant depending on the nature of your business.
All things considered, the unique requirements of your company dictate which is the top accounting software for your business. If you want to get a more complete picture of the tools that interest you, read our full reviews or sign up for free trials to the ones that interest you.
In general, we do prefer Xero due to their frequently updated software and 24/7 support. They’re one of the best accounting software tools available for entrepreneurs in most fields. It’s flexible, powerful and affordable.