So, you are on the hunt for accounting software. There are two different types. One you download and carry the program inside your computer. The other is a software as a service (SaaS) application that stores your data on the cloud.
You also have to factor in your budget, or how much you can afford to invest in software. Finally, you should consider what integration possibilities are offered by the accounting software program.
Once you have all of that figured out, it is time to look at some software choices. We have made that part easy for you as we review a few of the top contenders.
Accounting Software Reviews
QuickBooks Online
We consider this to be the best accounting software solution for small businesses. QuickBooks Online has many relevant features, can integrate with hundreds of other business programs, has a user-friendly interface, and has a high security level.
Advantages
Most accountants know this software well as QuickBooks Online has a huge market share. It also integrates with over 750 business apps and contains many useful features. It is frequently updated as well.
Disadvantages
Upgrading your plan is not easy. If you have several businesses, you will need multiple subscriptions, and the plan options limit how many users can access the software.
Xero
This is a good choice if you need accounting software that grows along with your business. It has many service plans, several features, easy integration, and is well-designed for small business bookkeeping.
Advantages
The pricing plans for Xero have nothing to do with user count so you have as many as you need working with the software and not pay per head. It also integrates with over a thousand business apps and has an interface that makes accounting easy to grasp.
Disadvantages
The lowest level plan limits invoicing and bill totals and it isn't as easy to customize invoices. Also, the accounts payable functions are not nearly as good as they are with Xero's competitors.
Zoho Books
If automation is your top priority with your accounting department, then you will find Zoho Books has what you are looking for. In addition to automation, this software can be coded for custom functions by using its unique scripting language.
Advantages
There are few software programs as good at automating financial functions as this one. If you enjoy coding, you'll love what you can do with Zoho Books. Plus, with your paid subscription, you gain access to email, phone, and live chat support.
Disadvantages
If you do not know code, you won't be able to use automation systems to their full potential. There is a limit to the number of monthly transactions and users. Finally, only the top-tier plans permit project accounting and inventory management.
Sage 50 Accounting
Does your business require a desktop accounting program? This is the choice for you. Sage 50 Accounting is a desktop solution with cloud connectivity. It is easy to use and contains essential accounting functions.
Advantages
Sage has an open API so you can create customized solutions for your bookkeeping needs. It is also more affordable than most other software programs. Finally, you gain access to an active community forum so there's always support or help available when you need it.
Disadvantages
You can't create recurring invoices. You can't schedule automatic payment reminders, and you can't track billable hours or add billable expenses.
Oracle NetSuite
This ERP platform includes a financial management solution. It can be automated and track financial data.
Advantages
Modular pricing lets you pay for just what you need and is easily scalable which makes it a good choice for growing businesses.
Disadvantages
This is an expensive accounting software program. It also has a steep learning curve so it may not be a good fit for small businesses. There is no free trial, either.
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Conclusion
Business Accounting software varies. However, small business owners can find the best fit by choosing whether or not they seek a desktop program, factor in their budget, and what level of integration is needed for smooth operation. There are many choices available and sometimes the best thing to do is consult with a business coach to define the needs of your business.