Accounting software is a financial solution to streamline your business process by managing invoices, payments, receipts, tax compliance, bookkeeping, recording transactions and reporting.

Managing your business’s financial data is a special kind of stress. Your business is growing, but a manual application like Excel or Google Sheets won’t grow with you.  While not every solution will be a perfect fit, we’ve done our best to break down the highlights of the top accounting software that can meet the needs of small, medium, and large teams.

We explore popular accounting software based on the target business size, core features, advanced capabilities, pricing, and value for money in this article to help you with the decision-making process.

Accounting Software Review Methodology

Geekflare tested the core accounting and financial features through hands-on subscriptions. We evaluated essential features and calculated a combined overall rating for each. To ensure an unbiased review, we gathered factual data from official websites and analyzed user feedback from various sources to provide comprehensive insights and detailed reviews.

Comparing Our Top Picks of Accounting Software

Let’s glance at how the following accounting software compares for key features, best suited for, leverage AI, free trial, and overall ratings.

Accounting Software
Ideal for
Key features
AI-powered
Free trial
Visit
FreshBooks

FreshBooks

Small Businesses
Invoicing, Accounting, Payments
No
30-days
4.5
/5
QuickBooks

QuickBooks

SMBs
Accounting, Bookkeeping, Inventory
No
30-days
4.5
/5
Melio

Melio

SMBs
AP, AR Automation
No
Free plan
4.2
/5
Wave

Wave

Small Businesses
Invoicing, Payments, Accounting
No
Free plan
4.2
/5
BILL

BILL

SMBs
Bill payment, Automation
Yes
No
4.2
/5
ZarMoney

ZarMoney

Freelancers, Small Businesses
Invoicing, Inventory, Payments
No
15 Days
4.8
/5
Xero

Xero

SMBs
Accounting, Invoicing, Payments
No
Yes
4.5
/5
Zoho Books

Zoho Books

Small Businesses
Quotes, Accounting, Invoicing
Yes
Yes
4.5
/5
Bonsai

Bonsai

Consultants, Freelancers
Invoicing, Time tracking
No
7-days
4.5
/5
Dext

Dext

SMBs
Receipt capture, Sync
Yes
14-days
4.2
/5
NetSuite

NetSuite

Enterprise
ERP, Accounting
Yes
No
4.0
/5
Sage intacct

Sage intacct

Enterprise
ERP, Accounting
Yes
No
4.5
/5
AccountsIQ

AccountsIQ

Enterprise
BI, Automation, Digital Tax
Yes
No
4.8
/5

Detailed Accounting Software Reviews

Let’s dive deeper into each accounting software to understand what suits depending on budget and needs. We will cover their features, suitability by business size, integration, and pricing.

FreshBooks

FreshBooks

Best for Service-based Businesses

Geekflare rating score 4.5 out of 5
4.5
|
  • Core Functionality
    Invoicing, Expenses
  • Ideal for
    Small Businesses
  • Integrations
    100+
$3.80/month
80% Off for 4 Months
Try FreshBooks

About FreshBooks

FreshBooks, a popular cloud-based accounting software that began as a Toronto startup in 2003, is designed to simplify financial management for freelancers, the self-employed, and small businesses.

With FreshBooks, you can easily create and send professional invoices, track expenses, accept online payments, and manage projects. Its intuitive interface and scalable plans are designed for independent professionals and small businesses, making it a great choice for growing businesses. For businesses that need to bill clients based on time spent, Freshbooks can integrate with these time billing software to help streamline invoicing for hourly work.

FreshBooks offers several plans tailored to your specific needs, including options for freelancers, teams with contractors, and teams with employees. And for payroll, it integrates with Gusto, allowing you to pay contractors in more than 120 countries.

FreshBooks Features

  • Key feature

    Advanced reporting for business health, taxes, forecasting, and time tracking.

  • Key feature

    All plan tiers have unlimited estimates and custom invoices.

  • Key feature

    100+ integrations with apps like Trello, Zoom, Stripe etc.

  • Key feature

    Recurring payments with secured credit cards and set up client retainers.

  • Key feature

    Easy checkout link for clients who prefer services with pre-setup costs.

FreshBooks Pros/Cons

  • Disadvantage

    It can be costly for startups, new businesses, and big teams with tight budgets.

  • Disadvantage

    Only the Premium and Select plans allow invoices to unlimited clients.

  • Disadvantage

    Only the Select plan allows you to remove branding from client emails.

  • Disadvantage

    Only the Select tier comes with reduced transaction fees for credit cards

QuickBooks

QuickBooks

Best for Small to Midsize Businesses

Geekflare rating score 4.5 out of 5
4.5
|
  • Core Functionality
    Invoicing, bookkeeping, payments
  • Ideal for
    SMBs
  • Integrations
    750+
$10.5/month
Free Trial Available
Try QuickBooks

About QuickBooks

QuickBooks, a leading accounting software from Intuit, the makers of TurboTax and Credit Karma, empowers small to midsize businesses to take control of their finances.

With its intuitive interface and robust features, QuickBooks simplifies accounting tasks, bookkeeping, making it easy to create and send professional invoices, track expenses, manage inventory, and gain valuable insights through in-depth reporting.

Whether you’re a small or a growing business, QuickBooks offers scalable plans to meet your needs, ensuring you have the tools to manage your finances efficiently as your business expands.

Try QuickBooks today and experience how it can streamline your accounting and empower your business growth.

QuickBooks Features

  • Key feature

    Automated bookkeeping.

  • Key feature

    Mileage tracking for travel.

  • Key feature

    Integrates with Gusto for Payroll processing.

  • Key feature

    Customizable reporting and organization.

  • Key feature

    Ability to import transactions and bills while sharing books with your accountant.

  • Key feature

    View cash flow for in-person and online payments in the dashboard.

  • Key feature

    QuickBooks checking account with simultaneous reporting via Green Dot Bank.

QuickBooks Pros/Cons

  • Advantage

    Sleek and updated user interface.

  • Advantage

    Ideal for small and medium-sized businesses.

  • Advantage

    The Essentials, Plus, and Advanced plans all come with built-in user seats rather than per-user pricing, like most accounting solutions.

  • Disadvantage

    No native Stripe integration

  • Disadvantage

    Most advanced capabilities like time tracking, payroll, and live-assisted bookkeeping require a separate purchase.

  • Disadvantage

    Not designed for major enterprises, see QuickBooks Enterprise for large teams’ offerings.

Xero

Xero

Best for Small Businesses

Geekflare rating score 4.5 out of 5
4.5
|
  • Core Functionality
    Accounting, Bookkeeping
  • Ideal for
    Self-employed, Small Businesses
  • Integrations
    Moderate
$0.75/month
Free Trial Available
Try Xero

About Xero

Xero is ideal for small businesses and freelancers. Founded in New Zealand, Xero has gained global recognition for its intuitive interface, essential accounting features, and emphasis on collaboration.

With Xero, you can manage your finances, from invoicing and expense tracking to project budgeting and cash flow analysis. Its seamless integration with banks and other business apps simplify transaction reconciliation and ensures your financial data is always up-to-date.

Xero offers multiple pricing plans to suit different business needs. As a beginner, you can start with Early plan.

Xero Features

  • Key feature

    Send professional invoices and receive payments.

  • Key feature

    Track and categorize expenses, even on the go, with the Xero mobile app.

  • Key feature

    Scheduling batch payments and setting up bank reconciliations in bulk.

  • Key feature

    All plans allow Gusto as an add-on to automate payroll processing.

  • Key feature

    Share financial data with your accountant or team members, fostering transparency and collaboration.

Xero Pros/Cons

  • Advantage

    24/7 online support for all plans

  • Advantage

    Easy to use for beginners

  • Advantage

    Native Stripe integration

  • Disadvantage

    Advanced analytics and project cost tracking are reserved for their highest-tier plan

  • Disadvantage

    No inbuilt payroll

Wave

Wave

Best Free Accounting Software

Geekflare rating score 4.2 out of 5
4.2
|
  • Core Functionality
    Invoicing, Payments
  • Ideal for Company Size
    Freelancers, Small Businesses
  • Integrations
    Limited
$16/month
FREE Plan
Try Wave

About Wave

Wave is a cloud-based accounting software renowned for its free plan, which offers a surprisingly comprehensive suite of features for small businesses and freelancers. Founded in Canada in 2010, Wave has become a popular choice for those seeking a user-friendly and affordable way to send invoices and receive payments.

With Wave’s free plan, you get unlimited invoicing and estimates, transaction automation, automated payment reminders, and even basic accounting reports. This makes it an excellent option for startups, solopreneurs, and small businesses with limited budgets.

For businesses that require more advanced features, Wave also offers a Pro plan starting at $16 per month. The Pro plan includes features like discounted rated payments, receipt capture, bank transaction import, categorize bank transactions, and customer support.

Wave Features

  • Key feature

    Unlimited estimates, invoices, and bookkeeping records.

  • Key feature

    Mobile app to send invoices wherever you are and manage cash flow in an intuitive dashboard.

  • Key feature

    Business owners can even add their branding to the free version, which is not true for most accounting software.

  • Key feature

    Automate importing and merging for bank transactions.

  • Key feature

    Track receipts and expenses while sending late payment reminders.

  • Key feature

    Offers add-ons for payroll and hiring bookkeepers to expand in-product capabilities.

  • Key feature

    Offers the Starter plan an online payment add-on with a 2.9% + $0.60 interest rate for each credit card transaction.

Wave Pros/Cons

  • Advantage

    Low-cost accounting software compared to most competitors.

  • Advantage

    Perfect option for freelancers, startups, and new teams.

  • Disadvantage

    It may not be the best for large teams that need advanced analytics, financial reports, and data management.

  • Disadvantage

    Limited customer support.

Melio

Melio

Best for Bill Payments

Geekflare rating score 4.2 out of 5
4.2
|
  • Core Functionality
    Accounts payable and receivable
  • Ideal for
    Small Businesses
  • Integrations
    QB, Xero, Amazon Business
2.9% for cards
No Subscription Fee
Try Melio

About Melio

Melio is a free bill pay platform to simplify and streamline how businesses manage their accounts payable (AP) and accounts receivable (AR). Founded in 2018 and headquartered in New York,

Unlike traditional accounting software that focuses on bookkeeping and financial reporting, Melio specializes in the bill payment process. It allows businesses to pay vendors via bank transfer (ACH), check, or credit card, regardless of how the vendor prefers to be paid.

Businesses can save time, reduce errors, and improve vendor relationships by streamlining their bill payment processes. Whether you’re a small business owner or part of a large accounting team, Melio offers a user-friendly and cost-effective solution for managing your AR and AP.

For businesses managing huge volumes of receivables, integrating Melio with dedicated accounts receivable software and accounts payable software can enhance the efficiency of their overall cash flow management.

Melio Features

  • Key feature

    Bill management and easy bill capture.

  • Key feature

    Tracking payments.

  • Key feature

    Sync with accounting software.

  • Key feature

    Ability to accept international payments.

  • Key feature

    Workflow with approval steps.

  • Key feature

    Cashflow with the ability to pay business expenses with a credit card.

Melio Pros/Cons

  • Advantage

    Free to use and great for teams of any size.

  • Advantage

    Send unlimited ACH bank transfers to vendors at no cost.

  • Advantage

    Personalized payment link.

  • Disadvantage

    Supports only USD for making international payments via card.

Zoho Books

Zoho Books

Best for E-Commerce Business

Geekflare rating score 4.5 out of 5
4.5
|
  • Core Functionality
    Invoicing, Payments, Quotes
  • Ideal for
    Startups, Small Businesses
  • Integrations
    Excellent
$15/month
Free Plan
Try Zoho Books

About Zoho Books

Zoho is a business suite comprised of many business software solutions. Their offering for accounting and bookkeeping is Zoho Books. With Zoho Books, you can manage clients, invoices, projects, and timesheets.

Zoho Books is best suited for E-Commerce businesses because it offers seamless integration with major online marketplaces and payment gateways, automates sales and inventory management, and provides analytics tailored for online retailers.

The pricing model had 6 different tiers and complex features to scale for teams of all sizes. Zoho Books’ starting plan is Free, allows 1 user with their accountant, and is only for companies under 50,000 in revenue per year.

Zoho Books Features

  • Key feature

    Recurring invoices, and the ability to create in multiple languages.

  • Key feature

    Mileage and expense tracking.

  • Key feature

    Custom roles and custom fields.

  • Key feature

    Project task and profitability management.

  • Key feature

    Cashflow forecasting and budgeting.

  • Key feature

    Automatic exchange rates, multi-currency, and currency adjustments.

  • Key feature

    Integrates with Zoho CRM, Zoho Expense, Zoho Analytics, and Zoho Inventory for upgraded functionality.

Zoho Books Pros/Cons

  • Advantage

    Wide selection of affordable plans for different stages of company growth.

  • Advantage

    Good for online businesses with clients in different countries.

  • Advantage

    Email support in their Free plan and Email, Chat, and Voice support in all paid plans.

  • Advantage

    Available in the UAE

  • Disadvantage

    Has a steep learning curve.

  • Disadvantage

    Not be the best choice for enterprises that need more complex financial data management.

Dext Prepare

Dext Prepare

Best for Receipts Management

Geekflare rating score 4.2 out of 5
4.2
|
  • Core Functionality
    Expense Management
  • Ideal for
    SMBs, Accounting Firms
  • Integrations
    11,500+ banks
$24/month
FREE Trial
Try Dext

About Dext Prepare

Dext Prepare (formerly Receipt Bank) is a leading provider of automated data extraction and document management solutions. No wonder, more than 500,000 customers trust Dext.

Dext Prepare simplifies the tedious tasks of managing receipts, invoices, and bank statements by automatically extracting key data and integrating it with your accounting software. This eliminates manual data entry, reduces errors, and saves valuable time for accountants, bookkeepers, and business owners.

Dext Prepare Features

  • Key feature

    Bank statement, invoice, receipt extraction in Dext Prepare.

  • Key feature

    eCommerce integrations, sales expenses, transaction rules, data mapping, multi-currency, and advanced exports in Dext Commerce.

  • Key feature

    Advanced analytics tools, data monitoring, and sandboxing in Dext Precision.

Dext Prepare Pros/Cons

  • Advantage

    Automate bookkeeping

  • Advantage

    Say goodbye to paperwork

  • Advantage

    Upload receipts through mobile app

  • Disadvantage

    Invoicing and payment is not feasible

  • Disadvantage

    Not suitable for freelancers

BILL

BILL

Best for Payments and Cash Flow

Geekflare rating score 4.2 out of 5
4.2
|
  • Core Functionality
    Payment Management
  • Ideal for
    SMBs
  • Integrations
    Excellent
$45/month
Try Bill

About BILL

Bill is a leading cloud-based financial automation software, empowering small and midsize businesses (SMBs) to streamline their financial operations and improve cash flow. Founded in 2006 in California, Bill has become a trusted partner for over 460,000 businesses.

Bill’s comprehensive platform offers a range of solutions to automate and simplify various financial tasks, including accounts payable, accounts receivable, spend management and cash flow management.

Bill now leverage AI to extract necessary data from invoices and business documents to help to pay bills faster. They claim to save 50% by leveraging Bill AI.

BILL Features

  • Key feature

    Tools for managing transactions, bills, and invoices.

  • Key feature

    Payment approvals and automatic routing.

  • Key feature

    ACH payments and International payments.

  • Key feature

    AI-powered bill payments

BILL Pros/Cons

  • Advantage

    Loved by accounting firms.

  • Advantage

    Allows teams with niche use cases like AR or AP to only spend on what they need and eliminate the features they don’t need.

  • Advantage

    Live chat and phone support in all plans.

  • Disadvantage

    Not suitable for bookkeeping.

  • Disadvantage

    Not worth it if you just need to send invoices.

ZarMoney

ZarMoney

Best for Invoicing and Bills

Geekflare rating score 4.8 out of 5
4.8
|
  • Core Functionality
    Invoicing, Inventory, Payments
  • Ideal for
    Small Businesses
  • Integrations
    Moderate
$20/month
Free Trial
Try ZarMoney

About ZarMoney

ZarMoney is the best fit for teams looking for cloud-based software with plans for established small, medium, and semi-large companies. It’s a good accounting platform for managing transactions, inventory, and reporting. The company was founded in 2006 in California.

ZarMoney offers customizable features that can adapt to a business’s growing needs – from basic accounting, invoicing and expense tracking for small startups to advanced inventory management and detailed financial reporting for larger enterprises. This allows businesses to expand their operations without needing to switch to a different accounting software, making it a versatile solution across all stages of business growth.

Subscriptions have included user amounts and costs are more determined by team size, with all plans having the same core features, excluding customization in the highest tier. Their lowest plan is $20 per month for one user, and their highest tier is $350 per month for over 30 users.

ZarMoney Features

  • Key feature

    Detailed inventory and FIFO cost methods.

  • Key feature

    Invoice, expenses, and bill management.

  • Key feature

    Accept ACH payments and credit cards online.

  • Key feature

    Allows ACH payments and eChecks, with a rate of .75% up to $5.00 per transaction.

  • Key feature

    Recurring payments.

  • Key feature

    Restricted IP addresses.

  • Key feature

    AR and AP reporting.

  • Key feature

    Custom dashboard and advanced user permissions.

ZarMoney Pros/Cons

  • Advantage

    Full of strong features and offers flexible pricing to scale with growth.

  • Advantage

    Good choice for online businesses that need to manage transactions.

  • Disadvantage

    Very costly for teams with 30 users or more.

Bonsai

Bonsai

Best for Self-Employed and Consultants

Geekflare rating score 4.5 out of 5
4.5
|
  • Core Functionality
    Business Operations
  • Ideal for
    Freelancers, Consultants
  • Integrations
    Limited
$9/user/month
Try Bonsai

About Bonsai

Professionals with small to mid-size workflows may enjoy Bonsai as their accounting application. It will help with scheduling, invoicing, payments, proposals, and workflow management. The company was started in 2023 and is headquartered in California.

Bonsai offers a tailored suite of tools for proposal creation, contract management, invoicing, and tax preparation, all designed to simplify the administrative side of freelancing, allowing professionals to focus more on their work and less on paperwork.

Bonsai has monthly and annual pricing, with their Starter plan being $21 per month, billed annually. Their current discount offers the first 2 months free for yearly billing. You can add on team members for $10 per user per month.

Bonsai Features

  • Key feature

    Client CRM.

  • Key feature

    Offers add-on for managing taxes.

  • Key feature

    Time tracking.

  • Key feature

    Event scheduling with Calendly integration.

  • Key feature

    Hiring form templates.

  • Key feature

    Subcontractor management.

  • Key feature

    Integrate with apps like QuickBooks and Zapier.

Bonsai Pros/Cons

  • Advantage

    Plans are well suited for established freelancers and small businesses.

  • Advantage

    Strong choice for teams in need of both client and contractor management.

  • Disadvantage

    Pricing is within the average range but isn’t the best for startups and less established teams.

AccountEdge Pro

AccountEdge Pro

Best for Windows and Mac Users

Geekflare rating score 4.2 out of 5
4.2
|
  • Core Functionality
    Desktop Accounting
  • Ideal for
    SMBs
  • Integrations
    Limited
$20/month
30-day FREE Trial
Check Out AccountEdge Pro

About AccountEdge Pro

AccountEdge is an on-premise, desktop accounting software. AccountEdge lets you manage sales, invoices, expenses, inventory, data, contacts, banking, and time. The AccountEdge software started out in 1989, but their company Acclivity began in 2005 in New Jersey, before being acquired by Priority Software in 2018. The software helps over 100,000 small companies globally but with North America as their primary market.

All plans have access to base features like general ledgers, financial reporting, bank reconciliation, data backups, and password protection.

AccountEdge Pro offers enhanced data control and security, allowing users to manage their finances without relying on a constant internet connection, while still providing the option for cloud collaboration to ensure flexibility and accessibility when needed via the AccountEdge Connect.

Pricing is based on the number of users you need and the type of hosting you prefer. They have subscriptions to run on your desktop or the option to host on your own secure cloud desktop server for your team. Phone support is available as a $10/month add-on.

AccountEdge Pro Features

  • Key feature

    Credit card processing with the lowest rates at 1.79%.

  • Key feature

    Discount of 25% on your first order of professional business checks and tax forms.

  • Key feature

    Payroll is a $20 per month add-on for unlimited employees.

  • Key feature

    Support is offered via email for desktop-based software plans and technical support is free for cloud server plans.

AccountEdge Pro Pros/Cons

  • Advantage

    Compatible with both Mac and Windows operating systems.

  • Advantage

    Gives option of cloud collaboration through AccountEdge Connect.

  • Advantage

    Greater control over data as it is stored locally.

  • Disadvantage

    While not the most expensive on the list, you can find cheaper if you have a strict budget.

  • Disadvantage

    Need to invest in hardware to ensure data security.

  • Disadvantage

    Collaboration is tough as the software is location-dependent.

Patriot Accounting Software

Patriot Accounting Software

Best for Payroll and Accounting

Geekflare rating score 4.8 out of 5
4.8
|
  • Core Functionality
    Payroll and Accounting
  • Ideal for
    Small Businesses
  • Integrations
    Limited

About Patriot Accounting Software

Patriot Accounting Software offers subscriptions for both accounting and payroll needs for bigger teams that still want affordable and flexible plans. With Patriot accounting app, you can manage payments, expenses, invoices, forms, bank transactions, and account reconciliation. Patriot Software started in 1986, is headquartered in Ohio, and serves over 50,000 teams in the United States.

Subscriptions start at $20 per month for the Accounting Basic plan and $30 for the premium plan that includes invoicing and business expense tracking.

Patriot Accounting Software Features

  • Key feature

    Unlimited payments, invoices, customers, and team users.

  • Key feature

    1099 virtual filing and printing.

  • Key feature

    Account reconciliation and importing for bank transactions.

  • Key feature

    Templates for invoices.

  • Key feature

    Recurring payments and payment reminders.

  • Key feature

    All Patriot tiers have phone, chat, and email support.

Patriot Accounting Software Pros/Cons

  • Advantage

    Offers mobile responsive web app instead of a mobile app that requires you to download it on your phone.

  • Advantage

    More cost-effective than other accounting apps by offering unlimited users.

  • Advantage

    Promises dedicated account team based in the US.

  • Disadvantage

    Available only in the United States.

  • Disadvantage

    Complex reporting, inventory management features etc. are unavailable.

FreeAgent

FreeAgent

Best for Businesses in UK

Geekflare rating score 4.5 out of 5
4.5
|
  • Core Functionality
    Comprehensive
  • Ideal for Business Size
    Small Businesses, Consultants
  • Integrations
    Moderate
$13.50/month
50% OFF for first 6 months
Check Out FreeAgent

About FreeAgent

Those looking for simple accounting software with equally simple pricing can benefit from FreeAgent. It can manage invoices, expenses, bank transactions, and project costs.

The software company was developed in 2007 in Edinburgh, Scotland, and acquired by NatWest Group in 2018. They are used by over 150,000 small teams.

Pricing for FreeAgent is $27 per month, billed monthly, but since users get 50% off for the first 6 months, it comes to $13.50 per month.

FreeAgent Features

  • Key feature

    Project performance and cost tracking.

  • Key feature

    Invoices, estimates, expenses, and banking tools.

  • Key feature

    Time tracking.

  • Key feature

    Dashboard for monitoring cash flow and tax deductions.

  • Key feature

    Multi-currency invoices.

FreeAgent Pros/Cons

  • Advantage

    Simple and affordable pricing compared to competitors.

  • Advantage

    Strong banking integration

  • Disadvantage

    Limited features for large organization with complex needs such as integration with inventory management system etc.

  • Disadvantage

    Not suitable for global businesses as it is more UK-focussed.

NetSuite

NetSuite

Best for Enterprise Businesses

Geekflare rating score 4.0 out of 5
4.0
|
  • Core Functionality
    ERP
  • Ideal for
    Enterprise
  • Integrations
    Good

About NetSuite

NetSuite by Oracle is a leading cloud Enterprise Resource Planning (ERP) system, encompassing comprehensive accounting functionality. With over 38,000 users globally, NetSuite is tailored for large enterprises and global corporations seeking a scalable solution to manage their complex financial operations.

Unlike other accounting software like FreshBooks or QuickBooks, NetSuite is not suited for small businesses due to its enterprise-level focus and typically higher costs. NetSuite offers a quote-based pricing model tailored to each company’s specific requirements.

NetSuite Features

  • Key feature

    Cash flow management.

  • Key feature

    Supports multiple currencies, languages, and tax regulations, making it ideal for businesses with international operations.

  • Key feature

    Automates various financial processes, improving efficiency and reducing errors.

  • Key feature

    Highly customizable to fit unique business needs.

NetSuite Pros/Cons

  • Advantage

    Plenty of advanced features for teams managing complex data.

  • Advantage

    NetSuite’s cloud-based architecture allows enterprises to scale operations effortlessly, accommodating growth

  • Advantage

    Supports multi-currency transactions and compliance with international accounting standards like IFRS and GAAP.

  • Disadvantage

    Very complex software that isn’t ideal for small business.

  • Disadvantage

    Hidden pricing that requires legwork to get.

Sage Intacct

Sage Intacct

Best for Midsize to Large Businesses

Geekflare rating score 4.5 out of 5
4.5
|
  • Core Functionality
    Accounting, HR, Payroll
  • Ideal for
    Large Businesses
  • Integrations
    Moderate
Custom
Try Sage

About Sage Intacct

Sage Intacct is designed specifically for large businesses and enterprise teams with complex financial management needs. It is part of the broader Sage suite of business solutions, but it stands out as a comprehensive platform for advanced reporting, budgeting, and invoice management.

Sage Intacct caters to businesses requiring robust accounting capabilities, offering features like multi-entity consolidation, complex revenue recognition, project accounting, and customizable reporting. Sage Intacct focuses solely on accounting and ERP functionality, often integrating with best-in-class solutions from other providers. Additionally, for businesses focusing on sustainability and environmental impact, integrating carbon accounting software can help track and report carbon emissions while managing finances.

Sage AI is available with Intacct to automate accounting tasks and give real-time actionable insights. Unlike Sage’s standard accounting plans, Sage Intacct pricing is typically quote-based and tailored to the specific needs of each organization.

For small businesses, you can go for Sage 50, which costs $607 per year.

Sage Intacct Features

  • Key feature

    Fraud protection with advanced cybersecurity.

  • Key feature

    Advanced automation and syncing with payments, banking, and your inventory for faster workflow.

  • Key feature

    Super advanced reporting with over 150 use case-specific reports, batch reporting, and customization.

  • Key feature

    Perfect for big teams that need detailed financial management for projects

  • Key feature

    Inventory and job management.

  • Key feature

    Cash Flow Manager for tracking billable expenses and revenue.

Sage Intacct Pros/Cons

  • Advantage

    Easy to navigate UI.

  • Advantage

    Feature-rich and good for teams that need strong reporting insights.

  • Disadvantage

    Too expensive for startups, freelancers, and small businesses.

  • Disadvantage

    Fewer third-party integrations compared to competitors.

AccountsIQ

AccountsIQ

Best for BI and Automation

Geekflare rating score 4.8 out of 5
4.8
|
  • Core Functionality
    Business Intelligence
  • Ideal for
    Medium to Large Businesses
  • Integrations
    Salesforce, Stripe, Concur
£199/month
Try AccountsIQ

About AccountsIQ

AccountsIQ has inbuilt business intelligence offering detailed reporting, consolidation and core accounting features. It enables automated financial reporting and analysis, with the capability to generate detailed reports and insights tailored to different stakeholders.

AccountsIQ is suitable for UK-based businesses who are looking to make tax digital and automate accounts payable.

AccountsIQ Features

  • Key feature

    Automated expense management.

  • Key feature

    Real-time transaction tracking.

  • Key feature

    Approvals for workflows.

  • Key feature

    Sandboxing for your databases.

  • Key feature

    Manage high-volume data and offer actionable insight into your financial data.

  • Key feature

    3 levels GL coding of financial data for managing your general ledgers.

  • Key feature

    Compliant with UK’s value-added tax (VAT) by making taxes digital initiative (MTD) and has group VAT MTD in higher tiers.

AccountsIQ Pros/Cons

  • Advantage

    Feature-rich with advanced automation and insights.

  • Advantage

    Great for more established businesses with complex financial data.

  • Disadvantage

    Not suitable for small businesses.

  • Disadvantage

    Very steep learning curve.

What is Accounting Software?

Accounting software is used to manage financial data like transactions, expenses, and business account balances. Some versions offer fundamental tracking features, while others provide analytics for deeper insights into your finances.

Accounting software include the following features.

  • Invoicing
  • Estimates
  • Credit card, check, and/or bank transactions
  • Expense management
  • Budgeting
  • General ledger (double-entry bookkeeping) or other bookkeeping features
  • Accounts receivable (AR)
  • Account payable (AP)
  • Balance sheet preparation (here are some balance sheet templates to help)
  • Profit and Loss Statements
  • Mobile access through app.
  • Automated payment reminders
  • Database management for financial business data
  • Financial Reporting
  • Analytics dashboards (usually monitoring cashflow)
  • Forecasting or predictive analytics

Understanding accounting basics and practices is essential for making the most of these tools and ensuring accurate financial management.

Advanced accounting software solutions also offer other related capabilities such as payroll services, time tracking, project costs and profitability, HR management, and tax form preparation, either built-in or as an add-on.

How Much Does Accounting Software Cost?

On the low end, most accounting software plans are around $20 to $40 per month, usually not including more than one user (excluding your accountant). The higher tiers can be $100 per month, totaling up to a thousand or more per year. Add-on features may be provided at an extra cost. 

Most of the plans offer max 25 users and to get unlimited users, you would require an enterprise plan.

Is Accounting Software Cheap?

In general, no, but there are some free or affordable gems like Wave that are great for startups and new teams. Cheap accounting software for small businesses can be around $15 to $20 per month.Several of the software mentioned, like FreshBooks, QuickBooks, and Xero, are currently running discounts for their plans.

What is the Easiest Accounting Software?

Freshbooks, FreeAgent, Wave, and Xero are some of the easiest accounting software in terms of usability. Their offerings meet the core accounting management features for handling invoices, expenses, transactions, and payments. Each solution is best for everyday accounting needs without overwhelming users with a dense, feature-rich platform. Melio also offers free tools with strong ease of use but is primarily for managing bill payments to contractors and freelancers.

What is the Best Accounting Software for Bookkeeping?

QuickBooks is one of the best and most popular bookkeeping solutions for small and medium businesses. The software is designed to handle daily accounting needs like invoicing and bank transactions while also managing overall financial data with reporting insights. Higher tiers include tools to manage employees, project costs, and overall budget.

While QuickBooks is an impressive software, that does not mean they are the best fit for every business industry. Zoho Books, FreshBooks, and Xero all also have strong analytics and workflow features to manage your team and they cost similar or less than QuickBooks (with discounts varying between all of them).

Are Accounting Software and Budgeting Software the Same?

Accounting software and budgeting overlap heavily, but are not the same. You can use advanced accounting software for budgeting, but you shouldn’t use budgeting tools as your business accounting solution.

While accounting systems like Sage and Xero offer comprehensive features for tax, inventory, and overall financial management, they might be overkill for simple budgeting needs.

Budgeting software focuses specifically on helping you track spending, forecast cash flow, monitor bills, and gain insights into your business’s financial health. These tools are often more user-friendly and affordable, making them ideal for business owners.

Is Accounting Software Better Than Spreadsheets?

Yes, absolutely. Accounting software solutions can offer ready-to-go templates, automation capabilities, reporting, and even database management to streamline workflow and ease the burden on your mental plate.

Startups, sole proprietors, budding freelancers, and small businesses can save a lot of money using spreadsheet software. On the other hand, when you use spreadsheet apps you are prone to make mistakes, resulting in financial data loss, which are crucial when making data-driven decisions.

Is it Okay to Use Invoice Software Instead of Accounting Software?

It depends on your requirements. Most accounting systems have invoicing tools but if you do not need to manage payments, business expenses, bank account transactions, etc, then you can use invoice software.

Invoicing software like Zoho Invoice, InvoiceNinja, and PayPal are cheaper than accounting solutions, so you can save cost by forgoing other features. If you do go this route, make sure to see if they integrate with accounting and bookkeeping software so you have that option later on.

What is the Difference Between Accounting Software and Payroll Software?

Accounting tools offer capabilities to manage business finances whereas payroll software helps businesses to pay  local or global employees on time while ensuring taxation, payment slips and necessary compliance requirements..

Both applications coincide when it comes to tracking payments and tax forms. Many accounting systems are built with the functionality to handle contractor invoices and tax forms. Payroll add-ons are also very common product offerings by companies that provide accounting solutions.

What Does Accounting Software Do?

Accounting software helps you manage your financial business information. It’s designed to automate and streamline tedious workloads and keep you on top of important bills and payments. More robust systems will offer detailed reporting and analytics.

How Does Accounting Software Work?

Accounting systems are built on the concept of managing and analyzing your financial data. It aids you with business operations by helping you enter, import, extract, organize, and filter data. You can use it for procession online payments and transactions as well as manage Accounts Payable (AP) and Accounts Receivable (AR). Many tools will offer limited or advanced financial reporting to highlight valuable insights.

What are the Benefits of Using Accounting Software?

Accounting software platforms provide the following 6 benefits to businesses.

  1. Automation of business transaction documentation, thereby increasing efficiency
  2. Accuracy and reduction of human errors
  3. Enables better decision-making due to real-time tracking of financial health.
  4. Simplifies compliance to tax laws and financial regulations
  5. Helps in scaling up when a company grows
  6. Cloud-based access for employees from multiple locations

Why Do Small Businesses Need Accounting Software?

Small businesses need accounting software to manage their finances, minimize costly mistakes, and avoid becoming dangerously overwhelmed when it’s time to pay your taxes.

Accounting systems are ideal for ensuring your expenses, income, and cashflow are balanced while planning for ongoing projects and future spending. Whether your company is just budding or beginning to overflow, having software to track every step of the way will save you a giant headache down the road.

How Do I Choose An Accounting Software?

The best way to choose an accounting software is to determine the features your team absolutely needs.

The list you build of features you need from financial business software should consider these questions.

  • Do you need built-in payroll services or an integration?
  • Will you need bookkeeping or a general ledger for your data?
  • Do you need time tracking, timesheets, and any HR management features?
  • Do you want payroll and tax preparation in your accounting software application?
  • Will you benefit from help budgeting, creating estimates, or forecasting?
  • Would software with advanced database management, customizable reports, and analytics be helpful or overwhelming?
  • Can you really afford software that costs $20-$40 per month, or do you need a free solution?
  • Are there any additional features offered by the software?
  • Does the accounting software solution provider offer efficient customer service? 

You can decide by brainstorming as a group, reading the reviews of potential business finance software, and viewing YouTube tutorials of potential choices. Many accounting software providers advertise spectacular capabilities that may not work as well in practice. Take note of standout features, user interface preferences, and overall usability.

What are other enterprise software programs that can help my business?

Enterprise software includes monday.com for Project Management, NetSuite for ERP, Salesforce for CRM, Stripe for payments, Rippling for HR.

When choosing a new accounting solution, check on available integrations to ensure it’s compatible with your tech stack and scalable to meet your business growth. Knowing what integrations are available can also help you grow your current tech stack.

More on Accounts and Payments