These products won a Top Rated award for having excellent customer satisfaction ratings. The list is based purely on reviews; there is no paid placement, and analyst opinions do not influence the rankings. Read more about the Top Rated criteria.
Accounting Software TrustMap
TrustMaps are two-dimensional charts that compare products based on trScore and research frequency by prospective buyers. Products must have 10 or more ratings to appear on this TrustMap.
Sage Intacct is a cloud ERP system targeted at high-growth small and medium-sized businesses. Intacct includes applications for core financials and accounting, purchasing, order management, and financial reporting and business intelligence. It also integrates with 3rd party software…
MIP Fund Accounting™ is a configurable fund accounting solution. The solution includes functionality for fund accounting, procurement, budgeting, payroll, human resources, timekeeping, fixed asset management, grant management, and dashboards for nonprofits and government agencies.…
Oracle Cloud Enterprise Resource Planning (ERP) is a core suite of Oracle Cloud software-as-a-service (SaaS) applications. Oracle Expense Management and Oracle Risk Management are part of this solution. Other apps include Financials, Revenue Management, Accounting Hub, PPM, and…
BlackLine automates the the processes required to finalize periodic closing of the books. Beyond close/reconciliation management the product includes capabilities to enhance the management and control of financial processes throughout the accounting cycle. In October 2020, BlackLine…
QuickBooks Online is a SaaS version of the QuickBooks product. It contains all of the features found in the local version. Higher-priced plans include greater automation, payment management, inventory and time tracking, and analytics features.
Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend…
QuickBooks Desktop Enterprise is a widely-used accounting package designed for small to mid-sized businesses. It is the top of the QuickBooks line. Pricing starts at $3,000 for five users, and goes up depending on the number of additional users. They also offer an Advanced Inventory…
QuickBooks Online Advanced is a SaaS-based accounting software designed to scale with growing businesses. It includes the functionalities of QuickBooks Online, as well as more robust business analytics, customization, and resource management.
NetSuite is a suite of ERP and accounting modules which is sold in various editions aimed at different size customers. The multi-country, multi-currency version is an additional module called OneWorld. Netsuite is a SaaS system and is not offered in an on-premise edition.
Quickbooks Desktop Pro is accounting software from Intuit, Inc. It includes core accounting features, plus analytics and exportable reports. It is offered in on-premise and SaaS forms.
CMiC Project Management is a construction project collaboration and management solution. It centralizes project-related communications and documents onto one platform, and connects the job site with the back-end office.
BQE Core is a business management solution built specifically for professional service firms. According to the vendor, BQE Core is a combination of a billing assistant, project management, and accounting solution. The vendor’s value proposition is that Core does the hard work for…
Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing…
Financial Edge NXT is a cloud accounting solution tailored for nonprofits that provides a general ledger, projects, grants, endowments, accounts payable and receivable, fixed assets, banking, and more. It offers real-time reporting, with one-click drill-down functionality and export…
FreshBooks is an accounting service for small businesses. The solution enables users to send and manage invoices, track billable time and collect online payments. The vendor’s value proposition this that their solution provides a straightforward service that simplifies the billing…
QuickBooks Desktop Premier is an installed version of QuickBooks for general business, contractors, manufacturing and warehouse accounting, as well as nonprofits, professional services, and retail.
Microsoft Dynamics GP is an ERP software with accounting capabilities. It includes various packs for customizability and features tailored to specific industries’ needs. GP is offered as a perpetual license or subscription.
SAP ERP is an enterprise suite comprising Financials (A/P, A/R, accounting, reporting, risk management, etc.), Human Capital Management (HR and Payroll), and Operations (procurement, manufacturing, sales & service). This is an enterprise level product designed for large organizations.…
Oracle’s complete EPM suite is designed to give users the agility needed to respond to change faster. Combined with the simplicity of the cloud, it enables companies of any size to drive accurate and agile plans across finance and operational lines of business, accelerate financial…
SAP Business One is an integrated enterprise resource planning (ERP) solution for small and medium-sized businesses, The product encompasses functionality around sales, customer relationships, inventory, operations, financials and human resources.
Viewpoint’s Vista is a construction accounting software. Vista’s core accounting features include accounts receivable and payable, general ledger, payroll and time management, and cash management. It also provides tools for document management, including document templates and reporting.…
Sage 50cloud Accounting (formerly Sage 50 Accounting) is accounting software designed for small businesses. Sage 50cloud Accounting (formerly Sage 50, and formerly Peachtree) lets businesses invoice customers, pay bills, manage inventory, control costs, and pay employees. The solution…
Quickbooks Desktop for Mac is an accounting software designed for Mac users. It is designed to integrate with Apple iCloud. It provides core accounting features in line with the rest of the Quickbooks Desktop product line.
Zoho Books is an accounting solution that is designed to help small businesses manage their finances. This solution includes dashboards and a wide variety of reports. Business users can automate tasks and set up custom workflows. The vendor offers a 14 day free trial.
FreeAgent is an cloud-based accounting system designed for small businesses and freelancers. FreeAgent supports many core accounting features and bank reconciliation, payroll, tax management, project level accounting, and multiple currency support. It is mobile-accessible, and integrates…
What is Business Accounting Software?
Accounting Software records and processes accounting transactions and serves as an accounting information system from which decision makers or company accountants can monitor business processes and generate financial reports.
Their essential feature is an interactive financial dashboard with a general ledger for handling double-entry bookkeeping. Common features to this class of software include:
- Means of tracking company inventory and purchase orders
- Sales tracking
- Automated invoicing
- Receipt capture via document or image processing
- Analytics for budgeting and revenue tracking
- Financial reporting
- Accounts payable/accounts receivable functions.
These features are either contained intrinsically (within the accounting software) or managed via integration with third-party software(e.g. dedicated AR or AP software, Expense Management Software, Image Capture Software, etc.).
An automated ERP (Enterprise Resource Planning) system contains all of these functions (or supports integration with the requisite modules), thus these products appear in this category as well. However ERPs are often industry specific or scaled to the needs of larger companies. They may represent overkill for seekers of pure and simplified accounting solutions for their business.
Some vendors offer specialized accounting software dedicated to handling the regulatory and reporting needs specific to some industries, like construction or manufacturing. Either an all-in-one solution or a package bundled with smaller, dedicated integratable modules could be the best approach, depending on business needs.
Small Business Accounting Software
Accounting & Budgeting Software offerings vary a great deal in complexity. Simple, inexpensive or free platforms are available for entrepreneurs and smaller companies, while medium-sized or larger companies may find use for more complex software possessing a greater breadth of features or deeper processing capacity and higher usage limit caps (like unlimited invoicing or the ability of a larger number of users to access the system).
Small businesses may also only require bookkeeping software, which focuses on recording financial transactions via a general ledger and managing payroll. Since bookkeeping tools are more simplistic, these products may be easier for simpler businesses without accounting experience to learn and use.
True SMB accounting software is distinguished by having better tools for financial data management, reporting, analytics, tax preparation, etc. SMB accounting tools have become increasingly affordable in recent years, making them the preferred choice for most businesses.
QuickBooks, FreshBooks, and Wave Accounting are some of the leading products suited to small business. QuickBooks requires training for new users, but it is convenient to use with an accountant and other financial services, because most providers in the space are already familiar with it. FreshBooks is a bit simpler and requires less training; Wave Accounting is free and aimed at businesses with fewer than 10 employees. When evaluating accounting tools, small businesses may want to pay particular attention to these areas:
- Usability and training requirements
- Scalability and limitations, including number of customers/invoices/users/transactions per month
- Customer support
- Support for tax preparation and filing
- Mobile functionality
- CPA access (unless you manage your own finances)
- Credit card processing, tax preparation, and payroll services
- Integrations to third-party tools
Accounting Software Features & Capabilities
General ledger features make up the core of most accounting & budgeting platforms. Inventory, order, and payroll management features may be included as modules within the platform, or may be handled by third-party plug-ins; some of these features are industry specific.
Accounting tools also include reporting and customization/integration features (like dashboards and an API for custom integrations) that are common across many software categories. Additional capabilities are relevant for accounting firms who manage finances for multiple businesses.
General Ledger Features
The general ledger is a record of transactions and balances. These features comprise the basic bookkeeping functionality of the software:
- Accounts payable and receivable
- Cash management
- Bank reconciliation
- Expense management
- Time tracking
- Fixed asset management
- Multi-currency and multi-division support
- Regulations compliance
- Electronic tax filing
- Self-service portal
Inventory Management Features
These features give businesses the ability to track and manage the flow of goods or materials into and out of an inventory. They are relevant to industries with physical inventories, like retailers and suppliers. Inventory management functionality addresses:
- Inventory tracking
- Automatic reordering
- Location management
- Manufacturing module
Order Management Features
This feature set gives businesses the ability to process orders and track them from quote to cash. Order management is relevant to businesses that deal in services or goods and materials. For example, eCommerce retail vendors need to manage product orders and pool maintenance companies need to manage work orders. Basic order management features are:
- Order entry
- Credit card processing
- Calculating cost of goods sold
Payroll Management Features
Payroll management features are relevant for handling the costs and money flow associated with a company's workforce. These may be more or less sophisticated depending on the scale of the business and the type of employees (e.g. full time, part time, contractors, etc). Payroll management features include:
- Pay calculation
- Benefit plan administration
- Direct deposit files
- Salary revision and increment management
- Reimbursement management
Accounting Firm Features
These features are relevant to accounting firms using the product on behalf of clients:
- Branded dashboards, with a unique view for each client with the accounting form name and logo displayed
- Client roll-up capabilities that allow users to aggregate data for multiple entities within one client (e.g. data for all convenience stores within a certain zip code)
- Data consolidation across clients within a vertical market to provide a benchmark for performance measurement/comparison
- Configurable alerts for overdue forms and materials
- Billing bypass options (software vendor bills firm; firm bills clients)
- Client template cloning for setup, report format, and dashboards
- Single sign-on for access to all customer accounts
- Configurable client onboarding questions
- Cross-client workflow management
- Industry-specific versioning
- Legacy system data migration
Accounting Software Comparison
To compare different accounting platforms, consider the scale of unique accounting tools your business will need. Most accounting solutions will include standard accounting capabilities like General Ledger (GL), Accounts Payable and Accounts Receivable (AP/AR), bank reconciliation, fixed asset management, expense tracking, invoicing capabilities, and financial reporting capabilities.
Some businesses will need additional features like inventory management, payroll capabilities, dedicated budgeting features, and cash flow analysis. Smaller businesses may only need simple bookkeeping capabilities, and can forego the more advanced reporting, inventory management, and other capabilities. Some companies may require a comprehensive ERP (Enterprise Resource Planning) system, rather than a solution that focuses exclusively on accounting.
Even though many businesses have a unique set of functionality requirements, there are a few accounting ‘must-have’ criteria that a majority of buyers agree on. Common comparison points for buyers include:
- Intuitive, easy-to-use UI:
- Third-party integrations
- Robust reporting capabilities
- Cloud-based software
- Invoicing capabilities
Accounting software is most frequently offered on a subscription or perpetual license basis, particularly for online software. For very small use cases, some software is offered on a 1-purchase basis. For small businesses, subscriptions are available for less than $100/month. However, pricing can increase and vary more as buyers' accounting needs scale in size and complexity. Products for larger organizations may be priced by the modules selected within the product, required integrations, or number of transactions or users.
For large businesses and enterprises, accounting capabilities are frequently included with Enterprise Resource Planning (ERP) products. These platforms can be much more expensive than standalone accounting software. ERPs can also provide additional capabilities that may be more efficient to bundle with accounting processes if a businesses needs both products.
Accounting Software Best Of Awards
The following Accounting Software offer award-winning customer relationships, feature sets, and value for price. Learn more about our Winter Best Of Awards methodology here.