Infor CloudSuite Financials is a cloud-delivered financial suite including general ledger, close management, real-time visibility into customer billing and intercompany billing, reconciliation management and lease accounting, asset accounting and cash management, and extensibility with Infor Trea...
Accounting & Budgeting Software
Best Accounting & Budgeting Software
- Best Accounting & Budgeting Software include: Financial Edge NXT, Wave Accounting, QuickBooks Desktop Pro, Sage Intacct, Xero, QuickBooks Desktop Enterprise, QuickBooks Online, Sage 50cloud Accounting, FreshBooks, MIP Fund Accounting, and QuickBooks Desktop Premier.
- A complete list of Accounting & Budgeting Software is available here.
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Accounting & Budgeting Software Overview
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 are as follows:
- 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.
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 and 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 SoftwareAccounting & 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).
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
- Mobile functionality
- CPA access (unless you manage your own finances)
- Credit card processing, tax preparation, and payroll services
- Integrations to third-party tools
Cloud Accounting SoftwareTraditionally, accounting software products were installed locally on servers located in the firm's location (on-premises or desktop software), and this kind of accounting software is still widely used today. Following the dominant trend in the broader software market though, many newer products are offered as cloud products, delivered over the Internet and accessed with a web browser.
Older, on-premise-based installed products are sometimes offered in “hosted” deployments, but this is not the same thing. “Cloud” usually means Software-as-a-Service (SaaS) where the vendor manages the software application and the entire hosting infrastructure on behalf of all customers. The product is designed to be deployed in this one-to-many model and customers access the product through a simple web browser.
Xero, Wave, Intacct (acquired by Sage), and NetSuite are examples of cloud accounting vendors. On-premise vendors such as QuickBooks and Sage now offer cloud products as well. Read more about cloud vs. on-premise trend in Accounting software.
Accounting & Budgeting Features & CapabilitiesGeneral 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 & Budgeting 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 FeaturesThe 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 FeaturesThese 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 FeaturesThis 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 FeaturesPayroll 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 BPO FeaturesBPO stands for Business Process Outsourcing. 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 & Budgeting Software Comparison
To compare different accounting & budgeting platforms, consider what unique tools pertaining to accounting and budgeting you will need to utilize. 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, and cash flow analysis.
Some companies may require a comprehensive ERP (Enterprise Resource Planning) system, rather than a solution that focuses exclusively on accounting. ERP systems are broader resource management systems,and have a wider range of capabilities including things like procurement, order management, CRM, supply chain management, inventory management, logistics and human resource management functionality. 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.
Other important features also include these attributes such as:
Intuitive, easy-to-use UI:
Robust reporting capabilities
Accounting & Budgeting Products
Listings (126-130 of 130)
Budget Maestro aims to help financial executives to transition away from error-prone, disparate spreadsheets to an automated system that provides comprehensive budgeting, forecasting, consolidation and reporting tools. The vendor says small to medium businesses looking to move forward to a more f...
ComputerEase Construction Software is a cloud-based accounting and construction management suite from ComputerEase in Cincinnati, OH. This platform is designed to handle accounting needs specific to the many kinds of companies in the construction industry (e.g. HVAC, plumbing, demolition, heavy h...
Oracle Account Reconciliation Cloud is a global account reconciliation platform that helps manage the risk associated with financial consolidation.