Accounting Software

Best Accounting Software include:

QuickBooks Desktop Enterprise, Xero, Sage Intacct, QuickBooks Desktop Pro, QuickBooks Online, Wave Accounting, and QuickBooks Desktop for Mac.

Accounting Software TrustMap

TrustMaps are two-dimensional charts that compare products based on trScore and research frequency by prospective buyers. Products must have 50 or more ratings to appear on this TrustMap.

Accounting 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 include:


  • Means of tracking company inventory and purchase orders
  • Sales tracking
  • Automated invoicing
  • Receipt capture via document or image processing
  • Timekeeping
  • 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:


  • Cost

  • Usability and training requirements

  • Efficiency

  • Scalability and limitations, including number of customers/invoices/users/transactions per month

  • Customer support

  • Support for tax preparation and filing

  • Reporting

  • 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:


  • Pricing

  • 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:


  1. Intuitive, easy-to-use UI:

  2. Third-party integrations

  3. Robust reporting capabilities

  4. Cloud-based software

  5. Invoicing capabilities

Start an Accounting comparison

Pricing Information

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.



More Resources

Accounting Products

(1-25 of 122) Sorted by Most Reviews

Infor SunSystems
6 ratings
1 reviews
Infor's SunSystems is an accounting and budgeting package and includes financials, budgeting and forecasting, and application portal modules.
move2clouds
1 ratings
1 reviews
move2clouds is a cloud based online accounting application. Hosted in the cloud and available as SaaS (software as a service), move2clouds is a complete end to end accounting system for small and medium businesses. Some key features include: Management Dashboards, Detailed Reports and Transaction Ap…
Clearbooks
1 ratings
1 reviews
ClearBooks Accounting is simple cloud accounting software, from Clear Books plc located in the UK, that is tailored to the needs of small businesses and start ups in the UK, or bookkeepers and accountants. It contains core accounting features like automated invoicing, document / image importing for …
Kashflow
2 ratings
1 reviews
Kashflow is cloud-based accounting automation software from the company of the same name based in London. It is targeted to suit the needs of small businesses in the UK. Billed as being easy for non-accountants to use, with no "accounting jargon," it's core features are an intuitive dashboard with s…
OSAS
4 ratings
1 reviews
OSAS Accounting and Business Software (Enterprise Resource Planning - ERP) is a business accounting software suite for small- to medium-sized businesses from Open Systems, Inc, which is similar to their Traverse product, but can be deployed across platforms (Linux, Mac OS X, and WIndows as well). OS…
Customer Focus
2 ratings
1 reviews
Customer Focus is solution that includes order management, inventory management, warehousing, CMS, E-mail marketing, CRM, and general accounting functions. E-Commerce web stores are also included in the solution.
Harpoon
1 ratings
1 reviews
Harpoon is a web-hosted accounting and finance app that helps freelancers and consultants set and meet their financial goals. In addition, Harpoon provides useful tools to help users collect revenue and manage finances. Features include time tracking, invoicing, expense tracking, project scheduling …
OpenGov
2 ratings
1 reviews
OpenGov headquartered in Redwood City offers their accounting and multi-fund reporting platform, for governments.
Foundation  Software
2 ratings
1 reviews
Foundation Software headquartered in Strongsville, Ohio offers their construction accounting and payroll software. The vendor states that their job costing construction accounting software is designed to be easy to use and provides the accounting and management tools needed to run a successful const…
Budget Maestro
3 ratings
1 reviews
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 flex…
AccountMate
3 ratings
1 reviews
AccountMate offers accounting software for small, midsize, or growing businesses. AccountMate SQL Software is specifically for businesses with high transaction volumes and heavy user loads. It can accommodate hundreds of simultaneous users, providing businesses with a comprehensive, real-time bus…
SlickPie
4 ratings
1 reviews
SlickPie is free online accounting software designed for small businesses, offering online invoicing and billing, multicurrency, financial reporting, bank reconciliation, automatic payment reminders, and source document upload. SlickPie provides an exclusive automated data entry tool, the Ma…
Float
3 ratings
1 reviews
Float is a cash flow forecasting solution that is designed to integrate with a company’s existing accounting software to create cash flow analytics.
Billfaster
Billfaster is an online invoicing, cash management and expense tracking system with automated accounting for start-ups and small businesses.
Traverse
TRAVERSE Accounting and Business Software (Enterprise Resource Planning - ERP) is a business accounting software suite for small- to medium-sized businesses using the Microsoft Windows operating system from Open Systems, Inc. Traverse can be hosted on-premises or in the cloud, or in a hybrid fashion…
Multiview Financial Software
Multiview Financials is a full-featured advanced financial management solution that includes: Financial Reporting and Analytics, General Ledger with Budgeting & Forecasting, Accounts Payable, Accounts Receivable, Purchasing with Requisitions, as well as Inventory, Sales/Bid Order Entry, Project …
Denali
Denali is a comprehensive business and nonprofit accounting software system that is provided by Cougar Mountain Software. It is integrated and customizable and can be used by small companies and business that require sophisticated solutions. Denali has internal controls that protect a business again…
CenterPoint Accounting Software
CenterPoint Accounting Software from Red Wing Software in Minnesota is a cloud-based or local-hosted option for small to medium-sized businesses. It contains features typical of accounting software, such as a general ledger with standard reports and budgeting features, AP / AR functionality, an inve…
CYMA Financial Management System
CYMA Accounting Software provides an automated accounting solution for growing mid-sized businesses through flexible user environments, a full suite ofaccounting software modules, robust reporting, security, and advanced customization options. Along with the basic general ledger, CYMA's account…
e-conomic
e-conomic is a complete online accounting system which is specially developed for small and medium-sized companies, from the company of the same name in Copenhagen, Denmark. With more than 60,000 companies as customers worldwide, e-conomic is the largest online accounting system in Europe. e-conomic…
Saasu
Saasu is an online, internationally known accounting platform from the Australian company of the same name. Besides a GL, Saasu also handles invoicing with quotes and billing reminders and alerts, and multiple currencies. It includes a customer database which connects to a user's CRM (Salesforce.com…
BeansBooks
BeansBooks is a simple cloud-based or local accounting from System76 in Denver. It is open code; the software can be downloaded, installed, and modified for free. It contains the basic features of accounting software.
FUTRLI
FUTRLI (formerly CrunchBoards) is financial reporting tool that pulls accounting data from Xero and produces reports such as P&L, cashflow, forecasting and alerts. The company is based in Brighton and was founded in 2014.

Frequently Asked Questions

What is the best accounting software for small businesses?

The best accounting software for small businesses will focus on being easy to use, simple, and be low-cost. QuickBooks, FreshBooks, and Wave Accounting are leaders in small business accounting software.

What is accounting software?

Accounting software documents financial transactions and makes the data accessible for reporting, planning, and tax preparation. It can also serve as a centralized source of financial and inventory information.

What is the best accounting software for accountants?

Many accountants prize software that’s easy for clients to learn, has broader features or 3rd party integrations to support a wide range of client industries, and robust reporting capabilities. Vendors that focus on software for accountants include Xero, QuickBooks, and Sage.

Is Excel an accounting software

No. While Excel has the data recording and management capabilities to track your finances, it lacks most prebuilt features that are found across true accounting features, such as invoicing, prebuilt reporting, and receipt management.

Do I need an accounting software for my small business?

Yes. Using an accounting software, even an entry-level free software, can save you time, labor, and income through their pre-built features and capabilities designed for accounting functions.