Accounting Software

Accounting Software Overview

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.

Top Rated Accounting Products

TrustRadius Top Rated for 2022

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.

Category Videos

Best Free Business Accounting Software 2022 (Wave and Zipbooks)
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Updated top free accounting software for 2022, including Wave accounting and Zipbooks.

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.

Accounting Products

(76-100 of 173) Sorted by Most Reviews

The list of products below is based purely on reviews (sorted from most to least). There is no paid placement and analyst opinions do not influence their rankings. Here is our Promise to Buyers to ensure information on our site is reliable, useful, and worthy of your trust.

myBillBook

myBillBook, an Indian Billing & Accounting Software, has been designed to aid SMB owners to run their operations from anywhere & anytime. It is available on both mobile & desktop and provides a secure platform for business owners to record transactions & track business…

Planning Maestro

Planning Maestro offers a way to plan, budget, forecast and report financial performance by enabling finance teams to see into the future, and test the impact of different scenarios, in order to make faster decisions with confidence. Planning Maestro streamlines the entire planning…

Fiserv Prologue Financials

Prologue Financials from Fiserv, a fully integrated accounting solution, features enhanced, built-in automation and controls and a newly designed user interface, enabling users to increase the efficiency of financial accounting processes.

Accounting Power

Accounting Power is an accounting system sold to professional accountants, that aims to enable users to control every aspect of an accounting practice and can overcome the challenges imposed by accounting systems that are sold directly to clients.in addition, Accounting Power includes…

Clearbooks

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…

AccountMate

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,…

Araize FastFund Online

FastFund Online from Araize is an SaaS system that integrates nonprofit, fund accounting, fund raising (CRM) and payroll in a single solution. The vendor says FastFund Online is designed to help nonprofits take control of their fiscal and development responsibilities in order to…

Infor SunSystems

Infor's SunSystems is an accounting and budgeting package and includes financials, budgeting and forecasting, and application portal modules.

Access Handisoft

Access Handisoft is a suite of solutions for accountants and advisors who want to optimise their practice. It is based on technology acquired with Sage Australia (Sage HandiSoft).

Zoho Finance Plus

Zoho Finance Plus is an integrated accounting suite for small businesses, featuring invoice and AP / AR management, accounting, and billing management.

Kashflow

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…

Deltek + ComputerEase

ComputerEase Construction Software is a cloud-based accounting and construction management suite now supported by Deltek since the 2019 acquisition. The platform is designed to handle accounting needs specific to companies in the construction industry (e.g. HVAC, plumbing, demolition,…

FMIS Asset Management

FMIS Asset Management is a full lifecycle asset management solution. The system is ideally suited to medium or large companies across a range of sectors including Oil & Gas, Commercial, Manufacturing, Engineering, Healthcare and Government. FMIS Fixed Assets is designed to give…

Twinfield

Twinfield is cloud-based accounting software from Wolters Kluwer.

Computron

Computron’s enterprise financials is a platform to help medium to large organizations manage all their accounting and business management processes efficiently and securely within their regulated environments. It is now owned and supported by Avolin since Aptean's 2018 divestiture.…

Billfaster

Billfaster is an online invoicing, cash management and expense tracking system with automated accounting for start-ups and small businesses.

pcLegal

Performance Canvas' pcLegal targets mid-sized to large organizations that want a more unified and Excel-based approach to financial budgeting and planning, modeling, dashboards, profitability analysis, KPI setting, performance reporting, and advanced consolidation. It supports both…

Versa Cloud ERP

Versa Cloud ERP is presented as a solution for businesses that have outgrown Excel spreadsheets and old software, and are looking for software that eliminates post-it notes and spreadsheets.Versa is an all-in-one software created for fast growing inventory heavy manufacturing,…

CloudFYI

CloudFYI is a comprehensive, cloud-based financial reporting and analysis solution that is designed to streamline the design, integration, and distribution of corporate financial information. The vendor aims to help managers and decision-makers spend less time preparing and verifying…

Scipio ERP

Scipio ERP is an open source enterprise resource planning (ERP) and eCommerce system. Compared to its direct competitors, the software can be seen as a very modern, yet inexpensive alternative. Scipio ERP comes bundled with rich business applications and is best suited for mid- to…

Flexi Software

Flexi Software is a suite of feature-rich accounting solutions that can scale to handle millions of transactions, yet remain flexible enough to meet the requirements of any size company in any industry, including Banking, Healthcare, Insurance, and Credit Unions. From general ledger…

ReportFYI

ReportFYI is designed to increase productivity through a smart and dynamic design that streamlines the report generation process end to end. The vendor says this solution is ideal for CFOs, accountants, and companies of any size. The vendor’s value proposition is that their report…

CurrencyFYI

CurrencyFYI is a currency translation solution with currency restatement and consolidated financial reporting for multi-national organizations. The vendor’s value proposition is that CurrencyFYI provides daily revaluation for better insight, including the ability to truly revalue…

Questica Performance

Questica Performance captures key measures and provides dynamic analytic tools to evaluate and improve the effectiveness and efficiency of programs and services. It integrates with Questica Budget, and can be deployed as a web-based tool, on-premise, or cloud. The Questica suite…

idu-Concept

Budgeting, Forecasting, Reporting and Modeling tools.IDU supports business agility through real-time, accurate, inclusive budgeting, forecasting and reporting.IDU’s budgeting, forecasting and reporting tools are designed for both financial and non-financial managers to use and understand.…

Learn More About Accounting Software

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.

Accounting Software Best Of Awards

The following Accounting Software offer award-winning customer relationships, feature sets, and value for price. Learn more about our Best Of Awards methodology here.

Best Accounting Software Products

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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.