Accounting Software

What is Accounting Software?

Accounting information system is used to automate and keep track of a wide range of finance-related business needs. The level of features required depends on the need of the buyer. However, at the core of all software accounting systems is the ability to manage accounts receivable, accounts payable, general ledger, and invoicing and billing.

In addition to these, some of the more robust accounting solutions offer accountability tools such as automated reports for tax investors and boards of directors, analytics tools for budget and sales forecasting, employee payroll and tax tools, as well as expenses management. Other features of accounting software might include integration with bank feeds, POS software and other online payment gateways.

Many accounting applications also include tools for billing and invoicing. These tools include online payment acceptance, invoice generation, invoice historical records, late payment reminders, time tracking for billable hours and projects, as well as automated recurring billing.

Accounting software allows you to work closely with your accountant by keeping all accounting documentation on one platform. You can store and automatically back-up data and export this information through your desired method, whether that is by print or electronically. Generate reports for exporting such as Profit & Loss, or Expense reports.

Depending on factors such as location and industry, accounting software can ensure users meet industry standards and compliance as well as internal managerial requirements, producing reports and analysis for these internal and external audits.

Businesses of all sizes, as well as freelancers and contractors, can benefit from the time-saving features of accounting software such as invoicing and bookkeeping. They can also help users to better monitor their financial flow. This improvement in cash flow visibility can help prevent future financial damage or loss, and help to make better financial decisions.

Accounting software ranges from basic to more advanced systems. This includes scalable solutions for growing businesses. Along with all-in-one accounting solutions, there are also a number of apps offering specific services such as accounts payable and account receivable software. Accounting software is also a key component of many enterprise resource planning suites.

Key Features & Benefits

  • Accounts payable, accounts receivable and general ledger management
  • Invoicing and billing tools
  • Expense and Profit & Loss reports
  • Cost calculation and time tracking
  • Compliance, tax and regulations management
  • Cash flow reporting and analysis
  • Sales and budget forecasting
  • Client online payment processing and tracking
  • Generate, share and export reports for accountants, directors.

Accounting Category Leaders Q4 2016

GetApp's quarterly ranking showcases the top 25 Accounting apps based in the cloud. Each app is scored using five factors, worth 20 points each, for a total possible score out of 100. These factors include user reviews, integrations, mobile app availability, media presence, and security. Each app's score is independent of commercial interests and existing relationships that GetApp has with app vendors.

Scroll down for more details about how we calculate scores.

Reviews
Integrations
Mobile
Media
Security

1. QuickBooks Online

Small business accounting software
88
18
19
20
18
13

2. Xero

Beautiful Accounting Software
86
20
20
16
17
13

3. NetSuite

Cloud Business Management Software
83
12
17
14
20
20

4. FreshBooks

Cloud Accounting Software for Small Business Owners
77
18
17
18
16
8

5. Zoho Books

Online accounting software
72
12
14
17
16
13

6. Intacct

Best-in-class Cloud ERP for Finance
60
15
16
12
4
13

7. Wave

All-in-one accounting, invoicing, payroll, payments, and receipt management solution.
55
13
4
17
7
14

8. MYOB

Online Accounting and payroll for every business
55
9
16
14
16

9. Clear Books Accounting

Online accounting software
53
14
4
7
15
13

10. KashFlow

Accounting software for small businesses
51
12
11
13
4
11

11. FinancialForce Accounting

Accounting App for Salesforce
50
7
11
9
7
16

12. Sage One Canada

Sage One Canada - Small business accounting software
48
11
3
15
19

13. FreeAgent

UK online accounting software for small businesses
41
13
9
13
6

14. Sage One - U.S.

Small business accounting software
40
0
6
15
19

15. SlickPie

Free Accounting Software for Small Business
33
11
2
0
2
18

16. Odoo Accounting

Accounting software for businesses of any size
31
7
0
0
16
8

17. Kashoo

Online Accounting Software
30
7
4
16
3

18. Workday Financial

Fresh approach to financial management
30
0
3
16
11

19. Aqilla

Cloud Accounting Software for Business
28
7
3
0
2
16

20. Crunch

You live life. We do the numbers.
27
10
0
13
4

21. Saasu

Small business online accounting
27
10
9
6
2

22. SimpleBooks

Small business accounting software
22
13
0
7
2

23. LessAccounting

Accounting software for small businesses
22
7
5
7
3

24. WinWeb Accounting

Business finance made easy
21
7
0
6
8

25. Oracle Fusion Financial Management

The New Standard for Finance
21
0
3
14
4
Reviews
Integrations
Mobile
Media
Security

Who is the ranking for?

This ranking is for business owners and decision makers looking for a first glance at the leading cloud-based Accounting software in the industry. The data serves as a point of reference highlighting the key factors that small businesses should look at when first analyzing a piece of software. These factors include user perception (reviews), compatibility (integrations and mobile app availability), market presence (media presence), and security features (security).

For more details on why we chose these data points, take a look at our industry research reports, which provide in-depth explanations of each data point, as well as trends in the industry.

How are the scores calculated?

An app’s score is calculated based on five unique data points and is completely independent of any relationships that GetApp has with app vendors. The data points are calculated as outlined below:

User Reviews

The score for user reviews is calculated using a Bayesian estimate, which is a weighted average that includes the number of reviews and the rating of an app, benchmarked against other apps in the category. This raw number is then scaled to represent a value between one and 20.

Integrations

Integration scores are calculated by scaling and adding two different averages for the number of listed integrations on GetApp: the first 15 points are awarded for the total number of integrations scaled against the average for the top 25 percent of apps in the category, while the final five points are awarded for the total number of integrations scaled against the leader in the category.

Mobile Platforms

Mobile platform scores are calculated using data from Google Play and the Apple App Store. Five points are awarded for having an Android App, and another five for an iOS app. The additional 10 points are calculated based on the user ratings of the app in each store, rated out of five, for a total of 20 points.

Media Presence

Media presence is calculated using the number of Twitter followers and Facebook fans a vendor has. Each social network contributes a maximum of 10 points to the total score. The first five points are awarded for total number of followers scaled against the average number of followers that each vendor in the category has, while the remaining five points are awarded based on the total number of followers, this time scaled against the category leaders. The scores for Facebook and Twitter are added together for a total score out of 20.

Security

Security is calculated using answers from a vendor-completed survey. The questions in the survey are based on the Cloud Security Alliance self-assessment form as part of the Security, Trust & Assurance Registry. With 15 questions, each answer is assigned a point value based on vendor response, with additional points given for security certifications, for a maximum possible score of 20.

In the event of a tie, each data point is weighted for importance, with security taking precedent, followed by reviews, integrations, mobile apps, and media presence, respectively.