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Accounting Software

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NetSuite logo

NetSuite

4.1
(1.3K)

The World’s Leading, Most Deployed Cloud ERP Solution

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NetSuite accounting simplifies the process of recording transactions, managing AP and AR, and closing the books. NetSuite supports multiple currencies, languages, and compliance standards and ensures data is accessible securely worldwide.

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Leapfin  logo

Leapfin

4.3
(6)

Produce transaction-level, GAAP-compliant, accurate reports

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Digital brands that are expanding quickly want speedier, auditable, GAAP-compliant revenue data for each transaction.

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BigTime logo

BigTime

4.6
(626)

Time, billing, expense, payment, and project mgmt software

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BigTime provides an easy-to-use system that unifies budgeting, project planning/execution, team communication, task management, resource management, invoicing and project financials. BigTime gives you the tools your team needs to deliver billable work on time and on budget.

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Zoho Books logo

Zoho Books

4.4
(590)

Online accounting software for growing businesses

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Zoho Books helps small businesses to manage all financial activity, from invoices and expenses, to sales and purchase orders, to taxes, reports, and bank feeds.

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Akounto logo

Akounto

5.0
(1)

Akounto - Redefining Accounting

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Akounto, a cloud-based accounting software, lets you manage your business financials on the go. It helps in recording transactions, mapping them to respective clients/vendors, generating reports, and summarising income and expenses for a quick overview. It helps in proactive decision making

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Bench logo

Bench

4.7
(290)

You run your business. We’ll do your bookkeeping.

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Bench gives you a team of bookkeepers to do your books for you, and simple, elegant software to track your finances.

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Multiview ERP logo

Multiview ERP

4.4
(13)

End Month End

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Multiview is a highly-scalable modular ERP software for scaling organizations which require more automation, control and insight into their operations. A fully-integrated suite of financials ranges from core accounting, budgeting and forecasting to materials management and workflow approvals.

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ZarMoney logo

ZarMoney

4.7
(78)

Cloud-based accounting solution for businesses of all sizes

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ZarMoney is a cloud-based accounting solution designed to assist businesses of all sizes with the management of inventory and finances. Key features include team collaboration, quote generation, invoicing, transaction tracking, remote access, and approval workflows.

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Docyt logo

Docyt

4.6
(36)

Accounting automation software platform

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Docyt tames the chaos in your back office by collecting data and organizing it into actionable workflows, real-time business insights, and continuously updating and reconciling your accounting software.

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CosmoLex logo

CosmoLex

4.7
(318)

Web Based Legal Practice Management & Accounting Software

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CosmoLex handles the unique, legal accounting requirements lawyers face daily. Anytime/anywhere web access makes it easy to keep your books compliant & current.

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Bookkeeper360 logo

Bookkeeper360

4.5
(2)

Accounting and bookkeeping management platform

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Bookkeeper360 is an accounting and bookkeeping platform that helps businesses streamline processes related to financial data management, cash inflow tracking, payroll analysis, and more on a centralized platform. It allows managers to create business and financial plans, conduct cost and margin analysis, generate profit and loss reports and calculate sales taxes.

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QuickBooks Desktop Enterprise logo

QuickBooks Desktop Enterprise

4.5
(20K)

Enterprise accounting, FSM and inventory management solution

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QuickBooks Desktop Enterprise is an accounting software for small businesses which provides users with real-time access to customer, employee, and vendor information. The software includes tools for managing inventory, shipping, sales orders, pricing, tasks, invoicing, reporting, and more.

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TaxDome  logo

TaxDome

4.7
(2.9K)

Tax practice management software for bookkeepers and CPAs

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TaxDome is a tax practice management software designed to help bookkeepers, accounting firms, and certified public accountants (CPAs) handle customers, workflows, bills, payments, electronic signatures, emails, contacts, and more on a centralized platform.

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Quickbooks Online logo

Quickbooks Online

4.3
(6.3K)

Small business accounting software

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Quickbooks Online offers small business accounting with financial dashboards, invoice creation, online payment acceptance, expenses tracking, payroll & more.

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FreshBooks logo

FreshBooks

4.5
(4.2K)

Accounting Software Built for Owners

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FreshBooks automates daily accounting activities namely invoice creation, payment acceptance, expenses tracking, billable time tracking and financial reporting.

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DealerCenter logo

DealerCenter

4.9
(1.3K)

Dealer management software for independent auto dealerships

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DealerCenter is a dealer management system for independent car sales, with mobilized features for inventory tracking, desking, lending and document management

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Xero logo

Xero

4.4
(2.7K)

Accounting Software for SMBs

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Xero is a cloud-based small business accounting software with tools for managing invoicing, bank reconciliation, inventory, purchasing, expenses, bookkeeping & more

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QuickBooks Desktop Pro logo

QuickBooks Desktop Pro

4.4
(1.8K)

Billing, Invoicing, and Work Order Management

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QuickBooks Desktop Pro automates billing and invoicing in addition to work orders. Users can link bank accounts, define workflows, and make automated payments.

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Wave Accounting logo

Wave Accounting

4.4
(1.4K)

Accounting, invoicing, and payroll management platform

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Why is Wave the world's fastest-growing accounting software for small businesses? It's easy, fast, 100% free, and made for owner-operated businesses.

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SAP Concur logo

SAP Concur

4.3
(1.9K)

Travel, expense and invoice—automated and in control

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SAP Concur solutions simplify expense, travel, and invoice management for greater visibility and control.

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Abby logo

Abby

4.8
(590)

Billing and invoicing platform

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Abby helps businesses ensure that customer documents are legal and comply with the rules. Customers can pay online and receive reminders for late payments.

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Zoho Invoice logo

Zoho Invoice

4.7
(612)

100% free online invoicing tool for freelancers and SMBs.

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Zoho Invoice is a 100% free, online invoicing software for freelancers and small to medium enterprises (SMEs). It helps you craft professional invoices, send payment reminders, and get paid faster online.

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Brokermint logo

Brokermint

4.5
(797)

Real estate back office consolidation and automation.

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Brokermint is an easy-to-use, complete cloud-based solution for the residential real estate back office.

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QuickBooks Online Advanced logo

QuickBooks Online Advanced

4.4
(863)

Accounting & business management for small businesses

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QuickBooks Online Advanced is a web-based accounting & business management solution which enables small businesses to track sales, inventory, financial accounts & payroll from a single dashboard

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BQE CORE Suite logo

BQE CORE Suite

4.5
(707)

Time & Billing | Project Management | Accounting

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Accounting Software for Professional Services Firms. BQE Core allows you to watch the books and run your business with ease.

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Buyers Guide

Accounting Software

What is accounting software?

Accounting software automates tracking and managing financial activities, including accounts payable, accounts receivable, payroll, billing, and general ledger. All the documents are stored in a centralized location and shared with users using role-based access controls. This speeds up bookkeeping processes with fewer errors and data inaccuracies for accounting managers. 

Some of the accounting software features include billing and invoicing clients and vendors for products and services; tracking unpaid invoices; managing expenses; reconciling accounts with bank statements; and preparing tax documents. The tool also enables financial reporting by analyzing past business data, providing an accurate view of the business's financial health at any given point.

What are the core features of accounting software?

  • Financial reporting: Generate reports summarizing the business's financial data over a set period. These may include income statements, balance sheets, and cash flow statements. The feature also tracks revenue, costs, and profitability to analyze business performance and make informed decisions.

  • Bank reconciliation: Compare the business's financial records with bank statements to spot any discrepancies. This helps detect errors, fraudulent activities, or unauthorized charges early on by identifying differences between internal record-keeping and external statements.

  • General ledger: Record all financial transactions and track entries in the form of debits or credits. The feature provides a complete record for every account to prepare balance sheets, income statements, cash flow statements, etc., supporting accurate financial reporting.

What are the benefits of using accounting software?

  • Reduces accounting errors: Accounting software automates complex calculations and processes, significantly reducing the chances of human error in expense tracking. This accuracy ensures financial data is reliable for decision making. The tool verifies data for duplicate entries or omissions, which can lead to incorrect financial statements, ensuring accurate bookkeeping.

  • Provides real-time financial data: Accounting software grants access to real-time financial data offered by accounting software enables businesses to identify trends or issues for timely strategic decision-making. The tool’s analytics dashboard provides critical financial information, such as revenue, expenses, and cash flow status, which can be summarized into reports with charts, graphs, and other data visualizations.

  • Simplifies tax compliance: Accounting software simplifies tax compliance by automatically calculating the due taxes based on the business’s income and expenses. It also keeps up-to-date with the latest tax laws, reducing chances of error in calculations or non-compliance risks. Moreover, it can generate comprehensive reports needed for filing taxes, saving valuable time during tax season.

What are the potential issues with accounting software?

  • User interface: A complex user interface in accounting software might lead to difficulty navigating the system and performing tasks efficiently. This could result in errors, missed entries, or inaccurate reporting. It can also significantly increase training time for new users, reducing overall productivity within the business’s financial team.

  • Cost tracking: Accounting software is designed to track financial transactions accurately. However, several factors, including data entry mistakes, incorrect categorization, outdated data, currency conversion, integration issues, and software bugs, can lead to cost-tracking errors. This may result in inaccurate financial reports and statements. It may further lead to substantial monetary losses or legal issues. Therefore, maintaining accurate cost records is vital for the healthy operation of a business.

  • Customization options: Limited customization options in accounting software might not allow tailoring the system according to specific business needs. This can lead to inefficient financial reporting or tracking of unique financial metrics relevant to the business. Hence, the chosen accounting software must allow enough flexibility in the form of features, add-ons, or integration.

How much does accounting software cost?

Most accounting software products are priced on a "per month" basis, and their entry-level pricing plan ranges from $9.75 to $99+*. An enterprise product that’s priced higher may include additional accounting features such as project tracking, expense claiming, built-in eCommerce, project tracking, and inventory management.

*The pricing included is for the entry-level/lowest-priced offerings found on vendor websites as of August 17, 2023. 

What is accounting software used for?

Accounting software is mainly used to manage financial data efficiently, from bank reconciliation to balance sheets. However, this software can have multiple use cases based on the data being fed into the system and the tool's features leveraged. Some of them are:

  • Expense monitoring: An accounting tool enables overseeing financial activities and identifying insights into a business's financial health. The tool categorizes expenses, tracks cash flows, generates reports, maintains accurate accounts, detects discrepancies, and aids in budget management. Additionally, it can be used to simplify tax filing and auditing for financial transparency and control.

  • Invoice payment management: Handling invoice payments is crucial for accounting managers and business accounting software simplifies the processes using automation. The tool automates recurring invoices, customization, and cash flow management. For any due payments, the tool allows setting automated reminders with the payment link. It further centralizes billing, invoice tracking, expense tracking, and payments in one place to enhance accessibility during audits. 

  • Budget spending: Accounting software can be used to monitor and control spending by preparing a comprehensive financial report with past expenditure patterns in preferred currencies. Based on these insights, the software helps forecast future costs, ensuring budget compliance. 

Which software tools integrate with accounting software?

Accounting software integrates with various solutions to simplify payment processing, extract data, and manage inventory. We looked across thousands of reviews from accounting software users to identify the products that users frequently mention they integrated with their accounting tools:

  • Quickbooks or Intuit Quickbooks Online is a suite of accounting and payroll software that can be used to extend the existing accounting solution capabilities. These include payroll management, customer and vendor management, and inventory management.

  • Salesforce is a customer relationship management (CRM) software suite for small business accounting managers to remotely manage their interactions with clients and vendors, sales processes, contact management, and more. 

  • PayPal is a payment processing platform that allows users to make and receive payments via online transfer, debit card, or credit card. Integration with business accounting software enables sending and receiving payments to and from clients and vendors and setting alerts for due or delayed payments. 

  • Shopify eCommerce platform allows users to build a digital catalog and sell products and services online. Integration with accounting software enables managing digital transactions and online inventory. 

  • Xero accounting and bookkeeping software offers a mobile application for Android and iOS devices that can be leveraged to extend the existing cloud accounting software capabilities for on-the-go access to financial data and accounting tasks. 

*We identified these integrations mentioned most often in verified reviews of accounting software published on GetApp within the past two years.

Considerations when purchasing accounting software

  • Evaluate the report generation capabilities: Report generation is crucial in accounting software as it allows businesses to analyze financial data efficiently. Comprehensive reports aid in making informed decisions, tracking performance, and forecasting trends. The clarity, accuracy, and customization options of these generated reports can significantly affect the business’s understanding of its finances.

  • Identify multi-currency and multi-language support: Multi-currency and multi-language support in accounting software is essential for international businesses. This feature allows seamless transactions across different currencies, automatic conversion rates update, and communication with clients or customers in their preferred language. All to facilitate smoother global operations and compliance with international regulations.

  • Assess the ease of tax preparation and auditing: The ease of tax preparation and auditing is vital when selecting accounting software because it can significantly reduce manual efforts, time spent on these tasks, and potential human errors. A system that simplifies these processes ensures accurate tax calculations, avoids penalties for non-compliance or late payments, and makes audits smoother with easily accessible data.


Sources

Products evaluated for the pricing calculation were taken from GetApp's accounting software directory and sorted by the number of reviews. The pricing ranges exclude freemium versions of the products. The features highlighted were identified based on their relevance and the percentage of products in GetApp's directory that offer them. 

Disclaimer

This accounting software buyers guide was authored by GetApp's content team. We develop our guides using the author's expertise, insights from 2M+ unique user reviews, and our proprietary data science algorithms to identify trends in user sentiment, preferences, and priorities. Some text was generated with assistance from artificial intelligence tools.