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Accounting Software

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Xero logo

Xero

4.4
(2.5K)

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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Denali Business logo

Denali Business

3.9
(60)

The Accountant's Accounting Software

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Cougar Mountain Software develops leading on-premise accounting solutions for small to mid-sized businesses.

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NetSuite logo

NetSuite

4.1
(1.2K)

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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BigTime logo

BigTime

4.6
(604)

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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Acumatica Cloud ERP logo

Acumatica Cloud ERP

4.5
(68)

Connected Business. Delivered

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Acumatica Cloud ERP provides best-in-class integrated financial and business management, with full back-office functionality, designed to help you run your business more effectively. Acumatica is one system that integrates your company’s financial management, operations, CRM, and more.

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Order.co logo

Order.co

4.3
(88)

From chaos to clarity, in order.

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Order simplifies buying for businesses. Eliminate manual purchasing & payment tasks to create one place to purchase, approve, and pay for the products your business needs.

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Accurants logo

Accurants

4.7
(13)

Cloud based accounting solution for SMBs and freelancers

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Accurants is a cloud based accounting platform for SMBs and self-employed professionals that helps in accounting and project management activities

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Bookkeeper360 logo

Bookkeeper360

4.0
(1)

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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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
(285)

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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Edsembli | FIN logo

Edsembli | FIN

(0)

Empowered education management starts here.

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Financial Management Software for Education

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Multiview ERP logo

Multiview ERP

4.4
(10)

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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Infor SunSystems logo

Infor SunSystems

4.2
(10)

Financial management software that can adapt to any market

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Infor SunSystems is designed to help businesses handle accounting management, including nominal ledger, payables, and receivable ledgers, cashbook, multi-currency, and multi-dimensional analysis from one single source.

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ZarMoney logo

ZarMoney

4.7
(70)

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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CosmoLex logo

CosmoLex

4.7
(316)

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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Soluno logo

Soluno

4.5
(74)

Intuitive cloud-based accounting & billing for law firms.

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Soluno is a cloud-based accounting and billing software designed to accelerate law firms. With a full, easy-to-use suite of time/expense entry, billing, accounting, trust, and reporting features, law firms get everything they need to master their business.

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PROCAS Accounting for Government Contractors logo

PROCAS Accounting for Government Contractors

4.8
(8)

Project accounting for government contractors

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PROCAS is a project accounting, web timekeeping & expense reporting solution for DCAA compliance & government contractors which supports accounts payable, accounts receivable, billing, reconciliation, budgeting, GL, job costing, personnel records, & more

Read more about PROCAS Accounting for Government Contractors

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Suralink logo

Suralink

4.7
(393)

Workflow management solution for accounting firms

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Suralink is a workflow management solution, which helps accounting firms streamline processes related to managing provided by client (PBC) lists, audits, document transfers, and more. The drag-and-drop functionality allows users to add files into the PBC lists and link them to client requests.

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DAVO logo

DAVO

4.8
(16)

Never worry about sales tax again

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DAVO Sales Tax automatically sets your sales tax aside daily using sales data from your POS. DAVO then files and pays sales tax to the state, on time and in full. Try it free for 30 days.

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Stax Bill logo

Stax Bill

4.5
(30)

Subscription management & recurring billing software.

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Simplify accounts receivables by automating recurring invoicing, payment collections, reconciliation, and revenue recognition. Fusebill includes seamless integration of invoiced and credit card customers, and online checkout pages without coding or responsibilities of PCI Level 1 compliance.

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QuickBooks Desktop Enterprise logo

QuickBooks Desktop Enterprise

4.5
(19.9K)

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

4.8
(2.7K)

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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FreshBooks logo

FreshBooks

4.5
(4.1K)

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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Quickbooks Online logo

Quickbooks Online

4.3
(6K)

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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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

Read more about DealerCenter

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Here's what we'll cover:

Buyers Guide

Accounting Software

Managing a company’s accounts is a tough job. It involves tracking an abundance of financial data, such as revenue generated from sales, payments made to vendors, and employee expense claims. The job gets even tougher when the only tool used to record that data is an endless stream of spreadsheets. 

Cleaning and consolidating redundant and widely-scattered data are just two challenges among many that small businesses face while trying to analyze financial data. Manually generating invoices and tracking bank statements makes the whole accounting process more complex.  

Accounting software simplifies this process by providing a single view of all financial data and workflows across an organization. It also helps by automating processes such as expense tracking and bank reconciliation.

However, choosing the right fit for your small business could be daunting. From full-suite solutions to specialized ones, the market is densely populated. 

To help small businesses make informed choices when selecting accounting software, we’ve created this buyer's guide, which discusses the different functionalities of such solutions. The guide also explores different considerations that small businesses should keep in mind when evaluating accounting software.  

Here's what we’ll cover:

What is accounting software?

Accounting software is designed to help businesses manage their financial accounting, which involves bookkeeping, tracking payments, generating invoices, and financial reporting. These solutions serve as a central location where businesses can store and process financial data, track income and expenses, manage taxes, and assess their overall financial status. 

Types of accounting software

Accounting solutions can be broadly categorized based on the scope of accounting functions they support.

Here’s a closer look: 

  • Stand-alone tools: These are modules that cater to specific accounting needs and help small businesses avoid paying for unwanted functionalities. For instance, businesses that primarily want to automate the calculation and reporting of tax on their goods and services can opt for a specialized sales tax software app, instead of paying needlessly for several integrated modules. 

Key question to ask a vendor before you buy: Is your product available only as a full-suite solution or can I buy individual modules to address specific needs? 

Deployment options for accounting software

When it comes to deployment, accounting software can be categorized into cloud-based and on-premise solutions. 

Though both have their pros and cons, we’ve focused on cloud-based solutions as these are often more suitable for small businesses. They require less up-front investment; their implementation is faster, and updates are automatic; and they support remote use and are easy to scale. 

Let’s look at what you can expect with each deployment model:

  • Cloud-based: The vendor hosts the solution off-site on its own servers, so users don’t need to worry about software maintenance, data backup, upgrades, etc. A user can access the solution from any authorized computer with an internet connection by paying a monthly or annual subscription. 

Nowadays, many vendors also provide mobile apps, which allow users to access and operate accounting software from their mobile devices.  

  • On-premise: These solutions typically incur a one-time license fee instead of a recurring monthly or yearly payment. However, you’ll bear the expense of installing and managing infrastructure to host the solution, data backups, and upgrades. 

This option is suitable for small businesses that desire complete control over their data.  

Key questions to ask a vendor before you buy: What are the deployment options your solution is available in? Do you also have a mobile app?

What are some common features of accounting software?

Accounting software solutions come with various capabilities, from tracking basic general ledgers to employee payroll processing.

We have listed the most common accounting software features below:

General ledger: A record of a business's financial transactions, used to prepare financial statements. The general ledger typically includes account information for liabilities (accounts payable) and assets (accounts receivable), as well as equity, revenue and expenses.

Accounts payable and receivable: Accounts payable functionality tracks money owed by a company to its suppliers and other creditors. Meanwhile, accounts receivable functionality helps track the money owed to a company but not yet paid for goods or services rendered. It automates the creation and transmission of invoices as well as the collection of payments.

Bank reconciliation: Automatically capture details from bank transactions to compare your company's accounting records with your bank statement.

Bank reconciliation in Quickbooks

Bank reconciliation feature in QuickBooks Online

Financial reporting: Understand the status of your company's balance sheet; track budget and ledger entries with detailed reports, including charts and graphs.

Reporting in Xero

Reporting in Xero

Expense tracking: Track organizational expenses, such as employee travel expenses, and approve expense reports.

Expense tracking in Freshbooks

Expense tracking in FreshBooks

Billing and invoicing: Create invoices to send to customers and automatically process them based on predetermined rules (contract-based billing, subscription billing, etc.).

Invoice management in Tapal

Invoice management in Tipalti

Key question to ask a vendor before you buy: Do you offer the specific features I need?

Note: The applications selected in this article are examples to show a feature in context, and are not intended as endorsements or recommendations, obtained from sources believed to be reliable at the time of publication. 

What are some important accounting software integrations?

Accounting software can integrate with other solutions, which can help small businesses simplify their financial processes, increasing the value of the software.

Here are three important integrations to look for in accounting software:  

  • Digital payment wallets: Integration with digital payment wallets, such as PayPal, allows businesses to receive or make payments from within the accounting solution.

  • Email software: Integrating email software with accounting solution provides users with automated email notifications of new transactions.

  • Point of sale (POS) solutions: Integration with these end-point retail software and hardware tools allows businesses to seamlessly transfer data, including inventory details and payment transactions, from the POS to the accounting solution.

Key question to ask a vendor before you buy: What integrations does your solution offer and how will they benefit me?  

Technological advancements such as cloud computing have changed accounting software significantly in the last few years. Newer technologies such as blockchain further continue to drive the software’s evolution. 

While there are many technological disruptions that will change how organizations practice accounting in the future, we have identified one that small businesses can leverage immediately. 

Robotic process automation (RPA) technology saves time in transferring data: Businesses are saving a lot of time by leveraging RPA to automate repetitive work in managing financial accounting. 

Here are two ways small businesses can use RPA: 

  • Bookkeeping: Improve the speed and accuracy of transferring transactional data from sources (spreadsheets, emails, invoices, etc.) to the database built within accounting solutions.

  • Automated tax filing with tax bots:  Available as API integrations, tax bots are useful add-ons to an accounting solution. Finance teams can run these bots to automatically extract data from balance sheets or invoices and transfer the details to a tax management solution. 


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*Note: The applications selected in this article are examples to show a feature in context, and are not intended as endorsements or recommendations, obtained from sources believed to be reliable at the time of publication.