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.
GetApp's Category Leader ranking is for business owners and decision makers looking for a comprehensive list of the leading cloud-based software products in the industry.
The ranking serves as a point of reference highlighting key factors that small businesses should look at when assessing a piece of software. These factors include user perception (reviews), compatibility (integrations and mobile compatibility), market presence (media presence), and security features (security).
An app's score is calculated using five unique data points, each scored out of 20, giving a total score out of 100. The ranking and scoring methodology ensure complete impartiality and independence from any relationships that GetApp has with app vendors.
Review scores are calculated using reviews collected from GetApp and its sister sites, Software Advice and Capterra. Scores are calculated based on the total number, average rating, and recency of reviews.
The number of reviews and average user rating are scaled against the category average. A weighting is then applied to reward recency of user reviews: reviews written in the last 6 months score up to 10 points, those written between 6 and 12 months ago score up to 6 points, and those more than 12 months old score up to 4 points. These numbers are added together to give a total maximum score of 20.
Integration scores factor in a number of variables. Up to 16 points are awarded based on the number of integrations an app has; the first 10 points are awarded based on the number of integrations relative to the category average, while 4 points are awarded based on the number of integrations relative to the leaders in the category. An additional 5 points is awarded for an integration with Zapier, a widely used software integration platform, while an extra point is given for having an open API. The total possible score for integrations is 20 points.
Mobile scores are calculated based on the availability of an iOS and Android app. 5 points are awarded for the presence of each app, with an additional 10 points being awarded for the number and average rating of reviews in both the App Store and Google Play. These review scores are calculated and scaled against the competition for a maximum of 5 points per platform and an overall maximum score of 20.
If there isn't a native iOS or Android app, the product's website is assessed using Google's PageSpeed Insights to measure mobile usability. The score is returned out of 100, then scaled to a score out of 5 for a maximum of 5 points.
Media presence is calculated using the number of Twitter followers and Facebook fans that an app has. The number of fans and followers are added together, and each app is scored based on this overall number, compared with others in the category. The first 15 points are awarded for the combined number of followers and fans scaled against the category average, while the final 5 points are awarded for the combined number of followers and fans scaled against the top leaders in the category. These two scores are added together for a total out of 20 points.
Security scoring 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.
*All data points combining calculations for both ratings and reviews are calculated using a Bayesian estimate, which is a weighted average that includes the number of reviews and the rating of an app, benchmarked against others in the category.