Accounting Software

What is the best Accounting Software?

Accounting software provides the tools that companies or accountants need to successfully track accounts receivable, accounts payable, general ledger income and expenses, payroll, billing, invoices, and navigate tax compliance, deductions, and filing each year, all in a centralized system.

Efficient, accurate accounting practices are very important for a profitably run business. In recent years, accounting software vendors have been working to improve their systems with more helpful accounting tools, interfaces, and automations to streamline all the work that goes into business accounting practices. Many of these new tools and automations are a result of accounting systems moving to the cloud, where they’re affordable, accessible, and feature-packed for companies of all types and sizes. 

Using this technology can help save a lot of time and boost productivity by streamlining processes and eliminating manual, error-prone work. You can use cloud accounting software to automate your accounts payable and receivable, track invoices, store data and receipts, and more – all in one centralized system. 

While your business needs, users, and budget will all work together to help you choose the best system for your business, there are a list of core features offered by most Accounting Software providers that you will want to make sure are included in whichever option you choose.

Features of Accounting software include but are not limited to:

  • Invoicing and billing
  • Accounts payable
  • Accounts receivable
  • Income & Expense Reporting
  • Payroll management
  • Tax calculation, compliance, & filing
  • Stock and inventory management
  • Sales and purchase orders
  • General ledger
  • Financial reporting & analytics

The benefits of using Accounting Software are:

  • Time and cost-savings
  • Efficiency & productivity gains
  • Instant access to financial tools and reporting
  • Consolidated, synced financial data across all aspects of an organization
  • Data accuracy, privacy, and security
  • Simplified accounting processes such as invoicing, billing, and payroll
  • Business insights via in-depth and real-time reporting
  • Streamlined financial processes

Integrating your accounting software with other departmental automation systems such as human resources, customer relations, marketing, etc. can help you gauge the profitability ratios of your company – both independently as business units or as a whole.

Ultimately, your company’s bottom line matters the most, and making your Accounting Software be part of a fully-fledged ERP system will help you learn about various financial aspects pertaining to your company, all from different angles.

While cloud accounting software offers many automations on its own, you can increase your efficiencies even further with Artificial Intelligence (AI) tools that can help with tracking spending and sales, and help you plan and prepare for the future with predictive analytic tools. 

Accounting software can vastly improve the manner in which money, assets and other financial aspects are managed in a business. Fortunately, there are many Accounting Software programs offering an array of powerful, effective tools to support your business. Selecting or switching to the perfect accounting software system for your company involves deep business examination and thoughtful research and analysis of the features and system capabilities that will best suit your business now and scale with you as you grow.

Top 10 Accounting Software

SYSPRO / FreeAgent / NetSuite / SutiProcure / SAP S/4HANA / Patriot Accounting / Oracle ERP / Sage / QuickBooks Accounting / Aptean

WH Score
8.4
Vertex
19reviews
Starting Price:N/A
Vertex is the leading provider of integrated accounting and tax technology solutions that are both comprehensive and reliable. Vertex can be your go-to tax solution regardless of the size of your business and they have years of experience in tax-related services.
WH Score
8.3
Global Shop Solutions

Global Shop Solutions

6reviews
Starting Price:N/A
Global Shop Solutions offers all the applications you need to run a leaner, more efficient manufacturing operation, including specialized modules for:
WH Score
8.3
ZipBooks
13reviews
Starting Price:$0 / user / per month
ZipBooks is a scalable and feature-rich accounting platform that takes care of the needs of any business, regardless of size.
WH Score
8.2
AccountMate
9reviews
Starting Price:N/A
AccountMate offers unique accounting solutions for your growing business. You can gain a competitive edge with a unique, modified version of their ERP software that fits all your business accounting and financial needs. AccountMate offers a variety of different software solutions, including: 
WH Score
8.2
AccountEdge
13reviews
Starting Price:$0 / user / per month
Especially built for smaller businesses, AccountEdge is an accounting platform that features all the necessary capabilities to carry out financial tasks efficiently. Manage cash flows, track time and report on numbers all from one system, so that you don’t need to rely on multiple applications for d...
WH Score
8.2
Zoho Books
31reviews
Starting Price:$0 / user / per month
Zoho Books is online accounting software that can be customized to your unique business and accounting needs. This system helps your company manage finances, automate business workflows, and work more collectively across departments. 
WH Score
8.1
Sage X3
17reviews
Starting Price:N/A
Sage Business Cloud Enterprise Management is changing how businesses compete and grow with a fast, flexible, simple solution for globally connected organizations. With Enterprise Management, you're choosing a next-generation cloud solution for your enterprise to grow faster and accelerate efficienci...
WH Score
8.1
Xero
3reviews
Starting Price:N/A
Xero is a cloud-based accounting software solution that is designed and priced to serve small and medium businesses with over 700+ tools for accounting, inventory, invoicing, reporting, and more. Xero is dedicated to creating "beautiful business" by offering comapnies robust, user-friendly accountin...
WH Score
8.0
BlackLine
14reviews
Starting Price:N/A
BlackLine is a cutting-edge accounting software that provides businesses with a comprehensive solution for managing their financials. It offers many features designed to streamline accounting processes, improve accuracy, and increase efficiency.
WH Score
8.0
DELMIAworks
28reviews
Starting Price:N/A
IQMS has a flagship product called the Enterprise IQ. It is developed with specifications for discrete and also repetitive manufacturers. They can be found in aerospace, automotive, plastics, metal fabrication, packaging industries and others. Though its focus is on firms that have repetitive proces...

Learn more about Accounting Software

What is Accounting Software?

Accounting software is a system that captures, records, tracks, and processes business financial activities and transactions across a series of modules including:

  • Accounts Payable
  • Accounts Receivable
  • General Ledger
  • Payroll
  • Trial Balances
  • Income & Expense Statements
  • Tax Calculation and Filing

What is Accounting Software Used For?

Accounting software is used financial teams, individuals, or contractors to track, process, and report on financial processes such as invoicing, accounts payable and receivable, tax calculation & compliance, general ledger, income & expenses, payroll, and cash flow reporting & analytics. 

What are the Types of Accounting Software?

The main types of accounting software include:

  • Payroll Processing & Management
  • Billing & Invoicing
  • Accounts Receivable and Accounts Payable
  • Tax & Compliance
  • ERP software 

Is Excel an Accounting Software?

Microsoft Office Excel can be used to calculate certain accounting functions such as balance sheets, budgets, and statements, but the function of Excel is more for organizing data and performing calculations than for performing financial transactions and activities necessary to run a business. 

What are the Common Features of Accounting Software?

The most common accounting software features include:

  • Invoicing and billing
  • Accounts payable
  • Accounts receivable
  • Income & Expense Reporting
  • Payroll management
  • Tax calculation, compliance, & filing
  • Stock and inventory management
  • Sales and purchase orders
  • General ledger
  • Financial reporting & analytics

What are the Benefits of Using Accounting Software?

The benefits of using accounting software include:

  • Time and Cost Savings
  • Instant access to financial tools and reporting
  • Consolidated, synced financial data across all aspects of an organization
  • Data accuracy, privacy, and security
  • Simplified accounting processes such as invoicing, billing, and payroll
  • Business insights via in-depth and real-time reporting
  • Streamlined financial processes

Who Uses Accounting Software?

Accounting software is often used by companies, individual accountants, consultants, business analysts, CFOs, auditors, and tax agencies to prepare financial reports, process payroll, and remit taxes. 

What are the Types of Accounting Systems?

The main types of accounting systems are cash-based accounting and accrual based accounting. Accounting software can be customized to the accounting method(s) used in an organization to provide all the tools needed. 

What are the Disadvantages of Accounting Software?

While accounting software can provide companies with many advantages, there are some drawbacks to be aware of and plan for, including:

  • Data Loss and Service Interruptions
  • Incorrect Data or Financial Information
  • Costs
  • Security and Privacy
  • System Integrations

Which Companies Should Buy Accounting Software?

Accounting software is most beneficial for small, growing companies and large corporations as well. Any company that is quickly growing and adding more customers and employees can save time and money by buying and implementing accounting software to automate and manage key financial and reporting activities in the business. 

How Much Does an Accounting Software Cost?

Accounting software is available in a wide range of pricing plans, which can start at less than $10 a month per user. Depending on the complexity and size of the business, a more robust accounting software may be needed which can drive the price up to anywhere between $300 - $999 per user each month, plus annual licensing fees.

The right software for your business

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