Whether you're just starting a new business or trying to get your finances organized - business accounting software is a great place to start. There are a number of user friendly, affordable options that allow a company to create invoices, track payables and receivables, run reports, track inventory and much more.
Making the right accounting software choice is an important decision that's dependent on a number of variables. Some of these include the size of business, the number of employees, your desired functions, and your accounting experience. Finding the right accounting software that's flexible and user friendly is imperative to business success.
A number of business accounting software programs exist today that are designed to help small to medium sized businesses. Which accounting software product is right for your company? There are several important factors for you to consider, including:
Functionality. Will the accounting software complete all the major functions needed for bookkeeping and accounting for your business?
Price. How does the accounting software price compare to those offered by other software companies?
Customer Service. Is the customer support for the accounting software available if a question or problem comes up?
TopConsumerReviews.com has reviewed and ranked the best accounting software available today. We hope these reviews help you find the right accounting software that works for your business!
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Undoubtedly the reigning leader in accounting software, Intuit's QuickBooks continues to be the choice of many small businesses for accounting, invoices, and more.
QuickBooks, whether the desktop or online version, contains nearly every accounting and bookkeeping feature that a small business needs. The accounting software is good for small businesses of any size. It's very easy to use, intuitive for both the novice and experienced user alike.
The QuickBooks software works cleanly, with helpful add-ons such as payment processing, direct deposit, payroll and check printing, to make running your business a lot easier. Additionally, the ability to produce a variety of different accounting reports will help your business track it's financials better and conduct the analysis you need to track your costs and stay competitive.
QuickBooks updates are timely, and new accounting software versions are developed and marketed nearly every year. Updating can be an added expense, but like with most software upgrading is optional. The decision whether or not you upgrade depends on what's new and revised, and whether that need is essential to your business.
All in all, QuickBooks continues to be the best choice for most businesses. Given the many accounting features it provides, its relative ease of use, and their top notch customer support, QuickBooks is an excellent choice for your accounting needs. They earn our highest rating.
FreshBooks provides a customer friendly cloud accounting platform for service based small business owners. Users do not have to hold accounting degrees to successfully utilize FreshBooks and all of its features. This company started in 2006 and currently services over 5 million users in 120 different countries. They are a Canadian based company that is quickly becoming a highly ranked market leader for small business owners.
The beauty of cloud accounting is that records and updates may be accessed from anywhere in the world. That means time tracking and invoices may be logged and completed on the go. No need to carry around a pile of old receipts and time logs for your return back to the office. Updates may be made to FreshBooks at any time. Also, typical small office hardware and software glitches that occur will not impact your accounting records. An additional bonus is that FreshBooks suggests users can anticipate receiving client payment up to 11 days faster, at the same time, you can save up to 8 hours a week in managing invoices.
For those that like to try before they buy, FreshBooks offers a 30 day free trial offer. You can create invoices, track time, manage billing, and more. We liked that FreshBooks offers apps for iOS and Android phones, tablets, etc. They also have functionality to allow you to take pictures of your business receipts and eliminate all unnecessary paper.
The company offers 4 different no-contract plans:
The free 30 day trial option that requires no credit card to start
The Seedling plan at $19.95 per month for 1 user and will service up to 25 clients
The Evergreen plan is $29.95 per month and works with unlimited number of clients
The Mighty Oak plan is $39.95 per month with the option to add additional users for $10 each per month. Like the other plans, you'll have access to hide the FreshBooks logo on emails to clients, enjoy automatic expense imports from credit cards and bank accounts, access automatic late fees and create overdue invoices. This plan also works with project managers, creates team timesheets and team expense reports.
FreshBooks is available to answer any questions Monday through Friday 9am to 6pm EST. Their customer service team is knowledgeable and friendly.
For those small business owners that service customers and other businesses, FreshBooks is a viable cloud based accounting platform that makes sense.
Sage 50, rebranded in 2010 from its former moniker Peachtree Accounting, is probably one of the best known accounting software packages. Sage 50 offers many different accounting software packages in disk format. They don't offer any online versions.
The price ranges between about $53 to $280, depending on the package that you purchase. It works for most small businesses, but given the cost and the many features offered it's very suited to small to medium sized companies with 25 to 200 employees. The software is easy to load and get started with, and you don't have to have an accounting education or background to use it.
On the downside, you have to pay to download updated tax tables. To receive these updates, as well as any type of customer support, you have to enroll in one of their subscription-based services. You can still get away with not paying for this, but you have to perform the payroll tax calculations outside the program and manually enter the numbers. When you factor in these add-ons the price increases significantly.
Sage 50 is also a bit lacking if you are switching from another program. Rather than a seamless import function, you have to move your data from your old application to an Excel spreadsheet and then transfer it over to Sage. Not a terribly big deal, but still some extra work for you.
In summary, if you're a growing business and need some robust accounting functions and applications, Sage 50 may work for you, despite its admittedly higher cost.
Wave Accounting is a web based accounting system. There is no software to download as everything is available online. Perhaps its best feature is that it is completely free of charge. The website application is supported by advertisers which appear on their Business Savings feature offering a page full of special offers for Wave users.
Wave Accounting started in 2010 and is based in Toronto. The application is specifically designed for the very small business and owner-operator, with nine employees or less. Wave is designed for the non-accountant because of its overall simplicity and basic features. It's likely that the accounting professional would find it much too limited for their liking, but then again, Wave is not attempting to serve that particular
Like many new startups, Wave began with very limited features. Over the past few years they really have not changed or updated their offerings to a great extent. One exception is the integrated payroll processing solution that was added for Canadian users and later expanded to the U.S. market. There is a $5 per employee charge for this feature.
Wave Accounting is sort of a jack of all trades and master of none. It offers most of the same features that the best accounting programs and websites offer, but it isn't nearly the best at any of them. It does have the ability to connect the financial institutions you work with, such as banks and credit card companies, enabling you to download your recent transactions.
Overall, Wave Accounting is a very basic, free of charge accounting solution for the smallest of small businesses. If that describes you and your business, you might want to give Wave Accounting a try.
Less Accounting is an online accounting program that seeks to offer a more simplistic alternative to more comprehensive options. Based in Toronto, Canada, the founders of Less Accounting sought to develop a program for small businesses and individuals with very basic accounting needs and did not need all of the features and functionality of larger more comprehensive accounting software. It is geared towards small businesses
of 20 employees or less with simple accounting needs.
Less Accounting is completely online so there is no software to buy and load onto your computer. All of your data is kept secure and backed up using Cloud technology.
Less Accounting costs $30 per month and you must pay month-to-month. There is no contract or long-term subscription so you can cancel at any time. They do not offer a trial option but do have an online demo available off their website that at least lets the potential user get a look-see at what they can do and view the overall appearance of the program. Set up is quick and easy.
The program uses simple terms that the accounting or bookkeeping novice can understand. However, there are two deficits that are critical: The lack of an integrated payroll solution and the absence of an activity log, or audit trail.
In summary, Less Accounting is a decent option for a business that does not require much in the way of accounting tools. If you require anything more than the most basic of services, you would be best to look elsewhere; especially given the hefty monthly costs found with Less Accounting.
Accounting Software In The News
MYOB launches $2.7b return to share market Accounting software giant MYOB plans to raise more than $800 million in a return to the stock market after a six year absence. The company plans to use those funds to pay off debt when it returns to the Australian Securities Exchange in May. "It's largely restructuring of our balance sheet," chief executive Tim Reed told AAP. During its absence from the share market it transformed into a company ... Publication Date: Mon, 30 Mar 2015 23:44:07 -0700
freee Launches New Version of its Accounting Software "freee - Model Umehara" TOKYO, April 1, 2015 /PRNewswire/ -- The online accounting software company freee K.K. announces the official launch of new version of its accounting software 'freee - Model Umehara'. Model Umehara is devoted to supporting Daigo Umehara, a professional gamer as he challenges to be a professional accountant. Publication Date: Wed, 01 Apr 2015 20:42:00 -0700
freee Launches New Version of its Accounting Software "freee - Model Uehara" TOKYO, March 31, 2015 /PRNewswire/ -- The online accounting software company freee K.K. announces the official launch of new version of its accounting software 'freee - Model Uehara'. Model Uehara is devoted to supporting Daigo Umehara, a professional gamer as he challenges to be a professional accountant. Publication Date: Tue, 31 Mar 2015 08:00:00 -0700
Rival's IPO unlikely to weigh on Xero: analyst The arrival of MYOB Group, the Australian accounting software firm, on the Australian Stock Exchange is unlikely to weigh on dual-listed rival Xero's share price, says an analyst.The Melbourne-based firm has announced its initial... Publication Date: Wed, 01 Apr 2015 09:36:23 -0700
MYOB owner dismisses Xero criticism The private equity owner of accounting software company MYOB says the "outrageous" accusations made by rival Xero about its customer numbers and growth prospects will not deter investors in the lead-up to what is likely to be the biggest float on the ASX this year. Publication Date: Wed, 01 Apr 2015 00:52:08 -0700
New Features: BillingOrchard Now Integrated with QuickBooks Online Plug-in simplifies invoicing on QuickBooks to put business owners back in controlPublication Date: April 02, 2015
Australia's MYOB says to raise up to $636 million in IPO Australian accounting software maker MYOB Ltd said it plans to raise up to A$833.8 million ($635.69 million) in an initial public offering which is expected to be one of the country's biggest listings this year. The Melbourne-based owner of software used by 1.2 million businesses said in a listing prospectus on Tuesday that it planned to sell up to 277.2 million of a total of up to 633.4 million ... Publication Date: Mon, 30 Mar 2015 23:04:33 -0700
MYOB to return to the ASX in the year's largest IPO Three years after outlaying $1.2 billion to acquire accounting software developer MYOB, Bain Capital, is seeking to float the company in a move which will value it at up to $2.7 billion, including debt. Publication Date: Mon, 30 Mar 2015 23:36:39 -0700
Xero shares shouldn't be hit by MYOB float The arrival of accounting software firm MYOB on the Australian Stock Exchange is unlikely to weigh on the dual-listed rival Xero's share price, says an analyst for sharebroking firm Forsyth Barr. Publication Date: Tue, 31 Mar 2015 18:17:30 -0700
Maestro Launches New Image and Branding for 2015 New branding, logo and updated website spotlight client communication, service and leading edge solutions for independent hotel operators.Publication Date: April 02, 2015
MYOB poised for May market debut Accounting software giant MYOB plans to raise more than $800m ahead of its Aust stock market debut. Publication Date: Tue, 31 Mar 2015 04:54:31 -0700
MYOB IPO and ASX listing unlikely to weigh on Xero: ForBarr The arrival of MYOB Group, the Australian accounting software firm, on the Australian Stock Exchange is unlikely to weigh on the dual-listed rival Xero's share price, says and analyst for sharebroking firm Forsyth Barr. The Melbourne-based firm yesterday announced its initial public offer, as it looks to raise total proceeds of between A$831.7 million and A$833.8 million to pay down debt, which ... Publication Date: Tue, 31 Mar 2015 17:40:00 -0700