The accounting procedure depicts the financial health of the business. For any business, finance management is a vital procedure that every company has to undergo regularly.
Therefore, many organizations used ERP systems software to manage their operations.
Ascertaining the sufficient amount of cash in hand is necessary for the business. It facilitates the entrepreneur to take a future decision and keep moving forward.
Maintaining a book of accounts gives the proper direction to the company. Based on the available cash and pending payment details, the business can plan future development and important investment.
Finance management involves complex procedures, bookkeeping, bill verification, manual recording, and huge ledger records. The company spends a good amount of the money on accounting and booking keeping every year.
It’s a repetitive task and goes one and one. You need a team of accounts and a huge management team to manage the entire department.
Freshbooks is accounting software that offers a wide range of services under one umbrella. You can manage transactions, invoicing, track the payment duration, recurring payment, auto reminders, online payment facilities.
The Freshbook simplifies the accounting procedure with the help of the advanced accounting solution. You can save time on accounting procedures.
The software offers you a comprehensive report in the dashboard to have a big picture of your financial position. With the help of the report, you can decide the future development and expansion of business.
Manage account payable and receivable.
Integrated system to manage the day-to-day transactions for finding the total expense.
Track the project-based payment with the time tracking option’s help and send an auto reminder when the deadline has reached.
Credit Card Processing:
Customer dashboard integrated with the online payment for credit card processing. The transaction details will be added automatically to the system for the accounting procedure.
The standard reports are generated to view the big picture of the company’s financial position. The report is produced based on the recorded transaction in the system.
Connect to the third-party application through API service and use the data for generating useful reports.
The plug-in speeds up the vital task and gets the job done without needing an additional application.
Role-Based User Permission:
For security reasons, the role-based user permission setting is offered to the administrator. A specific group of people would have access to a particular department. Users cannot access the restricted page without having permission from the admin.
- Real-time invoicing.
- Advance reporting template
- Easy to implement
- Offering cloud support for database storage
- The onboarding process is quite challenging at the beginning.
Lite : $4.50 /month
Plus : $7.50 /month
Premium : $15.00/month
Quickbooks is the online accounting software run by cloud computing and online data management applications. No need to install the desktop version of the software.
Everything is managed through an online platform. Track your sales, create a new invoice, send an invoice to the customers, set auto-reminders, recurring payment settings.
Get all the accounting information of your business online at any time. Application is easy to use and develop to offer instant integration of your existing accounting procedure—no need to have experts or finance managers to run the Quickbooks accounting software.
Now track your cash inflow and outflow in real-time.
Up to date records:
Now, all the records are maintained instantly, which gives you up-to-date transaction details.
The instant record generates a sale report in the system. A new sale is recorded instantly and added to the final report.
Take a decision of your business expense based on the real-time data.
- Easy integration of the software in any existing infrastructure or application.
- Instant report of the transactions, sales, expenses, and many more with the click of the button.
- Multiple apps are developed to offer easy access to mobile, desktop, and tablets.
- Connect the software to your bank with API’s help and fetch the essential data from your bank account to generate the combined report.
- Customer support is not quick. The team takes time to revert to your query.
- Login time out too quickly. Every time to hold the screen while working on another task, the software gets logged out. It is frustrating to login in repeatedly every few minutes.
Simple Start : $12 50 /mo
Plus : $35 /mo
Advanced: $75 /mo
Self-Employed: $7 50 /mo
One month free trial available.
Sage Intacct accounting software comes with cash management, purchasing, vendor management, finance, invoicing, transaction, subscription, regular billing, project management, and many other essential features that make your accounting procedure stress-free.
The software is backed by cloud computing that offers the smooth functioning of the application. The Sage Intacct software facilitates the organization to take the data-driven approach.
Pair the software with the HR application and let all the teamwork together achieve the organization’s goal. The software reduces human errors and offers instant digital transformation to your traditional accounting practices.
Use the application to record all the cash entries in the system so none of the transactions will be missed.
Link your bank account to the software, and the application fetches the essential data from the bank account. The report will be generated in the dashboard that you can verify later.
Multiple Currency Support:
The inventory tracking feature tells you pending inventory in the customer’s stock and payment receivable.
You can integrate the subscription model to your product and allow customers to subscribe to the yearly plan in advance.
- Accurately tracks the sales and every expense and offers detailed reports.
- Software updates regularly to fix any sort of problems. No IT support is needed to manage the software.
- Easy navigation
- The customer report option is offered to generate the reports based on the business need.
- Uploading time on the software is too high. It takes too much time to upload a small-size file.
- The report customization feature is limited. It could be better if there are fixed templates available in the software.
Quote, request form needs to be filled to get the pricing.
Zoho Books is cloud-based online accounting software. It manages all your accounting books, finance, TAX complaints and enables the organization to automate the business workflow.
Connect across the department and transform all the paperwork into the modern digital platform.
The Zoho Books offers a wide range of services to the organization. The upgrade is easy based on the requirement of the client. Use various apps that make your business process smooth.
No restriction on the entries. Choose the plan based on your requirements and access the futuristic account management software to streamline your account department.
End to end solution:
All the accounting procedures are integrated into the software to manage sales, invoicing, payment tracking, and handle the book of account in the digital format. Let the software manage the accounting and focus on the business expansion.
The system is compatible with your taxation requirement. Set the taxation details in the application, and as the new entry is recorded in the system, the software automatically calculates the government tax and provides the detailed report.
During the tax filling, simply access the report and submit it for tax application.
Your book of account will always be tax-ready. Your team no need to manually manage the tax filling details. The software will automatically calculate the applicable tax and give you a comprehensive report for tax filling.
Connect the Zoho Books to any other application with the help of easy integration features. Fetch or send data from one application to another and generate the accounting report to know the business’s current financial position.
- The client dashboard is useful for managing the client and their payment details in a single system.
- Convenient access to the dashboard using the mobile application. Runs smoothly without any error or restriction.
- Billing management in the system is quite easy.
- Lack the enterprise solution, which may restrict the service to the small business.
- The employee expense payment system is missing.
- The system doesn’t allow the changes once it is implemented.
STANDARD : $ 15 / Per Organization/Month
PROFESSIONAL : $ 40 / Per Organization/Month
PREMIUM: $ 60 / Per Organization/Month
Accounting seed is a robust application native to the Salesforce platform. The combination of the accounting and ERP software gives the businesses the complete management solution.
Manage entire accounting procedures in a single software.
General ledger, billing, cash receipts, payables, cash disbursements, expense management, PSA, Project-based accounting, recurring payment are some of the features you get to find in the Accounting Seed software.
The software runs in the automated process giving you an edge over the manual work. Reduces the strain on the accounting team. It also helps to mitigate the manual errors in accounting procedures, giving you accurate reports.
In the end, use the custom reports to view the business’s entire financial position in the statistical and graphical format.
Gives you complete flexibilities to desire your entire channel according to your need. Customize the processes, use the templates, design your workflow, reporting, etc.
Accounting Seed software encourages the organization to work in sync with the core team. The collaborative efforts are promoted through the system giving you the advantage of better decision making. It enhances the production and sales when everyone on the same page.
360 Degree View:
Software facilitates the 360-degree view of the organization that helps you to make the crucial decision.
The Accounting Seed offers easy-to-connect features to all your financial applications, bank accounts, and third-party ERP software. The easy connection between the multiple applications would enable you to collect the data to the centralized platform for further analysis.
The Salesforce platform backs the application. It is the most secure and reliable API-based application that gives you a seamless experience while using it.
- Donation features give more flexibility to collect the payment from the donner.
- Extraction of the general ledge is easy.
- The custom reporting feature enables the user to change the default template and design their reporting structure.
- Automation saves lots of time and offers easy access to the core functionalities.
- Essential features for the non-profit organization are missing.
- Database of the listed company doesn’t show the added companies. It isn’t easy to use the drop-down to find the right company.
Pricing is on a quote request basis.
FreeAgent is an advanced online accounting software developed for small businesses and individuals to manage their financial activities using accounting applications.
FreeAgent would allow you to manage your day-to-day accounting activities. You can manage expenses, run an audit, check cash inflow and outflow with the automated system’s help.
The RTI compliant payroll gives you the advantage to manage the invoicing in a very professional manner.
The real-time reporting gives you an activity report of the cash inflow and outflow. You can check the current financial position simply by logging into the administrator account.
Reports are produced in a statistical and graphical format, so visualization of the financial situation becomes easy.
The recurring payment invoicing runs without any human interaction and alert the customer on the previously set data. The system runs autonomously, giving you the advantage of collecting the payment on time.
Hassle-Free expense tracking:
Now track every expense in the system itself. The receipt of each payment will be generated through the application, automatically getting added to the current expense report. Require details of each expense will be added to the system.
Automatic bank Feeds:
Connects your bank account to collect the transaction information and sync the data into the final report providing you a holistic view of the financial position.
- Time recording against the project offers the required clarity of the deadline and payment receivable.
- Gives you an overview of the financial position from the single report in the graphical format.
- Automatically create the dividend voucher.
- Limited facility to link the third-party software.
- Need more developed apps.
- The reporting could have the features of comparing the year-by-year sales report.
Universal: US $10 /month for 6 months, then just
US $20 /month
30 Day free trial available.
Invoice Meister is designed to help small businesses and freelancers manage their accounting in an automated environment. Reduce the time you spend managing your accounting activities with the help of the advanced accounting application.
The auto computing method enables the user to generate invoices, track the status of the payment, and check the current financial position of the business.
It is easy to use solution that gives the small business edge over finance management. Track inflow and outflow of the cash, record expenses, and many other features that simplify the accounting.
Accept Online Payment:
Generate the invoice online and send the payment link directly to the client to allow the customer to make the payment online.
Record each transaction systematically and check your expense using the software.
Connect the application to your bank account to fetch the accounting software’s required data for further analysis. No need to manage different reports to track the current financial position.
- Automation of the reporting and expense tracking helps the organization to track the financial position efficiently.
- Save your crucial time spend on the accounting procedure.
- A high level of security is granted to the users.
- Send quotes directly from the system and track the status.
- Connecting more apps and software features could give more facilities to the user.
- Need more applications that support the management of the essential accounting activities.
Starter: $ 7.50 per user / mo
Standard: $ 10 per user / mo
Professional: $ 15 per user / mo
Free trial available on the request.
The online accounting software is developed to offer a wide range of services. The software is useful the small businesses, accounting firms, and personal finance management.
Unique features of the Xero differentiate the application from all other competitors in the market.
Use the application for maintaining ledger, bookkeeping, invoicing, quote request, bank reconciliation, purchase order, expense management, tax reporting, and many other accounting activities.
The application offers you the flexibility to connect more than 800 third-party applications that enhance the software’s functionality. It manages the inventory, logistics and cash flow, eCommerce, customer relationships in a single platform.
Now, access your accounting report from anywhere in the world. The applications are set up online, where all the transactions are recorded in real-time.
Useful for accountant and Bookkeepers:
Track the Bills:
Tracking becomes easy using the Xero accounting software. Track the payable and receivable bills using the system.
The user can claim the expense directly in the system. Use the report section to find the total expense incurred to the business in real-time.
- Transform your traditional accounting procedure into an automated system.
- Good payroll facility to reduces manual management.
- Connect the bank account to the system and easily access the statement through the software.
- Customer service needs improvement.
- Software frequently crashes with no error report for the users.
Starter : $20 / USD per month
Standard: $30 / USD per month
Premium: $40 / USD per month
30 days free trial is available.
The AccountingSuite offers a complete solution to your accounting requirements. Fully customization solution to manage your accounting activities in cloud-based software. Now you can scale your growing business without any trouble.
The software encourages the users to transform traditional accounting practices to the digital platform to reduce the accounting team’s strain.
Freedom to decide what you want in the application gives you the flexibilities to set your rules according to the business requirements.
Connects to Bank Account:
The application connects to your bank account and gives you instant access to all the financial assets in the single-view dashboard.
Keep track of financial activities:
The dashboard would have comprehensive reports that offer each transaction’s activity report in the organization.
Connect with all the team members, department and employees, and vendors using software to manage everything through the system.
Now, you can track the project’s progress using the application and get a detailed report of the project status, payment, and the interaction happening in the system.
- Rich cloud computing application offers great support to the users.
- Access data from anywhere.
- Manage sales and purchase orders using the system.
- The cloud-based eCommerce platform to manage the essential activities.
- Customer support needs improvement. Many times no one replies to the queries.
- Connection to the third-party application should be supported.
- Customize reporting system is difficult to understand.
Start-Up: $19 / per month
Business: $25 / per month
Professional: $55 / per month
Pro W/E commerce: $129 / per month
Free trial is available for a limited period.
The Kashoo is the cloud-based double-entry accounting platform design for small businesses. Comes with responsive design, mobile accessible for on the management facility.
Filled with essential accounting features, including receipts generation, invoice, automatic tax preparation, financial reports, banking, and expense management.
Companies running the business from a different location can create a separate book of accounts. Manage the expense incurred to these locations in the separate accounting sheets.
Merge the final data to the centralized system for a holistic view of the financial position. The Kashoo is a strategic partner with Paychex for offering payroll services.
Simple Accounting Tool:
The system-generated reports are easy to manage. Easy access to accounting functions makes recording keeping convenient.
The everyday expense tracking made easy using the Kashoo accounting software. Each record is mention in the software and added to the final calculation.
Track the Expense:
Send the system-generated invoice to the client for making the payment. You can also use the auto-reminder to allow the application to send the payment alert on the set date and time.
Record the journal entry in the digital format and access the details anywhere and anytime.
- Easy to use interface doesn’t require training to learn the software.
- The mobile app makes report tracking easy and convenient.
- All the action you take in the application is straight to the point.
- Banking transaction management gives freedom to control the expense.
- Multiple currency support on the mobile app is missing.
- Customization of the report would help the organization to produce a report format.
- Doesn’t track the inventory.
Invoicing: $0 / Month
Accounting: $20 / month
Kashoo: $30 / month
Free Version: No free trial for the premium version
ZipBooks has everything that you need to manage your financial book. The accounting software is designed to support the small business owner and accountant to record and track the digital format transaction.
Users can track expenses, accounting activities, sales, invoicing, and manage projects in the system itself.
Invoicing & Billing:
Send the professional invoice to the client using the system.
No need to rely on the traditional practice of bookkeeping. Use the digital platform to produce the comprehensive report.
Smart reporting allows the user to set their parameters to produce a report in statistical and graphic format.
- Get the time tracking of the projects and deadline using the system.
- No learning curve for beginners. The software has straightforward features that make the accounting procedure easy.
- Regular upgrade to the product adds new features to the system.
- Organizing the invoicing in a single section could make a big difference in management.
- Not a full-featured application. Several features are missing in the software.
Smarter: $15 / Month
Sophisticated: $35 / Month
Custom pricing option
Wave is cloud-based accounting software that offers exclusive features to the users. It is an ideal accounting application for small businesses.
The software support double-entry bookkeeping. Set unlimited users to access the software and assign a task to every individual employee.
Record any number of the invoicing and receipt in the system. You also get the option of payment processing and payroll management using the software.
Truly automated accounting software that makes the instant tracking of the financial activities.
No, generate the professional invoice using the system and track the payment online.
The software is available at affordable pricing options that suit the need of the small business. Upgrade the plan as you go and allocate more resources to your account.
- The payroll system works perfectly fine without any error and gives the users instant access to the system-generated payroll report.
- The credit card processing system works fine and offers a great deal in managing online transactions.
- Free versions give you instant access to some of the useful features.
- The bulk upload and bank reconciliation facility saves time.
- Customer support is very slow in responding to your query.
- Bank reconciliation shows an error when the entries are fetched to the system.
- Payroll offers only the summary of the employee instead of the details of each individual.
The software is available for free of cost.
How To Choose Good Accounting Software?
When you decide to purchase the accounting software for your business, the first thing you have to consider is the business’s need. Discuss with your existing accounting and senior management team to identify the common problem during the accounting procedure.
Get everyone on the same page before you take any decision on selecting the accounting software.
Let the team know that the accounting software would be implemented to provide seamless accounting to an internal and an external team.
In the customer dashboard case, any entry recorded in the customer dashboard must be automatically added to the bookkeeping software, so there will be no need to manage the record separately.
If the accounting software you acquire for the business could not reduce the accounting procedure and give you error-free reports, then the decision to implement the accounting software would be futile.
The company must have a clear vision about the result the software would produce for the organization. Understand how the accounting software would add value to the internal operations as well as customers and vendors.
Keep future expansion of the business in mind while choosing the accounting software. The upgrade of the software should be easy and affordable without needing many changes to the existing infrastructure.
The software industry is thriving with various forms of accounting software and applications. It would be a daunting task for the entrepreneur to decide which one to choose for their organization.
Use the below guide to decide the best accounting software for your company based on the essential features.
Account Receivable and Payable
The accounting software’s core functionality, such as account receivable and Payable, should be automatically recorded in the accounting software.
The majority of the business transaction would be calculated considering the payment pending from the customers. The company also tracks the payment payable to the vendors and suppliers.
Syncing both the software’s data would give you the final record of the business’s available fund. Also, this information helps you to check the financial position of the business.
Accounting software must have a system that offers the team to manage the receivable efficiently without any error. The software must have facilities such as invoice creation, sending payment reminders on the set date.
Integrate the payment gateway for easy payment and successful payment notification with the tax invoice.
Simply looking at the comprehensive report generated by the software, you should get to know how much payment is pending. The report will tell you what the current balance in the book of account is.
As the businesses are moving towards the digitalization operation, the accounting procedures are also getting transform into digital records and management.
The payment gateway integration for online payment offers the business to collect the money in digital form. Growing payment gateway service providers have the digital payment easy.
The accounting software you will be using for your business must have the functionality to integrate the popular payment gateways for easy online payment.
It will boost your revenue as people are more comfortable making digital payments than paying through cash. Also, it saves time to make online payments.
In some organizations where customer service is offered based on the projects, the billing cycle runs in the parts. In such a case, you must have an accounting system that tracks the project deadline with the set billing cycle to collect the payment on the given date.
The software must indicate the software’s set deadline to the customer and the team who are working on the project. The system should work autonomously without the interference of any of the team members.
The software will remind the customer before the due date and collect the payment on the set deadline.
When you are running a small business, some of the transactions will happen in cash. Deposited cash in the bank should be considered in the book of account to find the actual financial status of the business.
The bank reconciliation features in the accounting software fetch the data from the bank statement. It combines the collected information with the accounting statement. The software automatically categories the entries to match the important transactions.
The accounting software’s function would help you reconcile the accounts quickly and do your business audit efficiently without any error.
Accounting activities are futile if your book of account is not Tax Ready at the end of each financial year. The whole accounting process is done throughout the year. You do not have to spend months preparing the book of account for the tax application.
Your accounting software must have the features to prepare the tax report simultaneously while recording the everyday transaction.
Software should have multiple tax rules integrated into the system with the custom field option to enter the new rules if the government changes the rules in mid-year.
Sufficient flexibility is needed in the software to generate the tax report easily.
The whole purpose of having the accounting software is to reduce the stress over the accounting team and move in the direction of automation. Account software should be designed to save time and provide convenience with the business’s accurate accounting report.
If the accounting software fails to automate the transaction and billing, then spending money on implementing the software and training people to use the software for everyday transactions would be futile.
The team should accomplish more in less time when the accounting software is in use throughout the organization. Invoicing, billing, recurring payment, vendors payment, suppliers payment, tax invoice, customers payment details everything should be managed through the accounting software.
The system should allow the team member to record the transaction with fewer efforts and high precision.
Integration and Maintenance
The integration of the software in the existing infrastructure should be smooth. When it comes to converting the traditional paper bills and book of records into the digital platform, you have to place the big team to manage the entire transition job.
Every offline transaction entry should be recorded in the accounting software to get an accurate picture of the financial status of the company.
You should obtain the accounting software that is easy to implement in any traditional infrastructure without needing to spend much time in record keeping.
Additionally, the maintenance of the accounting software should be minimum. Every passing year should contribute to the company’s growth after the accounting software is implemented in the organization.
It should not add the burden on the organization for regular maintenance and upgrade.
Account software must run smoothly without needing any upgrades or changes to the core functions. Maintenance could be expensive affairs when you have thousands of transactions recorded in the accounting software.
Small mistakes would lead to the loss of the entire records, and the amount of time invested in the record-keeping would be wasted.
What is Accounting Software?
Accounting software is the digital solution use by the organization for bookkeeping and recording transactions. The software enables the accountant to maintain the digital form record and use the data for accounting procedures.
Processing of accounting, payments, invoicing, taxation, and finance management becomes convenient with advanced accounting software.
The Accounting software used in the organization allows the owner of the company to check the real-time financial status of the company. The date used to interpret the financial transaction, accounting, and analyzing the payment details to take vital business decisions.
The company can track the operations, pending payments, cash inflow, and cash outflow based on the financial position. In a large enterprise where thousands of transactions are done every day, keeping track of each of the transactions manually could not be possible for the organization.
Accounting software automates the payment and keeps track of each transaction through the website, payment gateway, offline cash payment, and any manual entries done through the accounting software.
The owner can check the comprehensive report anytime with the administrator’s help and download the report for further analysis.
Furthermore, the accounting software is not limited to bookkeeping. Various accounting software does more than transaction recording.
ERP systems software is one of the tools that come with the accounting facilities to manage entire operations. The software can present the entire financial picture to the owner from the center view.
If these entries are done manually, then you might need a huge team to proceed with each transaction manually. It is not a cost-effective as well as an efficient way of managing your financial books.
Therefore, implementing the accounting software to manage the day-to-day transaction would be a wise decision.
The software also reduces the time it takes to keep records and get the essential reports. The owner can spend more time on the vital business activities and in the operation task instead of spending time in the accounting department calculating the fund manually.
Why You Need Accounting Software?
Accounting Software makes the classic accounting procedure automated and reduces the strain on manual work. The computer programs enable large organizations to manage the financial assets, transactions, cash inflow, and outflow efficiently without error.
Accounting Software is available with different scopes and features.
It can manage your business finance, ongoing transaction, invoicing, payment gateways, vendors and supplier handling, customer dashboard linking, payment schedule, recurring payment collection, payment reminder, sales analytics, and many more.
Learn more about How Accounting Software became a need in the business of MSMEs
One Stop Solution to Manage Your Entire Accounting, Payroll, Client Needs
Accounting software offers a one-stop solution to transform your traditional accounting practices into an advanced digital bookkeeping solution. You also get the scope for customization according to your business need.
Introduce new features that make bookkeeping easy and transparent. Accounting software allows you to optimize the accounting team for better performance and reduce costly bookkeeping mistakes.
It is easier to manage financial procedures when you have automated software to manage regular transactions. The owner will be able to check the financial status of the company in real-time and take the decision on the future expansion.
Contributes in good decision making ability
It improves the decision-making power of the top management and speeds up the growth of the organization. Accounting software doesn’t replace the role of the accounting manager.
Still, it allows the companies to reduce the cost connected to the accounting procedure and enhances the productivity of the accounting department.