If you own a business you are the one who knows very well the importance of finance management. Managing a business without accounting software is a very difficult task. Things can become complicated if accounts are not kept properly. This top 5 accounting software will make your task easy.
In this article, we will discover five top-notch accounting software options along with their special features and pricing offers. Let’s choose the best fit for your business needs.
Why accounting software is important?
Finance management is a very crucial factor in a successful business. Businesses can run without trade with vendors and customers. All trade with such business entities must be recorded to keep track of credit and debit. In the old days, such records were kept in books ad so the process is called bookkeeping.
In the modern era, physical bookkeeping is out of scope and a difficult task. Software accounting tools made those tasks easy. Using accounting software in your business is true to the use of computer technology at a common scale.
Accounting software is so important in any business because of the following reasons,
- To create, record and print bills, invoices
- To record, make and track collected or paid payments
- To track and analyze business spending
- Bank reconciliation
- Tax calculation
- Inventory management
- To calculate profit and loss of business
Which is the best accounting software?
Quick answer: QuickBooks Online is an excellent choice for small businesses looking for efficient financial management.
Accounting software allows easy management of your financial transactions, and inventory and generates accurate reports is the best accounting software. Best accounting software allows cross-platform access to your financial status. Such accounting tools minimize accounting mistakes and improve users’ productivity. Top accounting software in the market support cloud storage so the authorized person can operate it from anywhere in the world.
How to choose good accounting software?
Choosing good accounting software is not an easy task because you are risking your accounting efforts to try on this. Going with popular accounting software that fits your budget and has features to fulfil your need is the best option. You have to compare what you want with the features of the following top 5 accounting software to choose the best one. While choosing good accounting software for your business you must consider the following key points,
- Local tax scheme readiness
- Local bank integration & reconciliation compatibility
- Easy receivable and payable account
- Cash and accrual-based accounting
- Payment gateway compatibility
- Simple interface and easy reporting
Considering various accounting feature’s availability and market acceptance following is
Top Picks for the Best Accounting Software
AccountEdge Pro is a top-rated and powerful desktop accounting software for small businesses. It is a complete small business accounting and management solution for your Mac office, with everything you need to make sales and purchases, track and build inventory, bill for time, and manage contacts.
Comprehensive accounting software for small to medium-sized businesses, offering robust financial management capabilities.
- Manage your banking, credit card, and expense accounts
- Set up your recurring transactions once
- Departments and Profit Centers
- Track company mileage
- Add journal entries quickly
- Secure your important business information
- Starting at $ 499 (one-time fees)
- Free trial
FreshBooks is an online accounting software application that works well for sole proprietors and freelancers. The Retainers feature in FreshBooks also makes it ideal for attorneys, accountants, or any professional that charges their clients a retainer fee.
Designed for service-based businesses and freelancers, FreshBooks provides intuitive invoicing and expense-tracking features for streamlined billing processes.
- Customizable Invoices
- Payment Reminders
- Automatic Late Fees
- Accept Credit Cards
- Recurring Invoices
- Time Tracking
- Collaborate With Your Team
- Easy-to-Read Summary
- Starting plan from $8.5 /mo
- Free trial and 50% offer for 3 months
Sage 50cloud Accounting
Sage 50cloud Accounting is a hybrid accounting solution. It is a good choice for small and growing businesses. Sage 50cloud Accounting includes a tough inventory module. It can be integrated with multiple point-of-sale (POS) applications, hence it is suitable for retailers.
Tailored for small and medium-sized businesses, Sage 50cloud Accounting offers advanced features like inventory management and cash flow tracking.
- Syncing Microsoft Outlook contacts and Sage 50cloud contacts
- Accept payments on the go by combining Sage 50cloud with Sage Payment Solution
- Link directly to bank accounts to record sales and receipts in real-time
- add-on solution for stock and inventory management
- Work and collaborate from anywhere with applications such as Word, Excel, PowerPoint
- Starter plan $340/year
QuickBooks Desktop is intuitive accounting software that can be installed on your office computer. QuickBooks Desktop includes several new features that are designed to streamline various accounting processes.
Widely used by small businesses and self-employed professionals, QuickBooks Desktop provides invoicing, expense tracking, and financial reporting capabilities.
- Ability to consolidate invoices into a single email
- Enhanced system navigation
- Expanded help capability
- Automatic payment reminders sent to past-due customers
Affordable for even the tightest budget small budget business. Zoho Books includes an inventory management feature. Worldwide localized experience of tax assessment features. If you’re a sole proprietor, freelancer, or starting a brand new business, Zoho Books is the best of the top 5 accounting software for you.
A cloud-based accounting software solution suitable for small businesses and startups, offering essential features and affordable pricing.
- Cost affordable
- Contact Management
- Project Time Tracking
- Online Payments
- Inventory Management
- Invoice Templates
- Automatic Bank Feeds
- Mobile Apps
- Purchase Order
- Collaborative Client Portal
- Exhaustive Reports
- Sales Order
In conclusion, choosing the right accounting software is essential for efficient financial management. The top five options we explored offer comprehensive features and user-friendly interfaces to streamline bookkeeping, expense tracking, and reporting. Invest in the right software to save time, reduce errors, and make informed business decisions.