While we did discuss tips and tricks for QuickBooks in our May blog post, there are other highly rated accounting softwares available. QuickBooks is the top-rated accounting software, but there are other names you may not recognize that also provide excellent features. Really the choice on softwares should be what suits your business the best and which you prefer at a price you are comfortable with. In this month’s blog we will bring the top 5 accounting softwares to your attention and summarize them to assist you in making an informed decision.
Business News Daily recommends the following as the best accounting software and invoice generators of 2021:
- Best for small businesses- Intuit QuickBooks Online
- Best ERP tools- Oracle NetSuite
- Best for invoicing- FreshBooks
- Best for microbusinesses- Zoho Books
- Best for transparent pricing- Zarmoney
While Business News Daily did categorize each of these, their top 5 picks for best accounting software providers include:
- QuickBooks Online
- Plooto
- Oracle NetSuite
- FreshBooks
- Zoho Books
An accounting software is one of the first business tools you should acquire when starting a business. This software should allow you to create invoices, record incoming and outgoing payments, run reports, and help you identify and follow-up on past due receivables. However, you may also find the need for advanced features like tax integration, payroll management, business insights, free support, and more! Accounting software puts all your financial information in one place, making your accounting needs easier and more efficient.
Top 5 Accounting Softwares
#1- Quickbooks Online
QuickBooks Online is an extremely popular accounting software used by small businesses across the country. QBO has accounting features to meet the needs of businesses of all sizes, including the ability to create invoices, send and accept payments, and manage and track expenses. Accountants praise this software for its affordability, ease of use, and effectiveness. Depending on the plan you choose, QBO can also allow you to batch invoices, engage in deep analytics, and even access an accounting team for professional assistance when needed. Also, if you already have an accountant, this software allows your accountant access for free. QBO’s reputation stands out in the accounting software industry.
#2- Plooto
Plooto gives small businesses a lot of automotive options to save on time and frustration. With Plooto’s payment platform you can manage payments, approvals, reconciliation, and reporting from one central location. Having these features unified gives business owners control with a clear picture of their financials. This software includes smart approval workflows and secure electronic payments which assists in reducing errors while speeding up the accounts payable process. While other softwares offer the same features, Plooto stands out due to the affordability and ability to automate all accounts payable tasks.
#3- Oracle NetSuite
Oracle’s NetSuite offers a variety of features, including enterprise resource planning tools. NetSuite focuses on automation which makes it simple to send and collect invoices. This software is a full-featured accounting and ERP program geared toward companies with more complex needs. Plus, if you have international sales, NetSuite has robust tax management tools that supports all currencies and exchange rates. This software also helps business owners meet accounting standards and report financial results in a timely manner.
#4- FreshBooks
FreshBooks is incredibly easy to use, letting you easily create invoices, accept invoice payments, track expenses, and send automatic reminders. FreshBooks also allows you to track time spent on projects, load pictures of receipts from your mobile device, and has a double-entry accounting feature to help avoid mistakes. This software effectively combines accounting software tools and invoicing tools which makes it valuable. FreshBooks is also affordable, with multiple plans available to suit the needs of different sized businesses.
#5- Zoho Books
Zoho Books is perfect for microbusinesses as it offers all of the basic features needed, plus advanced tools such as time tracking. Zoho Books has an easy to use platform with apps for a large variety of devices, including smartwatches. This software also includes a company’s client portal which makes Zoho stand out from other rival softwares. This client portal allows your customer’s access to view invoices, make comments, and pay online. Plus, Zoho has integrations so you can continue to use the software as your company grows.
When researching accounting software, it is important to find a software that not only offers all the features and tools your company needs but also fits within the budget. As with everything, there are some drawbacks to each of these software, but that doesn’t change the value they can bring to your company. Despite the COVID-19 pandemic, the accounting software market has continued to grow. This growth is expected to continue as businesses of all sizes look for ways to reduce costs and the complexity that can come with bookkeeping and accounting.
TK Accounting & Consulting 