For a business, accounting is an essential factor for knowing the profit you are gaining through your business. There are various accounting software available in the market for the purpose. Choosing the right software accounting software according to your company type is an important task. With this accounting software, you can take care of aspects like Creating invoices, recording incoming and outgoing payments, analyzing the financial health of the business, etc. A good accounting software comprises of features like availability of mobile application of the software so that you can access your data from anywhere and at any time, it must be affordable, easy to use, etc. Now, let us discuss some of the best accounting software, which makes your accounting work easy.
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It is one of the best accounting software for small business setups. Quickbooks is a paid software which is quite famous for the financial work of small businesses. The accounting software provides five tiers of services, with each having different pricing. These tiers are designed to meet the client’s needs at an affordable range. The software offers a 30-days free trial or a subscreenion for 3months with a 50% discount. If you don’t want to use the discount, then you can test drive the demo account.
- Built-in reports: It allows you to create a financial statement with options like general ledger, transaction details, trial balance, etc. If you want to set some reports as favorite, you can mark it as favorite. So you can get it in just one click. No need for searching that particular report from the bunch.
- Automation: The software is highly automated, which makes the work very easy and reliable. Automation involves automatic invoices, bill payments, payment reminders, etc.
- Electronic invoicing: By using electronic invoicing, you can make the payment transactions very easy.
- Automatic backups: Quickbooks provides an automated backup facility which secures your data without you doing any work.
- Integration: The software integrates many third party applications email marketing, customer relationship management, e-commerce, etc.
Plans for Quickbooks:
- Self-employed plan: It is the most basic plan and costs $10 per month. It is best for contractors and freelancers.
- Simple start plan: It supports a single user and costs $20 per month. It creates an invoice, tracks income, runs necessary reports, etc.
- Essential plan: It supports a maximum of three users and costs $40 per month. It has features like time tracking and bill management.
- Plus plan: It supports five or more users and costs $70 per month. The user can track inventory and projects with this plan.
- Advanced plan: It supports more than ten users (Maximum 25 users) and costs $150 per month. It is very easy to use.
- It allows bookkeeping and updates them from time to time.
- Many resources available for your help
- Apps with some unique features can be added to this accounting software for making it more powerful
- Affordable price
- Easy to use
- Issues regarding file size
- Lack of specific features
- Unstable. Crashes easily
- Limitations on no. of users
- Lack of professional support
Link to download Quickbooks:
Because of these commendable features, Quickbooks is regarded as one of the best accounting software in the market.
2. Zoho books
Zoho Books is the accounting software that is used by very small business companies or microbusinesses. Freelancers, sole proprietors, consultants, and home-based businesses are the prime users of this accounting software. It is very affordable and easy to use. The software is highly capable of doing almost every function, which is required for the financial part of your company or business.
The user can also download the account statements with Zoho books. If you are doing a project, you can also share the project details and logged hours with the help of this accounting software. The software has customer relationship management (CRM) software, social media marketing solutions, email marketing, spreadsheet editors, and other productivity tools. We can say that it is one of the best accounting software to date.
- Automation: The software automates the tasks like sending invoices and payment reminders, notifying you when your bills are due, etc
- Online payments: You just need to add your bank account to Zoho Books, and the customers then can directly send the invoices online
- Mobile app: You can access your data at any time and from anywhere by using the software’s mobile app
- Keyboard shortcuts
Plans for Zoho Books:
- The basic plan: It costs $9 per month and $90 per year. Zoho Books allows you to create one user, and it can add up to 50 contacts.
- The standard plan: It costs $19 per month and $190 per year. It supports two users and can add up to 500 contacts.
- The professional plan: It costs $29 per month and $290 per year. You can add up to 10 users and 5000 transactions.
- Additional users: You can add users to your plan with a cost of $2 per month and $20 per year.
- Easy to use
- Mobile app available
- Best for simple bookkeeping
- Excellent customer support
- Multiple currency options
- Not for handling production and other transformation processes
- Multiple currency feature is little clunky
- Delay in updating the books
- The features are not much advanced
Link to download Zoho Books:
FreshBooks is the only software which supports invoicing with accounting capabilities. It is one of the best accounting software at present. It is used for small businesses. FreshBooks keeps track of online payments with time. An exciting feature of the software is that it also shows recurring invoices. It also has the option of sending invoices from a mobile app. FreshBooks can be defined as intuitive and straightforward accounting software (cloud-based).
- Invoicing: the software helps you to create, send, and manage the invoices. Rather than a preview button, it directly shows how the document will look when you send it to someone.
- Faster payments: You can link your bank account with this software and can have a faster transaction than usual.
- Mobile app: FreshBooks has its mobile app for android as well as iOS. BY using the app, you can fetch the data from wherever you want.
Plans for FreshBooks:
- The lite plan: It costs $15 per month, and you can bill up to 5 clients.
- The plus plan: It costs $25 per month, and you can bill up to 50 clients.
- The premium plan: It costs $50 per month, and you can bill up to 500 clients.
- The additional user plan: You can add a user to your account with a charge of $10 per month.
- Easy to use
- Functions like API, billing, autopay, customer service, etc.
- Easy user interface
- The reporting option is excellent
- No bank reconciliation
- Data syncing problem with iOS
- Time tracking is lacking
Link to download FreshBooks:
Many business people like to use a mac for work. Xero is the best accounting software for them. As the software is web-based, it works across both platforms. Xero is a cloud-based software for accounting purposes like bank reconciliation, managing invoices, bookkeeping, purchasing, etc.
- Invoicing: You can send invoices to the clients and get paid online
- Inventory: Xero includes inventory management tool which helps you to track items in real-time
- Mobile application: The software provides apps for iPhones and iPad. This feature helps the user to fetch his / her data from anywhere at anytime
- Bank reconciliation: The user can connect his / her bank account to the software and can directly get the transactional money in his / her bank account
Plans for Xero:
- The early plan: It costs $9 per month. It allows you to do 20 transactions, five bills, and five invoices.
- The growing plan: It costs $30 per month and allows unlimited transactions and invoices.
- The established plan: It costs $60 per month. It allows the user to do unlimited transactions and invoices. It also supports multiple currencies.
- Simple and easy to use
- Accountancy friendly
- Provides easy and efficient tools for accounting
- VAT and PAYE submissions available
- Problems in allocating payments
- Not for large scale operations
- The user interface is old fashioned in design
- Logging in issues
Link to download Xero:
5. Tally.ERP 9
Tally.ERP 9 is one of the best accounting software available in the market. It is used by many companies for accounting. One can easily create and issue professional GST invoice. It is an affordable software and the best thing about the software is that it comes with a free trial. Tally automatically reconcile bank statements with books of accounts. It newest feature of Tally.ERP 9 is that It can access the business data from a browser in a very secure way. You can access this data from anywhere.
- Interest calculation
- Voucher entry
- Integration of ledger
- Billing information
Plans and Pros Cons of Tally.ERP 9:
Its price starts from $8.57 per month per user
- Easy user interface
- Regular updates are available
- Free trial is available
- Supports CSV and GST tax calculation
- Multi-language support
- One cannot open multiple account of ledger at the same time
- GUI graphics are not customizable
Link to download Tally.ERP 9:
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Here we can conclude that, for the growth and stability of any company or business, accounting plays a significant role. The organization should choose software that fits best for the needs of the business. Above given are some of the best accounting software available in the market.