Thinking of doing your accounting yourself? For some businesses, hiring an accountant may be an expense that they cannot afford, or they may simply prefer to have complete control over their finances. Approaching accounting yourself may seem like a daunting task; however, today’s online accounting solutions makes the job much easier. The trouble is it can be tough to decipher which solution will be the best for you with so many options available. So, in this post, we are going to look at the top five accounting software solutions to help you make an informed decision.
First on our list is one of the most popular accounting platforms on the market. Sage is great for all business types, but focuses on small to medium businesses and offers an extensive range of tools to help make accounting much easier. Sage also offers multiple training courses at a range of different prices, so you can learn more about accounting, payroll, and managing taxes digitally. Here are some of the key features of Sage that make it a popular choice for businesses:
- Multiple subscription options
- Office 365 integration
- Comprehensive support
- Options for customization
- Excellent inventory management
As with all good things, there are some disadvantages that come with Sage, the biggest being a lack of a mobile app. In a time when most use their business for multiple tasks, being able to access your accounts via a dedicated app is really useful. Other downsides of Sage include:
- Poorly designed interface
- No dashboard
- No time tracking
- Expensive subscriptions
Rivaling Sage for the top spot in digital accounting is QuickBooks. Similar to Sage, QuickBooks is popular with small to medium businesses. Despite it being one of the more expensive pieces of software, QuickBooks offers a wide range of accounting tools including profit projection and customizable reports, making it a worthy investment.
Here are some of the best features of QuickBooks:
- Well-designed, easy-to-navigate interface.
- Profit projection.
- Customizable reports.
- Thorough contact records and transaction forms.
- Extensive payroll support.
- Mileage tracking.
QuickBooks sits on the pricier end of accounting software, so if your budget isn’t that big, this may not be the option for you. Another issue users find with Quickbooks is poor online documentation.
Wave isn’t as old as QuickBooks, but it’s already gaining traction in the accounting industry. Wave is used by businesses and accountants alike, but best of all, it’s completely free. Its highlights include:
- Unlimited expense and income tracking.
- Extensive reports.
- The ability to create a quote and instantly turn it into an invoice upon approval.
- Unlimited receipt scanning.
- Support for multiple businesses on one account.
- Did we mention it’s free?
For small businesses, and especially those starting out, Wave is a great alternative to the big players in the digital accounting market. If you’re between Wave and QuickBooks, see how Wave holds up in this comparison from PieSync.
While there are a lot of digital accounting software suites out there for small- and medium-sized businesses, there are few designed with freelancers in mind. Freshbooks is great for small businesses, but it is popular with freelancers for its tools that are useful for tracking money. One of the best features for freelancers in Freshbooks is the time-tracking tool which allows users to accurately track tasks and charge clients accordingly. Freshbooks also offers insights into business growth, which you can learn about in this blog post. Freshbooks is known for its intuitive design, and features the following:
- Time tracking.
- Support for invoices, estimates, and expenses.
- Support for projects and proposals.
- Very user-friendly.
- Mobile app.
- Team collaboration tools.
- Product and service records.
Freshbooks has a lot to offer, but if you want software that allows for expansive invoice customization and provides you with quarterly tax estimates, Freshbooks might not be the solution for you.
Everything is going cloud-based these days, and Zoho is a great example of a cloud-based solution. Zoho offers your basic accounting tools, plus payment options and a well-designed mobile app. This software is on the affordable side of accounting software, making it an attractive option for small businesses and freelancers with small budgets. Here are some of the features that Zoho boasts:
- Well-designed dashboard.
- Payment gateway options.
- Mobile app.
- Low price.
- Extensive options, records, and translation forms.
- Time tracking (users must create a project to enable this feature).
Zoho might be a great solution for your accounting needs; however, payroll isn’t currently supported outside of California and Texas, so if you require payroll you may need to look elsewhere.
There you have it. Five of the best accounting software solutions on the market. While there are many more options available, these five are the most popular, offering extensive features, tools, and support. Finding an accounting solution doesn’t need to be difficult, and hopefully this list proves it.