Thinking of doing your accounting yourself? For some businesses, hiring an accountant may be an expense that they cannot afford or you might simply prefer to handle your accounts yourself and have complete control over your finances. Approaching your accounting yourself may seem like a daunting task, however, today’s online accounting software is here to make your job easier. The trouble is it can be tough to decipher which one will be the best for you, with so many options available.
Best Accounting Softwares
So we are here to guide you through the top five accounting softwares so you can make an informed decision. If you want to get a head start, Piesync has a great Wave vs QuickBooks comparison guide to help you quickly find the best accounting tool but if you want to know all your options, stay with us.
First on our list is one of the most popular accounting softwares on the market. Sage is great for all business types but focuses on small to medium businesses and offers an extensive range of accounting tools to help make your accounting much easier. Sage also offers multiple training courses (ranging in prices) so you can learn more about accounting, payroll, and Making Tax Digital.
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
- Cake HR
As with all good things, there are, however, some disadvantages that come with Sage the biggest being a lack of a mobile app. In a time when we mostly use our 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
- Does not offer time tracking
- Expensive subscriptions
Rivaling Sage for the top spot in digital accounting is QuickBooks and similar to Sage, QuickBooks is popular with small to medium businesses. Despite it being one of the more expensive softwares, 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 interface and ease of navigate
- Profit projection
- Customizable reports
- Thorough contact records and transactions forms
- Extensive payroll support.
- New mileage tracking.
QuickBooks sits on the pricier end of accounting softwares so if your budget isn’t that big, this may not be the option for you. Another issue users find with Sage is poor online documentation.
While there are a lot of digital accounting softwares out there for small and medium-sized businesses, there are less that are designed with freelancers in mind. Freshbooks is great for small businesses but is popular with freelancers and features tools that are useful for freelancers to keep track of their money. One of the best features for freelancers on Freshbooks is the time tracking tool which allows freelancers to track tasks and accurately charge clients accordingly.
As well as this, Freshbooks is known for its intuitive design and features the following:
- Time tracking
- Supports invoices, estimates, and expenses
- Supports projects and proposals
- Overall very user friendly
- Mobile App
- Team collaboration tools
- Product and service records
Freshbooks has a lot to offer but if you want a software that will provide you with quarterly tax estimates and allow for expansive invoice customization, Freshbooks might not be the software for you.
Another accounting software that is popular amongst freelancers and small businesses alike is Xero. Xero is one of the more affordable accounting softwares on the market and comes with a great toolkit, including expense tracking and inventory management.
Here are some of the reasons users love Xero:
- Extensive online support
- Custom report filters
- Reconciliation tools
- Integrates with payrolls software
While Xero does have a mobile app, many users have reported that it isn’t well designed and needs improvement, that said, an app is better than no app at all. Xero is also fantastic for online support, however, they don’t offer phone or chat support which causes some accessibility issues.
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 scale of accounting softwares, 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
- Extensive options records and translation forms
- Time Tracking – however 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 softwares on the market. While there are many more accounting solutions available, these five are the most popular, offering extensive features, tools, and support. Finding an accounting solution doesn’t need to be tricky and hopefully, this list proves it.