Our ratings considered factors that included starting price, price range, multiple essential accounting features, reviews by actual customers and scoring by our panel of experts. There are accounting software packages for all companies, from Intuit’s Quickbooks for small to midsize businesses to offerings from Microsoft, SAP, and Oracle for large enterprises. This list was highly customizable, a theme I would experience while testing different features on the platform.
Banking
QuickBooks Solopreneur is perfect for independent contractors who use TurboTax to prepare their annual tax returns but need an expense tracking and invoice-sending solution throughout the year. This software is our top pick for micro-businesses and freelancers because it’s easy to use and provides straightforward financial reporting. For service-based businesses with simple business structures, Wave provides a free starting point for bookkeeping and invoicing needs. Businesses can always move to more comprehensive accounting software as they grow, but Wave is a great single entry system definition cost-saving option and is the best in our review for businesses. QuickBooks Online was chosen as the best overall because of its reputation, usability, and strong customer support options.
Here are the top accounting software functions you should consider when choosing your accounting software. Expect inter-software communication abilities to increase in most products. While some accounting products may try to provide an “all-in-one” tool, others will focus on being the best in a few main areas and offer integrations to tools that help complete their program. Odoo offers a free, open-source Community edition without any licensing fees. However, it requires technical expertise to deploy the software and customize the source code.
- However, it doesn’t offer time tracking of payroll features, creating fewer efficiencies than some competitors provide.
- On top of being able to access financial info on the go, Xero has a mobile app for iOS devices, which can provide tools like receipt scanning.
- She is a regular columnist for Kiplinger & US News & World Report, and a past spokesperson for the AARP Financial Freedom Campaign.
- Jennifer Simonson draws on two decades as a journalist covering everything from local economic developement to small business marketing.
Best for a Diverse Range of Solutions
These options were also always available to me wherever I was in the platform via a slide-out left-hand menu. However, they complain that it is not as easy to use on a Mac computer and the interface looks dated on these devices. When I tried testing this software on a Mac computer, I experienced one glitch after another with installation, making it impossible to even download the software and get it going. Users also say that they experience significant bugs with updates that sometimes leave necessary features unusable until the bug is resolved.
Best for Multiple Users
Users say the software is easy to use and that customer service is responsive, knowledgeable and caring. However, they also say that accessing the software on mobile devices is extremely difficult and navigating the software invoice templates for free menu can be confusing at times. Completing tasks within the platform was as simple as filling out simple forms and following instructions that walked me through how to complete tasks (like connecting my bank account). Reports offered instructions to help me interpret them and easy filtering options to customize them to my needs.
Best for Comprehensive Features
Its impressive 95% automation rate means businesses can handle larger volumes of accounting entries without proportionately increasing administrative strain. This efficiency translates to tangible savings, with the potential to cut monthly administrative costs significantly. By clicking “edit dashboard,” you can only remove a couple of reports but cannot add any new ones. After creating the project, I was taken to a page designated to that project. Here, I could post updates on the project’s status, track hours worked and view project invoices, estimates, expenses and profitability reports, all from the project’s page. By clicking “more actions,” then “generate invoice” from the top of the page, I could also easily bill a client.
AccountEdge offers tools for customizing hundreds of reports using advanced reporting filters, fields and lists. You can filter reports by date, customer, vendor, item and other fields. You can also customize the visual layout of your reports using graphs, charts and maps. Once I filled in the form using drop-down selections or by manually entering text into the field, I simply had to click “approve and email” to send it. Still, some tasks could be completed with fewer steps than initially thought once I knew where the convenience features were.
Depending on the program you have, accounting software can make tasks like invoicing your customers, recording the payments you receive, and following up on past-due receivables much easier and faster. Enterprise resource planning (ERP) software includes all the features of accounting software, plus additional features such as CRM, inventory management and project management. ERP software is typically used by larger businesses while accounting software is more suited for small businesses. In my testing, I also found the software to be incredibly intuitive to use, even when dealing with advanced features like setting up workflow automations.
When I clicked “invoice” from this drop-down, I was taken to an invoice template with my company information already populated. It was easy to click fields to add items and adjust invoiced amounts. Designated fields allowed me to choose due dates, list terms and conditions and input notes to the client. I signed up for a free trial of FreshBooks’ accounting software and tested it on a Mac laptop using the Safari browser. All action items were clearly labeled and I was walked through how difference between report form and account form balance sheets to complete all tasks.
Finally, there are many online resources, such as accounting forums and blogs, that can teach you how to use accounting software. Neat is a good choice for self-employed entrepreneurs who need an easy-to-use accounting software to organize their financial documents. Once I finished answering the setup questions, I was given access to the platform. The first screen I saw was the “all files” screen, which allowed me to see any files I had stored in my Neat account. As I tested the software, it was clear that the platform was designed primarily for the purpose of storing financial documents. It required me to enter my name, email address and mobile number, then choose a password.
