Top 5 Accounting Software in the Market

Every business requires an accountant or a bookkeeper at the initial stages, someone who can keep track of all of the workers' accomplishments. An accounting software assists any organization in storing and maintaining accounts data as well as executing arithmetic and accounting processes. 

 

In this post, we'll go through the top five accounting software that may help businesses succeed.

 

Top 5 Accounting Softwares/Tools:

 

Here is the top accounting software available in the market:

 

1. FreshBooks:

 

FreshBooks is one of the best accounting software for small businesses, and it can be used by freelancers and single owners alike. It began as a simple invoicing system, but it has grown enormously in scope over time, adding new features and improving current ones every year. It's now a double-entry, full-featured online accounting solution for small businesses that can be accessed through android and iOS.

 

FreshBooks integrates with Gusto and Microsoft Outlook to handle accounts receivable and payable, inventories, and payroll. FreshBooks had undergone a substantial user interface revamp a few years ago, and features from FreshBooks Classic have been flowing over since then. 

 

Last year, for example, the firm incorporated inventory monitoring into FreshBooks. It also added a new user position (manager), automated mileage monitoring in the iOS app, and checkout buttons, allowing clients to pay without having to wait for an invoice. Contractors have more control over their time, while supervisors have more control over reports.

 

Few features provided by FreshBooks include:

 

• It provides payment reminders to the users.

• One can make online payments using their credit cards, through this software. 

• It has options for multiple currencies and language billing.

• It automatically calculates the sales tax of the user.

• On installing an associated Chrome browser extension, it can perform time tracking.

 

The pricing plan of the software includes four options:

 

• For a self-employed company owner with five billable clients, the lite membership is $15 per month.

• Plus membership costs $25 per month for businesses with more than 50 billable clients.

• Premium membership, which costs $50 a month and supports an unlimited number of billable clients, is available for growing enterprises.

• For organizations with an unlimited number of billable clients, there are special features and pricing.

 

2. QuickBooks Online:

 

The second-best option for accounting for small businesses is QuickBooks online, which one can buy at the official website of Intuit. Not only do the vast majority of small company accounting experts utilize QuickBooks Online, but there are also a multitude of online training materials and forums where one may receive help if they need it. All accounting capabilities may be accessed from a single dashboard, making bookkeeping easier and more efficient.

 

Small companies and their bookkeeping and tax specialists have long relied on Intuit's QuickBooks Online accounting software. The program is hosted in the cloud and may be accessed via a web browser or a mobile app. It's also simple to set up, inexpensive and has tools and features that are beneficial to small-business accounting. It maintains everything in one place and ensures that your company is tax-ready throughout the year.

 

Some features of QuickBooks are:

 

• This software is integrated with payment gateways like PayPal, Square, Shopify, etc. 

• It helps in filing quarterly and annual tax returns with user guides and exporting tax data. 

• It calculates the sales tax, returns, and recorded tax payments. 

• It automatically scans receipts and attaches them to invoices.

• It sorts transactions and expenses into tax categories. 

 

 

The subscriptions of this software after the 30-day free trial include:

 

• A simple start with $25 per month.

• An essential membership with $40 per month for growing businesses.

• A membership with $70 per month for up to 5 users.

• And, a full $150 for advanced membership where up to 25 users get customized access. 

 

3. Open:

 

The first neo banking platform for SMEs and startups in Asia is Open. Through a set of developer-friendly APIs, Open lets businesses automate their finances by allowing them to accept online payments, make bulk payouts, reconcile transactions, and integrate banking into their company activities.

 

It is the fastest-growing neo banking platform for small and medium businesses, startups, and freelancers. Open now enables over 210,000 SMEs, with over 1 lac new SMEs added each month and over $24 billion in transactions processed yearly. 

 

The main features of the open software include:

 

• The connected business account enables immediate bulk disbursements and easy invoicing.

• It handles all aspects of accounting, from bookkeeping to invoicing to automatic payment reconciliation.

• It assists with spending control and gives its users with the smartest business card that is coupled with an open online bank account.

• It gives you a full picture of all your bank accounts and allows you to link and manage them all in one spot.

 

The pricing plan of this software has:

 

• The solo free plan can be used by freelancers with one user with access control.

• The startup plan costs around $8 per month, and it can be used by freelancers and SMEs with 5 users.

• The growth plan costs around $12 per month, has access to 10 users, and is best for startups or enterprises. 

 

4. Oracle NetSuite:

 

Oracle's NetSuite is an excellent alternative for small business owners that want a detailed picture of their operations while automating accounting functions. NetSuite is our recommendation for the finest accounting software with enterprise resource planning (ERP) solutions because it allows you to manage all parts of your organization from a single dashboard.

 

It's a full-featured accounting and ERP system designed for companies with more sophisticated requirements. You may send and receive payments, generate a variety of reports, and keep track of your taxes. NetSuite has embraced automation, making it simple to issue invoices and collect payments, and it includes powerful tax management capabilities that work with any currency and exchange rate.

 

Following are the features of Oracle NetSuite:

 

• It assists the company in integrating its basic finance and accounting processes with effective compliance management.

• integrate fundamental finance and accounting tasks with rigorous compliance management in a seamless manner

• NetSuite allows businesses with financial reporting responsibilities to quickly comply with accounting standards such as ASC 605, 606, and IFRS 15.

• The planning, budgeting, and forecasting features of NetSuite enable your company to plan its financial future based on real-time statistics.

• Oracle NetSuite interfaces with numerous prominent business software suppliers and enables seamless integration with all of its ERP solutions.

 

The pricing plan of the software is not clear on the website so one needs to contact a sales representative to determine the cost.

 

5. Sage:

 

Sage One, originally Sage Business Cloud Accounting, is a global brand that provides online accounting and business services. It began in Newcastle, England, in 1981 as a method to provide estimating and accounting software tailored to small enterprises.  It is now cloud-based, and you may customize it to fit your sector, company size, and requirements. Over six million organizations utilize it to link you with particular accounting solutions.

 

Sage Business Cloud Accounting is a recognized organization that offers software that requires no accounting experience and can be used by several people. The accountant of the company may view the books and utilize the program for no extra charge.

 

The features of Sage Business cloud accounting software are:

 

• It keeps track of the user's business finances and cash flow.

• It can accept and receive payments as well as create and send invoices.

• Many banking institutions and other programs, such as AutoEntry, Zync, and others, are integrated.

• On any device, you may share real-time access with your accountant.

• Human resources management and estimating are two of the many interesting add-ons.

 

The pricing of this accounting software includes:

 

• Accounting Start: $10 per month for entry-level accounting to assist with cash flow management.

• Accounting: $25 per month for unlimited users' access to comprehensive cloud accounting with cashflow tools, invoice management, and quote/estimate capabilities.

 

BottomLine

 

Accounting software keeps track of transactions and accounting parameters. You may set up the program to get financial information from your bank automatically or use a more basic version that may require human data entry. Here are the top 5 accounting software options on the market, along with their features and cost, for you to select from based on your requirements.