Business News Daily receives compensation from some of the companies listed on this page. Advertising Disclosure
Home

The Best Business Accounting Software Services of 2023

By
Erica Sandberg
,
Contributing Writer
| Updated
Mar 24, 2023

To help you choose the right business accounting software services for your company, we have identified the best in each class.

Best for Invoicing
checkmark
Create professional invoices
checkmark
Pricing starts at $6 per month
checkmark
Automated invoicing
Best for Payments
checkmark
Excellent payment system
checkmark
Pricing starts at $12 per month
checkmark
Bookkeeping and accounting services
Best for Advanced Features
checkmark
Robust ERP features
checkmark
Customizable pricing plans
checkmark
Payment management system
Best for Microbusinesses
checkmark
Automated accounting tasks
checkmark
Pricing starts at $14 per month
checkmark
Useful client portal
Best for Small Businesses
Intuit QuickBooks Online
checkmark
Easy to set up and use
checkmark
Pricing starts at $15 per month
checkmark
Integration with many apps
To help you choose the right business accounting software services for your company, we have identified the best in each class.

What is Accounting Software?

Accounting software offer features for tracking the revenue and expenses of a business. The best accounting software offer a wide range of reports that allow you to analyze the financial health of your business, as well as dashboards that provide an at-a-glance overview of key financial aspects like accounts receivable, accounts payable, historical sales data, and cash flow. Accounting software is also useful for tax management, ensuring you’re accurately estimating all your tax liabilities and saving money accordingly. The best accounting software integrates with other key business systems, like payroll software and HR software, eliminating the need to enter the same data manually in multiple systems.

Best Accounting Software of 2023

  • Businesses should look for accounting software vendors that are transparent about their pricing and the features available at each pricing tier.
  • Small businesses that need basic invoicing and reporting capabilities will do fine with free or low-cost cloud-based accounting software. As your business grows, you can add more features and functionality with paid plans.
  • Businesses that have more complex needs have a lot of choices for accounting software. Your business’s specific needs will determine which accounting application is the best fit.
  • This article is for business owners who are looking for accounting and invoicing software.

Accounting software is an essential ingredient for a successful business. Depending on the program, it can help you create professional invoices, record incoming and outgoing payments, identify and follow up on past-due receivables, streamline tax management, and run reports that analyze your company’s financial health and project for the future.

To help you find the best accounting software for your business, we examined some of the most popular platforms on the market today. We looked for affordable, easy-to-use accounting programs that included time-saving features, such as automated bank feeds, automatic payment reminders, and online invoicing and payment acceptance. We also searched for software with comprehensive, customizable, real-time financial reporting because that is crucial for monitoring and understanding your business finances.

Compare Our Best Picks

Accounting softwareUse caseStarting priceFree trial periodMobile applicationsIntegration optionsBill pay tools
QuickBooksSmall businesses$15 per month30 daysYesYesYes
FreshBooksInvoicing$6/per month30 daysYesYesYes
Oracle NetsuiteERP toolsCustom14 daysYesYesYes
Zoho BooksMicrobusinesses$14/per month14 daysYesYesYes
XeroGrowing businesses$12 per month30 daysYesYesYes
ZarMoneyTransparent pricing$15 per month15 daysYesYesYes
PlootoAutomating accounts payable$25 per month30 daysYesLimitedYes
Wave FinancialFree optionFreeN/AYesYesYes
Sage BusinessFreelancers/self employed$34.30 per month30 daysYesYesYes
MelioFree accounts payableFreeN/ANoLimitedYes
NeatReceipt management$16.66/month (annual prorated)14 daysYesYesNo

Our Reviews

FreshBooks Accounting Software: Best for Invoicing

pro
FreshBooks lets you easily craft invoices, accept payments through invoices, track expenses and send automatic reminders.
pro
You get a full suite of accounting tools to do everything from tracking time and expenses to running financial reports.
con
If you need to add several team members to the software, it can get expensive.

We recommend FreshBooks as the best software for invoicing. Not only can you develop professionally looking invoices that match your brand, but the software also allows you to track the status of invoices so you know when customers received their bills and when their balances are due. It also facilitates online invoice payments so customers can pay you directly from the invoice.

Editor’s Score 90/100

The FreshBooks dashboard is simple to navigate and includes time and expense tracking, project management features, and tools to create proposals that you can send to prospective clients. The double-entry accounting system makes sure you are organized and prepared for tax time. If you want accountants to have access to your dashboard, reports, invoices and expenses, you can assign them permission, as well as grant other users access to different features. If you have employees, you can give them access to their projects and track their time and additional expenses. FreshBooks has over 100 partners, so you can add plenty of features and connect with other business programs.

Read FreshBooks Accounting Software Review

Xero: Best for Payments

pro
Xero offers hundreds of app integrations with which to manage all aspects of your business
pro
You can access Xero support services via email and live chat 24 hours per day.
con
Xero isn't as well known as some other accounting software, which may affect your accountant's learning curve.

We chose Xero as the best accounting software for making and tracking payments. Xero enables you to maintain excellent relationships with your suppliers and creditors while avoiding costly late fees. With Xero, you can be sure that your cash flow is positive so you don’t come up short when it comes time to pay. On the user-friendly dashboard, you can see when each bill is due, view current and projected expenses, and manage purchase orders. The spare interface gives an immediate picture of your business’s financial position. You can view costs as they happen in real time, then make instant modifications.

Editor’s Score 90/100

Since Xero is cloud-based, you don’t need to download or install any programs. It offers professional double-entry bookkeeping functionality, so your transactions will be entered as a debit as well as a credit. This software also saves you time because you can schedule upcoming payments and batch pay suppliers in advance, automating a process that is typically manual.

Read Xero Review

Oracle NetSuite Accounting Software: Best for Advanced Features

pro
NetSuite offers a variety of advanced features, including enterprise resource planning tools.
pro
The software focuses on automation, making it simple to send and collect invoices and complete other key accounting tasks.
con
The website isn't clear about pricing, so you need to contact a sales representative to determine the cost.

We chose Oracle NetSuite as the best accounting software option for midsize and growing businesses that are seeking advanced features. As part of its robust enterprise resource planning (ERP) offering, Oracle NetSuite offers an intuitive cloud-based financial management solution that can track your financial data and automate a variety of essential accounting functions. Like any highly rated accounting software, it offers reporting, planning and billing capabilities. It also easily integrates with other software, including Oracle’s comprehensive suite of business solutions. It can also be used with multiple currencies, so it’s a great option for companies with a global customer base.

Editor’s Score 90/100

If your business needs to expedite its accounts receivable and payable, accelerate deal closings, and keep up with more complex financial compliance obligations while taking advantage of a full suite of powerful business management features, Oracle NetSuite is ideal. Moreover, it doesn’t limit the number of users or rely on third-party apps for customization. However, it may be cost-prohibitive and present a steep learning curve for small businesses that don’t need access to the advanced slate of features it provides.

Read Oracle NetSuite Accounting Software Review

Zoho Books Accounting Software: Best for Microbusinesses

pro
Zoho Books has apps for popular operating systems and devices, including Apple, Android and Windows.
pro
Through Zoho Books, you can send invoices, reconcile accounts, track and manage bills and vendor credits, and accept payments on the go.
con
Zoho Books has a limit of 5,000 transactions per month, which may not be enough for some businesses.

We selected Zoho Books as the best accounting software for people with microbusinesses. Not all accounting software programs are appropriate for freelancers, independent contractors, sole proprietors, consultants, home-based businesses, individuals operating e-commerce sites and companies that employ fewer than 10 people. The software may be too complicated, unnecessarily powerful and overly expensive. Not so with Zoho Books. It works well for businesses with straightforward invoicing and accounting needs, and the low price is attractive for budget-conscious entrepreneurs.

Editor’s Score 85/100

Zoho Books is also scalable. As your small enterprise expands into a larger business, you can make use of the options that allow you to upgrade and integrate with other business applications. It also includes a mobile app to ensure that you can keep up with accounting tasks while you’re on the go.

Read Zoho Books Accounting Software Review

Intuit QuickBooks Online: Best for Small Businesses

pro
QuickBooks Online has accounting features to meet the needs of businesses of all sizes.
pro
QuickBooks Live Bookkeeper provides professional help and guidance for your accounting department.
con
If you have a self-employed plan, you can't upgrade to one of the small business plans.

We found QuickBooks Online to be the best overall accounting software for small businesses. It provides four plan options for small businesses, as well as a separate option for self-employed users. Each offers features that are suitable for a range of small businesses, from startups to established companies. Between the four options for small businesses, you’ll have access to all the tools and reports you’ll need for accounting purposes, and you can seamlessly upgrade your plans as your business scales. (Note that self-employed users cannot upgrade to the small business tiers.)

Editor’s Score: 95/100

The platform is also easy to set up and use, allowing you to do everything by yourself to get your accounting software up and running. However, if you want extra assistance, Intuit offers access to professional bookkeepers who can help you configure the software in a way that makes sense for your business. Additionally, QuickBooks Online allows you to create custom invoices and forms so your company’s branding is always at the forefront of client-facing communications. For the features and services you get, the price is a bargain.

Read Intuit QuickBooks Online Review

Melio: Best Accounts Payable Tools

pro
With Melio, it's free to make and accept payments from bank accounts.
pro
You can easily schedule and track payments and control who has access to your accounts payable and receivable.
con
Melio charges a 2.9% fee for credit and debit card payments, as well as $20 for expedited check delivery and international USD transfers.

We recommend Melio for small businesses seeking user-friendly accounts payable tools that do not need a lot of bells and whistles. It’s an excellent option for cloud-based software that will send invoices and receive payments, as well as manage bills. Melio also integrates with QuickBooks for free. There’s no charge to make payments through a bank transfer, but there is a 2.9% fee to pay by credit or debit card. Two paper checks per month are free; after that, they are $1.50 each.

Editor’s Score: 80/100

Melio is very easy to use, offering one of our favorite user experiences. Adding vendors is quick and intuitive. Melio lets you enter a vendor’s information manually, upload a file with that date or snap a photo of an invoice. You can invite both internal users and accountants to use the software and then assign roles and permissions so you know who is accessing your information and what they are doing with it. You can set approval controls for transactions, thus preventing you from overextending yourself or having a cash flow issue because you paid a bill early.

More

ZarMoney: Best for Transparent Pricing

pro
The ZarMoney website clearly lays out pricing, which starts at $1.99 per month for a single user.
pro
ZarMoney connects with more than 9,600 banks in the U.S. and Canada to automatically import bank transactions.
con
ZarMoney's dashboard is not customizable.

We chose ZarMoney as the best accounting software program for businesses seeking transparent pricing. Organized by “entrepreneur,” “small business” and “enterprise,” the plans reflect each company’s needs. The cost is based on the number of users, from one to more than 30. If you add or remove users, ZarMoney will automatically update your account and charge you accordingly. Each additional user costs $10 per month.

Editor’s Score 90/100

In addition to the transparent pricing, ZarMoney’s powerful cloud-based software makes sure you have everything necessary to organize your businesses financials. You can create and send invoices, manage your company’s cash flow, track business expenses, run financial reports, and stay on top of inventory. It’s easy to use and is adaptable for small and larger businesses. It integrates with thousands of apps, including Shopify, Stripe, PayPal, Zapier, Gusto, Authorize.Net, Mailchimp, AutoEntry and WePay. The software also offers a 30-day free trial so you can test it out before you buy.

More

Plooto: Best for Automation

pro
Plooto's payment platform lets you manage payments, approvals, reconciliation and reporting from one central location.
pro
The software provides accounts payable and accounts receivable automation, speeding up payments.
con
International payment transactions are expensive.

Plooto is our software choice for automating key accounting processes. With it, you can manage your payments in one central location, providing you with a clear picture of your finances. Payments, approvals, reconciliation and reporting are unified under one dashboard. The software includes smart approval workflows and secure electronic payments, which reduce errors and speed up the accounts payable process. Most notably, Plooto offers business accounts payable and accounts receivable automation, which helps you collect on past-due bills.

Editor’s Score: 77.5/100

You can use the same system to pay all vendors, even those located outside the U.S., as well as add payees in seconds, either by searching Plooto’s network of 120,000 suppliers and vendors or by adding them manually. Once a customer pays, the payment is automatically reconciled. You can pay electronically or via check with the integrations, as well as make batch payments, search records and set payment approvals.

More

Wave Financial: Best Free Accounting Software

pro
Wave links with bank accounts and credit cards so that you can track expenses automatically.
pro
Wave gives you standard bookkeeping services for free.
con
Wave's integrations are more limited than some competitors.

If you’re looking for an effective, free accounting software, check out Wave Financial. It offers many important, high-quality accounting features at no cost to you. There are no monthly or annual fees, nor do you have to license software. Through the cloud-based accounting program, you can create and schedule recurring invoices and payments, as well as set up automatic payment reminders and automatic syncing with your bank, credit card and PayPal accounts. It also gives you the ability to run financial reports, and it provides you with unlimited accountant connections and transactions. If you want to integrate popular business apps, you can do so at no extra charge.

Editor’s Score: 80/100

The only fees you’ll experience with Wave will come from selecting optional add-ons – for example, payroll features – or accepting invoice payments. Wave charges a flat rate of 2.9% plus $0.60 per credit card transaction. Bank payments are 1% per transaction, with a $1 minimum fee. The company also has additional payroll and bookkeeping services that business owners can access for a fee.

More

Sage: Best for Freelancers and Self-Employed

pro
Sage lets you create and send invoices, track payments, and automatically reconcile bank entries.
pro
It offers 24/7 support via live Q&A chats with experts at Sage, as well as one-on-one sessions with an accounting expert.
con
The software integrates with only one POS system.

It is essential for self-employed entrepreneurs and freelancers to quickly and easily send invoices and track payments. For this reason, Sage Business Cloud Accounting is our top choice for these types of small businesses. With Sage, you will have an affordable way to keep the cash flowing into your business without unnecessary delays. This accounting software offers well-priced tiered plans with which to create and send invoices and track payments. With its many integrations and apps, such as AutoEntry, Draycir, Avalara and Credit Hound, Sage can adapt to your growing and changing business.

Editor’s Score: 75/100

The program is fast and easy to set up, and the system is simple to navigate. Sage’s software automates a lot of the accounting processes that are typically manual, such as posting expenses and payments and sending invoices and reminders about past-due bills. The software also automatically reconciles bank entries, saving you time and energy. If you need extra assistance, Sage’s customer service is very accessible, which is good news for freelancers and self-employed people who don’t have accounting expertise. If you have questions or need help, you can access customer support 24/7 by chat and live Q&A sessions. Sage also offers one-on-one help through online sessions with Sage accounting experts.

More

Neat: Best for Receipt and Expense Tracking

pro
Neat is ideal for small businesses that handle a large stream of receipts.
pro
The software is easy to install and can be used immediately without extra training.
con
Neat lacks bill-paying functions, and there is no customer service phone number.

As a small business owner, all you may want your accounting software to do is help you manage your receipts and expenses. If so, Neat may be your best bet. This cloud-based tool enables you to upload all of your business receipts with the mobile app and starts at $200 per year, which equates to $16.66 per month. Once done, you can categorize each, keeping you well organized and on top of your costs.

Editor’s Score: 75/100

With Neat, you’ll have a good understanding of your cash flow and the ability to access interactive charts and run accounting reports that will analyze the financial health of your business. All this can reduce errors often associated with handwritten recording. It also takes the stress out of making sure that you get the right deductions come tax time.

More

Accounting Software Costs

Accounting software helps business owners streamline billing and accounting, and it doesn’t have to cost a lot of money. Most programs offer several plans to accommodate your needs and budget.

There are typically two types of pricing models for accounting software: perpetual licensing or a recurring subscription. With a perpetual licensing model, you make a one-time payment for unlimited access to the software. With a subscription pricing model, you pay a monthly or annual fee for access to the software.

For subscription pricing, expect to pay anywhere from $4.99 per month for a basic starter plan to as much as $60 per month for a more advanced service plan. Other factors, like the included features and number of users, will affect the monthly cost as well.

Regardless of the pricing model you select, watch out for hidden fees, which can include charges for customization options, installation or setup services, integrations, and maintenance or support services.

If your business is on a really tight budget, you might want to consider free accounting software. Wave, for instance, offers many of the accounting and invoicing features you would find in paid programs.

When you’re choosing accounting and billing software for your business, we strongly encourage you to take advantage of any free trials to test out the solutions and see which one offers the features and tools you need. Plus, spending time with the software beforehand will help you feel more confident in your decision.

Accounting Software Features

There are many aspects of accounting software that help make it a useful tool. As a small business owner, it’s important to know which features to look for. Most online accounting software offers accounts receivable, accounts payable, banking and reporting features. Some programs include inventory management, project management, time tracking and payroll tools.

Here are some of the core features to look for in accounting software:

Bank Feed

This feature connects the software to your business bank and credit card accounts to receive a daily update of your transactions. This saves you time, as you will not have to upload transactions manually. It also gives you a daily, rather than monthly, overview of your accounts. A real-time bank-feed feature can assist with reconciliation, allowing you to make it a small daily task rather than a monthly ordeal.

Dashboard

When you log in to your account, you’ll be greeted by a dashboard that shows you an overview of your account activity and key metrics, such as cash flow, profit and loss, account balances, expenses, accounts payable and receivable, and sales. Some accounting programs allow you to customize what you see first by rearranging the information.

Online Invoicing

If your business sends invoices, the ability to email them and accept online payments helps you get paid faster. Some accounting programs integrate with third-party payment processors; others require you to use their in-house processing services. It’s a plus for accounting software to serve as an invoice generator also.

Recurring Invoices

With this feature, you can schedule the system to automatically generate and send invoices for recurring charges, such as subscriptions. You can choose how frequently invoices are sent – daily, weekly, monthly or annually – and indicate whether there’s an end date to the billing.

Automatic Payment Reminders

This feature helps you remind customers about upcoming and past-due payments. Some have sample email text that you can use as is or customize. You can then choose when you want the reminders to be sent. Some programs give you the option to send thank-you emails to customers after you receive their payments.

Bank Reconciliation

Smart reconciliation tools identify potential matches between your bank transactions and the bills and invoices you’ve entered into the accounting software, saving you the hours it would otherwise take to sift through your bank account for this information. You can then approve or deny the suggested matches. The best applications suggest potential matches as you reconcile your accounts, and a few include a reconciliation tool in their mobile apps.

Financial Reporting

Every accounting program can generate financial reports. But some are more basic than others, and some require you to subscribe to a pricier plan for advanced reporting. If you need specific types of financial reports, you’ll want to make sure they’re included in the software application and plan you choose. Detailed reports can help you interpret your financial data to make informed business decisions.

Mobile Apps

Not all accounting and invoicing programs have mobile apps, but the best ones do. There is, however, quite a range in the capabilities of mobile apps. Some can only capture receipts for expense tracking, some allow you to create and send invoices, and others have almost every feature the web-based software does. It’s worth checking if the software you’re considering offers a mobile app and, if so, what features are included in the app that will help you manage your business while you’re away from the office.

Integrations

The ability to connect your accounting software to other business programs you use saves you valuable time because you don’t have to manually transfer data from one system to another. Payroll, payment processing, point-of-sale (POS) systems and customer relationship management (CRM) software are just a few of the popular types of integrations that are available with accounting software. Integration with systems you already use also cuts down on training time for employees who will use the software.

Tracking for Billable Hours

If you’re a consultant or your business bills clients by the hour, you need software that allows you to track and bill your time or that integrates with the time-tracking program you already use. This is an important feature for freelancers.

Inventory Management

If you have a retail, e-commerce or distribution business, you need an application that helps with inventory tracking and purchase orders. You may need to subscribe to a top-tier plan to get this feature. If you need more advanced inventory features, look for software that integrates with a dedicated inventory management system.

Project-Based Billing

Firms, freelancers and consultants who work with clients on projects or jobs should look for accounting software that helps them track their projects’ tasks and budgets. The software should allow you to invoice customers for tracked time and bill them for project expenses.

Support for Multiple Businesses

Several programs we evaluated let you add more than one business to your account, though some companies charge extra for this convenience. Also, the types of accounting tools that are important to you will depend on the specific needs of your business. For example, if you run a small freelance business, project-based billing might be the most important feature on your list. Or, if you plan to do some work on your mobile device, a full-featured mobile app might be at the top of your list.

Advantages of Business Accounting Software

Managing your finances is vital to the success of your business, and choosing the right accounting software can make that a whole lot easier. There are a lot of benefits when swapping out pen and paper or an Excel spreadsheet for accounting software. Here’s a look at a few of them:

Reduces Mistakes

According to a Bloomberg BNA survey, human error is by far the biggest cause of accounting and bookkeeping errors. Many accounting professionals cite common mistakes such as spreadsheet errors and incorrect manual entries. Accounting software can help cut down on these costly blunders by eliminating clunky spreadsheet inputs and pulling data directly from third-party business apps.

Improves Organization

Small businesses can’t afford not to have their finances in order. Whether it’s time to pay the tax bill or forecast for the next year, it can be difficult to get the information you need if you are not organized. Accounting software helps you stay on top of your financial data. It organizes financial information, stores it in one location and automates many time-consuming accounting processes, thereby freeing you up to focus on running your business.

Bolsters Internal Controls

Internal controls refer to the rules and procedures established by a company to ensure the integrity of accounting and bookkeeping processes. Accounting software increases the reliability of your measures to help prevent and detect fraud. This can significantly reduce the risk of loss and theft from your business.

Doesn’t Break the Bank

Thanks to cloud-based offerings, the price of accounting software has come down a lot over the years. Today, small business owners have a lot of choice: Accounting software costs range from free to $350 per month. The size of your business and your accounting needs dictate how much you pay. But if that monthly cost means you’ll optimize cash flow, meet tax obligations and identify growth opportunities, it’s probably worth it.

Ensures Tax Compliance

Calculating and paying taxes is an essential part of running a business, but it is also complex and often involves a lot of tedious paperwork. Accounting software can help you manage this task. Many accounting software providers have designed programs that calculate sales tax, prepare tax forms and even file taxes with no intervention on your part, which can save you time and hassle.

Business Accounting Software FAQs

How does accounting software work?

Accounting software records transactions and tracks different accounting metrics. You can set up the software to automatically receive financial information from your bank or use an extremely basic version that might require manually inputting the data. We encourage you to use software that automatically receives financial information from your bank and credit card provider to track your business’s finances. Further, most software solutions store the information in the cloud, so your data will be secure and safe if your computer crashes or you experience other technical issues.

Which small business accounting system is best?

Based on our research, QuickBooks Online is the best small business accounting system. But, depending on the specific needs of your business, another system may be a better fit or better value. For example, if your business provides a service and sends a lot of invoices, FreshBooks might be the best choice for you because of its robust invoicing features. See our best picks above for our specific recommendations for different business sizes and needs.

What do you need from your accounting software?

You need accounting software that tracks the money moving in and out of your business, with both accounts payable and accounts receivable features. Some software solutions don’t include both accounts payable and accounts receivable information. Also, accounting software should connect to your bank and credit card accounts and automatically download your transactions. If your business is service based, you may need project management tools. If your business sells products, you may want an accounting solution that has inventory management features. Last, look for software solutions that offer greater advantages by connecting to other business applications you already use, such as your POS system, CRM system or email marketing software.

Do you need online bookkeeping software instead of accounting software?

For small businesses, the term “online bookkeeping software” is usually interchangeable with “online accounting software.” (However, there is a difference between bookkeepers and accountants.) The best online accounting programs for small businesses have bookkeeping capabilities that allow you to record debit and credit transactions, as well as accounting features that let you run reports and analyze your business’s financial performance. Look for more than just a bookkeeping solution; accounting software should include more detail and let you generate invoices and detailed reports.

Should your accounting software also act as an invoice generator?

It depends on your business. If you generate (or expect to generate) a lot of invoices to send to clients and customers, we recommend that you find a comprehensive accounting application with invoice-generating features. Freelancers should consider using accounting software that can generate invoices.

What does an online accounting service do?

Online accounting services can perform a wide range of tasks for busy business owners. Some focus on bookkeeping duties, such as entering and categorizing transactions, reconciling accounts, and generating financial statements and reports that you can take to your CPA at tax time. Others provide payroll and tax preparation services. Some – such as virtual controllers, chief financial officers and CPAs – provide high-level accounting services, like internal audits and financial planning and analysis.

How much should a small business plan expect to pay for accounting software?

For some small business owners, an accounting platform that tracks expenses and sends invoices is all that’s needed. For others, advanced reporting, inventory management and e-commerce are more important. The camp you fall into will dictate how much you pay for accounting software. Some accounting software options are free, while paid versions can cost as much as $25 per user per month. The total cost of what you spend will be determined by the complexity of the software you choose and how many employees you want to have access to it.

Should small businesses look for certain accounting software attributes?

Small business owners should look for accounting software that is easy to install, simple to use, easily integrates with third-party apps, and provides a bevy of features and functionality, including invoicing and inventory management. The best accounting software enables easy collaboration between you and your accountant.

Why should my business consider changing accounting software vendors?

When it comes to accounting software, changing is easier said than done. After all, you already uploaded all your data to the platform and learned how to operate it. Nonetheless, there are reasons to consider a switch, as painful as it may be. They include:

  1. Just like you shop your insurance, you should check out what accounting competitors are offering from time to time. If you find a more affordable vendor that offers the features you need, it may be a reason to consider switching.
  2. If your business grows and your accounting software can no longer support operations, it may be time for an upgrade.
  3. A surefire reason to switch accounting software is if your staff hates it. If they find it difficult to use, you may want to pay attention.

What business processes have been automated with accounting software?

Accounting software is used to extract data from large tax documents, create new journal entries, track payments, send invoices and eliminate manual data entry. These tasks are both time-consuming and prone to human error. Automation can provide enormous time savings for finance departments totaling thousands of hours annually, which is another reason to consider implementing accounting software.

Erica Sandberg
Erica Sandberg
Contributing Writer
Erica Sandberg is a personal finance writer, reporter, and author of Expecting Money: The Essential Financial Plan for New and Growing Families. Her work appears in many outlets, including U.S. News & World Report, Bankrate, CreditCards.com, CardRates, and Experian. Erica has been a spokesperson for J.P Morgan Chase, Western Union, the Better Business Bureau, and Learning Resources, as well as a credit expert in court hearings. She has spoken at national personal finance and journalism events. She hosted her KRON-4 television program, Making it in San Francisco, as well as her financial podcast, Adventures in Money. Her syndicated credit card advice column ran for over seven years. Erica is a small business advocate, and currently writes two columns centered on entrepreneurs: Business Banter and Small Business Credit Profile.
Image Credit: AndreyPopov / Getty Images
Back to Top
Back to Top