Are you looking for the best accounting software in 2020? Running a business requires attention to many details and accounting software plays an integral part of a company. Accounting software is the future as it allows you to can create and maintain financial records continuously, record and track your payables and receivables and avoid mistakes in calculation as the accounting software automatically performs all calculations accurately.
Having said that, we should point out that not all accounting software solutions are created to the same standards, nor can they all be expected to perform equally well. As a matter of fact, the good ones are rather difficult to come by on account of how many accounting software packages have flooded the market over the years.
To help you along in this search, here is a list of the best accounting software products in the market at the moment.
Best Accounting Software – Reviews
1. QuickBooks Online
QuickBooks Online is a leading accounting solution designed to serve small and midsize businesses. With QuickBooks Online every company is able to control their accounting. Users don’t need to install any additional software and can view all accounts through online login portal. The platform allows for unlimited invoices, importing from Excel, data backup, expense tracking, mobile accessibility, and integration with multiple applications such as PayPal, American Express and Square. QuickBooks Online provides an excellent Bank Account Reconciliation feature where users can link their bank accounts and define workflows for the accounting activities. The software is developed by US company Intuit and there is a free trial.
2. Zoho Books
Zoho Books is a cloud-based accounting solution designed to help small businesses manage their finances. Zoho Books provides several key features such as analytical reports, expenses, contact management, purchase order, sales order, invoices, automatic bank feeds, etc. According to the vendor, this software brings a comprehensive approach to every financial work of the company. Zoho Books enables business users to automate tasks and set up custom workflows. With this product companies can also connect bank and credit card accounts and match automated feeds with transactions. Zoho Books is available in different languages and organizations can generate invoices in their customer’s currency. Support is provided through knowledge base and phone.
FreshBooks is a web-based accounting solution for small businesses. With FreshBooks you can organize and track expenses. It serves different industries, such as healthcare, marketing, legal services, fintech, trades and logistics. Key Features of FreshBooks: expense tracking, invoicing, reporting and payments management. Business users can easily generate own invoices, accept online payments and set auto payment reminders. You can track expenses by attaching receipts to invoices, creating recurring expenses and taking snapshots of receipts. The platform can be integrated with apps like Paypal, MailChimp, and Basecamp. FreshBooks is developed by Canadian company in 2003 and you can try for free.
4. Sage Business Cloud Accounting
Sage Business Cloud Accounting is an accounting software solution designed for small and midsize businesses. Built on the Salesforce platform, Sage Business Cloud Accounting helps in sending invoices, create quotes, receive payments and accounting. With this product you can achieve control over finance of the organization. Sage Business Cloud Accounting enables employers to make better business decisions and expand their horizon of business opportunities. Sage Business Cloud Accounting enables cloud backup and integration with Microsoft Office Premium. The software can also integrate with other Sage products, such as Payroll and Payment Solutions. Its key features include: Keep control of expenses; Manage jobs and projects; Plan and track inventory; Break large jobs into phases; Tracks costs by the phase and cost code, and more.
Xero is a modern accounting software platform for small businesses. With Xero every business manager can easily connect to their accountants, banks and multiple business apps. Established in 2006, Xero connects small organizations with their advisors and gives business owners with instant visibility of their financial position. Xero enables small businesses to view their cash flows, transactions and account details from any location. Key features of Xero: invoicing with quotes, tax management, bank reconciliation, purchase order and expense management. Support is available via phone, email and desk help. The product comes with 30-days free trial period for product testing and feature evaluation.
Bill.com is a web-based accounting service for small and midsize businesses. Bill.com enables users to receive payments from clients, pay vendors and contractors and manage important financial reporting. It automatically extracts data from invoices to create bills in real-time, and notifies business users when action is needed. The product offers multiple payment methods, such as ACH payments, PayPal, ePayment and paper checks. Bill.com can be integrated with other accounting services like QuickBooks and Xero. The platform is available for iOS and Android users so it’s easy to operate from anywhere in the world. Bill.com is priced per user per month and there is a free trial.
7. Workday Financial Management
Workday Financial Management is a cloud-based enterprise resource management solution suitable for global companies of all sizes. The product enhances businesses with a universal solution to help all types of operations. It goes beyond managing financial processes and helps achieving greater insight, improving financial consolidation and reducing time to close, and achieving consistency across global operations. Key features of Workday Financial Management: revenue management, reporting and analytics, accounting center, financial planning, expenses, procurement and project accounting. Workday Financial Management is priced per user per month. Support is available through email and an online help desk.
8. Wave Accounting
Wave is an intelligent accounting software designed for small and midsize businesses over the globe. Wave Accounting enables organizations to improve cash flow and prepare reports for taxation. With Wave Accounting you can save time in keeping daily calculations of associated finances. Key features of Wave Accounting: accounting, invoicing, billing, payroll management, finance management, payment tracking, and receipts. You can send invoices through email, and the system’s payment processing enables you to collect credit card payments. The product is mobile-accessible and completely free.
9. Receipt Bank
Receipt Bank is a web-based paperless bookkeeping platform. Receipt Bank is an innovative accounting software for small organizations that really eliminates data entry and automates the manual work. With the product you can send and receive records instantly in the way that best suits you. According to the vendor, Receipt Bank accurately processes over 1 million transactions a month, for more than 5000 accounting and bookkeeping businesses. The software is developed by London based company. Support is provided via email, phone and live chat. Pricing is per month and there is a free trial.
10. Odoo Accounting
Odoo Accounting is a cloud-based enterprise resource management software that combines sales and project management and accounting tools in one single platform. Odoo Accounting enhances businesses with a universal solution to help all types of operations. The software is integrated with thousands of banks and supports the main payment gateways such as Authorize.net, Ingenico, and Paypal, Adyen, etc. Odoo Accounting supports multi-currencies and works with numerous users based on access rights. Pricing is per user per month and you can find a free trial. Support is provided via email, phone and desk help.