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Top 11 Bookkeeping Software Suggested By Professional Bookkeepers
Every business, whether new or old, has a bookkeeping system in place which is supported by software programs that make the task easy. It is therefore imperative for you as a business owner to familiarize yourself with the types of bookkeeping software available in the market today.
Thanks to technological advances, businesses have more bookkeeping solutions to choose from than ever before. You can choose from a wide range of applications and find the best fit for your company.
This list is designed to be particularly helpful to people who have lots of invoices to send, and multiple customers to deal with. It is effortless to monitor your sales figures, your overdue payments, and even new clients with these accounting systems.
Best Bookkeeping Software Packages for Businesses
1. QuickBooks Online
QuickBooks Online is a widely recognizable package that most clients already use or are aware of. In small business bookkeeping, it has been a trusted name for many years. It offers many subscription tiers and has a low monthly cost which adds value to any small business.
It’s impactful reporting functions, endless settings, automatic bank transaction import, and personalization options make it an ultimate choice for small business bookkeeping. Using this software, you can also level-up to higher tiers as your business grows, for additional monthly subscription costs. Hence, you can easily scale this software in accordance with your business growth.
For additional costs, it also provides payment processing services and payroll services, which ultimately makes it a one-stop solution for all business requirements. Accountants can become a member of the QuickBooks ProAdvisor network through which small business owners can find a trusted and local advisor for free. At no additional cost, QuickBooks also makes it incredibly simple for business owners to share company access with their accountants.
|Has a powerful functionality in the cloud world.||None|
|Provides an ease of access and has new effective dashboard.||Through the life of the subscription, it can be expensive.|
|Can be accessed through any computer, multiple locations, and various platforms.||Could be better with the “Combined reporting” feature.|
|Has mobile application which provides ease of access.||Their payroll product is poor, and I do not recommend it to any of my clients.|
2. Wave Accounting
Compared to other accounting software, Wave Accounting is relatively unknown, but I think that it does not receive the amount of attention it deserves as it is one of the best in the market. The main selling point for this software is its price tag: it is absolutely free.
Though not as powerful as QuickBooks Online, but it provides similar reporting functions and has an automatic bank transaction import function. Another similar feature is that you can add payroll and payment processing as an optional add-on. Wave also has a Wave Pro Network for bookkeepers and accountants to join.
|Cloud-based software.||Poor customer support|
|Information can be accessed no matter where you are. Has an ability to create and send invoices from anywhere. Multiple businesses can be managed from one login.||Offline version missing, so it always requires internet access to update accounts.|
|Helps a lot with bookkeeping services. Collecting payments is easy.||More tutorials should be available.|
|Has excellent Accounting features. Invoices are easy to track, extremely professional looking and easy to edit and update.||The program is easy to set up, but have to find third-party tutorials online.|
Where QuickBooks started its journey with the desktop version, Xero has always been cloud-first. Xero is the first choice for Mac users who cannot find what they are looking for in QuickBooks for Windows. At no extra cost, Xero includes 24/7 live chat support and provides more than 600 integrations, making it easier for the business owners to manage inventory, invoicing, and much more.
The standout feature of Xero is the ability to track money and time spent on specific projects, and it lets you manage the same effectively.
|Supports many integrations and ticks all boxes for SME accounting.||Their customer service has noticeably gone down, and the cost is high for some plans.|
|It is good and easy to use product with a simple user interface.||Within Xero, IOLTA account transactions require extra steps, and the process is clunky|
I used QuickBooks pro, but switched to Xero, because of the price and the quality of the software.
|have been using the software for over 5 years now, so I do not have such restrictions, but Xero can prove to be costly for new users as they have started some spin-offs from their product at a per-user license fee.|
|Runs smoothly and has numerous integrations with other essential business management apps. It has integrated billing and inventory through PayPal and Stripe.||Xero requires some training, knowledge and experience in the theory and process of accounting. Although, it can be said that it is the least difficult to comprehend among the better software available.|
This is a cleverly named Bookkeeping software that is great for keeping track of your records. Its cost starts at just under $13 per month, and if you take advantage of the global economy and marketing products, then, Kashoo is definitely an excellent option for your business.
|Has an iPad application.||Should provide step by step onboarding.|
|It’s flexibility, ease, and affordability.||Does not work on Android.|
Very portable to use.
|Should publish updates more frequently.|
This is yet another old-time kind of bookkeeping program that is sure to do the job it is meant to do. It is also the chief competitor for QuickBooks. The least expensive Freshbooks package starts at $12.95 per month, a little less if you pay in bulk or annually. Once payment is made, you get unlimited access to invoices, and you can manage up to 5 clients at once. They also offer you unlimited email and phone support, and the ability to accept credit cards too.
Harvest is not yet a full-blown bookkeeping package. It is instead software that is used for time-tracking and also offers online invoicing services. If you are a business that bills your clients per hour or in 15-minute increments, then, Harvest is a great solution for you. The costs start at just $12 per month for unlimited access to projects and invoicing.
|Good customer service, supports API, and has an autopay functionality.||Does not provide bank reconciliation.|
|Effective and easy to use software.||Sometimes the user interface becomes hard to comprehend for things you do not use very often.|
|Performs a great job at processing credit card payments and automating reminders.||Upon update, too many features were removed and the UI became complicated.|
|Has an ability to send invoices and accept auto-payments automatically. It also tracks time for each client and assigns projects to clients.||The Freshbooks team is all over it, but, I am having a problem syncing it with my iPad.|
This software actually won the Free Vendor of the Year Award in the year 2011 in the software satisfaction category. It is effortless to use software with beautiful graphic designs and rich feature sets. Most people, however, consider the number of features to be a liability, and users who aren’t familiar with bookkeeping may find it quite overwhelming.
It offers an unusual pricing model of $12 per month for the first six months and $24 per month for each month after that. They do not have a premium pricing model.
|Supports Google apps integration.||Compared to its competitors, it is a little more expensive.|
|Has a good interface.|
|Very efficient and easy to use.|
|Provides excellent customer support.|
If you are not only the business manager but also the sales rep for your own business, then Yendo is the software for you. It offers the best of both worlds, i.e., bookkeeping and customer relationship management (CRM). Its packages start at just $19 per month, with the usual addition of bells and whistles.
Yendo allows you to accept credit cards and send emails in bulk. Their premium solutions offer forecasting features and the ability to access a 2-factor authentication and an API model.
|Clean Interface||Not hot on the color|
|Easily understandable||Should include import from sage feature|
This is an accounting program that has been designed specifically for entrepreneurs who do not know much about bookkeeping. If you want to be able to correctly count your money and still maintain your main focus on the business, then, this is the right software for you.
It is worth noting that this software enables you to outsource your accounting to professionals for just $70 per month. It is a sort of a LegalZoom for accountants.
|Provides automation in downloading statements, which works nearly flawlessly.||Its account synching and auto-categorizing seems off.|
|This software does all the math-heavy lifting for you, so you don’t really have to be a math person to accounting.||It provides simple tools, so you may find it limiting if you have more complex accounting needs.|
|This software provides value for money for non-complex organizations as it provides the financial reports that they desire.||The software provides very limited functionalities as compared to other software in this class.|
|If your business grows, this is not a scalable software. The Invoicing it provides makes you look for more control.|
This is free bookkeeping software that works just as well as some other expensive software. Do not let the fact that it is free to fool you into thinking that it is not good enough. It is a perfect package for new business organizations who are struggling to make it.
In addition, it is able to handle basic accounting, invoicing, and multiple currencies.
|Easy quote-to-invoice functionality||Can’t log in on mobile device|
|Add taxes & discounts to invoices||No third-party integrations|
|Multi-currency||Minimal reports, no profit & loss statement|
Botkeeper uses the power of AI, combined with human assistance to provide the most affordable and efficient bookkeeping platform for bookkeepers and businesses. These days, the most successful accountants, CPAs, and other business professionals are using automation and technology to streamline their business practices and daily tasks. Why stick to outdated methods and platforms, when you can get things done more efficiently by using technology and automation?
With new uses for AI popping up every day, business owners and bookkeepers are becoming more interested in using AI to boost efficiency. Botkeeper has become a wildly successful tool for CPAs, accountants, and bookkeepers because it helps them do their jobs quicker and more efficiently.
|Easy to navigate software.||Though solved on time, there were a lot of glitches with the onboarding.|
|Helps save time so you can focus on business core activities.||Have to wait for a response from the botkeeper, sometimes cause inconvenience.|
It is another cloud-based bookkeeping software that deals with the businesses of all sizes. Purchase payment, invoicing, payroll processing, credit control, estimation, and reporting are some of its key features.
KashFlow can graphically present the financial data such as customer history reports and balance sheets, and Quotations can be directly converted to invoices once the customer accepts them. It can also alert the suppliers upon payment and automate repeating purchases.
|It’s inexpensive. It’s in the cloud.||Slightly outdated UI.|
|So quick and easy. Makes payroll a breeze.||Sometimes customer support is weak.|
|User-friendly design.||Training is a bit expensive.|
Now, you have an understanding of top bookkeeping software that is currently dominating the industry. QuickBooks is a way to start if it’s relatively high cost is not an issue for you. The next best alternative would totally depend upon your business requirement. Xero could be useful for small businesses with a larger budget as it has a professional style to it embedded with an impressive feature list. For those who can trade-off money for simplicity, LessAccounting is a viable option. Hence, it is imperative to analyze your business requirements before you opt for any accounting software.
This article is a product of extensive research. We took suggestions from HARO and gathered in-depth information from the internet using various sources. We thank all the below-mentioned sources that helped us in preparing this article.
- DaneJanas Owner, EA at boundlesstax.com
- BenWatson, CPA finance expert from DollarSprout.com
- Annastasia Kamwithi head editor at www.socialfish.org
- Blair Nicole CEO & Founder, Media Moguls PR, Member Forbes Agency Council
- Pros and Cons references from Getapp, Cloudwards, Softwareadvice
Do you feel you need more expertise and time to use any of the above software for performing your bookkeeping task? Get Cogneesol on board and let us take care of your bookkeeping burden in the most accurate and secure manner using the best accounting tools and technology. Contact us today to get started with your free trial.
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