Whether you’re the head of a small local business or part of a financial services team at a large corporation, it’s essential to keep an eye on your company’s accounting needs and processes. With so much to keep track of, the right accounting software can make your everyday financial operations much easier. But how do you decide which software to use? In this in-depth accounting software comparison, we delve into the top contenders, analyzing their best features, benefits and shortcomings.

Go Deeper: Get Our Top Accounting Software Comparison Guide

Different options and implementations will work better for different company sizes and industries, and the market as a whole can get overwhelming very quickly without a guide. So if you’re looking for the best accounting software comparison of top solutions on the market, you’ve come to the right place.

In this article, we’ll compare some of the highest-rated accounting software options available on the market right now and examine their strengths and weaknesses to help you figure out which solutions will best suit your needs.

Ultimate Accounting Software Comparison

The first step in your software search should be to figure out what your business requires from the software. After that step, it’s much easier to look for specific product features or ask questions of potential vendors about their software and their company.

Our Decision Platform makes it easy to conduct an accounting software comparison, evaluate the strengths and weaknesses of multiple products, and perform competitive analysis. The five options we’ll explore below are some of the highest-rated in the accounting solutions category, and while there are more to find in our apps and reports, we’re confident that these solutions will give you a good starting point for your software journey.

QuickBooks Online

Intuit’s latest version of their venerable QuickBooks platform uses the cloud to make the most of its capabilities, enabling users to access it from any connected device and lowering the cost of entry with a subscription model. It comes with a full suite of accounting capabilities that are easy for any user to pick up and incorporate into their business’s workflow.

QuickBooks uses an organized, clean interface to help users understand their financial status.

Highest Rated Modules According to Our Data

• Financial Statements & Bookkeeping Services — 100
• Tax Management — 100
• Inventory Management — 100
• Asset Management — 100
• Estimate & Invoice Management — 97

Top Benefits

• Streamlined Processes: Input, revise and deliver numerous invoices, expenses, checks and bills in just a few clicks with the batch invoicing module. Users may also cut and paste invoices and data from Excel into QuickBooks.
• Defined Permissions: Govern who may or may not review sensitive data. Adjust custom permissions for deposits, sales, transactions and expense reports, among other things, with the user permissions functionality.
• Reduced Errors: Alleviate hazards, modify reminders and triggers, save time, and initiate prompt reminders to obtain greater cash flows with the workflows accessory.
• Regular Data Backups: Promptly back up any changes made in QuickBooks Online in addition to reviewing version histories with all changes made in its handy time log.

Primary Features

• Income and Expense Tracking: Import bank, credit card, PayPal, Square and other transactions and promptly sort them into the right tax categories with the income and expense tracking module. Users may also take pictures of receipts with their smartphones and link them directly to expenses.
• Invoicing: Trace invoice statuses, deliver payment reminders to patrons, immediately match payments to invoices, accept credit cards and complete free bank transfers directly from an invoice with the invoicing attribute.
• Estimations: Transform estimates into invoices, validate mobile signatures, review estimate statuses and modify estimates to align with business requirements via the estimations appliance.
• Reporting: Create a variety of reports, including product profit and loss, expense, balance sheet, inventory, enhanced sales, profitability, and other reports, through this attribute. Users may also oversee crucial financial metrics including cash flow and revenue on one dashboard.
• Receipt Organization: Expeditiously arrange and associate expense receipts with transactions, keeping them all in one place.

Limitations

• High price point for small businesses.
• Additional modules required to support payroll management features.

Features Not Fully Supported According to Our Data

• Budgetary Control Framework — Not Supported
• Budget Scenario Modeling — Supported With Partner Integrations
• Payroll Report — Supported With Additional Integrations
• Payroll Tax Processing — Supported With Additional Integrations
• Feature Name — Supported With Additional Integrations

Go Deeper: Get Our Top Accounting Software Comparison Guide

Acumatica

Businesses looking for as many deployment options as possible need look no further than Acumatica, an accounting solution available in cloud deployment and an on-premise installation. Ideal for small and medium-sized businesses, it comes with powerful capabilities that allow it to stand on its own in the accounting solutions market.

View and filter financial accounts based on class, type and more using Acumatica. Source

Highest Rated Modules According to Our Data

• Financial Statements & Bookkeeping Services — 100
• Payroll Management — 100
• Project Accounting — 100
• Tax Management — 100
• Asset Management — 100

Top Benefits

• Increased Productivity: Acumatica contains a range of automated capabilities, such as tax filing report creation, realized gains and losses calculation, and tax calculation. By automating these workflows, organizations save employees time and increase productivity.
• Centralized Database: Personalized dashboards and real-time visibility into business processes help reduce inconsistencies and communication errors.
• Multi-Currency Support: This system supports transactions across multiple currencies. This is especially beneficial for companies that do business internationally or that have operations in numerous countries.
• Multi-Site Management: Provide users with a broader view of a company’s financial health and status by either segmenting or centralizing accounting among various locations and entities.
• Streamlined Compliance: Tax management capabilities help ensure adherence to tax guidelines. Calculating taxes can be a difficult process, so Acumatica aims to reduce the headache by accounting for use, sales, withholding and other types of tax.

Primary Features

• General Ledger: Track all financial transactions occurring in a business and create financial statements such as the income statement and balance sheet. This feature enables users to structure the general ledger by accounts and subaccounts. Users can segment financial reporting by aspects such as department or product to glean more specialized insights.
• Accounts Receivable: Develop and send out invoices for owed payments that have yet to be received and format invoices for printing purposes, PDF or HTML. It also accepts PCI-compliant credit card transactions and can handle refunds, voided transactions and manual charges. The program can connect to bank processing centers through included plug-ins or can be built by the user through Acumatica’s SDK.
• Accounts Payable: The Acumatica accounts payable function contains prepayment tools that allow users to manage requests, apply prepayments to invoices as they come in and issue prepayments. The program can calculate use and VAT taxes and create tax filing reports automatically. You can also align payments with cash flows to reduce the likelihood of late charges.
• Cash Management: The cash management tool integrates with GL and AR/AP functionality. Update balances and store transactions linked to vendors and customers by inputting them into accounts payable or receivable. The program also transfers funds between accounts and supports multiple currencies.
• Currency Management: Calculate realized gains and losses automatically from transactions made with foreign currency, adjust unrealized gains and losses, and prepare auto-reversing entries for open documents that are recorded in a foreign currency. The program adheres to FASB-52 standards for currency translation.

Limitations

• Inventory management isn’t supported out of the box.

Features Not Fully Supported According to Our Data

• Customizable Pricing Rules — Supported With Additional Modules
• Inventory Costing Calculation — Supported With Additional Modules
• Inventory Item Information — Supported With Additional Modules
• Inventory Tracking — Supported With Additional Modules

Go Deeper: Get Our Top Accounting Software Comparison Guide

Zoho Books

For small businesses eyeing a low-cost and easy-to-use accounting solution, Zoho Books is a perfect place to start looking. Using cloud deployment, subscription billing and a streamlined interface for users to easily make sense of accounting operations, it helps unify a business’s accounting processes with minimal technical knowledge required to maximize its capabilities.

Zoho allows users to quickly draw up and send professional invoices.

Highest Rated Modules According to Our Data

• Tax Management — 100
• Financial Statements & Bookkeeping Services — 100
• Inventory Management — 100
• Project Accounting — 97
• Estimate & Invoice Management — 97

Top Benefits

• Efficient Invoicing: Personalize and send invoices to patrons and receive payments in various currencies with the invoicing tool. Users may add their company logo and fonts to reflect their company values and even establish invoice reminders for clients.
• Accurate Estimates: Add contact information, item details and prices saved within the platform with the estimation tool. Users may also send estimates and receive approvals from customers in real time.
• Simplified Client Processes: Enable patrons to sign estimates with the client portal apparatus digitally. Consumers may also make bulk payments in one click, paying users fasters.
• Detailed Expenses: Keep track of expenses such as office supplies and monthly employee allowances with the expense module. Manage, organize and charge consumers with expenditures as needed and even attach bills, receipts and credit notes to the related transactions.
• Streamlined Billing: Initiate recurring bills for expenses and purchases at normal intervals through the billing apparatus. Users may also attach landed costs to statements so they can properly cipher the full value of items.

Primary Features

• Sales Orders: Tailor sales orders with company logos, fonts and colors with the sales order module. Users may transform approved estimates into sales orders and invoices in just a few clicks. Users may also pinpoint their best clients and merchandise with real-time reports from their transaction histories.
• Purchase Orders: Trace all items purchased and mutual prices set by vendors with the purchase order management appliance. Print, copy and share purchase orders through emails to work together with clients, partners, internal stakeholders and more to swiftly complete tasks.
• Online Payments: Pick the best payment portal — including Stripe, PayPal, Worldpay and more — to collect payments from customers promptly. Users may also enable recurring transactions to receive payments at weekly, monthly or yearly intervals automatically.
• Invoicing: Evaluate total receivables, sales, top expenses and more KPIs with the reporting module’s dashboard. Obtain reports like profit and loss, balance sheets, cash flow statements, and more to dive into data and make wiser decisions.
• Automation: Deliver instant payment reminders, save client information for future automatic billing and recurring invoices, and immediately send out transactions with Zoho Books’ automation tools.

Limitations

• Interface can be clunky.
• Dates and names don’t autopopulate.

Features Not Fully Supported According to Our Data

• Budgetary Control Framework — Not Supported
• Rolling Forecast — Not Supported
• Budget Scenario Modeling — Not Supported
• Expense Amortization Templates — Not Supported
• Automatic Expense Reimbursements — Supported With Additional Integrations

Go Deeper: Get Our Top Accounting Software Comparison Guide

Accounting Seed

Built on the already-widespread Salesforce platform, Accounting Seed is a cloud-based solution configurable for any size company’s accounting solution needs. It’s simple to integrate with other software, including CRM tools and distribution systems, and its cloud platform allows users to access it from any connected device.

Run custom financial reports and drill down into transactional data using Accounting Seed. Source

Highest Rated Modules According to Our Data

• Financial Statements & Bookkeeping Services — 100
• Project Accounting — 100
• Revenue and Billing — 99
• Asset Management — 97
• Expense Management — 96

Top Benefits

• Improved Invoicing: Make use of multiple invoice formats with built-in approvals. Set up recurring bills for improved security and compliance and to minimize the possibility of errors.
• Simplified Reporting: Create user-friendly or fully formatted financial reports using SalesForce. Easily track the company’s performance regularly with custom reports.
• Integrated Expense & Time Tracking: Manage accounting with built-in time cards. Track and report on expenses using the app.
• Better Accessibility: Access and conduct business from anywhere in the world with the mobile app.
• Automated Tasks: Automate repetitive tasks and personalize the system using point-and-click automation. Leverage the feature to personalize with codes if the automation doesn’t work for certain use cases.

Primary Features

• Billing: Create an invoice, start a project or make a recurring billing plan without tedious integration. Customize recurring billing to business requirements. Configure and personalize the system for simple, smarter billing and payment management.
• Bookkeeping: Make sure that the business has relevant tax data and error-free and consistent bookkeeping with Avalara. Ensure seamless high-level security transactions without any fee structure with Stripe. Manage billing at the contract level by monitoring past, present and future activity. Make billing simpler with automatic subscription renewals.
• Accounts Receivable: Bridge the gap between invoices and payment cycle for a productive cash flow. Automate collection notices and monitor customer activities and aging balances in real time with configurable dashboards and reports.
• Single-View Visibility: Maintain visibility of the project life cycle and manage customer communication with custom processes. Compile accounts receivable data from any date or time and gain real-time visibility. Get a single view of billing quotes and incoming sales orders. Eliminate the need for repetitive billing work and get paid faster.
• Revenue Recognition: Free up the finance department’s time with a CRM-integrated, customizable revenue management system. Enhance financial accuracy and make well-informed decisions by recognizing patterns, establishing connections and classifying financial data.

Limitations

• Poor reporting.
• Complicated features.
• Tedious set-up.

Features Not Fully Supported According to Our Data

• Garnishment and Deduction — Not Supported
• Direct Deposit — Supported With Partner Integrations
• Payroll Report — Supported With Partner Integrations
• Payroll Tax Processing — Supported With Partner Integrations
• Budgetary Control Framework — Not Supported

Go Deeper: Get Our Top Accounting Software Comparison Guide

Xero

Another cloud-based accounting solution built with the needs of smaller businesses in mind, Xero accounts for a wide variety of potential use cases by offering a third-party marketplace of over 700 add-on modules, allowing users and businesses to customize their software experience to whatever their business requires.

Xero uses a robust dashboard to help users understand where they stand. Source

Highest Rated Modules According to Our Data

• Financial Statements & Bookkeeping Services — 100
• Payroll Accounting — 100
• Project Accounting — 100
• Tax Management — 100
• Asset Management — 100

Top Benefits

• Affordable Payroll: Take advantage of the free trial to see how much time automated data entry can save and assess if the solution is a good fit for the business. Save countless hours on tracking expenses, calculating payments, processing payroll and more.
• Better Interoperability: Centralize company processes and handle a wide range of functionality with more than 700 add-ons available through the app marketplace. This includes programs to handle CRM, eCommerce, inventory management, invoicing, job tracking, payroll, time and attendance, and other processes.
• Centralized Data and Processes: Organize information and put the primary software that handles day-to-day issues all in one place. Manage files to a document library where users can see originals next to updated versions. Send files to stakeholders to ensure a clear flow of information.
• Reduced Errors: Eliminate tedious data entry and ensure better data integrity by cutting down on human error. Provide a clear documentation trail to ensure that the business is running ethically and save time hunting for documents when it’s time to verify the information.

Primary Features

• Payroll Processing: Provide payroll across 50 states. See when payments are due, track them and ensure on time payment. Analyze accounts payable with a quick view, schedule advanced payments and make batch payments.
• Banking: Connect to the right bank to track and facilitate transactions daily. Keep an eye on the flow of money through a secure connection that goes directly into the solution.
• Expense Management: Seamlessly track and manage expense claims. Access real-time data and reports that provide insight into patterns and trends. Record costs, see and approve claims, view overall spending, and dole out reimbursements. Capture receipts to monitor employee spending and verify costs.
• Project Management: Integrate with other workflows to facilitate financial project management. Provide a quote for client work before you begin to track time, costs, profitability and other variables for an accurate invoice.
• Customer History: Use smart lists to view contact details, emails, past sales, invoices, past payments and more when working with a partner or client.

Limitations

• Difficult to update invoices after saving.
• Confusing implementation process.

Features Not Fully Supported According to Our Data

• Budgetary Control Framework — Not Supported
• Rolling Forecast — Supported With Partner Integrations
• 1099 Reports — Supported With Partner Integrations
• Direct Deposit — Supported With Partner Integrations
• Garnishment and Deductions — Supported With Partner Integrations

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How We Choose Products

Our team of writers and analysts at SelectHub is committed to giving you the best recommendations based on our data. To make our list, products had to meet two criteria:

1. Closely match the topic
2. Earn a top-5 analyst score in our selection platform

Our analyst scores are based on an in-depth research process using primary and secondary sources. This includes SelectHub Analyst Briefings, direct communication with vendors, and reviewing materials such as user reviews, product brochures, specification sheets, case studies, user manuals, and technical documentation.

Our platform’s Scoring Engine processes the research and computes the analyst score. The score also factors in platform settings such as industry and company size.

Learn more about our research methodology and editorial standards

Next Steps

Conducting a thorough accounting software comparison is vital for businesses seeking the most suitable solution for their financial management needs. With our available resources, you’re already well on your way to making the right decision. For an even closer look, check out our free comparison report to see how the leading accounting solution options stack up point-by-point.

What features are most important to your industry when conducting an accounting software comparison? Let us know in the comments.