8 Best Accounting Software for Business

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If you want your business to be successful, having a good handle on cash flow is vital. And one of the best ways to keep a good handle on cash flow is to choose the best accounting software for your business. 

Luckily, you can choose from a wide variety of business accounting software programs. Each has different features, benefits, plans and prices to fit all types and sizes of businesses. 

We’re doing a rundown of several popular business accounting software programs here so that you can find the right software to manage your company’s cash flow. 


Top Accounting Software for Businesses

All of these accounting software options have different benefits for a variety of businesses–and a variety of budgets.

Note that the prices listed here are each company’s regular prices. Specials may be available when you check each site for pricing and plans. 

We’ll talk about each company’s features, plans and pricing, and then summarize what type of business it’s best suited for. All of the choices here are cloud-based software programs. 

1. Freshbooks

freshbooks logo

Freshbooks is an accounting software company that’s been in business since 2002. The company provides an all-in-one invoicing and accounting solution for small businesses. 

Features

Freshbooks has several features that can help you keep organized track of your business’s income and expenses, such as:

  • A feature that helps you create professional-looking invoices in seconds
  • An automatic import feature that loads expenses from your business bank account or credit card, helping you avoid the need for manual entry
  • A time tracker that shows you how much time you’re spending on clients and projects
  • Allows you to create invoices right from the time tracker
  • Project management and team collaboration features
  • A feature that helps you create proposals and estimates
  • An easy-to-use online payment feature to make the client’s payment process easier
  • A thorough accounting program that is easy for beginners to use
  • Report features that give you the ability to assess your company’s performance quickly and easily
  • A mobile app that helps you access records, invoicing and more when you’re away from your computer 
  • Free 30-day trial

Plans and Pricing

Freshbooks has four pricing plans from which to choose: Lite, Plus, Premium and Select. Here are some of the features of each plan, along with its cost.

Note that all Freshbooks plans come with unlimited estimates, invoicing and expense entries and automated bank transaction import. 

Freshbooks Lite

Freshbooks Lite is best for the self-employed pro who needs minimal services. You can have up to five billable clients with this plan. You get unlimited time tracking as well and can add additional team members for $10 per person.

Cost: $15 per month

Freshbooks Plus

Freshbooks Plus is for the small business that has room to grow. You can have up to 50 billable clients with this plan. 

Along with all of the Lite features, the Plus plan offers automated late payment reminders and more. 

Cost: $25 per month

Freshbooks Premium

Freshbooks Premium is best for growing businesses with teams to manage. Along with all of the Plus features, the Premium plan lets you manage up to 500 billable clients. 

Cost: $50 per month

Freshbooks Select

Freshbooks Select is meant for businesses that are already thriving. If you’ve got more than 500 billable clients, you’ll want to look at the Select plan.

The Select plan offers low credit card transaction fees and a personal account manager, among other benefits. 

Cost: Custom Pricing 

Who It’s Best For

Freshbooks can help a wide range of business owners, from the entrepreneur who’s just starting to the thriving smallish business. While its features are simple, they’re also thorough enough to provide for all of your basic accounting and team management needs.

PCMag Rating: 4.5 out of 5

2. Quickbooks Online by Intuit

quickbooks logo

Quickbooks is one of the longest-running accounting software companies. And if you’re a business owner, there’s a good chance you’ve used it. Intuit was founded in 1983 with the goal of helping individuals with financial management. 

Soon after the company released Quicken, it developed Quickbooks for businesses. Personally, I’ve used Quickbooks for my business accounting for over a decade. 

Features

Quickbooks Online has a comprehensive list of features to help businesses manage their finances. 

  • Automatic import of expenses via your business’s bank account, credit card, PayPal account, Square account and more
  • Batch invoicing feature that allows you to send hundreds of invoices at once. You can create partial invoices for stages of a project as well 
  • Automatic sort of business expenses into the right categories. Easy send feature allows you to send all records to your tax accountant quickly
  • Standard and customizable reports for Profit & Loss, balance sheets, expenses and more
  • Mileage tracker via your phone’s GPS
  • Data-driven financial insights and cash flow projections
  • Vendor/bill management features
  • Online payroll abilities (for an extra fee)
  • Free mobile apps
  • Free 30-day trial
quickbooks plans

Plans and Pricing

Quickbooks has five pricing plans to choose from: Self-Employed, Simple Start, Essentials, Plus, and Advanced.

Quickbooks Self-Employed

This plan is best for the entrepreneur or freelancer. It covers the basics such as invoicing, tracking expenses, estimating quarterly taxes and running basic reports. 

Cost: $15 a month 

Quickbooks Simple Start

Best for the smaller business, the Simple Start plan gives you all of the features of the Self-Employed plan. Also, it helps you run additional reports, send estimates, manage 1099 contractors and more. 

Cost: $25 per month

Quickbooks Essentials

The Quickbooks Essentials plan gives you all of the features of Simple Start. Along with that, you can manage bills, track time and have two additional users. 

Cost: $40 per month

Quickbooks Plus

The Quickbooks Plus plan gives you all of the features of the Essentials plan. Plus, you can track inventory and track project profitability. This plan allows you to have up to four additional users too. 

Cost: $70 per month

Quickbooks Advanced

Quickbooks Advanced gives you all of the features of the Plus plan and provides extras like business analytics and insight. It also includes batch invoicing and expenses, data restoration and up to 24 additional users.  

Cost: $150 per month

Who It’s Best For

Quickbooks Online is a good choice for just about any size and type of business. Depending on the plan you choose, it can accommodate all of your accounting needs. 

PCMag Rating: 4.5 out of 5

3. Xero 

xero logo

Xero accounting software was founded in 2006, and it caters primarily to small and medium-sized businesses. The company created one of the first cloud-based accounting programs. 

Features

As with other accounting software programs, Xero offers the usual features:

  • Online invoice and payment options
  • Inventory tracking
  • Payroll abilities and options (integrates with Gusto)
  • Import abilities from your bank
  • Project tracking and management
  • Mobile app capabilities
  • Sales tax management
  • Free 30-day trial

And other features, depending on the plan you choose. 

xero plans and pricing

Plans and Pricing

Xero has three pricing plans to choose from: Early, Growing and Established. 

Xero Early

The Xero Early plan is for the beginner small business. It lets you send up to five invoices per month. You can also enter five bills and reconcile up to 20 bank account transactions. 

All Xero plans come with Hubdoc for capturing bills and receipts.  

Cost: $9 per month ($11 per month starting July 1, 2020)

Xero Growing

The Xero Growing plan includes all of the features of the Early plan. Plus, it consists of an unlimited number of invoices and quotes, bills and bank transactions. 

Cost: $30 per month ($32 per month starting July 1, 2020)

Xero Established

The Xero Established plan includes all of the features of the Growing plan. Besides, it includes multi-currency capabilities, project time and expense tracking, and additional expense capture and management tools. 

Cost: $60 per month ($62 per month starting July 1, 2020)

Who It’s Best For

Xero is a great choice for any small or medium-sized business. It offers a simple plan for the new entrepreneur and more detailed plans for bigger businesses.  

PCMag Rating: 4.0 out of 5

4. Zoho Books

zoho logo

Zoho is an accounting company and customer relationship management firm that started helping businesses in 2005. Their accounting software, Zoho Books, is one of the highest-rated accounting programs.  

Features

Zoho has the following features. Features may vary depending on which plan you choose.

  • Customized invoicing with a variety of payment options
  • Easy-to-use quote/estimate feature with a variety of templates from which to choose
  • Client portal to expedite bill payment and estimate approvals
  • Inventory tracking system
  • Cloud-based tracking of bank and PayPal transactions
  • Sales and purchase order invoicing
  • Sales tax tracking
  • Free 14-day trial

And more. Zoho has a mobile app feature for on-the-go accounting too. 

Plans and Pricing

Zoho Books (U.S. version) has three price plans to choose from Basic, Standard, and Professional. Note that all plans come with two free months when you opt to pay annually. 

Zoho Basic

Zoho Basic lets you manage up to 50 contacts and allows two users to the platform. It includes bank reconciliation, custom invoices, expense tracking, project and timesheets. You also get five automated workflow processes with this package. 

Cost: $9 per month

Zoho Standard

Zoho Standard gives you capabilities to manage up to 500 contacts and allows three users to the platform. It can accommodate up to ten automated workflows. 

It has a bill pay feature, vendor credit feature and more. 

Cost: $19 per month

Zoho Professional

Zoho Professional is for companies with over 500 contacts. This plan gives you all of the features of Zoho Standard and more. You can add seven users to the platform. Plus, it has an inventory tracking feature, along with sales and purchase order capabilities. 

Cost: $29 per month

Who It’s Best For

Zoho has great features for small and medium-sized small businesses. Note that its payroll features are somewhat limited. 

PCMag Rating: 4.0 out of 5

5. Sage Business Cloud

Sage_logo

Sage Accounting was founded in 1981 in the UK. In 1998, the company brought its accounting software to the United States. Sage has a variety of accounting options for both small and medium-sized businesses. 

Features

Features vary based on which plan you choose, but you can expect accounting covering all of your bases with Sage. 

  • Automated bank transaction integration
  • Online invoice creation, sending and payment capabilities
  • Inventory monitoring and management
  • Real-time reports
  • Cash flow statements
  • Free trial on all programs

Plans and Pricing

Sage has five different accounting plans for you to choose from. 

Sage Business Cloud Accounting Start

This is Sage’s most basic accounting plan. It allows you to create invoices, track what you’re owed and connect to your bank. 

Cost: $10 per month

Sage Business Cloud Accounting

Along with the features of the Start plan, this plan lets you generate quotes and estimates. It also allows you to record purchase invoices, review cash flow statements and act on real-time reports. 

Cost: $25 per month

Sage 50cloud Pro Accounting

This plan could be great for the solopreneur. The program allows for easy-to-use invoicing, bill pay, automated bank account reconciliation and job estimates. It also has an inventory tracking and management feature. 

Cost: $50.58 per month (1 user)

Sage 50cloud Premium Accounting

This is an upgraded version of the Pro Accounting plan. Along with the features in that plan, you can price out jobs by phase and cost-level. You’ll also get advanced budgeting tools and tools to help you trace transaction errors down. 

Cost: $78.21 per month (1 user)

Sage 50cloud Quantum Accounting

This plan is for the larger small business. Along with the features of the Premium Accounting plan, you’ll get an option for using the software to manage multiple companies. There are added security functions with this plan too. 

Sage has accounting plans for larger businesses as well. And all Sage 50cloud and higher plans include unlimited telephone and chat support.  

Cost: $197.55 per month (3 users)

Who It’s Best For

Although Sage’s accounting plans can be a little on the pricey side, they do have thorough plan options for pretty much any business need. If you’re looking for accounting software that has more support, this might be the right choice for you. 

PCMag Rating: 4.0 out of 5

6. Kashoo

kashoo logo

Kashoo’s goal is laid out clearly: Simple cloud accounting for small businesses. This basic accounting software program offers features small business owners need the most. 

Features

Some of the features Kashoo offers include: 

  • Automated expense tracking with customized “smart” invoicing
  • Customizable, email-ready invoice capabilities
  • Streamlined Profit & Loss reports, expense reports and more
  • Sales tax summaries
  • Automatic deposit of payments
  • The ability to help you sort between business and personal transactions
  • Automatic reconciliation
  • Mobile app capabilities
  • Free 14-day trial

Plans and Pricing

There’s just one option with Kashoo, and it costs $16.65 per month plan. Unlike some other options, the Kashoo accounting software plan comes with unlimited users. 

If you want to add another business, you get an additional Kashoo subscription. 

Who It’s Best For

Kashoo is best for those who want a basic but thorough accounting software at an affordable price. For the money, it has a lot to offer. 

PCMag Rating: 3.5 out of 5

7. GoDaddy

godaddy logo

GoDaddy was founded in 1997 as an internet domain registrar and web hosting company. The GoDaddy accounting plans all work with Amazon, Etsy, eBay and Paypal. 

Features

GoDaddy Bookkeeping features include:

  • The ability to manage your business’s finances without any accounting knowledge
  • Automatically create and send invoices
  • Easily view reports, including Profit & Loss reports
  • Auto-import of bank and credit card transactions
  • Auto-import of sales data
  • Mileage and time tracking
  • Use your mobile device to accept payment

There are other features, too, depending on the plan you choose. 

Godaddy plans and pricing

Plans and Pricing

GoDaddy has three accounting software plans to choose from: Get Paid, Essential and Premium.

GoDaddy Get Paid

The Get Paid plan offers a fundamental array of bookkeeping services. You can use it to create invoices and estimates, pull current year business reports, and accept payments from your mobile device. You can also track mileage and time with this plan. 

Cost: starting at $4.99 per month

GoDaddy Essentials

The Essentials plan is a bit more comprehensive than the Get Paid plan. Along with the Get Paid plan features, the Essentials plan will give you other benefits too. You can access unlimited business reports and produce tax worksheets. 

Cost: starting at $9.99 per month

It also offers automatic import of credit card and bank transactions. And you can automatically import sales data from Etsy, eBay, PayPal and Amazon. 

GoDaddy Premium

The Premium plan offers all of the benefits of the Essentials plan. Also, it has a “recurring invoices” feature that allows you to effortlessly bill clients that you work for every month. 

Cost: starting at $14.99 per month

Who It’s Best For

GoDaddy Bookkeeping is best for the sole proprietor, freelancer and solopreneur. It’s designed specifically to work well with those who sell on Amazon, Etsy and similar platforms. 

This product probably wouldn’t be your first choice if you have employees or a large number of clients. 

PCMag Rating: 3.5 out of 5

8. Wave 

wave financial logo

Wave Accounting was started in 2010 with the goal of providing financial and software services for small businesses. Wave is different in that its basic accounting features are 100 percent free. 

They can offer free basic services to businesses thanks to the money they make off of more comprehensive services. Here’s a rundown on the features Wave offers. 

Features

Wave offers a variety of services including:

Pricing and Plans

I know it’s hard to believe Wave’s basic features are free, but they are. Here’s a rundown of the company’s services and what each one costs. 

Accounting

Cost: Free

Wave will give you the ability to create and track unlimited invoices, reports and more. Also, you can add partners to work with you on your account. And you can track sales tax on income and expenses. 

Invoicing

Cost: Free

Invoicing with Wave allows you to create and send as many invoices as you’d like. It has a recurring billing feature, and it will send out automatic reminders to clients to pay. 

The site allows you to accept payment right in the invoice, and it will sync your invoices and accounting to make tracking easier. 

Receipts

Cost: Free

The Wave “receipt” features unlimited receipt scanning through the Wave mobile app. The scanning feature allows you to integrate seamlessly with the accounting feature. This means no more spreadsheets or bags of receipts lying around.  

Payroll Services

Cost: $20-$35 per month base cost

Wave’s payroll services are very reasonably priced compared to a lot of accounting companies. Along with the base price (which varies by state), you’ll pay fees for each active employee and independent contractor you pay. 

Wave offers a 100% payroll accuracy guarantee and unlimited direct deposits. It also has an employee portal where employees can access pay stubs, vacation leave stats and more.

Payment Processing

Cost: Varies

Wave will accept your client payments too. Fees for client payment processing are as follows: 

  • 2.9 percent plus 30 cents for each Visa, Mastercard and Discover transaction
  • 3.4 percent plus 30 cents for each American Express transaction
  • 1 percent (minimum of $1) for each bank/ACH payment transaction

Wave allows you to accept all major credit cards online, and there’s no charge for refunds issued. 

Who It’s Best For

Wave has a lot of great features, but it’s definitely best for the freelancer or solopreneur. Because it doesn’t offer inventory features, it’s best for a company or sole proprietor that doesn’t have to keep track of inventory. 

PCMag Rating: 4.0 out of 5 

Summary

Depending on the type of business you run, there’s sure to be an accounting software program to fit your needs. A detailed and easy-to-use accounting software program will help you ensure you’re maximizing profitability for your business. 

What’s most important is that you choose the accounting software that has the features you need to keep thorough records.

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