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Best Accounting Software

Accounting software is being used by almost every household and business organization. It helps keep track of all the transactions carried out within an organization concerning time, date, amount etc. This also includes payroll management, manage & calculating taxes for small businesses, bill payments etc. Here is the list of the top 10 best accounting software of today.

Last Updated December 2022

Wave Accounting banner
  • Best For - Wave Accounting is highly recommended for startup businesses
  • Rates - It requires a subscription fee of up to $119 per month
  • Free version - Wave accounting has a free plan available for small businesses with a limit of 20 invoices each month

Wave accounting is the best accounting software available in the market. It is a cloud-based application so that it can be used from anywhere at any time. The free plan of Wave accounting has a limit of 20 invoices per month which is too low for a small organization because it will have to pay $119 to access all its features if it wants more than 20 invoices per month.

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Wave Accounting logo
FreshBooks banner
  • Best For - Freshbooks is recommended for small businesses, freelancers and consultants. (All plans are available at $15/month, paid annually.)
  • Rates - All Plans are available at $15/month, paid annually.
  • Free version - Freshbooks offers a free plan with no limitations on the number of clients or invoices.

Freshbooks was started in 2002 by the ex-lawyer of Mike McDerment. Freshbooks offers excellent features to manage small businesses & freelance projects easily. It has everything needed, i.e. Invoicing, Expense Tracking, Time Tracking etc., that are expected from an accounting software but offers all these at a low price of $15/month paid annually for all plans. There are three types of programs available- Basic, Standard & Premium, which differ in features they offer.

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FreshBooks logo
FinancePal banner
  • Most Suitable For - Businesses that prefer cloud-based accounting
  • Cost Scope - Starts from $23.95 monthly
  • Main Features - Bookkeeping, accounting, sales tax, online payroll, forming of entities

FinancePal is a cloud-based account software package. It is suitable for small businesses, startups and medium-sized businesses. Many starting businesses will not have the financial capacity to have a dedicated financial and accounting resource to keep the business books and ensure the business is tax compliant. FinancePal comes in to perform those functions.

The software has several features that will enable you to carry out many financial functions such as bookkeeping, accounting, sales tax, online payroll, forming of entities and many others. FinancePal provides your business with a dedicated team of financial experts and accountants to keep your books and give you expert financial advice to help your business run efficiently.

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FinancePal logo
Xero banner
  • Best For - It is a fantastic choice for small businesses because it provides all back-office functions needed to manage an entire industry,
  • Rates - All Basic version is available at $30/month and Professional, Premier & Unlimited plans are available starting from $65/Month
  • Free version - Xero offers a free plan for up to 5 invoices & 15 bank transactions

Xero offers complete multi-currency support with full GST/VAT functionality, multi-company consolidated reporting and inventory management tools. It is best suited for companies looking to manage accounts payable & receivable, expenses, invoices & quotes etc. It offers all back-office functions needed to manage an entire business. Xero has three plan option Basic( $30/month), Professional($65/month), Premier($100/month) & Unlimited($165/Month).

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Xero logo
Intuit QuickBooks Online banner
#5

Intuit QuickBooks Online

  • Best For - It comes with an intuitive interface that enables business owners to manage their accounts quickly. It is a good choice for small businesses.
  • Rates - Plans start from $25/month to $75/month.
  • Free version - Intuit Quickbooks offers 30 days free trial with limitations on the number of users and transactions.

Intuit QuickBooks is a perfect blend of accounting and invoicing tools in a straightforward package. It was started as an accounting tool for US businesses. Still, over the past few years, it has evolved into one of the best accounting software for small businesses that offer invoicing, billing & inventory management tools. It is easy to use and simple cloud-based solution catering to the needs of most small business owners.

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Intuit QuickBooks Online logo
FreeAgent banner
  • Best For - It is easy to use, affordable and straightforward accounting software for freelancers & small businesses.
  • Rates - Basic($15/Month) , Pro($25/Month) & Business($49/Month).
  • Free version - FreeAgent offers a free plan for ten clients, five bank accounts & 50 invoices.

This is one of the most popular accounting software for freelancers & small businesses. It is best suited for companies looking to manage accounts payable & receivable, expenses, invoices & quotes etc. It was started in 2008. FreeAgent offers great features to manage freelancers effectively along with task management tools. It has three types of plans Basic($15/Month), Pro($25/Month) & Business($49/Month).

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FreeAgent logo
SAP Business One banner
  • Best For - as per Gartner, it is the market leader in the small business/mid-market segment with a 9x growth rate.
  • Rates - Standard Licence for $5,675/year & Professional Licence for $8,300/year.
  • Free version - SAP Business One offers a free trial version that businesses can use to test the software with limitations on the number of users and transactions.

This is an all-in-one enterprise resource planning (ERP) software developed by SAP. It is best suited for small and mid-sized businesses in the manufacturing, distribution & services industry. It offers inventory management tools and multi-site and multi-currency support along with advanced invoice features etc.

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SAP Business One logo
The Invoice Machine banner
#8

The Invoice Machine

  • Best For - It is ideal for small businesses with a free plan offering 100 invoices per month up to 3 clients & 5 employees, which are more than enough for most companies.
  • Rates - Plans start from $10/Month to $49/Month.
  • Free version - The Invoice Machine offers a free plan of up to 100 invoices per month for one user.

It is an easy to use, all in one accounting software with advanced features like multi-currency support & inventory management tools etc. It was started in 2013 & currently, it has more than 100,000 users. It offers a free plan of up to 100 invoices per month for one user.

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The Invoice Machine logo
Tally banner
  • Best For - It is a complete end-to-end financial management tool that businesses of all sizes can use.
  • Rates - Basic – $1891/year & Standard – $4891/year.
  • Free version - Tally offers 30 days free trial that businesses can use to test the software with limitations on several accounts and transactions.

It is one of the fastest-growing accounting software in India with multi-company & multi-currency support along with advanced invoicing features etc. It has two different business versions available, one for small businesses and another for mid-level companies.

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Tally logo
Sage 50cloud banner
  • Best For - It is a good choice for small businesses as it offers a wide array of features catering to most SMBs.
  • Rates - One-time license fee of $399/year.
  • Free version - Sage 50cloud has three different plans starting from $25/month to $45/month with several add-on features.

Sage 50cloud started as a small business tool. Still, with time it has evolved into one of the best accounting software for businesses that helps companies manage their expenses, sales & orders, inventory etc. It is simple and easy to use business management software with powerful invoicing features, making this cloud-based solution worth considering by small business owners.

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Sage 50cloud logo
Sage banner
  • Best for - Ideal for tiny firms that need a CRM solution they can rely on.
  • Price - The price for a single user is $39 to $69 per month, depending on the account type.
  • Free Trial - It has a free version.

With the Sage CRM, businesses can see their sales channel and establish targets for teams to increase productivity. Marketing campaigns will also be linked with leads that are tracked by this cloud-based customer relationship management system!

The program has many features, which is probably why it's so popular with major clients. However, the price might be too high for some people because you have to pay upfront before getting all these cool things included in your package - but they are worth every penny!

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Sage logo
Zoho Books banner
  • Best For - It is comprehensive accounting software that businesses of all sizes can use.
  • Rates - All Plans are available at $12/Month to $35/Month.
  • Free version - Zoho Books offers a free plan up to 50 invoices and ten bank transactions.

Zoho is complete online accounting software with multi-lingual support that businesses of all sizes can use. It was started in 1996 by Sridhar Vembu. It has all back-office functions needed to manage an entire industry; invoice creation & expense tracking are rapid and easy tasks in Zoho Books. Zoho Books offer Multi-Currency transaction support along with Inventory management tools. It provides a free plan for up to 50 invoices & 10 bank transactions. Zoho Books has four types of plans- Basic, Standard, Premium & Enterprise.

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Zoho Books logo
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