Accounting software like QuickBooks and Sage X3 are popular for businesses, accounting firms, and even freelancers.
But with so many products on the market serving various industries, how do you know which accounting software companies are the best for your needs?
In this post, we’ll help you choose the best accounting software for your business and go over the essential and helpful features of the most popular products. We’ll also explain which accounting software can be integrated into other software products your company may already be using, such as a CRM.
The following are the most popular and beneficial accounting software you can select from:
QuickBooks is a great fit for mid-sized businesses that face problems such as lack of awareness of the company’s financial health, constant misplacement of financial records, and errors in accounting.
This software is best described as a bookkeeping program that helps you sync your business with your bank accounts by simplifying processes such as invoicing, accounting reports, data migration, and GST/VAT tracking. The financial information it provides is easy to understand and can help you manage your business.
Quickbooks is user-friendly and can even be used by people with zero accounting experience. The advanced software has additional unique features such as Fathom-powered reporting, custom user permissions, and batch invoice import.
On the downside, it lacks industry-specific features, allows a limited number of users, and has limited personalization options.
This software is a cloud-based program that is tailored for project management, with industry-specific options in manufacturing, construction, and other sectors. It is ideal for large companies that have a controller or CFO.
The software facilitates collaboration among multiple users for one project, personalized options, and easier expense tracking.
However, it is less user-friendly than other accounting software, as it is difficult to set up and integrate with the other business management software products you might be using.
This software is best for both large and small businesses thanks to its unique dashboard that allows business owners to see the money inflow and outflow. The software is easy to navigate, powerful and provides quick links to account-related information the business owner might need. The program offers a 30-day free trial and allows you to give access to different members, making work easier.
Xero has numerous benefits to business owners such as unlimited user access, online access from anywhere( even via mobile apps), data security, and integration with other CRM software you have, such as Capsule and Hubspot. Its features include, among others; expense and class tracking, complex contact management, inventory, and invoicing.
Every good thing has its downside, and on this end, the software does not support Exchange Trade Products, and business owners will have to follow up on unpaid invoices manually because it lacks a built-in ‘Debt Chaser’ function.
NetSuite ERP and SRP
NetSuite is best suited for enterprises with a large budget due to its high costs and ERP requirements. The software has numerous integrations and more features than other products to ensure the success of your enterprise, such as analytics, accounting, inventory management, business planning, contact management, sales management, and human resources—all in one package.
This software is fully equipped with business, customer relationship, and accounting management solutions. In general, it allows you to manage all aspects of your business in a single system.
Like we said, the software can be costly and is more complex to set up, customize, and navigate. In some cases, it can take weeks or even months before the system is adoption ready.
If you’re unfamiliar with accounting software and you’re looking for a product for your business, consider the following:
- Is the product user friendly and cost effective?
- Does it offer customer support, accessibility, security?
- Does it provide you with reliable data?
Choose wisely and don’t rush your purchase. Compare these products and request demos to further your knowledge of how to use the software.