The success of any business or organization depends upon its structural system. To run such systems, you would need different tools and software to automate the manual work. In this developing age, you can find tons of software that brings accuracy, clarity, and security to the workflow. One of the essential tools that any business, start-up company, or organization would need is accounting software.
Accounting software immensely helps adjust and manage a business's financial department proficiently. Using reliable accounting software for small businesses, you can manage your expenses, invoices, taxation, cash flow, and other factors. To help you manage your financial growth and scalability, this article will introduce various top-rated accounting software with their features.
Part 1: Top 5 Accounting Software
Have you ever used accounting software before? This section will shed light on the top 5 accounting software with their features, pricing, and other essential information.
1. QuickBooks
QuickBooks is a famous accounting software that offers multiple features to manage your financial department. Using this tool, you can check the profitability of specific projects to have a better idea in front of your employees. This will help you plan future projects with your clients by considering the profit rates generated through this software. Moreover, you can also sync with your banks and applications to manage the tasks automatically.
You can also use this online accounting software to easily connect with your clients to send invoices, payrolls, and other financial documents. Hence, it's an all-in-one tool with many options to manage your financial tasks effortlessly.
Top Features
- Track GST and VAT
- Adjust Budgets
- Check Progress Invoicing
- Analyze Monthly Expenditures
- Bank Feeds
- Cloud Accounting
Pricing Plan
- Simple Start: $194.40 (Annually)
- Essentials: $291.60 (Annually)
- Plus: $410.40 (Annually)
System Compatibility
- Windows, Mac, Android, iOS, and Online
2. Zoho Books
Zoho Books is an online accounting software with various helpful options to organize your financial tasks quickly. It also helps in collaboration with your colleagues through role-based access. By doing so, your colleagues can also manage specific financial tasks effectively. Moreover, you can manage your company's receivables to track the cash flow and profits flawlessly. You can also set reminders to receive payments from your clients.
To get paid faster, you can provide your clients with the option of online payment. This will automate your workflow and allow you to track the payment details easily. In short, Zoho Books is a trustworthy platform that can help you run your company in a structured way.
Top Features
- Produce Purchase Orders
- Generate Professional Quotes
- Make Separate Customer Portals
- Create Timesheets for Projects
- Track Tax Liability
- Accept Online Payments
Pricing Plan
- Standard: $12 (Monthly)
- Professional: $24 (Monthly)
- Premium: $36 (Monthly)
- Elite: $129 (Monthly)
- Ultimate: $249 (Monthly)
System Compatibility
- Windows, Android, iOS, and Online
3. Sage
Do you want a simple accounting software for small businesses? Sage has a simple interface that can help beginners to analyze and track their financial position. This software lets you get paid faster by instantly generating customized invoices. Moreover, you can also get financial advice from experts through business forums. This will help you to tackle the financial hurdles with professional advice.
Furthermore, you can track your unlimited financial transactions on this tool to take care of your tax receipts, invoices, and payments. It also supports multi-currency to send and receive payments from your abroad clients.
Top Features
- Automate Data Entry
- Explore Community Forums
- Provides Software Certification
- Forecast Cash Flow
- Manage CIS
- Built-in GDPR Compliance
Pricing Plan
- Sage 50 Pro Accounting: $42.88 (Monthly)
- Sage 50 Premium Accounting: $72.43 (Monthly)
- Sage 50 Quantum Accounting: $120.00 (Monthly)
System Compatibility
- Online, Windows, Mac, Android, and iOS
4. Wave
Wave is one of the famous business accounting software that many people trust globally. It provides a user-friendly dashboard through which you can check your financial activities at a glance. You can also create a structured table to receive all of your payments. This will help you to receive payments from your clients promptly. Moreover, you can easily track your cash flow and monthly income without making a spreadsheet.
You can also set up recurring invoices to manage your daily workflow efficiently. It also provides an option to switch between automated and manual methods for billing. Hence, it's a simple yet effective tool for organizing your financial tasks.
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Image alt: wave accounting software
Top Features
- Automatic Credit Card Payments
- View the Customer’s History
- Gives Instant Notifications for Invoices
- Pay Employees and Contractors in Minutes
- Self-service Pay Stubs
- Seek Experts for Financial Advice
Pricing Plan
- Invoicing: Free
- Accounting: Free
- Payroll: $40 (Monthly)
- Mobile Receipts: $8 (Monthly)
- Advisors: $149 (Monthly)
System Compatibility
- Online, Android, and iOS
5. Telly.ERP 9
This accounting software also has integrated features that can help you in various aspects of your financial department. To check your accounts, this tool can manage your cost center tracking, balance sheet, and bill-wise details. You can also take care of bank reconciliation and e-payments effectively. Moreover, it can produce sales orders, discounts, sales registers, and credit notes.
The user interface of this tool is quite cluttered and tedious. However, it provides tons of features that can assist you in managing your sales, inventory, and other important financial parameters.
Top Features
- Income Tax Details
- Creating Pay Heads
- Attendance Sheet
- Manufacturing and Job Work
- Logo Printing
- Multi-currency Support
Pricing Plan
- Free
System Compatibility
- Windows
If you're using Mac devices, please check the top 5 accounting software for Mac article, which introduces software compatible with Mac.
Part 2: Another Must-Have Software for Accounting
Many documents in accounting are in PDF format. UPDF is a PDF editor comprising all the compelling features you may need to manage your accounts. Using this best PDF software, you can view your PDF invoices and bills in different reading modes and layouts. You can also change the background color of your invoices or edit the invoices according to your preferences. Moreover, by using the annotating tools, you can highlight and underline the necessary information in your financial documents.
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You can transform your scanned invoices into editable text using the OCR feature. This feature supports 38 different languages that can also help you in making scanned images of any language editable. Furthermore, you can convert your invoice and financial document of any format into PDF instantly. Using its flatten feature, you can also prevent others from editing your invoices.
Moreover, you can also reduce the file size of your documents and invoices without damaging their quality. Hence, UPDF can function as a reliable and trustworthy accounting software that can help you grow your business flawlessly.
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Part 3: What is Accounting Software?
Accounting software assists accountants and bookkeepers to analyze, manage, modify, and track the financial tasks of a company or organization. Each company may have different accounting software depending on its genre and requirements. The main aim of accounting software is to automate human work in calculating financial transactions, creating invoices, payrolls, etc.
Successful businessmen and entrepreneurs always prefer to use reliable and advanced accounting software. With efficient accounting software, you can take care of expense management, cash flows, account payable, tax liabilities, and other essential tasks. Hence, accounting software is highly important to ensure an organization's growth, scalability, and accuracy.
Part 4: Different Types of Accounting Software
Different types of accounting software are designed to meet the various needs of companies. If your company mostly functions on invoices and billing, you can try the billing accounting software. In this part of the article, you can learn different types of accounting software.
1. Small Business Accounting Software
Start-up companies, self-employed, and entrepreneurs can use small business accounting software to perform their daily tasks. This type of accounting software can help you track your income and expenses. By doing so, you can analyze the profits you are making from your company.
Moreover, you can manage tax deductions depending on the jurisdiction you have applied to your business. You can also check cash inflows and outflows through such software. This will help you in expense and revenue management effectively.
2. Spreadsheet Accounting Software
Some people also consider Microsoft Excel and Google Sheets as spreadsheet accounting software. Microsoft does offer special accounting software called Microsoft Dynamics 365. However, Microsoft Excel is a standard spreadsheet software. You can set formulas and fields to carry out calculations in it.
Another example of spreadsheet software is Google Sheets which is also commonly used among businessmen for advanced accounting calculation. You can also collaborate with your team members to edit Google Sheets anytime.
3. Payroll Software
Payroll software is basically needed to manage the payroll given to employees and contractors. If your company has hired various employees, you need to have a systematic way to pay them accurately. It can immensely reduce paperwork and facilitate keeping the employee profile.
This particular software can also help the HR department hire and interview employees. Furthermore, payroll software can assist with employee financial benefits and health insurance. Thus, it's important to pay your workers systematically.
4. Invoicing Software
Service companies need a special tool to create invoices in an automated manner. That's why invoicing software ensures timely payments and bills to run your company effectively. This software allows you to create professional invoices in a suitable design without wasting time.
Furthermore, you can generate purchase orders by using the given templates in invoicing software. Similarly, you can produce branded invoices with your company's logo through this software. Also, you can save and reuse invoices for future use.
5. General Accounting Software
General accounting software is commonly used to carry out fundamental calculations of your accounts. The main functionality of such software is to manage a general ledger that keeps a record of all business transactions. Moreover, the tool can automatically calculate accounts payable and receivables.
You would be notified about the current debts you owe to your suppliers through such calculations. Hence, general accounting software can keep a check on the payments you have to pay and receive efficiently.
Part 5: What Features Should a Good Accounting Software Have?
To select the best accounting software, you should know the factors it must consist of. Read this section to find out useful features in reliable accounting software.
Friendly User Interface
Accounting software must have a friendly user interface so your interns and other staff members can use it without technical assistance. This will also help you to carry out complex calculations easily without searching for other tools unnecessarily.
Ability to Identify Errors
While managing tax liabilities, bank reconciliation, and financial transactions, there are chances of errors and mistakes. Reliable accounting software will identify errors through advanced algorithms in such a scenario. Therefore, you should prefer software that can locate errors automatically. This will effectively minimize errors while managing the financial tasks of your organization.
Powerful Security Features
Financial transactions, billing, invoicing, and other data may carry sensitive information. If any such information gets leaked, it can be misused by your competitors. Therefore, accounting software should have powerful security options to prevent data loss. Moreover, it should only be accessed by you and your financial team for privacy concerns.
Builds Connectivity with Stakeholders
The connection with your clients and stakeholders also plays a major role in developing your business. That's why you should consider accounting software that can easily build your connection with your stakeholders, clients, and customers. The coordination will help you easily monitor your clients' financial documents, bills, and invoices.
Compatibility with Mobile Devices
In this age, we always seek easy ways to connect to our workspace. There are various trustworthy accounting software that shows compatibility with Android and iOS devices. With compatibility with mobile devices, you can easily access your financial tasks and monitor daily expenditures at a glance. Thus, you should consider accounting software that can be run on mobile devices effectively.
Part 6: How Can Accounting Software Benefit Your Business?
Do you want to know the ultimate benefits of using accounting software? This section will highlight the benefits of using accounting software for your business.
Time-Saving
Accounting software can carry out financial calculations instantly without any manual effort. Instead of writing details manually, the software can make your work simpler. As a result, you can save time and manual effort.
Keeps Data Record
The best advantage of using accounting software is that it keeps your data record. You can quickly check business transactions, financial records, and payrolls anytime within a few clicks.
Adds Professionalism
Accounting software can generate professional invoices, bills, payrolls, and other documents professionally. This can positively impact your clients and customers, which can help gain their trust.
Provides Detailed Insights
If you want to check the financial status of your business, accounting software can significantly help you in this regard. You can efficiently monitor your last year's expenditures and compare them with the current year. Therefore, it helps you in analyzing your financial status with detailed insights.
Part 7: FAQs on Choosing the Best Accounting Software
1. What is the best accounting software for a small business?
UPDF is the best accounting software, as it helps you edit, annotate, and view your invoices efficiently. It has a simple interface where you can easily find all the options. Moreover, it’s a compatible tool that supports all popular devices and operating systems.
2. Which software is mainly used in accounting?
QuickBooks and Zoho Books are the two most commonly used accounting software. These tools have various powerful features and options to help you manage your financial activities.
3. Is Excel an accounting software?
Yes, MS Excel is considered accounting software, as you can run formulas to carry out your calculations. You can enter your financial data and use conditional formatting to track your cash flow. Moreover, you can also produce financial reports through Excel precisely.
Conclusion
Accounting software can significantly help you grow your business by managing the financial department. It can help you to analyze your stocks, invoices, revenue, expenditures, and other parameters.
If you are looking for reliable yet efficient accounting software to support your small business, this article will surely help you in every regard. Besides, PDF software is a must-have for accounting too, and that's why we also introduce UPDF as the best choice in this article. It has the perfect ability to deal with invoices, financial documents, etc. Get it now by clicking the "Free Download" button below.
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