Find the Top Accounting Software for Your Needs
Accounting software is essential for companies of all sizes. It helps manage finances efficiently, ensure compliance and gain valuable insights into their financial health. From startups and small businesses to large enterprises, the top accounting software solution can streamline operations, reduce errors and free up valuable time for strategic activities. Let's look at six products and their key features, costs and ideal use cases to help you make an informed decision.
1. QuickBooks
QuickBooks by Intuit remains the industry standard for small to medium-sized businesses, offering various versions to accommodate different needs.
Their cloud-based option, QuickBooks Online, offers anywhere access with monthly subscription pricing. Plans range from $30/month for the Simple Start plan to $200/month for the Advanced plan. The software includes invoicing, expense tracking, financial reporting, inventory management and payroll integration. The platform supports unlimited invoices, tracks sales tax and connects to over 650 business apps.
Another option is QuickBooks Desktop. This is for businesses that prefer local installation, as it offers robust functionality with a one-time purchase ranging from $400 for Pro to $1,340 for Enterprise. This version provides industry-specific features and more comprehensive inventory management but lacks the mobility of cloud solutions.
QuickBooks Online works best for service-based small businesses with remote teams, while Desktop versions suit retail and manufacturing companies with complex inventory needs. Both versions offer exceptional reporting capabilities and scale from solopreneurs to businesses with up to 30 employees.
2. Xero
Xero has emerged as a strong QuickBooks competitor, particularly popular among small businesses and their accountants. The cloud-based platform offers a modern interface with subscription plans ranging from $13/month for the Early plan to $70/month for the Established plan.
Key features include unlimited users across all plans, intuitive dashboard, bank reconciliation, inventory tracking, project management and over 800 third-party integrations. The platform excels in multi-currency support and collaboration features.
The Early Plan restricts users to entering only 20 invoices and bills per month, making it suitable only for the smallest businesses. U.S. payroll features require additional subscriptions.
It is ideal for small to medium businesses working closely with external accountants, companies with international operations and businesses prioritizing user-friendly interfaces. The platform scales effectively for businesses with 1-100 employees.
3. FreshBooks
FreshBooks delivers a streamlined accounting solution particularly suited for service-based small businesses and freelancers. Subscription costs range from $17/month for the Lite plan to $55/month for the Premium plan, with custom pricing for larger needs.
Time tracking, project management, client portals, automated payment reminders, customizable invoices and expense management are some of FreshBooks’ key features. The platform emphasizes ease of use and client-facing features.
However, there is limited inventory tracking capabilities and reporting options compared to other platforms. Additional team members cost $10/month each.
It’s ideal for service-based businesses, freelancers, consultants and creative professionals who prioritize client interaction features and simplified accounting and is best suited for businesses with 1-10 employees.
4. Sage
Sage offers varied accounting solutions for different business sizes, from Sage Business Cloud Accounting for small businesses to Sage Intacct for larger enterprises.
For Sage Business Cloud Accounting, subscription costs range from $10/month for the Start plan to $25/month for the Accounting plan. Features include invoicing, expense tracking, cash flow forecasting and bank reconciliation.
Sage Intacct is an enterprise-level solution that offers advanced features with custom pricing typically starting around $15,000 annually. It provides multi-entity management, dimensional accounting, advanced reporting and comprehensive financial controls.
Sage Business Cloud suits small businesses with basic accounting needs, while Sage Intacct targets mid-sized to large businesses requiring sophisticated financial management across multiple entities or locations. Sage solutions scale from small businesses to enterprises with hundreds of employees.
5. Wave Accounting
Wave stands out by offering free accounting software for small businesses and freelancers, with revenue generated through payment processing and payroll services.
It offers free invoicing, accounting, receipt scanning and unlimited bank connections. Paid add-ons include payment processing (2.9% + 30¢ per transaction) and payroll services ($20-35/month plus $6 per employee).
Some notable limitations include inventory features, no time tracking and fewer integrations than paid alternatives.
It is ideal for startups, freelancers, solopreneurs and very small businesses with straightforward accounting needs and limited budgets and is best for businesses with 1-5 employees.
6. NetSuite
Oracle NetSuite provides a comprehensive enterprise resource planning (ERP) system with robust accounting capabilities integrated with other business functions. Pricing is customized but typically starts around $1,000/month plus implementation costs ranging from $15,000 to $100,000+.
Key features include multi-company consolidation, advanced revenue recognition, fixed asset management, billing management and international compliance capabilities. NetSuite offers industry-specific solutions with over 500 available integrations.
Limitations include significant investment in cost and implementation time, potentially overwhelming for smaller organizations without dedicated finance teams.
NetSuite is ideal for medium to large businesses with complex financial needs, multiple entities or international operations. It is suitable for businesses with 50+ employees seeking an integrated approach to finance, inventory, CRM and ecommerce.