Having functional and robust accounting software is non-negotiable when running a business in 2021. Gone are the days of paper-based accounting processes and the pandemic threw a curveball that propelled digital solutions to the top of businesses’ priority lists.
With so many accounting software providers already in existence and new innovations continually entering the market, it’s challenging to determine which solution is best for you.
In this guide, we researched and evaluated a range of accounting software packages to find the ones that tick the most boxes. Below, we’ve listed six of the best accounting software providers for 2021 that will help your firm survive and thrive in the future of accounting.
QuickBooks by Intuit
Intuit’s QuickBooks tool is one of the most well-known accounting software solutions. Initially created for small businesses and individual CPAs, QuickBooks now has enough features and functionality to serve large enterprises.
QuickBooks is cloud-based, easily integrated and provides a holistic solution for a range of accounting activities. Key features include:
- Accounting Reports
- Cash Flow management
- Expense Tracking
- Inventory Management
After the 30-day free trial, you can choose either the Simple Start plan at $25 per month, Essentials at $40 per month, Plus at $70 per month, or Advanced at $150 per month, depending on your requirements and business size.
FreshBooks is another popular accounting software tool available in the market, known for streamlining accounting management tasks like time tracking, invoicing, and making payments. The software is secure, rapid and easy to use, and offers excellent solutions for features including:
- Project Management
- Automatic Expense Tracker
- Time Tracker
The four plans are Lite at $15 per month, Plus at $25 per month, Premium at $50 per month, where the main difference is the number of different clients you can bill per month (up to 5 for Lite, 50 for the Plus plan, and up to 500 for the Premium plan). If you require something specific, the Select plan offers a fully customised software platform for a custom price.
M3 is a software and service company designed to deliver actionable insight to drive financial performance within the hospitality sector. As the #1 cloud-based financial and data management platform in North America, M3 recently received the 2021 HotelTechAward for Best Reporting & Accounting Software.
The M3 platform is easy to implement and use, is widely praised for its robust accounting and financial analysis capabilities, and exceptional hotel-specific solutions. Key features include:
- Tax management
- Expense tracking
- Tracking and labour reporting
- Customised dashboards
M3 leverages its powerful hotel accounting software products to provide customers with operational savings, simpler workflows and more efficient labour management. The company also offers a free demo to look at how the software will work for your business.
Accounting Seed is an excellent choice for accountants looking for highly customisable professional accounting software that provides robust features to care for all accounting-related aspects.
Powered by the Salesforce platform, Accounting Seed allows reliable connection and open customisation with Salesforce tools, and its Database provides collaboration, best-in-class security, and automation in one place. Other key features include:
- Inventory and order management
- Financial Reporting
- Sales Order Management
- Purchase order management
The Accounting Seed platform is scalable and offers customised package and price plans to suit your business’s needs and budget perfectly.
Sage Business Cloud Accounting
Sage is a globally renowned brand offering online accounting and business services across several sectors. The cloud-based Sage Business Cloud Accounting platform matches you with specific accounting solutions to suit your industry, company size, and requirements. Sage Business Cloud Accounting also has an Accountant Edition, specifically designed to help CPA firms support their clients and grow their own business.
Sage Business Cloud Accounting's features include:
- Billing & invoicing
- Manage payroll
- Tax compliance tools
- Dashboard view
- Inventory control
Pricing is tiered for Sage Business Cloud Accounting as follows:
- The Accounting Start plan offers entry-level accounting for $10 per month.
- The Accounting plan costs $25 per month for end-to-end accounting services, including invoicing, cash flow, and management.
Wave Accounting is a comprehensive online bookkeeping software that’s easily integrated with existing systems. The Wave application is one of the best free accounting software solutions and perfect for freelancing professionals, small businesses and sole proprietors.
This accounting software is ideal for a service-based small business that sends simple invoices and doesn’t need to run payroll or track inventory –– Wave’s free features will cover most of their accounting needs.
Wave Accounting’s free basic package offers:
Wave also offers a financial and tax outsourced service starting at $149 per month, and supports multi-currency accounting, which is a must if you conduct business internationally.
Choosing the right accounting software is crucial to allow your business to thrive in 2021 and beyond. Take a look at your firms’ digital transformation strategy to determine what aspects of your daily procedures you need to streamline. Talk to your team and clients to learn how accounting software could make their lives easier.
Keep in mind that the more straightforward the software is to implement and use, the faster you can get it up and running at maximum capacity. A more complicated software requires a longer onboarding process, which might not be fruitful in the long run. Scalability is also critical because you need software that can develop and scale as your business grows, or as your workforce transitions between remote and office-based work environments.
Also consider aspects like cost, reputation and included features to pick the accounting software that your company will benefit the most from. It’s worth shopping around to ensure you choose the best possible solution for your business needs.
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