There are several types of accounting software that are
considered the best and widely used by businesses. Here is a
list along with their advantages and disadvantages:
1. Kledo Accounting Software
Kledo is an online accounting software designed to help users
effectively and efficiently manage their business finances.
Kledo can be accessed from various devices such as desktops,
laptops, tablets, or smartphones, and it offers various
features that can assist users in performing various
accounting tasks.
Although Kledo is an online accounting software, it provides
comprehensive features that can be used on desktops. Users can
access these features through a web browser connected to the
internet or by using available applications on both Android
and iPhone devices.
Advantages:
-
Easy to use, even for users with little accounting
knowledge.
- Kledo offers a wide range of features.
-
It can connect to various banks, making transaction tracking
and financial management easier.
-
Accessible online from various devices such as computers,
laptops, tablets, or smartphones.
- Affordable pricing.
-
Responsive customer support ready to assist users facing
issues.
-
Data security is ensured as Kledo implements strict security
protocols to protect data from unauthorized access.
- Offers a 14-day free trial or a forever-free package.
Disadvantages:
-
User limitation: Each Kledo pricing package has a user
limitation. If the number of users exceeds this limit,
you'll need to upgrade to a paid package.
-
Kledo might not be suitable for very large and complex
businesses that require additional features like ERP.
2. Freshbooks Accounting Software
Freshbooks accounting software helps you track sales and
expenses, create professional invoices, and make financial
estimates. All the features provided by Freshbooks offer a
clear overview of all your accounting data from a single
platform.
FreshBooks also allows customization, so you can modify the
design, colors, and add your business logo to financial
documents to make them look more professional.
Moreover, FreshBooks can be easily integrated with your
favorite business applications, including Slack, Gmail,
Mailchimp, Stripe, and Fundbox.
Advantages:
-
Double-entry accounting features ensure that no transactions
are recorded twice, making it easy to view your business's
financial status.
-
More convenient payment processing. Freshbooks allows online
payments from client credit cards, facilitating faster
payments as they are automatically deposited into your
account.
-
You can create professional-looking invoices using your
business logo and colors. You can also set reminders and
receive updates through the platform.
Disadvantages:
-
Some users feel that FreshBooks has limited features
compared to other alternatives in the market.
-
Additionally, FreshBooks is considered to be relatively more
expensive compared to some other available alternatives.
3. Docuphase Accounting Software
Docuphase software can be used in most departments of an
organization. It offers accounting automation, including
project accounting, expense management, job order management,
payroll, and billing functions.
This accounting software features automatic invoice recording,
allowing users to record all customer invoices and supporting
documents in a single database.
These records can be searched and accessed during audits and
examinations. Approval management allows users to forward
their invoice requests to a list of employees for approval.
Once approved, invoices can be printed or forwarded to the
payment processing system.
Advantages:
-
Features that facilitate faster transactions, including
vendor and customer payments. Automating the accounts
payable process reduces data entry errors and increases
accuracy.
-
Allows you to collect payments faster by providing customer
payment options. Based on vendor preferences, you can also
set up payment systems.
-
Using optical character recognition technology, Docuphase
manages only the data you need from each document. This
process eliminates unnecessary data processing.
Disadvantages:
-
Limited inventory management and asset management features.
- Complex and less flexible installation process.
4. Zoho Books Accounting Software
Zoho Books is a cloud-based accounting software that is easy
to use and includes invoicing, inventory management, and
project management systems.
It offers competitive free packages and various features to
make your processes easier and more efficient. Zoho is an
excellent choice if you are a small or medium-sized business
(SMB) looking for an alternative to larger and more expensive
software.
Advantages:
-
Invoice creation can be sent via email. Once these invoices
are approved by the customer, you can convert them into
invoices and request payment.
-
With Zoho Books, you can quickly bill payments using
automatic invoicing features. You can also create credit
notes to manage customer refunds.
-
The flexibility of Zoho Books in one platform helps you
perform accounting tasks with ease.
Disadvantages:
-
Users who use the basic Zoho Books package get very limited
features.
-
Integration with some third-party applications can be
complex and may require expert assistance.
5. MYOB Accounting Software
MYOB Business accounting software is designed to assist
businesses of all sizes throughout Australia and New Zealand
in handling GST, invoicing, reporting, expenses, and payroll.
It's designed to save time, improve productivity, and stay
compliant with the requirements of the Australian Taxation
Office (ATO).
Additionally, this software offers integration with various
third-party applications such as Shopify, PayPal, and
Microsoft Excel. MYOB Accounting is designed with
user-friendly features, allowing users to quickly understand
the program and access various features.
Advantages:
- Easy-to-use features
-
Available in several versions designed to meet the needs of
various types of businesses and industries.
-
MYOB Accounting can integrate with various third-party
applications like Shopify, PayPal, and Microsoft Excel,
allowing users to manage their businesses more effectively
and efficiently.
Disadvantages:
-
MYOB Accounting is less flexible in terms of customization,
so users may have difficulty changing or adapting existing
features to their own needs.
-
MYOB Accounting is not suitable for users who don't
understand the basic principles of accounting, as its
features are designed to be used by users with adequate
accounting knowledge.
-
MYOB Accounting is only available in English, so users who
are not proficient in English may have difficulty using the
program.
6. Patriot Accounting Software
Patriot is unique accounting software because it allows you to
add an unlimited number of users at no additional cost.
One of the features appreciated by users is the ability to
track expenses by department, allowing you to see how much you
spend on various areas of your business, such as sales,
marketing teams, and customer service departments, separately.
Advantages:
- Unlimited number of invoices can be used
- 24/7 customer support
- Popular software with good customer reviews
- Easy-to-use dashboard
- Ideal for small businesses with limited needs
Disadvantages:
- Limited financial reporting features
- No advanced features
7. QuickBooks Accounting Software
QuickBooks accounting software is available in both online and
desktop versions, both of which are helpful for businesses.
You can manage all your company's finances with the help of
QuickBooks, streamlining business operations.
It's easy to use, read, and set up. You can quickly import
data from spreadsheets, so you don't need prior accounting
expertise.
Advantages:
- User-friendliness
- Comprehensive basic features
- Provides a payment gateway feature
Disadvantages:
- Less suitable for large companies
8. Sage Accounting Software
Sage's main accounting features include the general ledger,
accounts payable, accounts receivable, cash and invoice
management, bank statements, and purchases. With Sage, many
day-to-day financial operations, especially accounts payable
and accounts receivable, can be automated.
However, account names cannot be easily changed, which is a
drawback of Sage accounting software. Sage users can monitor
cash flow from the dashboard and access the financial reports
needed by most businesses.
Advantages:
- Fairly comprehensive financial reporting features
- Easy integration
- Account automation
Disadvantages:
- Difficult to perform reconciliation reports
9. Xero Accounting Software
Xero is an online accounting software platform for small
businesses and their accountants, and it can also be used for
personal finances. Xero most often competes with QuickBooks
Online.
Its features, beyond the ubiquitous general ledger and
double-entry accounting support, include invoicing with
quotes, bank reconciliation, purchase order and expense
management, tax management, and smartphone accessibility.
Xero integrates with over 800 third-party apps, covering
everything from inventory and logistics to cash flow, project
management, customer relationship management, e-commerce, and
much more.
Advantages:
- All packages support unlimited users
- Hundreds of third-party app integrations
- Straightforward and user-friendly layout or UI
Disadvantages:
-
Does not provide a customer support phone number but will
contact you if necessary.
-
Limitations on invoices and bills with entry-level packages.
10. Wave Accounting Software
Wave Accounting is one of the more tested and reliable options
listed here. It's accessible and intuitive accounting software
that doesn't require much training to understand.
The full range of accounting features is available for free,
including unlimited income and expense tracking, the ability
to run multiple businesses from one account, and unlimited
bank and credit card connections.
Advantages:
- Accessible software setup and interface
- Many bank and credit card connections
- Easy income and expense tracking
- Exportable accounting reports
Disadvantages:
- Cannot track accounts payable
- No comprehensive smartphone apps