15 Best Accounting Software in 2023

15 Best Accounting Software in 2023
Imed Bouchrika, Phd by Imed Bouchrika, Phd
Chief Data Scientist & Head of Content

The finance and accounting sector is no stranger to the emergence of online software, platforms, and applications. Along with the availability of learning management systems and online employee training tools, accounting software have been present in the market, ready to cater to different types of business owners, accountants, managers, and company decision-makers.

The International Telecommunication Union (ITU)’s data reveals that 66% of the world’s population, or 5.3 billion people, are using the internet today. This shows a huge 24% jump from 2019, with 4.2 billion internet users before the pandemic (ITU, 2022). Though COVID-19 is not the sole reason for this increase, it is evident how much technology has shaped not only the use of the internet for leisure but also for work. In this fast-paced digital environment, it is important to note which is the most ideal accounting platform to use, especially since finance and accounting depend so much on rigorous quantitative outputs.

This list outlines the leading platforms on the market, their key features, and their pricing options. It also tackles the latest accounting software trends and statistics to help you choose the best accounting software for your company or business.

Best Accounting Software Table of Contents

  1. Accounting Software Statistics
  2. Accounting Software Trends
  3. List of Best Accounting Software

Accounting Software Statistics

The Business Research Company (2022) reports that the global accounting software market is expected to increase from $13.94 billion in 2021 to $15.71 billion this year at a compound annual growth rate (CAGR) of 12.65%. Furthermore, it also estimates that the market will grow to $24.13 billion by 2026 at a CAGR of 11.34%. This report also noted that automation drives the higher demand and growth of accounting software in the market.

Source: Business Research Company

In comparison, more recent reports show different but close projections when it comes to the accounting software’s market value. For instance, Digital Journal’s Online Accounting Software Market Report (2022) shows a CAGR of 11.05% for the market, reaching $6,056.28 million by 2027. Meanwhile, accounting software statistics from ReportLinker’s Global Business Accounting Software Market 2022-2026 report reveals that the business accounting software industry will grow by $2.33 billion, at a CAGR of 7.14% by 2026.

value of accounting software market

All three reports mainly focused on the top business accounting software by enterprise size, market size, type, component, deployment mode, and geographical location. One thing common among the three projections is the steady development of the accounting software market in just a span of a few years. This tells you that there is a growing need and interest in acquiring accounting software.

With the rise of digitalization and automation, it is only inevitable that certain skills and some professions slowly become redundant. In fact, World Economic Forum (WEF) reports that at least 43% of the businesses they surveyed in their study expressed a reduction in their workforce because of the use of technology. Meanwhile, 41% suggested an expansion of task-specialized work, and 34% wish to use technology integration in their workforce. These numbers are due to the pandemic-induced recession, along with automation in the workforce. WEF calls it a “double-disruption” scenario. In addition, their report also predicts that by 2025, redundant roles will decrease from 15.4% to 9%, soon making 85 million jobs displaced due to labor being split between humans and machines. Their study also indicates that accounting, bookkeeping, payroll clerks, accountants, and auditors belong to the top five professions that are decreasing in demand.

Source: World Economic Forum

A study by IBM even found that among cross-industry business processes, the most automatable categories include managing financial resources (accounts payable and expenses, payroll, revenue accounting, product recalls and audits), managing customer services, and delivering physical products. In contrast, the least automatable processes include strategy and judgment making or vision development.

This, of course, does not mean that the profession of accounting itself will become obsolete. Perhaps, integrating technology might serve as a boost to help tasks and processes quicker, more efficient, and less prone to error. The current accounting software statistics reveal that technology is enhancing processes.

Take the case from a recent survey from Sage (2020). It has found that among accountants in the United Kingdom:

  • 65% of the respondents expressed that accountants’ top two most important considerations were automations of processes and workflows in the next five years
  • 66% revealed that the first or second most positive outcome of Making Tax Digital (MTD) was increased automation
  • 83% of them confirmed that digitalization in the field is a need and that it is important to quickly invest in it to keep up with the market and increasing demand
  • 84% considered probable digital native employees as assets because of their digital landscape knowledge, thus urging firms to nurture them, and
  • 91% of them think that new technology adds value to businesses.

state of digitalization in accounting

Similarly, a 2021 benchmark survey revealed that 38% of accountants worked on manual tasks for more than a quarter of their time while 11% of accounting teams’ group time was consumed by manual tasks (Airbase, 2020).

The use of accounting software has increasingly delivered benefits to accounting firms as well as their clients. The following accounting software trends in the digitization of accounting show the developments that will shape the use of technology in accounting processes.

  1. Increased Role of Data Security. Accounting firms store and manage sensitive business information and breaches in security can put client data at risk. In 2021, for instance, more than three in five companies were targeted by software supply chain attacks. Aside from serious financial harm, compromised data can damage your reputation and could result in legal suits by affected clients. This is why accounting software vendors are ensuring that users are protected through integrating state-of-the-art encryption in their software and also by creating backups of accounting data.
  2. Use of Data Analytics for Accounting. One accounting software trend is the use of artificial intelligence (AI) in managing huge amounts of data. AI helps improve finance and accounting tasks in four key areas: audit analytics, procure to pay, order to cash, and financial planning (Le Clair, 2022). In addition, AI was able to elevate these processes through the incorporation of risk assessment, standardization of data, and the use of robotic process automation (RPA), text analytics, as well as ML-based statistical modeling.
  3. Prevalence of Collaborative Accounting. The shift to remote and hybrid work has created a new level of collaboration in organizations. One major challenge at the onset of the pandemic is how teams can virtually collaborate which requires having the right systems in place. The best accounting software enables remote teams to work together in one platform and exchange information and ideas with just a few clicks. Thus, one accounting software trend is the integration of tools that can facilitate seamless collaboration and work processes between and among teams.

time spent on manual accounting tasks

The following list provides the best accounting software that can help improve the operations of organizations and achieve optimal efficiency in accounting processes.

List of Best Accounting Software

1. NetSuite

Oracle NetSuite dashboard

NetSuite is a cloud-based software that offers a suite of ERP applications, financials, inventory management, HR processes, professional services automation, and omnichannel commerce. It aims to streamline accounting processes all in one place and generate real-time data. This software presents opportunities for startups, fast-growing businesses, family-owned to mid-sized businesses, and PE- or VC-backed businesses. They also solve manual processes, ease data accessibility, reinforce data accuracy, and consistently comply with standards and internal policies.

NetSuite Key features:

  • Get 360 visibility and optimization on cash management.
  • Accelerate processes with enhanced accounts receivable tools.
  • Save time and avoid late fees on accounts payable.
  • Organize local and global tax management details.
  • Use a fully integrated fixed assets solution.
  • Boost collections and reduce sales outstanding.

Pricing:
By quote

2. QuickBooks

Intuit QuickBooks dashboard

QuickBooks is a cloud accounting software that caters to self-employed customers and small to mid-sized businesses, as well as to different industries like retail, restaurants, and nonprofit organizations. The platform offers real-time accessibility, increased reporting accuracy, automated invoicing, and customizable invoice templates. It is also able to host multiple users while protecting your data and allows for smooth collaboration between employees or accountants. They also provide other services, including live bookkeeping, payroll, point of sale, and time tracking.

QuickBooks Key features:

  • Easily generate and project estimates, reports, and insights.
  • Organize bills and sync apps for effortless cash flow management.
  • Manage payrolls with same-day direct deposits.
  • Improve operations with the inventory calculator and automatic GPS mileage tracking.
  • Categorize sales tax and avoid tax deductions.
  • Integrate information from QuickBooks to build customer profiles.
  • Record global transactions with multi-currency advanced support.

Pricing:
QuickBooks offers plans for different business sizes. These range from $30/month to $200/month. It also has a Self-Employed/Independent Contractor Plan, which is available for $15/month. For those interested, the vendor offers a 30-day free trial and new users get 50% off their subscription for the first three months.

3. Sage Intacct

Sage Intacct dashboard

Sage Intacct is one of the leading cloud financial software in the world. Apart from accounting and ERP, it also offers planning, analytics, and HR and payroll services for all types of clients. It has a range of utilities, such as Advanced Functionality, which helps automate and streamline key finance processes, Dashboards and Reporting, which provides real-time collaboration, accurate insights, and interactive visual summaries, and easy billing management. It also prides itself on releasing new products each year.

Sage Intacct Key features:

  • Cut down accounts payable processing time using automation.
  • Step up daily cash transactions and quote-and-order-to-cash cycles.
  • Simplify general ledger tasks with its Intelligent GL™ powered by AI.
  • Comply with tax requirements easily using Sage’s Intacct Multi-tax.
  • Ensure healthy stock levels using the inventory management module.
  • Automate revenue recognition performance.
  • Track billable hours and expenses using the time and expense management features.

Pricing:
By quote

4. Xero

Xero dashboard

Xero offers its accounting software to small businesses, accountants, and bookkeepers. It claims to make everyday business simplified by automating manual tasks, updating records, and effectively creating a space to collaborate. Its platform also allows connections to more than 1,000 third-party apps. In addition, it has specific tools for retail and construction businesses, Amazon sellers, and nonprofits.

Xero Key features:

  • Generate multi-currency reports with its reporting module.
  • Store and schedule bills and online payments through automation.
  • Go automatic and paperless with reports for sales tax returns and expenses.
  • Keep track of secured bank feeds at any time.
  • Categorize bank transactions in bulk.
  • Manage data and files with employees safely.
  • Customize reporting and trail inventory and purchasing orders easily.

Pricing:
Xero offers three pricing plans: the Starter Plan at $25/month, the Standard Plan at $40/month, and the Premium Plan at $54/month.

5. FreshBooks

FreshBooks dashboard

FreshBooks is designed for freelancers, self-employed professionals, startups, and high-growth businesses. A product of a four-person design agency that wants to simplify accounting for fellow small business owners, this platform is known for providing on-the-go, real-time accounting tools. It comes equipped with features for basic and advanced accounting, expense tracking, tax preparation, as well as online invoicing. It also syncs data across devices, creates custom charts of accounts, and generates ready-made reports on your finances.

FreshBooks Key features:

  • Receive payments directly and record them with ease through automation.
  • Monitor expenses and receipts accurately using its expense tracking module.
  • Collaborate easily with clients to ensure maximum productivity.
  • Automatically log mileage and track billable hours efficiently.
  • Seamlessly integrate accounts with Bench bookkeeping services.
  • Streamline payroll processes through integration with platforms like Gusto.

Pricing:
FreshBooks offers subscriptions based on the number of billable clients you have per month. Pricing ranges from $15/month to $55/month. It also offers a custom plan to those requiring more advanced features. The vendor has a free 30-day trial should you want to test out the platform’s features.

6. Thomson Reuters CS Professional Suite

Thomson Reuters CS Professional Suite dashboard

Thomson Reuters CS Professional Suite is a fully integrated software made for small to large business owners. Its suite offers nine services, from the basics of accounting to advisory services that all perform hand in hand to make workflows dynamic and seamless. The Accounting and Auditing product alone has three main components: an all-in-one accounting software, a cloud-based audit management software, and a tax work paper and trial balance software. These products can later be paired with add-ons while still retaining the core application.

Thomson Reuters CS Professional Suite Key features:

  • Allows versatility with mobile access and SaaS, Virtual Office CS, or on-premise usage
  • Seamlessly integrate data from spreadsheets or other platforms to CS.
  • Simplify collaboration with modules for workflow and document management.
  • Customize reports based on your needs.
  • Work with clients through client portals and websites.
  • Make tax preparation hassle-free with tax and asset management tools.

Pricing:
CS Professional Suite is only available by quote. In case you’re interested in what it has to offer, the vendor also provides a free cloud-based trial of the platform.

7. TrulySmall Accounting

TrulySmall Accounting dashboard

TrulySmall Accounting, made by Kashoo, caters to small businesses such as owner-operators, contractors, and freelancers and claims to “do the heavy lifting” for its users through automation. It boasts of an easy-to-learn platform, thanks to its Smart Inbox feature, which resembles an email inbox interface. It also features a customization setting that helps make your dashboard unique and a free invoicing app to help track and reconcile cash flow.

TrulySmall Accounting Key features:

  • Easily set up multi-currency support to view reports with multi-conversions.
  • Track invoices and payments with the TrulySmall Invoices free app.
  • Stay up to date with real-time sales and sales tax tracking.
  • Manage and safely store data using a double-entry ledger.
  • Compliant with IRS/CRA Standard CoA.
  • Browse through one year’s worth of files in less than 30 minutes.

Pricing:

TrulySmall Accounting’s pricing plans start at $18/month when paid annually. The vendor offers a free 14-day trial for those who want to test out its functionalities before subscribing to a plan.

8. ePromis ERP Cloud

ePromis ERP Cloud dashboard

ePromis ERP Cloud is one of the products that SaaS platform ePromis offers, along with SME, HCM, CRM, EAM Cloud. It aims to create “one futuristic platform to replace them all” in order to utilize time, money, and efficiency. It uses built-in business intelligence that gives access to real-time data on any device, and help users shift to automated work. The app also offers ePromis Financials that can perform project and budget management, accounting, and other ERP functions so that you can reduce redundancy and errors.

ePromis ERP Cloud Key features:

  • Streamline all business processes with one enterprise cloud platform.
  • Smoothly utilize multiple cloud services in one hub through integration.
  • Monitor data and get accurate projections anytime, anywhere.
  • Improve compliance with its Guidelines function.
  • Generate professional-looking reports with its analytics tools.
  • Increase workload with multi-currency, multi-company, multi-entity processes.

Pricing:
By quote

9. Vic. ai

Vic.ai dashboard

Vic.ai is an accounting software that makes use of artificial intelligence (AI) in lieu of rule-based methods to avoid human errors in accounting and finance services. It claims to grow the productivity of invoice processing by 355% by completely automating accounts payable processes. It also claims to have 80% less time devoted to manual tasks and a 200% return on investment. Its AI algorithm makes an accurate comparison of accounts payable and imitates human decision-making so that it can perform tasks for you, resulting in world-class, error-free data.

Vic.ai Key features:

  • Discover new opportunities with full automation/AI delivery.
  • Integrate files and data with ease.
  • Shorten time for approval flows.
  • Compatible with any ERP system across the globe.
  • Review up-to-date and accurate analysis through its hands-free classification.

Pricing:
By quote

10. Odoo Accounting

Odoo Accounting dashboard

Odoo Accounting is one of the products offered by Odoo, a suite of open-source business apps. It is a user-friendly accounting software that features a compact interface where everything is easily accessible. It makes use of time-saving tools such as automated processes, smooth file imports and exports, and the ability to pay multiple invoices. It encourages paperless transactions by converting images or files to organized lists and by using AI to help reduce mistakes. Other apps that Odoo offers are those for sales, marketing, inventory, project management, and HR.

Odoo Accounting Key features:

  • Generate automatic reconciliations with the Smart Reconciliation Tool.
  • Create error-free reports with AI-powered invoice digitization.
  • Work with clients on an easy-to-use platform designed for fiduciaries.
  • Consolidate legal statements and reports and access them from any device
  • Simplify global transactions with its multi-currency and multi-company features.

Pricing:
Odoo Accounting has a One App Plan available free of charge. For companies looking to leverage multiple apps from Odoo, it offers a Standard Plan for $11.20/month and a Custom Plan for $17/month. The vendor also provides a discount for the first 12 months of subscription.

11. AccountsIQ

AccountsIQ dashboard

AccountsIQ is another cloud accounting software that provides automated processes and business intelligence that are best for mid-sized companies. With its top-of-the-line automation, you can digitize data entry, make collaborations easier, and sync bank updates at any time. It also allows for instant integrations to other systems and provides a three-level chart of accounts that analyzes and reports data any way you want. It features a role-based dashboard with 250 pre-built report templates and leaves much room for customization.

AccountsIQ Key features:

  • Accomplish advanced reporting with “anywhere” accounting.
  • Confidently evaluate information with automated tasks.
  • Customize financial reports with six analysis dimensions.
  • Categorize general ledgers with business intelligence software.
  • Accurately handle tax details with its Making Tax Digital plan.
  • ISO-certified to ensure compliance with industry standards.

Pricing:
AccountsIQ offers three plans based on the needs of your company. These are the Essentials Plan starting at £199/month, the Growth Plan, which starts at £450/month, and the Enterprise Plan, which is only available by quote.

12. Serenic Navigator

Serenic Navigator dashboard

Serenic Navigator is part of the Microsoft Cloud that provides ERP solutions to nonprofits, nonprofit organizations, K-12 schools, and local governments. Since it is powered by Microsoft Dynamics 365 Business Central, it provides easy and unlimited access and integration with other Microsoft Office applications such as MS Word, Excel, and Outlook. It also offers additional services, including Deposits and Loans, Fixed Assets, Cash Management, HR, and General Ledger.

Serenic Navigator Key features:

  • Track growth and easily transact with multi-currency features.
  • Streamline workflow management and save time on manual tasks.
  • Consolidate reports and data in real time.
  • Track revenue and manage financial details strategically.
  • Customize dashboards according to your business or clients’ needs.

Pricing:
By quote

13. Kinetic Financial Management by Epicor

Kinetic Financial Management dashboard

Kinetic Financial Management is a cloud business platform by Epicor, which provides several services, including financial management, sales management, customer relationship management, and service and asset management, to name a few. In particular, Kinetic Financial Management leverages AI for its core financial modules to generate real-time data across devices. It also allows you to customize live dashboards and collectively work on its Epicor Financial Planner. It is compliant in several geographies with the help of its Global Business Management and claims to aid in attaining financial visibility through easy management and automation processes.

Kinetic Key features:

  • Consolidate accounts with a flexible general ledger.
  • Categorize accounts payable and keep records securely.
  • Manage accounts receivable comprehensively with multiple payment instruments.
  • Create and customize dashboards, budget plans, and financial reports with business intelligence.
  • Integrate multiple extensions to help streamline processes.
  • Comply with local and global regulations with its multi-currency features.

Pricing:
By quote

14. ZarMoney

ZarMoney dashboard

ZarMoney is an all-in-one accounting software made for freelancers, small to mid-sized businesses, and even enterprises. Serving industries such as legal service providers, ecommerce, and real estate, it provides simplified processes, from accepting online payments and importing bank transactions to creating estimates. It also gives users access to a pool of built-in and customizable reports and makes tax calculation easy with automation.

ZarMoney Key features:

  • Create dynamic statements and consolidated bookkeeping data.
  • Get paid faster with automated bank reconciliations and processes.
  • Organize multiple payment methods and billing processes.
  • Efficiently track inventory and orders from any device in real time.
  • Extract large data quickly to generate accurate analytics.

Pricing:
ZarMoney offers three plans, priced depending on the number of users you intend to onboard. It has the Entrepreneur Plan at $15/month, the Small Business Plan at $20/month, and the Enterprise Plan at $350/month.

15.  ClearBooks

ClearBooks dashboard

ClearBooks is a UK-based accounting software catering to small businesses, contractors, freelancers, and sole traders. It claims to submit MTD VAT returns in as simple as three steps and provides a range of access to contributors at your control. It also makes use of tools that help record dividend payments with instant documentation. In addition, it also enables journal entries to repeat or reverse and allows for multiple bank integrations.

ClearBooks Key features:

  • Easily manage CIS requirements.
  • Secure bank transactions all in one place.
  • Create invoices directly on timesheets.
  • Track profitability accurately with analytics.
  • Reduce mistakes through automated tasks.
  • Import international and local statements easily.

Pricing:

ClearBooks offers a Small Plan at £12/month and a Large Plan £26/month. It also offers a free 30-day trial for those who want to test it first and they provide a 50% discount for the first three months of your subscription.

Invest in the Best Accounting Software for Your Company

Getting with the times is crucial when it comes to finance and accounting, and it is impossible to deny that as technologies grow more advanced, so will accounting services that depend on machines, software, and apps to ensure that accurate numbers are crunched and that manual, labor-intensive tasks are reduced.

The cost of digitalization comes at a high price, but most of the accounting software examples mentioned above all account for efficiency and great return on investment. Apart from that, the accounting software providers offer a range of prices that are made affordable and customizable for each type of client, whether you are a freelancer, an accountant, a small shop owner, a store manager, or an executive in a large franchise. Plus, free trials are also widely available so that you can test their products and see exactly which software is the right fit for your needs.

In this modern age of computers, business owners are not the only ones who might need these solutions. Just about every sector might need public financial management systems that could help them manage their finances and save other resources.

Though the solutions on this accounting software list do not innately aim to eradicate and replace some professions right away, it is certainly going to be a big help if redundant tasks and processes were optimized in order to allocate time, money, and effort into other avenues that could benefit companies even more.

 

References:

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