The global accounting software market is set to reach $70.2 billion by 2030, indicating a significant annual growth rate of 19.6% from 2021. The finance and accounting sector increasingly relies on online tools for managing workforces, training employees, and overseeing finances. Business professionals like owners, accountants, and managers often utilize accounting software to streamline their operations.
Certified public accountants (CPAs) who scrutinize data, numbers, and transactions find this software essential for ensuring the accuracy and precision of their work. However, when there are many options to choose from, it becomes challenging to select the appropriate tool for your business. The software you choose should match the size and scope of your operations. With more options available now than ever, a solution exists to fit any budget. To help you make the best choice, we’ll list the top accounting software options to meet diverse business needs.
What Is Accounting Software and Why Do You Need One?
Accounting software is an essential tool that modernizes the financial management of a business. These programs assist in bookkeeping, managing financial transactions, and producing detailed financial reports. Different companies and accounting firms have unique needs, which can influence their choice of software.
The Benefits of Accounting Software:
- Efficiency: Automates routine tasks, reducing the time spent on manual data entry.
- Accuracy: Minimizes errors in financial data management and calculations.
- Compliance: Ensures financial reporting adheres to the latest regulations and standards.
- Insight: Offers a comprehensive view of business performance to aid strategic planning.
- Integration: Supports connections with other business systems, like Point of Sale (POS) or time-tracking applications.
- Accessibility: Cloud-based solutions allow for easy access and sharing of financial data.
Features to Look for in the Best Accounting Software for CPA Firms
- Streamlined Data Entry: Incorporates bank feed connectivity, automatic transaction categorization, and OCR for receipt scanning.
- Compliance and Reporting: Features automated tax calculations and up-to-date filing capabilities.
- Client Collaboration and Management: Enhances interaction through secure document exchanges and real-time data access.
Top 10 Accounting Software Preferred by Accountants in 2024
Accounting software is a vital tool for CPAs, reducing the risk of errors in financial records. These programs support accountants by ensuring data accuracy. Let us explore the top 10 accounting software accountants prefer in 2024 to streamline your financial tasks effectively.
1. Xero
Xero is a leading cloud-based and widely used accounting software designed for small businesses, accountants, and bookkeepers. With its simple interface and strong functionality, Xero, developed by a New Zealand-based company, simplifies the difficulties of financial management. This software supports real-time financial tracking and collaboration across devices, making it an ideal solution for modern accounting needs.
Xero is particularly valuable for accountants because it can streamline daily tasks through automation and has a comprehensive suite of tools designed to manage financial data securely and efficiently.
Key Features of Xero
- Allows the effortless handling of global transactions
- Streamline the billing process with easy management tools
- Keeps financial documents organized and accessible
- Provides detailed insights into the business’s cash operations
- Offers secure real-time updates on bank transactions
- Connects with over 1,000 apps to enhance functionality
- Tailor financial reporting to specific business needs
Pricing of Xero
- Starter Plan: $25 per month, suitable for new businesses with basic needs
- Standard Plan: $40 per month, ideal for growing businesses requiring more functionality
Premium Plan: $54 monthly, best for established businesses needing advanced features
Pros and Cons of Xero
| Pros | Cons |
| 1. Accessible from anywhere and user-friendly 2. Seamless integration with third-party application 3. Excellent customer service support | 1. The invoicing screen may slow down under heavy use 2. Limited range of reports in some plans |
2. Quickbooks
QuickBooks is a comprehensive cloud-based accounting software. It is widely used by independent contractors, small to medium-sized businesses, and various sectors, including retail, restaurants, and nonprofit organizations. This platform simplifies financial management with features that support real-time access, increased reporting accuracy, and efficient collaboration among team members.
QuickBooks helps accountants streamline complex financial tasks with automation and real-time data, boosting productivity and accuracy in client financial management.
Key Features of QuickBooks
- Handles transactions in various global currencies
- Streamline the invoicing process with customizable templates
- Offers up-to-the-minute financial information
- Monitors and categorizes business expenses
- Processes payrolls with options for same-day direct deposits
- Connects with hundreds of apps, including banking and credit card services
- Ensures safe hosting and sharing of financial data
Pricing of QuickBooks
- Basic Version: Starts at $30 per month
- Small Business Big Sale: Available at $53.02 per month
- Self-Employed/Independent Contractor Plan: Priced at $15 per month
- Discount Offers: 50% off for new users for the first three months and a 30-day free trial available
Pros and Cons of QuickBooks
| Pros | Cons |
| 1. Easy access from multiple locations 2. Simple implementation and automatic inventory updates 3. Extensive online training resources and support | 1. Reported bugs in the application 2. Limited customization options |
3. FreshBooks
FreshBooks is a dynamic cloud-based accounting software for freelancers, self-employed professionals, and small to medium-sized businesses. Developed by 2ndsite Inc., it offers a comprehensive suite of tools to manage financial tasks effortlessly. FreshBooks makes day-to-day operations more efficient through its intuitive design and powerful features, making it highly suitable for service-based businesses that require efficient project tracking and financial management.
FreshBooks is particularly beneficial for accountants who manage financials for clients in service-based industries. Its streamlined invoicing, payment processing, and project accounting features allow accountants to maintain accurate books and provide strategic financial insights efficiently.
Key Features of FreshBooks
- Automated invoicing simplifies the creation and sending of invoices
- Easily tracks and categorizes business expenses
- Mileage tracking automates mileage logging for expense reporting
- Facilitates smooth and secure payment transactions
- Manages transactions in various currencies, enhancing global operations
- Ensures standards like PCI and GDPR are met
- Integrates time tracking directly into invoicing
Pricing of FreshBooks
- Lite Plan: $15 or $13.50 per month when billed yearly
- Plus Plan: $25 or $22.50 per month when billed yearly
- Premium Plan: $30 or $45 per month when billed yearly
- Free Trial: Offers a 30-day free trial with no credit card required, allowing users to test features extensively
Pros and Cons of FreshBooks
| Pros | Cons |
| 1. User-friendly interface with fast customer support 2. Flexible pricing plans with discounts for annual payments 3. Extensive integration capabilities with apps like Hubspot and Zapier | 1. Lacks some advanced features for larger businesses 2. Limited ACH payment options 3. Lacks support for multiple currencies in some plans |
4. Zoho Books
Zoho Books is the best business accounting software, particularly beneficial for accountants, freelancers, and small—to medium-sized businesses. It offers a forever-free plan for businesses earning less than $50K annually, making it an accessible option for startups and small enterprises. With its extensive capabilities, including G Suite, Slack, and Evernote, Zoho Books simplifies daily accounting tasks, enabling accountants to focus more on strategic financial management.
Zoho Books is especially advantageous for accountants because its end-to-end accounting features ensure accuracy and compliance. At the same time, its automation tools reduce the time spent on repetitive tasks. This allows accountants to manage their clients’ finances efficiently and effectively.
Key Features of Zoho Books
- Automated invoicing simplifies the creation and sending of invoices
- Keeps detailed records of business expenditures
- Generates comprehensive financial reports for analysis
- Manages transactions in multiple currencies
- Adheres to GST and GDPR standards
- Provides mobile apps for on-the-go accounting
- Seamlessly works with other software via Zapier and Slack
Pricing of Zoho Books
- Basic Plan: $9 per organization/month or $90 billed yearly
- Standard Plan: $19 per organization/month or $190 billed yearly
- Professional Plan: $29 per organization/month or $290 billed yearly
Pros and Cons of Zoho Books
| Pros | Cons |
| 1. Easy to use and access 2. Robust mobile apps 3. Comprehensive integrations 4. Good customer support via phone, chat, and email | 1. Some features may be complex for very small businesses 2. Limited advanced reporting features 3. Fixed assets tracking is not available |
5. Oracle NetSuite
Oracle NetSuite is a comprehensive ERP-based accounting software widely used across the USA. Known for integrating essential business processes with financial operations, NetSuite provides accountants with powerful tools to automate repetitive tasks and enhance efficiency. This software is ideal for accountants seeking real-time access to financial data and streamlining back-office operations, making it easier to focus on strategic activities impacting the business’s bottom line.
Oracle NetSuite is particularly beneficial for accountants due to its robust feature set, which includes advanced financial tracking, reporting, and compliance management. This ensures that accountants can maintain accuracy and efficiency in their workflows.
Key Features of Oracle NetSuite
- Provides immediate insights into financial performance
- Streamlines accounts receivable and payable
- Simplifies audit management and compliance
- Offers tailored views for better financial oversight
- Connects financials with sales, service, and more
- Supports growth from startups to large enterprises
Pricing of Oracle NetSuite
Pricing details for Oracle NetSuite are not publicly listed and are available upon request from the vendor. Potential users are encouraged to contact Oracle directly to obtain tailored pricing information based on their specific business needs and scale.
Pros and Cons of Oracle NetSuite
| Pros | Cons |
| 1. Customizable reporting capabilities 2. User-friendly dashboard 3. Supports extensive data download options | 1. Complex reporting functionality for new users 2. Limited integration with some third-party tools 3. High costs may be prohibitive for smaller businesses |
6. Sage
Sage is the best business accounting software that offers tailored solutions for small businesses and accountants. It excels in providing a secure, reliable, and globally accessible platform. Known for its flexibility, Sage allows customization to meet the specific needs of its users, making it an ideal choice for businesses looking for robust financial tools and accountants needing precise and efficient resource management.
Sage is especially useful for accountants due to its comprehensive financial tools, which support detailed reporting and compliance. The platform’s integration with other systems, like Office 365, enhances workflow efficiency, making it a strategic asset for accountants and financial professionals.
Key Features of Sage
- Automated bank reconciliations streamline financial transactions and record-keeping
- Helps maintain and monitor financial health
- Simplifies billing and expense tracking for projects
- Offers detailed insights into business finances
- Facilitates transactions in various currencies
- Ensures data protection and privacy
Pricing of Sage
- Monthly Plan: Starts at $34.30, with a 40% discount available for yearly payments
- Free Trial: This service offers a 30-day free trial without requiring a credit card, allowing potential users to explore features thoroughly
Pros and Cons of Sage
| Pros | Cons |
| 1. Cloud-based and globally accessible 2. Deep customization options 3. Integrates seamlessly with Office 365 and other apps | 1. Can be time-consuming to set up 2. May be complex for new users 3. Some users report efficiency concerns |
7. Wave
Wave is a free, cloud-based online accounting software for small businesses, freelancers, and solopreneurs. It is a personal accounting software that stands out for its ease of use and ability to manage multiple businesses under a single login, making it ideal for accountants working with various clients.
Wave simplifies accounting by offering essential tools for invoicing, expense tracking, and financial reporting, accessible from anywhere via its mobile app.
Key Features of Wave
- Streamline billing and monitoring expenses efficiently
- Manage your calendar and schedule seamlessly
- Accept payments directly through the software
- Integrated tools to handle payroll (available in paid plans)
- Operate multiple business accounts with one login
- Tools to manage marketing and client communications
Pricing of Wave
- Starter Plan: Free, includes basic accounting features
- Pro Plan: $16 per month or $170 annually, includes advanced features and payroll management
Pros and Cons of Wave
| Pros | Cons |
| 1. Allows easy switching between personal and business accounts 2. Automatic syncing and pre-made templates for ease of use 3. Free for basic use, with a user-friendly interface | 1. Occasional technical glitches 2. Limited customer support unless paid for 3. Contains advertisements in the free version |
8. Odoo Accounting
Odoo Accounting is a versatile, user-friendly software tailored for small businesses seeking free accounting software and an efficient way to manage their financial operations. As part of Odoo’s suite of open-source business applications, it provides a comprehensive accounting solution that integrates seamlessly with other business functions like sales, marketing, inventory, and HR.
Odoo Accounting is accounting software for accountants working with small to medium-sized businesses due to its integration capabilities and ease of use. Its AI-powered tools support a paperless approach and enhance accuracy, making it a valuable resource for modern accounting professionals.
Key Features of Odoo Accounting
- Smart reconciliation tool automatically reconciles transactions to save time
- AI-powered invoice digitization reduces errors in financial reports
- Multi-currency support manages global business operations effortlessly
- Access important documents on any device
- Designed with accountants in mind, it facilitates client interactions and data management
Pricing of Odoo Accounting
- One App Plan: Free, includes basic accounting functionalities
- Standard Plan: $11.20 per month, offers additional features across multiple apps
- Custom Plan: $17 per month, allows for extensive customization and access to a broader range of Odoo apps
- First-Year Discount: Discounts are available for the first 12 months of the subscription
Pros and Cons of Odoo Accounting
| Pros | Cons |
| 1. Free plan available for basic accounting needs 2. Integrates with a wide range of Odoo business apps 3. AI enhancements for accuracy and efficiency | 1. More advanced features require paid plans 2. Customization can be complex without IT support |
9. SAP Financials
SAP Financials is a robust online accounting software designed with a deep understanding of various industry needs. As part of SAP’s extensive ERP solutions, it offers comprehensive tools for core accounting and finance management, payroll, fixed assets, and regulatory compliance, catering to the detailed requirements of accountants and financial professionals.
SAP Financials is accounting software for accountants with a comprehensive feature set and supports effective management of complex accounting tasks that integrate smoothly with broader enterprise resource planning systems.
Key Features of SAP Financials
- Streamlines budget planning and monitoring
- Tracks and analyzes cash inflows and outflows
- Organizes and stores all financial documents securely
- Predicts future financial requirements with accuracy
- Manages the logistics of distribution effectively
- Keeps track of client and vendor information
- Integrates email communication for seamless operations
Pricing of SAP Financials
Pricing details are not publicly listed and are available upon request. Interested users should contact SAP directly to obtain tailored pricing information based on their business needs.
Pros and Cons
| Pros | Cons |
| 1. Faster than many web-based accounting tools 2. User-friendly with error correction for sales and expenses 3. Offers shortcuts for quick data entry | 1. Report downloading can be time-consuming 2. Transaction codes (T-codes) are complex to remember |
10. TrulySmall Accounting Software
TrulySmall Accounting was developed by Kashoo and made for small businesses, contractors, freelancers, and owner-operators. This platform simplifies accounting tasks through automation, offering an easy-to-use interface similar to an email inbox. It is designed to efficiently handle bookkeeping requirements and streamline financial operations for small business owners and their accountants.
TrulySmall Accounting is especially beneficial for accountants working with small businesses
due to its focus on simplifying everyday accounting tasks as it allows accountants to save time on manual data entry, making it easier to focus on more strategic financial analysis and advising.
Key Features of TrulySmall Accounting
- Facilitates handling transactions in various currencies
- Keeps financial records up-to-date
- Organizes financial tasks in an intuitive format
- Ensures accuracy and compliance with accounting standards
- Allows easy tracking and reconciliation of cash flow
- Personalizes the user experience to suit individual business needs
Pricing of TrulySmall Accounting
- Standard Plan: Priced at $18 per month when paid annually
- Free Trial: Offers a 14-day free trial to test out the software before committing
Pros and Cons
| Pros | Cons |
| 1. User-friendly interface makes it easy to navigate 2. Automation simplifies repetitive tasks 3. Effective for real-time financial tracking | 1. Features might be limited for larger businesses 2. Features might be limited for larger businesses |
Choosing the Right Accounting Software for Your Business
When selecting accounting software for small businesses, it is crucial to consider budget constraints, specific industry needs, and the software’s ability to handle both basic and advanced accounting tasks. The main considerations include ease of use for efficient daily management, compatibility with existing systems for streamlined operations, and reliable customer support for any technical queries. Opting for the right software ensures you can provide accurate financial oversight and scalable solutions to your clients.
Simplify Your Accounts with TruePro Associates
Now that you understand why you need an accountant for your small business, you should consider TruePro Associates for your accounting needs.
We offer comprehensive accounting services tailored to your individual and business needs.
Why Choose TruePro Associates?
- Expertise you can trust
- Customized solutions
- Transparent pricing
Schedule a consultation and learn how we can assist you in achieving your accounting and financial goals.
FAQs
Q1. What is the most effective accounting software for accountants?
Ans. QuickBooks is widely regarded as one of the most effective accounting software for accountants due to its comprehensive features and scalability.
Q2. Which accounting software is used globally?
Ans. SAP and Oracle are commonly used accounting software globally, and they are known for their robust functionality and enterprise-level capabilities.
Q3. What is the most user-friendly accounting software?
Ans. FreshBooks is highly user-friendly, offering intuitive navigation and simple interfaces suitable for non-accountants.
Q4. How do I choose an accounting software?
Ans. Evaluate your business size, specific accounting needs, budget, and software scalability before choosing an accounting software.
Q5. What are the 4 types of accounting systems?
Ans. The four types of accounting systems are single-entry, double-entry, manual, and computerized systems.
