For any successful business, it is crucial to find the right solutions to keep track of your finances and ensure that your company is making informed decisions regarding your company’s financial health. With a wide range of solutions available globally, varying in pricing and functionality, it’s important to assess your business needs and find a tool that can serve those needs for an extended period of time.
Why an accounting software will improve your business
Accounting software, in a nutshell, assesses and manages a company’s financial situation. Its primary function is to manage your accounts; payable and receivables, assist you in interacting with banks, and display all expenditures, revenues, obligations and assets. Many solutions can help with preparing invoices and bills, another important financial component of a business. Accounting software can also help with managing your employees and can keep track of payroll, bonuses and compensations.
Another important feature to look for when assessing accounting software solutions is the ability to integrate with other software you use for your business. Integrations between systems will help increase productivity by allowing you to automate and complete a wide range of tasks as well as enhance your business functions as a whole.
Here is an overview of the top 10 accounting softwares that are being used worldwide to help you narrow down your search for an Accounting Software:
One of the most popular accounting software, Intuit Quickbooks is a comprehensive software that offers a range of features such as invoicing, expenses and financial reporting. While generally used for small businesses, the Quickbooks Enterprise solution could be useful for midsize companies as well.
Quickbooks has three price options depending on the size and needs of your business:
- Simple Start – monthly subscription starts at $17.85
- Essentials – monthly subscription starts at $27.30
- Plus – monthly subscription starts at $11.34
Quickbooks Enterprise has three price options with increasing additional features:
- Gold – Annual subscription at $1740
- Platinum – Annual subscription at $2140
- Diamond – Annual subscription at $4200
Xero is a cloud-based software and it is generally best utilized by small businesses to automatically import transactions, automate invoicing and reporting, pay bills, accept payments, track projects and more. It can be integrated with third-party applications such as Stripe and has over 1000 apps in the Xero App Store. It has multiple layers of security and provides real-time information.
Xero comes with three price options depending on the size and needs of your business
- Starter – Monthly Subscription at $25, generally more useful for new or 1-3 person businesses.
- Standard – Monthly Subscription at $40, for small businesses that are growing
- Premium – Monthly Subscription at $54, for more established small to mid-sized businesses.
Oracle is a suite of integrated business applications designed to automate and streamline an organization’s financial, procurement, and human resource operations. It provides a comprehensive set of tools to manage and optimize business processes, improve productivity, and reduce costs. Oracle is highly configurable and can be tailored to meet the specific needs of different industries and business models.
Oracle has many different pricing options depending on your business and industry. It’s best to understand what you require to get a solution and pricing that suits your company.
- Zoho Books
Zoho Books is part of a suite of Zoho business applications. It offers a range of financial and accounting features, with automations, invoicing, inventory management, bank reconciliation, reporting and more. Zoho is among the few accounting software that has been approved by the Federal Tax Authorities (FTA) in the United Arab Emirates.
Zoho Books has six pricing options starting at $0:
- Free – Monthly Subscription at $0, for small businesses with few requirements
- Standard – Monthly Subscription at $18.79, for small businesses with normal requirements
- Professional – Monthly Subscription at $35.12, for growing small businesses needing more automation
- Premium – Monthly Subscription at $43.29, for small businesses that are branching out and have more requirements
- Elite – Monthly Subscription at $95.02, for businesses handling multiple currencies, have more than one location and need better tracking.
- Ultimate – Monthly Subscription at $217.55, for more established businesses with sophisticated needs.
As an Oracle solution, NetSuite is a sophisticated accounting software solution that includes financial management, general ledger management, accounts receivable optimization and accounts payable and tax automation and management. It is appropriate for larger enterprises and provides a variety of automation and customization choices.
Netsuite offers custom pricing depending on business size and needs. It is important that you have a good understanding of what you require to get the best deal for your business.
- Microsoft Dynamics 365
Dynamics 365 is a collection of intelligent business apps that provide improved operational efficiency and transformative customer experiences, allowing organizations to become more nimble and decrease complexity while decreasing costs. Dynamics 365 is better utilized by mid to large-sized companies.
Microsoft Dynamics 365 has two available options for pricing:
- Dynamic 365 Business Central Essentials – starting at $70/user per month
- Dynamic 365 Business Central Premium – starting at $100/user per month
- SAP S/4HANA
SAP S/4HANA is a robust software that can handle a variety of corporate processes such as financial accounting, supply chain management, and sales and marketing. It’s ideal for larger enterprises with complex processes. One of SAP S4HANA’s primary advantages is its real-time data processing capabilities, which enable enterprises to make educated choices rapidly. It also integrates with other business software, making it simple to manage all areas of your organization from one place.
SAP S/4HANA offers custom pricing depending on company size and requirements. It can be a hefty investment but may be one of the more attractive options if your company is large enough.
Odoo is an all-in-one open-source business management software that includes a suite of integrated apps for managing sales, accounting, inventory, manufacturing, and human resources. Odoo, with its modular architecture and user-friendly interface, enables organizations of all sizes to streamline and boost efficiency.
Odoo has three pricing options:
- Free – Monthly Subscription at $0 For one app only, unlimited users for Odoo Online
- Standard – Monthly Subscription at $13.50/user per month for all apps
- Custom- Monthly Subscription at $20.40/user per month for Odoo Online / Odoo.sh** / On-premise, Odoo Studio, Multi-Company, and External API
- Sage Intacct
Sage Intacct is cloud-based accounting software targeted to small and medium-sized enterprises. It includes financial management tools such as accounts payable and receivable, general ledger, and budgeting. It also includes a number of tools that aid in financial reporting, such as real-time visibility into important performance metrics (KPIs). One of the primary advantages of Sage Intacct is its ease of use through a simple setup and UI.
Sage Intacct provides a custom pricing plan depending on the number of users and complexity.
Tally is a widely used accounting software that is appropriate for small businesses. It provides a variety of financial administration capabilities, such as accounts payable and receivable, a general ledger, and inventory management. Enabling small business owners to effortlessly track and manage their financial activities while also supporting multi-location, and multi-company businesses.
Tally’s offers two pricing models:
- Silver – $630 annually for a single user
- Gold – $1890 annually for unlimited users
If you think one of these solutions could be your Accounting Software soulmate, the good news Qashio offers the ability to integrate with all of these softwares allowing you to seamlessly sync your spend data to your accounts. Speak to one of our experts for more information or click here for a free demo.