In this modern world where starting a business is becoming the Go-To thing. Every business can be successful only when its management is done properly. Handling the financial aspects of a company properly is a must. It is not an easy hands-on learning job but can always be better managed with Software applications. That’s what we are here for.
We will help you choose the best accounting software as per your management requirements. Picking up the right choice will aid you in accomplishing the accounting and bookkeeping tasks easily. From tracking invoice bills, tax filing to making transactions and contactless payments, everything will be in control.
With just a few clicks, your hard management work becomes a cakewalk. Even human errors are inevitable but using the correct software reduces these types of risks.
This post deals with all the detailed info. On the best 5 accounting software present in the market. Let us go through each of them one by one. Hang with us and surely you will be able to make the perfect choice by the end.
Accounting Software 2021: Best 5 In The Market
- Reviewed Best in Overall Performance: QuickBooks Online
- Service-Based Businesses and Companies: FreshBooks
- Business Owners/Micro Company: Xero
- Personal & Individual Finances: Quicken
- Free Supreme Software: Wave
We will be starting with the best software reviewed to be a prime overall accounting management application.
Quickbooks By Intuit 
Inuit QuickBooks came in 2012, majorly designed for small-scale and medium-scale companies. It aims at making your accounting and bookkeeping operations easier. Its modern features help in keeping tabs on daily managerial tasks, creation of tax reports and billings, stock and inventory management, etc.
Moreover, there can also be a few bugs and errors in the software. To fix this, many tools like QuickBooks Tool hub, QuickBooks Component Repair Tool, etc. come under this software. All in all, it has such features and an easy-to-use interface that it has made a perfect place in the heart of accounting users.
Advantages
- It has an easy-to-use interface.
- Trusted by accounting users & professionals.
- Easy integration with third-party apps.
- Device accessibility like mobile-based software.
- It is scalable & cloud-based.
- Keeps contact records & transaction forms as well.
- Cash flow fresh pages available.
- Modification of reports available.
- Payroll services & advanced support.
Disadvantages
- Subscription is quite expensive.
- Extra users need different types of upgrades.
- Synchronizing problems with banks, debit, and credit cards.
Cost
After using a single month free trial service, you can opt for these four subscriptions:
- Simple – $25 monthly.
- Essentials – $40 monthly.
- Plus – $70 monthly.
- Advanced – $150 monthly.
FreshBooks
FreshBooks is well known for its brilliance in invoice customization. Using this software, you can send, receive, pay, and print invoices easily. Besides this, it also fulfills your bookkeeping needs. Business and company owners can send & print invoices, ask for deposits, customer retainers, receive the payments, and keep tabs on their projects.
Advantages
- Good team collaboration.
- Double-entry accounting.
- Easy user experience.
- Comprehensive customer records.
- Availability of time tracking tools.
- Auto-IOS tracking.
- Inventory and stock tracking.
- Proposals Support feature.
Disadvantages
- Bad setup assistance.
- Few dashboard features.
- Invoice customization is quite less as compared to other apps.
- Lack of quarterly tax approximates.
- Site features, not present in Mobile apps.
Cost
After using a 30-day free trial service, you can opt for these three subscriptions:
- Lite plan: $15 monthly, billing up upto 5 clients.
- Plus Plan: $25 monthly, billing up upto 50 clients.
- Premium Plan: $50 monthly, billing up upto 500 clients.
Xero
Xero is the accounting software for micro-business owners who wish for a user-friendly accounting application and a clean interface.
In contrast with other users, Xero provides subscriptions to an unlimited number of users. It simply means that you can add more and more fresh employees directly at no additional cost given. Thus, as your business is on a roll, you can easily add new employees & users to your Xero account all free of cost.
Advantages
- Smart Lists provided.
- Easy-to-use dashboard.
- Better business views.
- Easy & advanced setup process.
- Project tracking available.
- Interactive quotes.
- A variety of reconciliation tools available.
- Easy integration with Gusto.
- Advanced online support and assistance.
Disadvantages
- Incomprehensive Mobile application.
- Expenses differences in different devices.
- Unavailability of reorder level.
- Limited device accessibility as it doesn’t support smartphones or chat assistance.
- A fresh invoice form needs stamped icons.
Cost
Xero offers the following subscription plans.
- A whole payroll service: Early: $9 per month.
- Growing: $30 per month.
- Established: $60 per month.
- Gusto provides a complete-service payroll option – An extra $30 monthly and $6 extra per employee.
- Xero also gives a free 30-day trial service along with a 50% off promotion bonus for the following two months.
Quicken
Quicken is a bit similar in its working with QuickBooks but one major thing outlooks the difference between them. Quicken is only created for individuals and families. It provides personal and individual management of finances. This software includes financial planning and other accounting operations that users do it on pen and paper. The advanced Quicken version assists you in maintaining the reports of your rental properties coupled with all the personal records and data. It even has easy multiple device accessibility.
Advantages
- Manages Personal Finances.
- Easy Billing & invoicing.
- Financial Reporting.
- Expense & Cost management.
- It keeps a tab of all the payments, investments, account info., personal budgeting, loans, debts, setc.
- It even works on individual investments, lease terms of rental properties, tenants, rental rates, retirement accounts, etc.
Disadvantages
- No feature available for inventory and stock management.
- It does not integrate with the Core Accounting system.
- Lack of payroll services.
Cost
Quicken offers 4 different subscription plans.
- Quicken Starter: $34.99
- Quicken Deluxe: $44.99
- Quicken Premier: $67.99
- Quicken Home & Business: $89.99
Wave
Wave is an astonishing accounting software that offers management, accounting
& invoicing services free of cost. Credit card processing and other payroll services have some hidden charges. The general features such as income tracking, detailed invoicing, keeping financial records, printing receipts come up with the upgrades in the software. All these advanced features are easily accessible on any mobile app.
Advantages
- No given limits on transactions and billings.
- Easy device accessibility.
- Free of cost accounting, receipt scanning, invoices, etc.
- Operates different businesses just by a single account.
- Any number of users can be added.
Disadvantages
- Expensive ACH payments and other credit card subscriptions.
- Only a few states (14) have the full-service payroll available. So, it is a bit limited in its users’ database.
- There is a limit to third-party app integrations.
- No feature for inventory and stock management.
Cost
- Credit card processing fee: 2.9%.
- Visa, Discover, and Mastercard: $0.30.
- American Express: 3.4% & additional $0.30.
- Bank Payments: 1% per transaction means $1 is the minimum charge.
- Payroll Services: $35 per month, extra $6 → Single active employee, $6 → Single independent contractor.
Wrapping Up
This article is a handbook for all the users who are looking to set up a business and are in need of handling their management work efficiently. We put our efforts into bringing to you the best 5 accounting software available in the market. We hope you are now all clear-up in your mind and will make the best decision possible.