Accounting is the process of recording the financial transactions of a business. As the industries grew big and accounting grew complex, we cannot just rely on books and pens. That's where Accounting Software comes in; to ease the difficulty and increase accuracy and efficiency.
Accounting Software is a computer program that assists accountants and bookkeepers in recording and reporting a firm's financial transactions.
Accounting Software makes your account handling easier by performing various accounting and bookkeeping tasks and storing a business's financial data. It also provides us with a platform for business transactions.
Benefits of Accounting Software
Accounting software can offer a number of benefits for businesses of all sizes. Here are some benefits of accounting software;
-
It integrates all financial data of a business in a single place.
-
Provides automated accounting processes such as invoicing, income and expense management, financial reporting, etc.
-
Making it easier to distribute financial data to both internal and external stakeholders.
Since all modern accounting software connects to the internet, it is easier for you to connect through any device like a laptop or smartphone. If you want to become a valued professional in accounting then join finely crafted Accounting&Finance Training. Get trained with industry accredited instructors and get ahead in your career.
Many accounting software is available, and choosing the right one is crucial. The accounting softwares can be free or paid. Now let us take a look into the 10 best accounting software for both small and large businesses.
Read Also: Accounting Tips for the Non-Accountant
Free Accounting Software
When it comes to managing your finances, free accounting software can be a valuable tool. There are a number of free accounting software programs available, and each has its own strengths and weaknesses. Here are the 5 Free Accounting Software that you need to know;
-
Wave
-
Zoho books
-
Zipbooks
-
GnuCash
-
Sunrise
1.Wave
Wave is free accounting software that includes invoicing and accounting. Wave mobile app for both iOS and Android is available.
It is easy to use Wave even without any prior accounting knowledge. Wave has a support team to answer common questions and help to get started. Training or video tutorials are available for accounting basics.
Features
-
Free accounting software
-
Suitable for small businesses
-
Best for invoicing
-
Easy to use
-
Cloud-based
-
Unlimited income and expense tracking
-
Free mobile apps
-
Accessible from anywhere, anytime
-
Online training resources and support are available
Read Also: Skills required for finance accounting
2.Zoho Books
ZohoBooks is both free and paid accounting software. Zoho Books provides free accounting software for businesses with revenue <25 Lakhs per annum. You can also purchase the paid accounting software versions that have additional features.
It is one of the best accounting software for microbusinesses. It provides videos, live and on-demand webinars and expert talks to understand the features of Zoho Books. They provide support through FAQs, e-mails and calls.
Features
-
Free accounting software
-
Additional features for paid accounting software
-
Cost - starting from ₹749/month
-
Suitable for micro and small businesses
-
Best for e-invoicing, bills, banking, reports
-
Also good in the audit trail, GST, VAT
-
Versatile
-
Easy to use
-
Cloud storage
-
Free mobile apps
-
Can access it from anywhere, anytime
-
Online seminars and support are available
3.ZipBooks
ZipBooks have both free and paid accounting software. Only one bank account can be connected to the free version. Good for small businesses and as a free FreshBooks alternative.
Features
-
Free accounting software
-
Paid accounting software version available
-
Cost - starting from $15/month
-
30-days free trial for the paid version
-
Suitable for small businesses
-
Best for accounting, billing, expenses
-
Easy to use
-
Cloud-based
-
Accessible from your device browser, anywhere, anytime
-
Send unlimited custom invoices
-
Connect one business bank account
-
Invoice in multiple currencies
-
Training through webinars and support via Email, FAQs
Read Also: Tips to Build A Career in Accounting
4.GnuCash
GnuCash is personal and small-business financial-accounting software. It allows you to track bank accounts, stocks, income and expenses. It is a free desktop accounting software.
Features
-
Free accounting software
-
Desktop accounting software
-
Suitable for personal and small businesses
-
Best for accounts, income, expenses
-
Easy to use
-
Secure
-
Powerful and flexible
-
Customer and vendor tracking and invoicing
5.Sunrise
Sunrise is free accounting software for small businesses. Also, have a paid version. It helps the user to manage bills and invoices.
Features
-
Free accounting software
-
Paid accounting software version available
-
Cost - starting from $19.99/month
-
Suitable for small businesses
-
Best for bookkeeping, invoicing
-
Easy to use
-
Cloud, web-based
-
Mobile apps available
-
Accessible from anywhere, anytime
-
Support via Email, FAQs, chat
-
Training through webinars, documentation, videos
Read Also: Top Accounting Skills
Paid Accounting Software
Paid accounting software comes with more features and functionality than free or trial versions, making it a worthwhile investment for those who need to keep track of their finances closely. Given below are the 5 paid accounting softwares that you need to know;
-
QuickBooks
-
Sage 50
-
Tally
-
MS Excel
-
Peachtree
1.QuickBooks
QuickBooks is one of the top accounting software for small businesses in bookkeeping. It is a paid accounting software that provides a free trial.
QuickBooks' cloud accounting gives access to your account anywhere, anytime. You can access QuickBooks from any web browser or by downloading iPhone or Android app.
There are five versions of QuickBooks:
-
Self-Employed
-
Simple Start
-
Essentials
-
Plus
-
Advanced
QuickBooks is one of the easiest accounting software for someone from a non-accounting background. And automatic backups of QuickBooks Online keep your figures up-to-date.
Features
-
Paid accounting software
-
Free trial for 30 days
-
Offers different packs ranging from $20 - $90
-
Suitable for small businesses
-
Best for bookkeeping
-
Easy to use
-
Cloud-based
-
Automatic backup
-
Free mobile apps
-
Data security
-
Can access it from any web browser, anywhere, anytime
-
Online training resources and support are available
Even though they provide free online training resources and support for self-learning, many may find it difficult. So if you are looking for training, there are several QuickBooks training courses available that will teach you the basics of accounting.
2.Sage 50
Sage 50 is a paid accounting software with a 3-month free trial. It is accessible from anywhere on any device. It is a good option for sole traders and small businesses. It is a desktop accounting software that requires internet connectivity to use this software.
Features
-
Paid accounting software
-
3-month free trial
-
Cost - $340/year
-
Desktop accounting software
-
Suitable for sole traders and small businesses
-
Can access it from anywhere, anytime
-
Online training resources and support are available
Accounts training is available in Sage. Online courses are available on Sage 50. Sage also provides live and on-demand webinars. But if you want to get a deep understanding of the accounting software and its use, there are sage 50 training courses available that you can check out.
3.Tally
Tally is one of the best accounting software for documenting the everyday business data of a company. It is a widely used accounting software in India and other countries for small and medium businesses.
Tally is an easy-to-use and secured software. You can access the reports from anywhere, using any web browser.
It is a paid accounting software that allows a 7-day free trial. Due to its popularity, professional training courses are available on Tally. Since almost all tally course covers the basics of accounting, anyone can start a career in it.
Features
-
Paid accounting software
-
Free trial for 7 days
-
Rental cost
-
Suitable for small and medium businesses
-
Easy to use
-
Secure
-
Windows-based application
-
Can access reports from anywhere, anytime if you have ERP 9 license.
5.MS Excel
Microsoft Office Excel is the top accounting software used by start-ups and small businesses. Excel is a paid accounting software with a 1-month free trial.
Excel supports accounting functions such as budgeting and creating balance sheets and reports. Excel is capable of performing complex mathematical calculations and has basic spreadsheet functionality.
Features
-
Paid accounting software
-
1-month free trial
-
Cost - $ 216
-
Suitable for start-ups and small businesses
-
Best for creating balance sheets and reports
-
Easy to use
-
Cloud-based
-
Can access it anywhere, anytime
Many may have a basic knowledge of Excel, but there are specialized functions that can make the job simpler. There are MS excel training courses available to understand the formulas and functions and how to apply them in accounting.
6.Peachtree
Peachtree is a paid accounting software. Now it is known as Sage 50cloud or Sage 50c. It is yet another desktop software similar to Sage 50, with several cloud-based add-on features that helps you to manage your business finances in one place. It requires internet connectivity to use this software and is accessible from anywhere. Peachtree is secure, accurate and easy to use. It gives us a 3-month free trial period.
Features
-
Paid accounting software
-
3-month free trial
-
Cost - $48.45/month
-
Suitable for small and medium businesses
-
Best for managing cash flow, invoicing, reporting, etc
-
Have cloud-based add-on features
-
Can access it from any web browser, anywhere, anytime
-
Secure
-
Accurate
-
Easy to use
-
Online courses and certifications are available
Online courses and certification are available on Sage 50cloud Accounts and other versions of Sage. Sage also provides live and on-demand webinars.
If you are interested in learning more about accounting software, peachtree training courses are available that can help you. The course could be available in both names, Peachtree and Sage 50cloud. Peachtree and Sage 50cloud are the same accounting software.
Read Also: Top in-demand Accounting Jobs
Conclusion
There is a variety of accounting software to choose from varying in pricing and features. A few things to note while picking an accounting software for your business are the availability of free trial, online and technical support, training, data security, pricing and reliability. When choosing free accounting software, you should compare them against your requirements. If you are trying to improve your skills and career, things to pay attention to are the availability of proper training and reliability.
Read Also: Advantages of SAP FICO in Business Operations
+971 2 6713828
