What are Some of the Best Accounting Software in the Market in 2022?

Accounting software today offers a number of features, ranging from intermediate to expert level features. This allows small business owners as well as large enterprises alike to benefit from using accounting software. Today’s cloud accounting software has advanced features such as remote connectivity, data encryption, inventory management, and more.

To select the best accounting application, you need to look at different factors. The foremost factor that you must consider includes the features of the accounting app. You should then compare the features with the price of the app.

You should also look at the customer review of the app. Reading the reviews will allow you to know about customer support, software issues, and other important aspects of the software. Let’s take a look at the best accounting software available in the market today.

QuickBooks Online

QuickBooks Online is the perfect accounting software for small and medium-sized businesses. The accounting app is mostly used by outsourced bookkeeping service providers. The accounting app supports basic accounting tasks that meet the needs of most small business users.

Accounting information is displayed on the main dashboard. The accounting app supports general journal entries, petty cash accounting, bank reconciliation, and other bookkeeping tasks.

One of the pros of the online accounting app is that it is scalable. You can opt for advanced packages as your business accounting requirements grows over time.

Another advantage of the accounting application is that it supports integration with many third-party apps. The app supports integration with popular apps which results in a streamlined operation.

Moreover, the cloud accounting app allows remote access. This makes the accounting app invaluable in the post-Covid era. It allows individuals to collaborate remotely and work as a team in recording and monitoring accounting-related information.

Sage 50cloud

Sage 50cloud is another popular accounting application. The accounting app is great for small business accounting. You can find a lot of accounting tools. Moreover, the app is also customizable to the requirements of businesses.

You can integrate the accounting app with Microsoft 365. The remote connectivity allows sharing of data with users at diverse locations. It has a large list of tools that allow a detailed record of accounting information.

The inventory management tools are robust. The accounting app is not cheap. But the features make it a worthwhile purchase. The app is particularly suitable for companies that require advanced inventory monitoring features. The advanced version of this app has greater functionality, capacity, and customizability.

Xero

Xero is one of the oldest accounting apps that supports major financial tasks. The app supports all tasks of a double entry accounting system including purchases, sales, inventory, payroll, and bill tracking.

The accounting app also has great report generation capabilities. Moreover, it has advanced financial analytics features that help in gauging the financial health of the company. It also connects with financial websites that streamline the accounting task.

Xero has various integration options. It has a lot of tools that allow the performance of different tasks such as reconciliation of accounts, monitoring inventory, and managing purchases and sales. This is an excellent choice for small business users as it supports improved security and customer support.

One of the unique features of the app is that it connects with various financial websites. It presents smart lists and interactive quotes that help in making financial decisions.

The user interface of the app is not that intuitive. Moreover, it is not that easy to navigate and requires some training to properly use the accounting app.

Zoho Books

Zoho Books is yet another great accounting app for the small business owner. The application has a tidy interface that makes it easy to perform various accounting tasks. It is a large list of tools for managing different accounting tasks.

The integrated payroll app supports advanced functions. It allows in-depth recording of different types of transactions with custom fields. The low-cost accounting app also supports different payment gateways that streamline the accounting task.

The generous customer support helps in troubleshooting issues with the accounting app. However, the accounting app can be complex for business owners. The time tracking feature supports monitoring of time spent on each project.

Overall, the online accounting app is one of the best available for online users. This accounting app completes the Zoho app ecosystem. But the accounting app also works independently with great usability, depth, and customizability options.

FreshBooks

FreshBooks is an intuitive accounting app that supports all functions of double-entry accounting. The app contains all the tools required for basic bookkeeping. It offers the right blend of features and integration that makes it the right choice for freelancers and sole proprietors.

The accounting and bookkeeping app supports robust time tracking, inventory management, and team collaboration. It also supports retainers and proposals for freelance accounting. In addition, the software boasts of automatic mileage tracking using a mobile app.

The only downside of the app is that the app has limited customizability features. In addition, syncing financial information is not flawless. But the app is great for basic accounting tasks such as managing accounts, sending invoices, and monitoring income and expenses.

Sunrise

Sunrise is the best choice for sole proprietors and freelancers who require basic invoice management tasks. The accounting app makes it easy to monitor income and expenses. The app is suited for small business owners and freelancers who require simple accounting software without advanced features such as mobile access, time tracking, and reports.

The free accounting application supports quotes, estimates, and invoices. The invoicing tools make it easy to record and monitor customer invoices. The app also supports cash flow analysis that helps in tracking the inflow and outflow of funds.

A great thing about Sunrise’s accounting app is that it supports multi-currencies. This makes it ideal for freelancers who offer online services to the international target market. The app also supports recurring quotes, invoices, and transactions.

Maxim Liberty offers outsourced bookkeeping services to small businesses. You can contact us today for affordable bookkeeping services. Our professional accountants are well versed in handling bookkeeping tasks for all types of businesses.