The Best Accounting Software in 2023

By Samarpit Nasa | September 18, 2023 10:30 am

In the world of business management, success goes beyond serving customers – it encompasses meticulous documentation, streamlined information flow, invoice approvals, and tax compliance. This is where powerful accounting software steps in, helping businesses not only manage finances but also maintain peace of mind, especially during tax season.

To help you find the ideal accounting solution for your business, we’ve meticulously evaluated numerous accounting apps over the years. We’ve updated our list periodically to ensure you have access to the best options available. In this article, we’ll explore the top accounting software and their integrations for businesses:

Key Criteria for the Best Accounting Software

When assessing accounting software for businesses, we consider several essential factors:

• Business Focus: We focus on all-in-one tools suitable for businesses of various sizes, ensuring they cater to both business owners and accounting teams. Our recommendations are not limited to solutions designed solely for freelancers or invoicing.
• Usability: We prioritize user-friendly interfaces, intuitive navigation, speed, and data security.
• Bookkeeping Features: The best accounting software should efficiently manage invoices, expenses, and all bookkeeping documentation.
• Reports and Dashboards: Our selections provide a range of reports and user-friendly dashboards to provide a comprehensive overview of your business’s financial status.
• Tax Preparation: While not tax filing apps, these accounting tools assist in preparing for tax season by managing tasks like tracking 1099s, configuring sales tax, and enabling accountant collaboration.

Best Accounting Software to Use in 2023

Now, let’s delve into the top accounting software options for businesses:

QuickBooks Online – Best All-Around Accounting Software

QuickBooks by Intuit is a longstanding and comprehensive accounting solution for businesses. It excels in guiding users from initial setup through complex payroll automation with straightforward, step-by-step assistance. The platform offers a well-designed dashboard with informative graphs and balances aesthetics and functionality effectively. QuickBooks handles sales tax and payroll tax, but not tax filing itself. Additional features include cash flow planning, bank reconciliation, and eCommerce integrations. For those with a flexible budget, QuickBooks offers valuable add-ons like Payroll and Workforce.

Pros:

• Cloud-based access from anywhere
• Automatic data backup and security features
• Integration with various third-party apps and services

Cons:

• Monthly subscription fees
• Limited functionality compared to desktop version

Pricing: Plans start at $30 per month and vary based on the number of users and additional features.

Wave – Best Free Accounting Software

Wave simplifies accounting and offers a generous free plan. The core features are free, with revenue generated through processing online payments. It charges a percentage of the invoice amount, similar to other payment platforms. Wave also offers integrations, payroll automation, and accounting coaching, making it an all-in-one solution. While primarily available in the U.S. and Canada, Wave stands out for its user-friendly experience, strong features, and cost-effective approach.

Pros:

• Free to use for basic accounting needs
• User-friendly interface and intuitive navigation
• Offers invoicing, expense tracking, and basic financial reports

Cons:

• Limited advanced accounting features compared to paid alternatives
• Customer support options are limited for free users

Pricing: Core features are free; online payment processing fees apply.

Xero – Best for Project Tracking

Xero, originating from New Zealand, is known for helping businesses “do beautiful business.” It excels in project management, allowing users to track projects at various stages. The dashboard provides essential project metrics, such as estimates, invoiced amounts, time and expenses, and deadlines. Xero integrations offer comprehensive bookkeeping features, including invoices, expenses, purchase orders, and more. It also has a vast app store for seamless integration with various business tools.

Pros:

• User-friendly interface
• Cloud-based accessibility
• Integration with third-party apps

Cons:

• Limited advanced features for large businesses
• Additional costs for some features

Pricing: Paid plans start at $13 per month; project tracking is available in the $65 per month Established plan.

LessAccounting – Best for Vehicle and Mileage Tracking

LessAccounting provides a user-friendly interface with helpful written assistance throughout the platform. It stands out by allowing users to track company vehicles and mileage, making it ideal for businesses with a fleet. The software offers budgeting features, automated “Monday emails” with business statistics, and integrates with popular payment gateways. Additionally, LessAccounting offers a team of accountants to assist users during tax season.

Pros:

• User-friendly interface
• Affordable pricing options
• Robust expense tracking features

Cons:

• Limited advanced accounting functionalities
• Lack of integration with certain popular business tools

Pricing: Free plan available for invoicing; paid plans start at $24 per month for accounting features.

Zoho Books – Best for Software Suite Integration

Zoho Books is part of the robust Zoho software suite, offering a comprehensive accounting solution with numerous features. While its interface can appear cluttered at times, it provides powerful bookkeeping tools, project and time tracking, and budgeting features. Zoho integrates with multiple payment portals and offers advanced tax tracking capabilities. It’s an excellent choice for businesses seeking seamless integration within the Zoho ecosystem.

Pros:

• User-friendly interface
• Comprehensive features for small businesses
• Integration with other Zoho apps

Cons:

• Limited advanced accounting capabilities
• Steeper learning curve for complex accounting tasks

Pricing: Free plan available; paid plans start at $12 per organization per month, with the option to add additional users.

Conclusion

These top accounting software options for businesses cater to a wide range of needs and preferences. Whether you prioritize project tracking, free accounting solutions, or comprehensive software suite integration, you’ll find a suitable choice among these recommendations. Discover the best accounting software to streamline your business’s financial management and ensure compliance with tax regulations.