If a business will survive or fail can be tied to how well you manage your accounting and that is where the use of an accounting software comes in.
But choosing the right one that suits your business can be a challenging task. That is why we have created this post. The purpose is to help businesses understand some of the pros and cons of different accounting packages which in turn can help them make a better decision when it comes to picking the right software for their business as your business grow.
This post will be updated regularly to feature the new software as they are introduced into the market and update of the existing list.
Top 9 Accounting Software
As its name implies, it is designed for Windows and can’t be used on Mac, though there is the Mac version also. It is popular small business accounting software. It is applicable in general ledger, payroll, receivable and payable accounting purposes. It is useful in contact management and for easy mailing of clients and vendors.
- Applicable in Purchase Order
- Useful in Invoice preparation
- Applicable in Aging
- Applicable in tracking payable
- Applicable in trapping receivable
- Applicable in tracking expenses
- Can only be hosted locally
- Some templates are difficult to modify or alter
- Updates tend to be expensive with many of the updates containing little or no improvement or enhancement compared with the previous version.
- Support not especially responsive.
It is yet another small business accounting software designed to help manage personnel, resources and time in an organization. It comes in both the desktop and online versions. It eases the stress of project management in the small business.
- Applicable for tracking time
- Best for task management
- Eases email communication among team members, especially when they work from different locations.
- Informs all team members about timeline and progress of the project being undertaken.
- Purchasing is expensive
- It costs quite a lot to use the online version
- It takes time to learn about its various components
- Lot of time is required to assign duties to team members, enter data into the software, define milestone and plan projects using this software.
- High level of expertise is required to use it.
It is among the best for basic accounting needs. It is built to handle rather tricky accounting tasks and can traverse accounting terrains where several other software dare not tread. It comes with tax rate and multiple currency supports too. It is highly flexible and can be modified to meet the individual needs of clients.
- Provides support for multiple tax rate
- Also supports multiple currency setups
- Highly flexible
- Enables easy support for clients, irrespective of the diverse location of such clients.
- Complicated navigation
- Requires long period of time to learn and understand its workings
- Expensive update cost.
The ease of use and the level of flexibility experienced with this accounting software largely depends on the particular business organization using it. It is reliable for various accounting purposes. It is equally referred to as SAGE Pro ERP. It has found use in Fixed Asset, Service Calls, Sales Force Automation and Point of Sale purposes. Additionally, it is useful in Kitting, Distribution and Manufacturing companies. Its design is founded on Microsoft Visual Studio. It can be accessed via Microsoft Excel and Microsoft Access.
- Provides top notch accuracy
- Proper data inventory is carried at the point of data feed
- Highly versatile software
- More affordable than many others in the same category.
- Its operation is prone to mistake
- May pose more complexity for first-time users
- Classification of revenues and expenses stand greater chance of being pitted with errors.
- The controller takes responsibility for all errors related to the use of the software.
This is a special resource planning software. It is built with a major focus and that is the proper control of the management and planning aspects of any business. Business operations, accounting, and all other standard business activities can be professionally handled using this software. It is applicable in warehouse management, transportation management, Procurement & Purchasing and Order Management.
- Best for job-shop, make-to-order and mixed mode manufacturers.
- Accompanied by highly effective and reliable customer support
- Provides opportunity for demo use to enable the organization decided on whether or not to buy
- Provide support for workflow integration
- Engineering drawings can be employed in producing order directly
- Built to provide deep insight to the end users.
- Not provided with mobile application
- Navigation is somewhat complicated since end user will have to switch from one screen to the other while using the software
- Features comparatively weak CRM option
- Language availability limited to English.
This is a high-end software no doubt. It was formerly referred to as Axapta. It is built to support up to 45 languages. It was upgraded in 2011 to include varieties of new features in an attempt to improve on end-user’s experience. Public sector companies and retail industries will find this software very useful. Its multifunctional modules enable it to meet rare and complex production and manufacturing needs. Some of the modules include Project and Administration Accounting, Production module, Product Builder, Human Resource Management, Master Planning, Inventory Management and lots more.
- Comes with many drill down features
- It makes space for complex customization
- Easy integration to third-party software, which is enabled via .NET Business Connector.
- Highly scalable and flexible.
- Built only for certain types of businesses and may be unsuitable for many others
- Options are too low for add-on features and supports.
- Payroll module is absent from the core set of modules.
It is from Oracle and it is equally a high-end accounting software. It is highly comprehensive with virtually all very important business applications included in it. All common functionalities, like supply chain, marketing, accounting tools, CRM and ERP are included in it.
- Java, Oracle, Apache Web Server and various other technologies are included.
- All the modules work in unison and without hitch.
- All major business needs are met by the software
- Implementation cost is low
- Highly dynamic software
- Some end-users find it rather too complex
- Choosing the right tool to use at any particular time can be challenging since so many features/tools are included
- Many of the features are useless and somewhat burdensome to smaller companies
Quickbooks: Quickbooks is an accounting software designed to manage accounting function for small businesses who do not have a lot of accounting knowledge.
- Large support because of lot of people uses
- Cheap to purchase
- Easy to understand and use even for non-accountant
- Direct online access.
- The online version exposes your company info to hackers
- It does not offer all the accounting processes used by professional accountants
- It allows for easy editing and deleting of transactions which could enhance fraud.
- Inventory management-very problematic.
- 9. Peachtree
: Peachtree is an accounting application for small & medium size businesses. Peachtree enables managers to manage numerous accounting task.
- Very good for companies manufacturing their own goods. Enables you to define refer vendors and create master items
- Powerful payroll features, tracking vacations and sick time
- Flexibility in reporting enables you to give detailed reports about your transaction and company as a whole.
- It can be very difficult for new users without accounting background to understand.
- It is not user-friendly terms of overall budgeting
- It’s major weakness s in reporting where it’s choice of filters.
- Editing on peachtree could be very cumbersome.
Which of these accounting softwares have you used. What do you like or dislike about them?