Top 5 Online Accounting Software - Updated

Elise Williams

2023-09-08 16:30:03 • Filed to: Software for Business • Proven solutions

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Well-managed accounting practices are a perquisite to business success. Businesses with organized books and qualified accountants have a leg up on the competition. However, you don’t need a top of the line accountant in order to reap the rewards of well-kept books. The Internet is filled with software that will not only help you to manage your accounts, but will do most of the work of managing them for you. In this article we take a look at the best online accounting software available on the market. We’ll cover everything from online billing software all the way to general accounting software so you can find the package that’s right for you.

Choose the Right Online Accounting Software

1. FreshBooks

FreshBooks is another favourite with individual accountants and small businesses across the world. Known as a flexible and complete online accounting system, it has a wide range of customizable features to keep control of your finances. FreshBooks has all the standard features to manage the business accounting workflow such as banking reconciliation, creating invoices, creating and monitoring financial reports, and tracking income and expenses. Like other online accounting software programs, the interface is attractive and makes it easy to monitor financial activity.

The program stands out when it comes to customization of documents and the wide range of reporting tools and functions it offers. Permission level settings allow multiple stakeholders to work on the same accounting project and only see the data they should have access to, providing complete control and security of your data. FreshBooks is a respected and reliable online accounting software for small businesses and accountants.

Pros

• Easy to use
• Quick report generation
• Cloud-based with good data backup
• Support and training documentation available

Cons

• It can be hard to learn at first
• Slow running
• Limitations for fast growing companies

2. Xero

Web-based accounting program Xero is often referenced as the best online accounting software for small businesses. Accessible anywhere via its desktop program or excellent mobile app for both iOS and Android, Xero has been created to take the effort out of your accounting processes.

Xero’s range of user-friendly features means it is an effective online accounting software for small business. Features include simple invoicing, inventory, bill payments and payroll, plus a dashboard with an overview of the business’ current financial situation. The program offers effortless bank connection and consolidation, as well as security features to protect your sensitive financial data.

One special feature allows you to view how much time and money has been spent on specific projects. Xero is an accessible, complete accounting solution for small businesses and worth considering.

Pros

• 24/7 customer support
• Simple to use, even for basic users
• Simple integration with other programs
• Good value for money

Cons

• Complicated payment plans
• Unreliable functionality on app
• Difficult to fix errors on entries and documents

3. Wave

Wave really stands out in the world of online business accounting software because it is 100% free! It is also rated highly by the computing industry (it was PC Mag’s Editor’s Choice) because of its simple and effective features.

It is not quite as advanced as some of the other options that you pay for, but Wave does offer all the features you need for simple and effective accounting for your small business, including profit and loss, invoicing and banking connections. The special app allows you to scan paper receipts and invoices so you can upload them to the system in minutes – which is a huge time-saver.

Excellent reporting and security functions make Wave a contender for best online accounting software for your small business.

Pros

• 100% free to use
• Receipt scanning app to easily upload paper documents to the system
• Reliable and easy to use

Cons

• Slow to load at times
• Does not easily link to all bank account types
• Not as flexible as other account programs

4. Zoho Books

Another great option for online accounting software for small business is Zoho Books, which has been created for simple money management for small businesses.

It comes with the basic features for online accounting software, and is one of the easiest programs to learn, because it doesn’t require any specific skill set to work with your accounts effectively. Unlike other accounting software mentioned here Zoho Books is completely scalable to the size of your business as you grow, as well as being fully tax compliant with its documentation and reporting.

Security is also a key feature here. Your financial data is secured with 256-bit encryption, two factor authentication, and virus detection and prevention.

Pros

• Easy to use
• Simple user interface
• Fair pricing
• Excellent security

Cons

• Lacks some basic functions
• Limited customer support
• No available integrations
• Not as user-friendly as other software available

5. Sage Intacct

Sage Intacct is another online accounting software which is popular among midsize enterpises. You can manage order, cash and accounts paybale process. It also allows to calculate sales tax and VAT with the help of built-in integration with Avatax.

Pros

• Cover all the fundamental features
• Revenue recognition
• Reasonable pricing

Cons

• Not user-friendly
• Customer service not good enough

PDF Solution for Your Accounting Software Online

Despite the many functions online accounting software can offer, it may not have all the tools you’re looking for when it comes to your accounting needs.

PDFelement provides a full solution for creating a flexible and collaborative work environment.  Using PDFelement, you’ll have flexibility when working with your accounting documentation, and can share it across all teams and departments. All your paper files can be instantly converted into editable digital files that you can comment on, amend, and add to. You can create and complete fillable forms with ease in a matter of minutes and safely share documents. In addition, PDFelement can help you save time and resources in completing accounting work.

Try It Free

Additionally, the program’s Bates numbering functionality allows for simple tracking of documents alongside robust security options such as password protection.

Here are two PDFelement solutions to help you unlock your accounting power.

Extracting data

Reduce the time and resources required to extract data from documents and forms for use in your accounting workflow. PDFelement makes it simple to extract the date from documents with automatic data extraction at the click of a button. Accounting staff will never need to manually process or retype data ever again, giving them time to devote to important accounting work.

Try It Free

PDFelement also allows full customization of specific parts of the form you need to extract data from, as well as batch data extraction and direct exporting into Excel for further analysis. All data that is extracted is exported as an analysis-ready format to aid in your financial reporting.

Creation of fillable forms

Filling out forms when working with traditional physical documents and accounting software can be a very time-consuming process. But not with PDFelement! Any PDF form can be quickly transformed into an editable digital form with ease. You can also easily create forms from scratch!

Try It Free

Create new forms using simple drag and drop functions. They will be instantly interactive and fillable. The ‘form’ section within the editing platform allows users to drag, edit and place elements such as form fields, tick boxes, buttons, combination boxes, and digital signature boxes to match all your form needs.

Working with digital forms that can be instantly edited is hugely beneficial to your business. You will get deals signed more quickly and remove the need for scanning, printing and constant email communication to get the data and signatures your accounting department needs.

For desktop solution, please check out here: Accounting Software for Windows and Accounting Software for Mac.

Free Download or Buy PDFelement right now!

Free Download or Buy PDFelement right now!

Buy PDFelement right now!

Buy PDFelement right now!

Elise Williams

chief Editor

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