20 Best Accounting Software | 2023 Reviews and Pricing

Accounting software helps accountants & bookkeepers record and report financial transactions. Invoicing, general ledger reconciliation, accounts payable (AP), and accounts receivable (AR) are among the recurring processes of business accounting software. Investing in an accounting system can help you streamline and automate various business functional processes, improving operational efficiency and ensuring accurate records.

Accounting software can come with cutting-edge features like the depreciation of specified assets and multi-currency support, depending on size.

A company’s accounting department varies in size depending on the size of its company, and the complexity of its operations, and accountants, controllers, chief financial officers (CFOs), and other accounting department members use accounting software.

The accounting department can include one person responsible for everything or many employees accountable for a specific financial operation, including AP, AR, cash management, or expenses.

• Accountants

Financial reporting is done by accountants using the latest accounting software, which includes forecasting, profit and loss statements, and cash flow statements.

• Accounting Corporations

External accountants may be required to use the software of the customer or their software to help clients with their finances. Accounting firms manage finances for their customers.

• Managers/CFOs

Using accounting software, executives ensure that controls are built into how data is compiled, assess the company’s financial position, and ensure that rules are built into their system. Most executives require access to financial reports and dashboards but rarely handle transactions or other accounting tasks.

 

Various types of accounting software available in the market can meet diverse organizational requirements. Below are some of the types of accounting systems:

Cloud VS. On-Premises

• Cloud

Users can pay on a usage-based basis for cloud-based solutions since they are easy to implement, do not require hardware investments, and don’t require hardware investments.

Cloud tools often find it difficult to provide robust offline functionality that allows users to access accounts and complete actions without connecting to the internet. Because cloud accounting is cheaper, it is usually the best option for small businesses.

• On-Premises

On-premises systems might be client-server tools, which require each user to install software or be browser-based. Investing in hardware and IT support is required for on-premises tools, which offer additional security and can usually be customized without vendor involvement.

Based on the size of the company

A small business accounting team will typically look for a tool that offers a low-cost, easy-to-use interface that can handle billing and invoices. Most of these services are cloud-based and have mobile phone apps, offering convenience to the small business owner despite their simple, standard bookkeeping and financial reporting capabilities.

A large company needs software that can handle complex accounts with input from multiple roles. Due to higher volumes and greater complexity, reconciliation measures should be more rigorous. Larger companies can also ensure the integrity of accounts maintained by various employees by implementing audit trails and security measures.

Suite VS. Best of Breed

There are many modules within suite systems for accounting, inventory management, expense management, time management, payroll, etc., which make reconciliations between these accounts simple and automated. In addition, more specialized companies may benefit more from a system that caters to their needs.

For example, a service provider may only need an accounting system that manages expenses; a consulting firm may only need an accounting system that includes time-tracking information.

Based on the industry

Buyers must determine if a product is specialized in meeting their industry’s standards or is versatile enough to be customized to meet their needs since tax codes, regulations, and best practices differ by sector. Companies of all sizes, whether small businesses or established companies, can be affected by this.

Accounting software comes packed with many benefits that can give your firm a distinct competitive advantage. Some of the most significant benefits of accounting software include:

1. Saves time

Accounting solution takes some time to get up and run. Still, once you do, they will save you hours of manual accounting by automating previously time-consuming manual processes. Also, it will save you hundreds of hours by taking over time-consuming manual bookkeeping and accounting processes

2. Generates financial reports quickly

You can easily download your Earnings Statement, Balance Sheet, etc., which contains key insights such as a month, quarter, or year’s income and expenditures with the click of a button in accounting software platforms.

3. Promotes data accuracy

Whenever you make changes to your records, you don’t have to manually update multiple cells in multiple sheets. Instead, accounting software will automatically update your financial statements and reports to reflect any changes you make to keep your data error-free.

4. Simplifies payroll

Even though you may need a technical payroll system at some moment, many small businesses use accounting software to keep track of their payrolls. In addition, using accounting software lets you automate worker payroll, estimate healthcare and insurance contributions, and figure payroll taxes.

1. Financial Reporting

You can generate financial reports with any accounting program, but some programs have more basic features than others, and some require you to pay more for advanced features.

If you need precise financial reports, you’ll want to guarantee they’re present in the software application and your chosen plan. Detailed information can assist you in making informed business decisions based on your financial data.

2. Bank Feed

This feature lets you connect your business bank and credit card accounts to receive daily transaction updates. Many people like this feature because it saves time by not manually uploading transactions. It also lets you see a daily overview of your accounts rather than just monthly.

3. Recurring Invoices

You can schedule recurring charges, such as subscriptions, to be automatically billed using this feature. In addition, you can set how frequently invoices are sent, such as every day, each week, monthly, or annually, and specify an end date.

4. Integrations

It saves you a lot of time to connect your accounting software to different programs because it eliminates the need to move data between them manually. Among the popular integrations available with accounting software are payroll, payment processing, point-of-sale (POS) systems, and customer relationship management (CRM).

Compare Accounting Software Products

Depending on the industry and the buyer’s needs, the buyer might want to create a long list of business software designed to assist businesses in the particular industry, such as retail, manufacturing, restaurants, etc. For example, platforms are built explicitly for companies operating in retail, manufacturers, and restaurants and for many commercial organizations.

Accounting software built for smaller businesses is often easier to use but lacks advanced features in enterprise software. After reviewing the software on the longlist, the buyer can narrow down this list based on budget. It is readily available to suit all budgets, and some general accounting applications can be downloaded for free or purchased off the shelf at a lower price.

Selection of Accounting Software

Negotiating a contract is an important part of any business relationship. Whether it is about performance protection, security protection, or just ensuring that both parties agree on what they want from each other, gathering all the relevant information is essential before signing off on the deal.

Here is a list of accounting software in India for your business:

1. Sunrise

Invoicing, recurring invoices, costs, estimates, and much more are possible with Sunrise, India’s most used accounting software for lone entrepreneurs and small companies. In addition, a new feature called Capital Health has recently been added to Sunrise, which improves the account balance visualization, and other accounting categories improvements have also been made to the app.

Features

• Tax & Cash Management
• Spend Management
• Purchasing & Multi-Currency
• General Ledger
• Expense Tracking

Pros

• The dashboard is detailed and elegant.

• Real-time business progress is provided.

• All kinds of transactions can be easily managed.

• A Plethora of payment options is available.

Cons

• The user internal needs a bit of rework.

• The system is lethargic in generating reports and statements.

• The automation feature is not that accurate.

User Reviews

Chris has reviewed Sunrise as – “Great software for small business owners. It organizes and streamlines business accounting procedures. Which eventually led to business growth.”

Compatibility

• Windows: No

• IOS: No

2. Zoho Books

Zoho Books is the cloud accounting solution for growing businesses. With Zoho Books, you can simplify company transactions, track revenue and costs, automate business operations, and connect with other enterprise systems, such as CRMs and inventories.

Using automation features such as reminders for payments, scheduling reports, and setting triggers for certain workflows, business owners can save much time from repetitive bookkeeping tasks.

Features

• Customizable Invoice Templates
• Online payments & Transaction approval
• Recurring expenses
• Inventory tracking
• Schedule & Customize reports

Pros

• The layout and UI are pretty clear and understandable.

• The software is easy to integrate.

• Customizable reporting dashboard.

• Easy navigation makes it simple to adapt.

Cons

• Appropriate support is not offered post-purchase.

• The software is not scalable as promised.

• The account-sharing feature needs some rework.

User Reviews

Emran has reviewed Zoho Books as – “The capacity to raise solicitations, deals requests and appraises and the data be imparted to the CRM side of Zoho. We generally had two frameworks and needed to enter information for clients twice. Utilizing Books and CRM has smoothed out our client information, detailing, and examination apparatuses.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes

3. Microsoft Dynamics 365

As a comprehensive business administration solution, Microsoft Dynamics 365 Business Central links small and midsize businesses’ finance, sales, and operations teams to a single, user-friendly application, enabling them to accelerate deployment and adoption with a step-by-step onboarding process, contextual next-best action intelligence, and interoperability with Microsoft 365 applications.

Features

• Finance management
• Purchasing and payables
• Inventory management
• Service management
• Supply planning and availability

Pros

• Provides accurate and assistive insights.

• The charts and reports provided are comprehensive.

• Effective cash flow management can be done with precise reporting and analysis tools.

• Highly intelligent and intuitive software.

Cons

• The customization feature is not up to the mark.

• Ineffective integration with other platforms.

• The availability of so many features makes operability confusing.

User Reviews

Jenkin has reviewed Microsoft Dynamics 365 as – “I Love the software interface; It’s User friendly and easy to understand and maneuver. The Features in it fully detail how well programmed the software is.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes

4. Wave

Using Wave Accounting, businesses can streamline bookkeeping by invoicing, billing, tracking payments, managing payroll, processing credit cards, and scanning receipts. In addition, to improve efficiency and accuracy in bookkeeping, businesses can manage all bank account and credit card information in real time with Wave’s bank reconciliation tools.

Features

• Invoicing
• Billing & payment tracking
• Payroll management
• Credit card processing
• Receipt scanning

Pros

• Billing is simple and can be done quickly.

• Plans are cost-effective.

• Automated transaction updating is the finest feature.

• Simple to operate and offers a user-friendly interface.

Cons

• Setting up the platform is complex.

• Customer service is not helpful enough.

• Reports are non-comprehensive.

User Reviews

Tulsi has reviewed Wave Accounting – “Wave Accounting has helped me save a huge chunk of money by taking charge of handling my accounts. Now, I don’t require my CA, Starting from sales report generation to tax filing; it has helped me in all aspects. But the development team has to work on integrating its app as it consumes a lot of space.” Read more reviews

Compatibility

• Windows: No

• IOS: No

5. myBillBook

myBillBook is amongst the top 10 accounting software in India. A company owner can set up role-based approval protocols using myBillBook’s data security tools for different data users. In addition, the log management tools on myBillBook provide executives with real-time visibility into everyday workforce movement. Experts can also monitor and track production processes to identify bottlenecks.

Features

• GST Invoicing/Billing
• Analyze business reports
• Customized bills and invoices
• Flexible printing options
• Barcode scanning

Pros

• Payment reminders and due date alerts are provided.

• It is a free tool that is highly assistive for start-ups.

• Easy adaptability and self-explanatory processes.

• Easy tracking of expenses and effective cash-flow management.

Cons

• Reporting is not as detailed as required.

• Customizations can be improved.

User Reviews

Nidhi has reviewed myBillBook as – “ myBilBook offers an excellent service for businesses looking for a comprehensive and efficient solution for their billing and software needs. The software is user-friendly, and the billing system is easy to set up and manage.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes

6. Vyapar

One of the best accounting software in India, Vyapar, is used to manage a company’s day-to-day business activities. A few of the features of Vyapar are easy and fast billing, bar-code generation, free transaction messages, payment mode selections, printing and sharing invoices, etc. Some include other accounting categories such as billing, accounting, inventory management, online sales management, etc.

Features

• Invoice History & Creation
• General Ledger
• Billing & Invoicing
• Financial Reporting
• Income & Balance Sheet

Pros

• Repetitive tasks can be automated.

• Real-time performance reporting is offered.

• Compliant with taxation rules and regulations.

• Easy to integrate with other software.

Cons

• It requires time-consuming training.

• Advanced features are fewer as compared to other providers.

• Software buffers many times, which causes errors.

User Reviews

Junaid reviews Vyapar as – “In summary, the service offers a good value for the cost and includes useful reports for tracking daily business activities. It also includes reminders for payments and dues, making it a worthwhile investment.” Read more reviews

Compatibility

• Windows: Yes

• IOS: No

7. NetSuite

Thousands of organizations use NetSuite to automate key processes and gain real-time visibility into operations and financial performance by automating core processes. Organizing accounting, goods, production, supply chain, and warehouse processes is more comfortable with a single, integrated suite of applications.

Features

• General Ledger
• Cash Management
• Accounts Receivable & Payable
• Tax Management
• Fixed Assets Management

Pros

• Customization is good for operational and financial requirements.

• The software is intuitive, and it offers a good user experience.

• Easy to adapt to the availability of several modules for various business functions.

• Automated processes make accounting tasks easy to accomplish.

Cons

• Configuring the software is a complex task.

• Report-making is a tedious task and can be improved.

• UI is not advanced as compared to other software.

User Reviews

Aryan has reviewed NetSuite as – “It’s a amazing product. I have also recommended many of my colleagues to this application. It is quite smooth and faster than other applications. When I decided to buy this product, I was a bit worried that if it didn’t work, it would be very bad for me to do our work, but it did perfectly work for me.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes

8. Xero

A double-entry accounting solution for small businesses, Xero supports sales, assets, accounts, costs, inventory, and payroll. In addition to providing great reports and cutting-edge analytics, Xero also offers tools to track projects. As part of its automation processes and improved connectivity with financial websites, it makes good use of artificial intelligence.

Features

• Send invoices
• Bank reconciliation
• Pay bills & claim expenses
• Accept payments & Track projects
• GST returns

Pros

• Payments and expenses can be effectively tracked.

• The dashboard is informative and easy to navigate.

• Highly accurate inventory management and tracking feature.

• Invoices are generated on a real-time basis.

Cons

• Several other advanced features are not available.

• Customer support needs to be improved.

• Customization and automation features must be upgraded to enhance efficiency.

User Reviews

Donna has reviewed Xero: “I use this software every day, re-occurring invoicing and client payment methods are a must these days, and Xero has all this and more.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes

9. AlignBooks

One of the best accounting software in India, AlignBooks aspires to help CAs and enterprises of all sizes. With AlignBooks, you can save money on LAN infrastructure, anti-virus protection, and data backups compared to other tools.

In addition, the offline version provides a smart solution for customers who want to maintain multiple company accounts simultaneously.

Features

• Inventory management
• Expense tracking
• GST invoice generation
• Payment tracking
• General ledger

Pros

• Pretty straightforward and easy-to-use software.

• Error-free auditing of books and statements is feasible.

• Tools are provided that automate the accounting process.

• The customer support team is highly responsive and knowledgeable about their products.

Cons

• The application is not quick and lags sometimes.

• Complications in operations are caused due to frequent updates.

• The user interface can be upgraded to a great extent.

User Reviews

Shweta has reviewed AlignBooks as – “AlignBook is an easy-to-use software; the team is always there to support and answer queries. I hope the group also helps in the future when required.” Read more reviews

Compatibility

• Windows: Yes

• IOS: No

10. Sap ERP

SAP ERP Financials Management application provides a general ledger, journal entries, cost accounting, budget management, financial reporting, multi-currency support, and many other features. SAP ERP is a fully functional ERP solution that enables tracking, management, analytics, reporting, compliance, and collaboration.

Features

• Accounting
• Purchasing and Inventory Control
• Fixed asset management
• Banking and reconciliation
• Financial reporting and analysis

Pros

• Most advanced functionalities are offered.

• Reporting and analytics features are quick and reliable.

• Fully featured platform for all accounting needs.

• Suitable for all kinds of businesses.

Cons

• The software is too costly.

• Support services can be improved.

• The platform is not easy to navigate.

• The dashboard is confusing as too much information is stacked in one place.

User Reviews

Harvey has reviewed SAP ERP as – “The platform simplifies the processes to a great extent, and the speed it offers is outstanding. Also, the features are highly scalable and offer good ROI.”

Compatibility

• Windows: Yes

• IOS: Yes

11. BlackLine

BlackLine automates workflows, delivers a safe, centralized workspace for period-end accounting movements, and facilitates financial reporting so that accounting and finance can handle and control the end-to-end financial close process. As a result, teams can focus on analyzing discrepancies and identifying new ways to create value for the organization.

Features

• AR intelligence
• Cash application
• Collections management
• Credit & risk management
• Disputes & deductions

Pros

• Offers the finest control over accounting procedures.

• Easy to adapt and user-friendly.

• Accurate analysis is offered based on the transactions recorded.

• Customization at its best.

Cons

• The reconciliation feature is not that accurate.

• Reporting is detailed but confusing at the same time.

• Its implementation is time-consuming.

User Reviews

Micheal has reviewed BlackLine as – “Real-time and detailed reporting feature is highly beneficial in comprehending the current financial state of business. The framework of the software is highly secure, and advanced features are offered.”

Compatibility

• Windows: No

• IOS: No

12. Freshbooks

FreshBooks is a small business accounting software product well-suited to freelancers and independent contractors. With its powerful invoicing feature and customizable invoicing, it stands out from the competition. Invoices are sent on the go, receipts are scanned, and mileage is tracked; inventory is tracked for billable items; no double-entry accounting reports are included in the least expensive plan.

Features

• Invoicing
• Time and expense tracking
• Simple project management
• Accounting applications
• Accurate Payroll Information

Pros

• One-stop solution for all accounting needs.

• Invoice generation and tracking can be easily managed.

• Customization as per business needs is feasible.

• The dashboard is highly optimized.

Cons

• The automation feature can still be improved.

• Bugs are found frequently, which slows down the processes.

User Reviews

Ahmedy has reviewed Freshbooks as – a “Great tool for freelancers. Quick to learn and saves you money on professional fees. Great freelancing site. Good customer service probably gets 10-20% of people to pay on time because when you send the invoice, there is an easy online method of paying via a credit card right there.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes

13. QuickBooks Online

QuickBooks Online is one of the best accounting software for small businesses. Upon completing the 30-day free trial, monthly subscription plans start at $25 per month, offering more advanced features such as inventory management, time tracking, more users, and cash flow.

Features

• Cloud Accounting
• Invoicing
• Online Banking
• Cash Flow Management
• Time Tracking

Pros

• Accounts can be accessed via several platforms anywhere.

• Highly secure infrastructure provides effective data protection.

• Zero data loss due to accurate sync and backup feature.

• 24/7 availability of support is the biggest benefit.

Cons

• Reporting module can be improved.

• Some features can be enhanced to improve functionality.

• High learning curve.

User Reviews

Manisha has reviewed QuickBooks Online: “I liked it very much and recommended it to everyone. It’s too good. It is pocket-friendly and a time saver. It is just like its name quick. This is a must in the modern era. I loved my work experience on it. It is beneficial for you to know that we can get started in the right direction. I am not sure if you need anything else from this software.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes

14. TallyPrime

Business management software TallyPrime enables businesses to manage all business functions through a single application, including invoicing, accounting, inventory, banking, cash flow, credit management, taxation, payroll, and cost management.

With TallyPrime, you can manage multiple business functions in an integrated manner, eliminating complexity and allowing you to focus on growing your business.

Features

• Invoicing & Accounting
• Inventory Management
• Insightful Business Reports
• GST/ Taxation
• Credit and Cash Flow Management

Pros

• Reports generated can be customized as per the requirements.

• The support offered is exemplary.

• Even tedious tasks like ledger and invoice creation can be automated.

• All the tax laws, like GST, TDS, etc., are complied with.

Cons

• Operability needs to be more efficient.

• Reports take a long to load from the server.

• Tough to integrate with other software.

User Reviews

Arpit has reviewed TallyPrime as – “Tallyprime is a brilliant platform for business management. This software allows us to easily make a new company manage our business and monthly turnover. Tally is one of the most widely used accounting software in the country. Prime is available in both the Application & web versions, where the web version has nearly all the features except the shortcut keys, which is considered the best thing about Tally. It’s simple to operate on Tally, and it’s effective daily use.” Read more reviews

Compatibility

• Windows: Yes

• IOS: No

15. Sap Business One

SAP Business One is an incorporated enterprise management solution for small and medium-sized businesses. You can access the SAP Business One software in the cloud or on-premises.

You can streamline and manage your vital business processes with SAP Business One in one integrated package. As a result, you can monitor every aspect of your business more effectively and make better decisions. This includes finances, customer relationships, warehousing, reporting, and purchasing.

Features

• Purchasing and Inventory Control
• Procurement
• Master data management
• Warehouse and accounting integration
• Accounts payable

Pros

• It is compatible with both small and large businesses.

• Robust functionalities make it one of a kind.

• Analytics offered are on a real-time basis and is highly accurate.

• The main benefit is that platform is customizable as per the requirements.

Cons

• Not at all cost-effective.

• The software is tough to adapt, so professionals are required to operate it.

• Integration is a major issue with the software.

User Reviews

Burak has reviewed SAP Business One as – “You can track every history of an item/purchase order/a transaction with SAP. No one can make a mistake and delete it. There are tons of transactions to be discovered. Viewing a purchase order history is the best to understand. Checking the vendor line items gives you a brief summary easily.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes

16. odoo ERP

Open-source, Odoo software includes hundreds of expertly designed business applications that are fully integrated, customizable and open-source. Among Odoo’s intuitive database options are CRM, Sales, Projects, Manufacturing, Inventory, and Accounting, to name a few.

As a result, Odoo is a comprehensive software package that meets the needs of all businesses, regardless of size (or budget).

Features

• Accounts Receivable
• Clean customer invoices
• Credit Card Payments
• Control supplier bills
• Automate bank feeds

Pros

• Several kinds of modules are available, which makes the work easy.

• Being an open-source platform, it is highly secure.

• A huge number of applications are in-built making usability convenient.

• Jam-packed with features and advanced functionality.

Cons

• The user interface is poor.

• Support teams are not at all competent.

• Frequent update hampers the flow of operations.

User Reviews

Harry has reviewed Odoo as – “Simple and effective integration with third-party applications is a major relief. Advanced functionalities are offered at affordable prices. Apart from that, it can be easily customized as it is an open-source platform.”

Compatibility

• Windows: Yes

• IOS: Yes

17. Sage Intacct

Sage Intacct is a flexible business accounting software with excellent accounting abilities for hundreds of companies worldwide. Sage Intacct offers lots of core accounting applications, such as a general ledger, AP, AR, cash management, etc., to any accounting department or finance team.

Features

• Dynamic Allocations
• Revenue Recognition
• Multi-Entity and Global Consolidations
• Vendor Payment Services
• Spend & Inventory Management

Pros

• Features are dynamic and improve operability.

• The analytics feature is robust, which improves decision-making.

• The software can be easily integrated with other platforms.

• Streamlines the processes and enhances efficiency.

Cons

• In comparison to other providers, the dashboard is not that advanced.

• The report writing feature can be upgraded.

• UI gets confusing as customization is not its strong suit.

User Reviews

Charleen has reviewed Sage Intacct as – “It is a solution to the difficulties of administration and financial control. Thanks to the robust integration with other Software, we can generate detailed reports. It is also a tool that can be used by my entire team without any difficulty, thanks to the fact that it has a straightforward interface. I also want to mention that the license costs are adequate depending on the functions it allows.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes

18. FreeAgent

FreeAgent is a highly regarded online accounting tool exclusively for SMBs, independent contractors, and bookkeepers. FreeAgent helps thousands of freelancers and businesses keep track of their finances.

FreeAgent aids business owners in handling day-to-day administrative tasks, such as controlling spending, managing RTI-compliant payroll, and time tracking, as well as preparing and sending invoices and keeping track of cash flow.

Features

• Custom invoices
• Profit and loss statements
• Automated bank feeds
• Offers PayPal, Stripe, and GoCardless Integrations
• Timesheet reporting

Pros

• Simple usage makes the platform preferable.

• It is quick to operate, allowing the user to accomplish tasks quickly.

• Insights are offered on how to make the usage more efficient.

• Highly intuitive software and cost-effective.

Cons

• The integration process with third-party applications is complex.

• Support teams are not responsive enough.

• Professionals are needed to be employed for effectively operating the platform.

User Reviews

Raunaq has reviewed FreeAgent as – “My experience with this software is good, I will write some pros and cons for it. PROS Excellent dashboard. Understandable navigation. Thorough contact records. The appropriate feature set for small businesses and freelancers. CONS Few connections to external payment account providers and e-commerce sites. The user interface and navigation are not state-of-the-art. Non-standard inventory-tracking. Few add-ons. Doesn’t project estimated tax amounts. Few reports.” Read more reviews

Compatibility

• Windows: Yes

• IOS: Yes