Your business is growing rapidly, and you realize you’re starting to lose track of the different threads of your financials. It’s time for professional accounting assistance. But before you research your nearest accountant, why not consider investing in accounting software? A good accounting software platform has major benefits like cost reduction and integration with the other parts of your overall operations.
If you’re interested in streamlining your finances and automating your bookkeeping, look no further. Benzinga’s list of the best accounting software is the right place to be.
- Types of Accounting Software
- Best for Field Service Companies: ServiceTitan
- Best Cloud-Based ERP Software: Oracle Fusion Enterprise Resource Planning Cloud Service
- Best Overall: QuickBooks
- Best Free Accounting Software: Wave
- Best for QuickBook Integration: Jobber
- Benefits of Accounting Software
- Cost of Accounting Software
- Streamline your Financial Tracking and Reporting
- Best Accounting Software Methodology
Types of Accounting Software
There are a few different types of accounting software, but most businesses will see their needs taken care of by software falling into one of the following categories:
General Accounting Software
This is an accounting software that covers all the bookkeeping bases. At the least, you can expect a reasonable amount of customizability to your business needs, error and legal compliance protections and financial tracking and reporting that is easily available when needed. Usually, reports can be tailored to clients’ needs. These are also known as commercial off-the-shelf (COTS) or commercially-available software and include online software.
Many general accounting software platforms have other products and integrations available, like payroll, invoicing and billing services.
Enterprise Resource Planning Software
Enterprise Resource Planning, or ERP, refers to a category of business management software that includes accounting. ERP software uses technology to track and manage the daily activities of your basement with a suite of tools that integrate with one another. A full ERP suite includes procurement, project management, compliance, risk management, supply chain operations and performance management, analysis and reporting.
Best for Field Service Companies: ServiceTitan
If you own a home or field service company, CRM software or customer relations management software, ServiceTitan can really benefit your business. ServiceTitan is a comprehensive business management software for operators in industries like plumbing and pest control. Its software will manage your business across several sectors, including accounting. Grow your revenue with marketing and sourcing out contracted jobs. ServiceTitan offers integration operations from dispatching to payroll and timesheets to financial reporting and job expenses.
ServiceTitan integrates with QuickBooks Intuit and Sage Intacct, syncing in perfect harmony with the accounting software you already trust. It prides itself on being a paper-free company, so all of your reports and analytics are immediately available within your ServiceTitan dashboard.
Best Cloud-Based ERP Software: Oracle Fusion Enterprise Resource Planning Cloud Service
Oracle is a provider of trusted information management software along with industry-best cloud-based relational software. With the Oracle Fusion ERP software, you’ll have full cloud-based integration across accounting and financials, project management, procurement, risk management, enterprise performance management, supply chain management and ERP analytics. From your financial management hub, Oracle Financials, your accounting, reporting, analytics, payables and more are managed and aggregated seamlessly. This provides you a holistic and clear look at your business finances at all times.
Oracle is known for consistently producing the most innovative cloud technologies. The Oracle ERP Cloud capabilities mean your accounting is perfect for enterprise and scalability. Your accounting platform integrates and standardizes the finances of your entire operation, increasing your company’s adaptability and ability to make smart business decisions.
You can take a tour of any of its products here.
Pricing: Prices vary, but on average, Oracle ERP on-premise costs $1,725,000 for a perpetual license, while the average annual subscription cost for the Oracle ERP Cloud system was $440,000.
Mobile app? No
Best Overall: QuickBooks
QuickBooks is one of the most recognizable names in accounting software. It’s great for businesses and freelance workers who want a user-friendly bookkeeping software to track and streamline their finances. The QuickBooks accounting service is fully automated, so you don’t have to manually track or calculate anything. If you have a professional accountant, it can access your already-prepared financial information in the cloud from any device.
QuickBooks bookkeeping features make tax time smoother, too. When you’re ready to file, all your financial information for the year is already prepared for your tax preparer. And on its mobile app, track your mileage and receipts to get the most out of your deductions. You can try QuickBooks for 30 days free here.
Pricing: $12.50-$75 on sale for accounting for businesses per month; save 50% on your first 3 months if you sign up now. Prices vary for accounting + payroll and self-employed/freelancer packages.
Mobile app? Yes
Best Free Accounting Software: Wave
Wave is a software platform with a stacked deck of financial products for small businesses. Its all-in-1 business management system provides free accounting, invoicing and more. If you’d like to manage your payment processing and payroll using Wave, you can opt to pay-per-payment and subscribe to monthly payroll services.
Other free Wave features include multi-business accounting capability, receipt scanning and more. You can also use Wave advisors when you need some expert guidance. Pay a monthly fee for expert bookkeeping and tax services or a 1-time fee for professional accounting coaching. The bookkeeping service outsources your accounting while the accounting coaching teaches you how to do it yourself. You can create your free account or sign in with Google here.
Pricing: $0 for free accounting services; $129+ per month for professional bookkeeping and tax assistance or a $199 fee for accounting coaching.
Mobile app? Some Wave features have mobile apps but not all
Best for QuickBook Integration: Jobber
Jobber acts as your field service business control panel, providing seamless integration throughout all your operations. Jobber is a trusted CRM platform that is able to manage scheduling, dispatching, invoicing and client relationships. Jobber also boasts flawless 2-way syncing with QuickBooks Online, priding themselves on the best integration in the CRM software industry.
Jobber offers scaled subscription packages, so you can choose how much you’re paying depending on the level of coverage you need for the size of your team. Any industry providing a service can benefit from Jobber’s software. Industries that trust Jobber as their CRM and accounting software include HVAC, cleaning, electrical contracting, painting, plumbing and more.
Benefits of Accounting Software
- Cut accounting expenses. The cost of outsourcing your bookkeeping or hiring more hands for manual accounting can really add up. With a software subscription or licensing, you’ll be able to control how much you spend without sacrificing quality.
- Reduce the risk of errors. Automated data entry and calculation means the chance for error is much less. Even the most meticulous accountant can make a mistake, so why wait for the inevitable?
- Maintain and prove compliance. Accounting software will help you maintain legal compliance with your financials. And, if you ever have to prove it, you’ll have the professionally compiled data to back it up.
- Integrate your accounting with other aspects of your business. Accounting software often comes as part of a larger business management system or integrates with your CRM. A holistic view of how each sector of your business works with each other is invaluable.
- Make smart financial business decisions. Most accounting software and CRMs provide financial reports and analytics, allowing you to make not only informed financial decisions but decisions for your company as a whole.
Cost of Accounting Software
Most accounting software is reasonably priced with scalable subscription models. There are, of course, super pricey CRM and accounting systems available for those who require them. Large-scale or businesses with hyper-specific accounting needs may find their accounting expenses rising. The following cost ranges are based on offerings from our partners, but may vary significantly with other platforms. Also, custom-built general accounting, ERP systems and other highly specialized or high-powered accounting software may be significantly more expensive.
For small businesses: Accounting packages from our partners that are suitable for small businesses generally range from $0 to $25 per month.
For mid-size businesses: Accounting packages from our partners that are suitable for mid-sized businesses generally range from $0 to $139 per month.
For large businesses: Accounting packages from our partners that are suitable for large businesses generally range from $150 to $199 per month.
Streamline your Financial Tracking and Reporting
To run a successful business, staying on top of your financials is key. The right accounting software allows you to automate your bookkeeping, increasing reporting accuracy and ensuring compliance, likely at a lower price point than an accounting firm. Many platforms offer integration with other parts of your business or come as part of a larger suite of business management tools.
Best Accounting Software Methodology
Benzinga analyzed the top accounting software by industry and winnowed down the list to include those with the best attributes. We prioritized pricing, features and scalability. We also considered the availability of a mobile app and consumer reviews.