Top 54 Accounting & Finance Software

2022's Best 54 Accounting & Finance Systems

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1. QuickBooks Online Plus

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $12.50 per month
  • Oct 16, 2022
Compare QuickBooks Online Plus Vs. QuickBooks Online Plus

QuickBooks Online is a web based accounting management solution for small and medium businesses. Its capabilities include expense tracking, automatic data backup, invoice creation, and others. The software was designed and launched by Intuit Inc headquartered in California, United States.


2. Wave Accounting

  • Best for: Small businesses and start ups
  • Price:
  • Apr 14, 2022
Compare Wave Accounting Vs. QuickBooks Online Plus

Wave Accounting software is a fully integrated, web-based accounting solution tailored exclusively for small organizations. The software allows the users to access their documents any time from anywhere.


3. Zoho Books

  • Best for: Small businesses and start ups
  • Price: starts at $10 per organizer/month
  • Mar 08, 2022
Compare Zoho Books Vs. QuickBooks Online Plus

Zoho Books is an online accounting software designed to provide businesses with better control and management of their money flow. It is a tool that helps you record, monitor and reconcile transactions and bank statements as you collaborate with your accountant, even if both of you are not in the sa...


4. FreshBooks

  • Best for: SMBs
  • Price: starts at $6 per month
  • Aug 23, 2022
Compare FreshBooks Vs. QuickBooks Online Plus

FreshBooks is built for small business owners to get organized and get paid. You'll spend less time billing, and more time getting down to business.FreshBooks is simple and intuitive, so accounting isn't intimidating.FreshBooks updates are automatic and never noticed. No hassles or headaches.Gettin...


5. Vyapar

  • Best for: Small businesses and start ups
  • Price: starts at $49.99 per year
  • Mar 09, 2022
Compare Vyapar Vs. QuickBooks Online Plus

Vyapar is a mobile/desktop based accounting software that allows business owners to oversee the financial performance of their establishment, as well as managing the security of their business accounts data against loss.


6. Workday Adaptive Planning

  • Best for: Small, medium and large size businesses
  • Price: starts at $15,000 per license
  • Nov 09, 2022
Compare Workday Adaptive Planning Vs. QuickBooks Online Plus

Workday Adaptive Planning software is a cloud-based, SaaS, Business planning solution that offers tools for forecasting, budgeting, and reporting. The software removes the need for new software or hardware for installation as it is offered through the Web as a Software-as-a-Service solution.


7. Xero

  • Best for: Small businesses and start ups
  • Price: starts at $12 per month
  • Mar 09, 2022
Compare Xero Vs. QuickBooks Online Plus

Xero is a cloud-based accounting and finance software for small, start-up, and growing enterprises. It has invoice management, purchasing, bank reconciliation, and bookkeeping features which help businesses boost their cash flow.


8. TurboTax State

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $60 per license
  • Mar 09, 2022
Compare TurboTax State Vs. QuickBooks Online Plus

TurboTax is a cloud-based corporate tax solution designed to help the user receive their maximum tax refunds for State and Federal tax returns, and that targets small and medium-sized businesses.


9. Multiview

  • Best for: Small, medium and large size businesses
  • Price: starts at $150 per user/year
  • Mar 11, 2022
Compare Multiview Vs. QuickBooks Online Plus

Multiview Financial Software is a cloud-based modular financial management system that incorporates accounts payable, accounts receivable, purchase order management, a general ledger, inventory management, business intelligence, order management, document management, and more.


10. Denali Business

  • Best for: Small businesses and start ups
  • Price: starts at $1,999 per license
  • Mar 10, 2022
Compare Denali Business Vs. QuickBooks Online Plus

Everything you expect from a leading business accounting solution, plus the tools to manage cash flow, monitor profitability, analyze trends, track inventory, and Denali Business by Cougar Mountain Software is a modular accounting solution which provides customers with reliable and accurate financia...


Pricing Guide - Accounting & Finance Software:

Accounting & Finance Software products Price Range

An SMB size company should expect to pay between $0 and more than $4 for a base subscription of Accounting & Finance software. Additionally, the software vendors may include charges for extra features such as bill management, invoicing, and multiple currency support. The costs are usually on a "per month/per user" basis.

The price breakdown of accounting and finance software based on business size is as follows:

  • Accounting and finance software pricing for small organizations has a price range of $9-$40 per month/per user. Tally.ERP 9, for example, goes for $9 a month, although it has a one-time subscription starting from $630. Clearview Infocus costs $24 per month for each user, and SlickPie goes for $40 – Slickpie also has a free Starter subscription as well.
  • Medium-sized organizations would typically have to pay within the price range of $10-$45 per month for Accounting and Finance software. For example, FreshBooks charges $15 per month for its medium-sized plan; Sage 50cloud pricing goes for $45 per month, and MYOB Essentials for $14 a month.
  • Large companies can expect prices between $10 and $150 from Accounting and Finance software vendors. For instance, Xero charges $60 per month for its large plan, FINSYNC pricing goes for $45 a month, while QuickBooks Online large subscriptions start at $70 a month

Accounting and Finance software vendors have different prices based on the subcategories into which they fall.

Some of the accounting best of breeds software include

  • Financial Reporting Software This subcategory has a price range of $0-$70. For context, A2X for Amazon pricing starts at $19 a month; Wave Accounting is free across plans, and Cognos costs between $15 and $70.
  • Trust Accounting Software Trust Accounting Software vendors can charge up to $1000 for the software. For example, AdvantageLaw charges a one-time fee of $490, ESILAW 360 pricing goes for $65 per month, and MAUI cost up to $1000 for one month - MAUI has a free trial version as well.
  • Sales Tax software The sales Tax software has a price range of $50-$1500. Traxit costs $50 a month; Utility Software pricing goes for $85, and GreenGIST for a one-time charge of $1500. Intuit ProSeries has a plan which goes for $270 a year, and EcomTax for $19 per month.
  • Bookkeeper Software The bookkeeper Software would cost around $15 to $100, either monthly or yearly. For instance, Neat pricing goes for $100 a year, Veryfi costs up to $15 a month, and Botkeeper pricing sits around $99 a month.
  • Auto Dealer Accounting Software The subcategory can cost up to $200 per month or year. For example, QuickBooks Desktop Pro pricing starts at $200 a year, Abcoa Deal Pack costs up to $75 a month, and MotorLot pricing goes for $45 per month. Host books charge $10 a month, ARI costs $19 per month, and Frazer pricing falls around $55 a month.
  • Debt Collection Software Users can expect to pay $59-$239 a month for Debt Collection Software subscriptions. For example, Funding Gates AR pricing goes for $99, and My DSO Manager pricing starts at $59 a month, with other plans up to $239. Also, CollectMore charges a one-time fee of $6 for its software.

11. Neubrain

  • Best for: Medium and large size businesses
  • Price: starts at $10,000 per license
  • Mar 11, 2022
Compare Neubrain Vs. QuickBooks Online Plus

Neubrain is cloud-based budgeting and performance management solution which is designed for large and midsize enterprises as well as the government institutions. The primary features includes budgeting, financial consolidations forecast planning, and performance management among others.


12. MultiCHAX

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $99 per license
  • Mar 12, 2022
Compare MultiCHAX Vs. QuickBooks Online Plus

MultiCHAX is a check printing solution for small and medium businesses. It manages printing of payables and payroll checks along with MICR coding. The software was developed and launched by CHAX Inc headquartered in California, United States.


13. Adminsoft Accounts

  • Best for: SMBs
  • Price: starts at $259 per license
  • Mar 12, 2022
Compare Adminsoft Accounts Vs. QuickBooks Online Plus

Adminsoft Accounts software is a free accounting solution designed for small to mid-level businesses and can also be deployed as an on-premise solution. The software incorporates numerous features and functionalities including purchase ledger, sales ledger, Bank Reconciliation, Billing & Invoicing, ...


14. Intuit GoPayment

  • Best for: SMBs
  • Price: starts at $12.50 per user/month
  • Mar 12, 2022
Compare Intuit GoPayment Vs. QuickBooks Online Plus

Intuit GoPayment is a cloud-based, mobile payment gateway modeled to handle the payment needs of small businesses to midsize organizations. It is payment management that allow vendors to process various credit card transactions using a mobile application.


15. Crestel

  • Best for: Small, medium and large size businesses
  • Price:
  • May 23, 2022
Compare Crestel Vs. QuickBooks Online Plus

Crestel Products of Elitecore is an on-premise and cloud-based Billing and Provisioning Software that allows video and voice services over multiple networks to manage, as well as benefit from application, communication and media services.


16. MoneyDesktop

  • Best for: SMBs
  • Price:
  • Mar 12, 2022
Compare MoneyDesktop Vs. QuickBooks Online Plus

MoneyDesktop is a cloud-based financial management software. Money desktop offers personal financial management tools directly from online banking. This software makes money management easier as a user can aggregate and track their finances across all the relevant financial institutions.


17. CHEMATIX

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 12, 2022
Compare CHEMATIX Vs. QuickBooks Online Plus

CHEMATIX software is an all-in-one, cloud-based chemical management solution specifically tailored to handle the requirements & responsibilities of researchers, scientists, regulatory officials and more.


18. GainsKeeper

  • Best for: Small, medium and large size businesses
  • Price: starts at $69 per month
  • Mar 12, 2022
Compare GainsKeeper Vs. QuickBooks Online Plus

GainsKeeper is a tax management and financial services software solution for personal and business use. The software was designed and launched by Wolters Kluwer N.V., headquartered in Netherlands. It provides investors with various useful trade decision tools to maximize the after-tax returns. 


19. bkper

  • Best for: SMBs
  • Price: starts at $9 per month
  • Mar 13, 2022
Compare bkper Vs. QuickBooks Online Plus

Bkper is a cloud-based Bookkeeping software that enables its users to unify their operations per time through bots and maintain balance sheets and statements in real-time.


20. DocuSign

  • Best for: Small, medium and large size businesses
  • Price: starts at $10 per month
  • Mar 12, 2022
Compare DocuSign Vs. QuickBooks Online Plus

DocuSign is a web based digital signature solution for businesses of all sizes. It offers such services as document signing, document sending, support for multiple signature types, and others. The software was designed and launched by DocuSign Inc headquartered in California, United States.


21. Alight Planning Enterprise

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $6,000 per license
  • Mar 14, 2022
Compare Alight Planning Enterprise Vs. QuickBooks Online Plus

Alight Planning Enterprise is an on-premise and cloud-based integrated enterprise resource planning solution that takes the budgeting and financial planning beyond spreadsheets. Alight Planning is a perfect vehicle for strategic plans, long-range market planning, and complex business case analysis.


22. ezTaxReturn

  • Best for: SMBs
  • Price: starts at $19.95 per license
  • Mar 13, 2022
Compare ezTaxReturn Vs. QuickBooks Online Plus

ezTaxReturn is a simple tax calculation and management solution for personal and business use. The software was designed by ezTaxReturn.com, LLC, headquartered in New York, United States. It offers simple tools and intuitive user interface to quickly and accurately prepare the tax return.


23. TurboCASH Open Source Accounting

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $60 per year
  • Mar 14, 2022
Compare TurboCASH Open Source Accounting Vs. QuickBooks Online Plus

TurboCASH Open Source Accounting is an on-premise and cloud-based open source accounting software for small businesses, that is aimed at helping with invoicing, budgeting, and inventory management. This software is freely available and can be deployed in the cloud as a SaaS, and it can also be insta...


24. FINSYNC

  • Best for: Small businesses and start ups
  • Price: starts at $40 per month
  • Apr 12, 2022
Compare FINSYNC Vs. QuickBooks Online Plus

FINSYNC is a cloud-based financial management software that helps businesses to manage cash flow and solve other financial problems. This software provides businesses with a solution to payments, invoicing, accounting, financing etc.


25. Canopus EpaySuite

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 19, 2022
Compare Canopus EpaySuite Vs. QuickBooks Online Plus

Canopus ePaySuite is a cloud-based accounting and business process automation solution designed for small and midsize banks and payments institutions. It helps automate as well as streamline operations of a payment service business.


26. Dynacom Enterprise

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $9.95 per month
  • Aug 03, 2022
Compare Dynacom Enterprise Vs. QuickBooks Online Plus

Dynacom Enterprise is a cloud-based enterprise resource planning solution that is designed for small and midsize businesses. The solution core features include accounting & financial management, sales & customer management and purchase & supplier management.


27. Zoho Invoice

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 19, 2022
Compare Zoho Invoice Vs. QuickBooks Online Plus

Zoho Invoice is an easy to use software for sending invoices, receiving of payments and the general management of a business. It enables the user to know the business health by establishing the status of invoices. In addition, this software enables you to carry out follow ups without the need for st...


28. TurboTax Free Edition Online

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $170 per license
  • Aug 16, 2022
Compare TurboTax Free Edition Online Vs. QuickBooks Online Plus

TurboTax Free Edition is a tax software that can help users with their tax return needs. It can prepare and print your 1040EZ/ simple tax return for you and also supports efiling them if possible. Users can also import their W-2 income data and last year’s tax return from TurboTax automatically. ...


29. iPayables InvoiceWorks

  • Best for: Medium and large size businesses
  • Price: starts at $3 per license
  • Aug 23, 2022
Compare iPayables InvoiceWorks Vs. QuickBooks Online Plus

iPayables InvoiceWorks is a cloud-based Accounts Payable Software that allows companies to maintain control over their accounts through an automated system and deploy touchless accounts processing.


30. Logisuite Financials

  • Best for: SMBs
  • Price:
  • Mar 19, 2022
Compare Logisuite Financials Vs. QuickBooks Online Plus

Logisuite Financials is a cloud-based and on-premise logistics and accounting system that is fully integrated with other business operation modules. The software incorporates every possible accounting feature found in other accounting systems plus other features that are relevant to any logistic ind...


31. Px Bridge

  • Best for: Start up, Small business, Medium business, Large business
  • Price:
  • Jun 01, 2022
Compare Px Bridge Vs. QuickBooks Online Plus

PxBridge software is on-premise payroll software designed by Coastal Software & Consulting. Some of its core features include reporting/analytics, payroll, and vacation & leave tracking and more.


32. 01 Transaction Pro Delete Wizard

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $199 per license
  • Mar 21, 2022
Compare 01 Transaction Pro Delete Wizard Vs. QuickBooks Online Plus

01 Transaction Pro Delete Wizard is finance and accounting software designed to quickly and easily delete transactions and listings from the QuickBooks. Clients can support different transactions such as bill payment and purchase orders.


33. Qvinci

  • Best for: Small, medium and large size businesses
  • Price: starts at $4.95 per user/month
  • Apr 24, 2022
Compare Qvinci Vs. QuickBooks Online Plus

Qvinci software is a cloud-hosted Financial Consolidation, Business Intelligence and reporting solution that is intended for large enterprises, as well as small and medium businesses.


34. Aplos Fund Accounting

  • Best for: Small, medium and large size businesses
  • Price: starts at $29.50 per month
  • Mar 22, 2022
Compare Aplos Fund Accounting Vs. QuickBooks Online Plus

Aplos Fund Accounting is a web-based account management software. It is developed to help users to track. Make changes and have in-depth knowledge of the funds coming and out of an organization. This simple yet robust software makes fund accounting and management done in professional way.


35. CannyBill Enterprise

  • Best for: Medium and large size businesses
  • Price: starts at $7 per month
  • Mar 23, 2022
Compare CannyBill Enterprise Vs. QuickBooks Online Plus

CannyBill Enterprise is a cloud-based Billing & Invoicing software that assists business owners with sales forecast reviews and email marketing campaigns with automatic generations.


36. Avangate Digital Commerce

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 02, 2022
Compare Avangate Digital Commerce Vs. QuickBooks Online Plus

2Checkout is e-commerce software which offers checkout mobile, localized payment options, simple buy buttons, marketing and merchant services, fraud prevention program, multiple shopping cart integrations, Recurring billing options, and more features.


37. Yodlee MoneyCenter

  • Best for: Medium and large size businesses
  • Price: starts at $350 per month
  • Mar 22, 2022
Compare Yodlee MoneyCenter Vs. QuickBooks Online Plus

Yodlee MoneyCenter is a cloud-based finance and accounting solution built for small to large companies. It aims to help companies, as well as individuals, manage their finances in one place. Its key features include budgeting, investment tracking, goal setting, real estate management, reports genera...


38. Oracle Fusion Financial Management

  • Best for: Small, medium and large size businesses
  • Price: starts at $600 per user/month
  • Mar 22, 2022
Compare Oracle Fusion Financial Management Vs. QuickBooks Online Plus

Oracle Fusion Financial Management is an accounting and finance software which offers integrated and comprehensive solutions for small to large enterprises. It has accounting management, billing and invoicing, expense tracking, financial analysis, and workflow management features.


39. Fusion Accounts

  • Best for: Small, medium and large size businesses
  • Price: starts at $14.95 per user/month
  • Mar 02, 2022
Compare Fusion Accounts Vs. QuickBooks Online Plus

Fusion Accounts is an online accounting and finance software developed for all business types and sizes. It has billing and invoicing, payroll accounting, fixed asset accounting, bookkeeping, fund accounting, and core accounting features.


40. VisionCore

  • Best for: SMBs
  • Price: starts at $4,999 per license
  • Mar 03, 2022
Compare VisionCore Vs. QuickBooks Online Plus

VisionCore is a cloud-based accounting and financial management software built for small to large companies. It provides billing and invoicing, bank reconciliation, payroll management, fixed asset management, financial management, core accounting, CRM and more features.


41. SteelBrick Billing

  • Best for: SMBs
  • Price: starts at $75 per user/month
  • Jun 01, 2022
Compare SteelBrick Billing Vs. QuickBooks Online Plus

Salesforce CPQ is a cloud-based accounting and sales management software built for small to large companies. It provides key features including price and quote generation, order and renewals, product configurator, contracts management, invoicing, subscription billing, payments, sales tax and vat ma...


42. CuteDJ for Mac

  • Best for: Small businesses and start ups
  • Price: starts at $49.95 per license
  • Mar 03, 2022
Compare CuteDJ for Mac Vs. QuickBooks Online Plus

CuteDJ for Mac is a growing cloud-based Business Plan software, it is designed to support small and medium size business. CuteDJ for Mac received a rating of 4.3 from ITQlick team. The software cost is considered affordable (2.1/5) when compared to alternative solutions.


43. ARIBA INVOICE MANAGEMENT

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $50 per month
  • Mar 23, 2022
Compare ARIBA INVOICE MANAGEMENT Vs. QuickBooks Online Plus

ARIBA INVOICE MANAGEMENT is a billing and invoicing software for small to large enterprises. Its key features include electronic, contract, and service invoicing, approval, and paying for easier and time-saving workflow.


44. Buxfer

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $3.99 per month
  • Mar 22, 2022
Compare Buxfer Vs. QuickBooks Online Plus

Buxfer is an online accounting and finance software developed for all business types and sizes. It has money management features including budgeting, accounts management, forecasting, income, and expenditure tracking and more.


45. Autoreporter

  • Best for: SMBs
  • Price:
  • Aug 23, 2022
Compare Autoreporter Vs. QuickBooks Online Plus

Autoreporter is a standalone cross industries software that provides a simpler and more efficient interface for generating QuickBooks reports. It does so by allowing users to access the complete library of Quickbooks standard reports. Users can also assign filters to the reports then customize and p...


46. Dell KACE M300

  • Best for: Medium and large size businesses
  • Price: starts at $50 per month
  • Mar 22, 2022
Compare Dell KACE M300 Vs. QuickBooks Online Plus

KACE is a cloud-based endpoint help desk, inventory & asset management, designed for small businesses solution. It is a comprehensive appliance-based help desk software solution that automates the repetitive management tasks, as well as offering incident management for the user or system issues.


47. Non-Profit Solutions

  • Best for: SMBs
  • Price: starts at $20 per month
  • Mar 04, 2022
Compare Non-Profit Solutions Vs. QuickBooks Online Plus

Non-profit Solutions is a billing and invoicing software for non-profit organizations that offer expert advice, use its marketing tools to help non-profit organizations make revenue, solve challenging problems, and minimize compensation risks.


48. INOVAH Point of Sale

  • Best for: Start up, Small business
  • Price:
  • Mar 18, 2022
Compare INOVAH Point of Sale Vs. QuickBooks Online Plus

iNovah is a cloud-based payment collection and processing solution. It directs the payment collection and processing activities to the accounting and information systems of the user. The solution helps replace the traditional payment collection procedures with the superior ones.


49. SignNow

  • Best for: Small, medium and large size businesses
  • Price: starts at $8 per user/month
  • Mar 07, 2022
Compare SignNow Vs. QuickBooks Online Plus

SignNow Software is a cloud-based e-signature platform built for small, midsize and large enterprises. The solution offers email notifications, form templates, two-factor authentication as well as several export options.


50. SAP Financials On Demand

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 04, 2022
Compare SAP Financials On Demand Vs. QuickBooks Online Plus

SAP launched Financials OnDemand in late 2012 as a stand-alone financial management solution designed exclusively for the cloud. It tracks end-to-end financial transactions from order to cash and procurement to payment, provides rich embedded data analytics focused on KPIs, and supports mobile devic...


51. Sage Intacct

  • Best for: Small, medium and large size businesses
  • Price: starts at $15,000 per year
  • Apr 12, 2022
Compare Sage Intacct Vs. QuickBooks Online Plus

Intacct Financial management software (now Sage intact) is an integrated, cloud-based financial and accounting management solution for small, mid-market, and big enterprise businesses.


52. Budgyt

  • Best for: SMBs
  • Price: starts at $399 per month
  • May 06, 2022
Compare Budgyt Vs. QuickBooks Online Plus

Budgyt is a cloud-based accounting software that enables administrators to manage structural changes made across multiple departments within their organization, as well as determining what data is used for budgetary processes.


53. NetSuite Financials

  • Best for: Small, medium and large size businesses
  • Price: starts at $499 per user/month
  • Apr 13, 2022
Compare NetSuite Financials Vs. QuickBooks Online Plus

NetSuite Financials is a cloud-based accounting and eCommerce software suite designed to comply with all business sizes. It aims to streamline your accounting department through the use of a web based application and dashboard. NetSuite Company was founded in 1998 and is handled by 1,600 employe...


54. Audits.io

  • Best for: SMBs
  • Price: starts at $150 per month
  • Mar 26, 2022
Compare Audits.io Vs. QuickBooks Online Plus

Audits.io is cloud-based governance, risk and compliance/GRC software providing users with audit management tools to streamline and automate the process of audit and giving users with visual highlights of the output.



A Buyer's Guide to Accounting & Finance Solutions

Accounting & Finance Software Buyer’s Guide
 
Whether you’re in a small business or a corporation, accounting and financial systems are essential backbones of your operation. Income statement, balance sheets, and tax declarations all rooted from one important department – the Accounting. The intensifying campaign of public and private authorities against financial frauds is a loud call for all businesses to strengthen their accounting measures.
 
In compliance to Generally Accepted Accounting Principles (GAAP), the purpose of accounting software is to consolidate accounting processes into a single information system. It is a financial management solution that caters a variety of financial programs for any industry and size of organization. Whether you will be getting it for free or on a premium-based subscription, you need to be cautious when getting your accounting software. So here’s the Buyer’s Guide from ITQlick.com that will give you more insights about accounting solutions.
 
Types
There are two important factors to consider when deciding on which accounting solution is to acquire. First is the type of market where you operate and second is the type of application that you need. It is highly recommend that you start with identifying the market base on the size of your business and then proceed with pointing out what applications are really needed by your business.
 
By Market Level
 
Personal Accounting
It is simple and basic, good enough to manage your accounts payable, receivable and budget. It’s for a start-up home-based business.
 
Low-end Market
Types of software on this market have general accounting functions – general ledger, bookkeeping, etc. However, since they are low-end systems, they may not be GAAP compliant and their security features are very adequate.
 
Mid-market
If you’re looking for industry-standard accounting system, it’s on the mid-market category. Other than general accounting functions, this type of software can be purchased bundled with other management information systems.
 
High-end Market or Tier 1
Highly customizable, complex and expensive are what describes accounting software under this market. Usually part of a more sophisticated Enterprise Resource Planning (ERP) system, high-end accounting solutions also require high level of implementation.
 
Vertical Market
If you’re a niche market (banking, construction, real estate, etc.) player, then an industry-specific accounting software is for you. Software under this market are generally custom-built.
 
Hybrid Solutions
Both features of the mid-market and high-level market solutions are on this accounting solution. It has the features of the technology like SaaS and of ERP systems that have advance customization and extreme scalability.
 
By Application Type
 
In software development, different business transactions will have their equivalent software modules. Accounting solutions follow this practice by segmenting an accounting system into different modules or sub-systems base on their application. Here are the available accounting solutions in the market today.
 
  • Core Accounting
  • Project Accounting
  • Fund Accounting
  • Inventory Management
  • Billing and Invoicing
  • Budgeting and Forecasting
  • Fixed Asset Accounting
  • Fixed Asset Management
 
Whether you’re looking for a basic system, an enterprise solution, or industry-specific, best-of-breed solution, concrete knowledge and understanding of the market and of the different software applications available are keys to your smooth, well-executed software purchase.
 
Features
When it comes to features, your accountants and CFO can greatly help in figuring out if a solution has all the functions and characteristics needed by your business. Invite them into your kick-off meetings and find out if these features are available in your prospect solution.
 
Accounting and Business Features
It doesn’t necessary to be an all-in-one package. But the basic accounting tools plus the non-core accounting modules that are important in your everyday business operation such as purchase requisition, timesheet, and payroll must also be available in the system, if not all.
 
Time-Saving Features
When talked about convenience, an accounting system must not be difficult to use. Features like automated billing, customer’s online access to their accounts, and wide options in reporting must be available. Automation and time-saving always coincides.
 
Remote Access and Mobility
Check if the accounting software has mobile versions and ensure that these versions are compatible with the type of phones your employees are using – iPad, Android phones, Windows-based. Remote support offered by the Virtual Network Computing (VNC) technology is a feature that you should also consider.
 
Add-ons Business Services
Credit and debit card processing, e-commerce website integration, and payroll processing are just some of the additional features present on much modern accounting software.
 
Solutions per Market, per Vendor
Excellent sources of information for accounting solutions are websites, like ITQlick.com, that publish reliable reviews, rankings, and benchmarking. Expensive software doesn’t mean that it’s the right software for your business. Inexpensive and even free solutions cannot guarantee you a fool-proof accounting system but they could be the right solution. Review this benchmark prepared by ITQlick.com experts for more information.
 
Vendor Accounting and Business Time-saving Remote Access and Mobility Add-on Services
 FreshBooks 10 9.38 10 7.5
 QuickBooks 8.75 10 9.38 8.75
 SageOne 10 8.75 6.25 8.75
 Zoho 10 8.75 8.75 6.25
 Xero 10 6.25 8.75 8.75
 AccountEdge 8.75 9.38 5 7.5
 Less Accounting 8.75 8.75 6.25 5
 WorkingPoint 8.75 7.5 8.75 3.75
 FreeAgent 8.75 7.5 6.25 5
 Yendo 7.5 7.5 6.25 5
 
Above vendors are offering cloud-based solutions and are between the low-end to mid-market level. On the other hand, top players (and their product) in the mid-market are Sage ERP 300, Microsoft Dynamics NAV, SAP BusinessOne, Epicor 9, and Macola ES. High-level market (or Tier 1) leaders are Infor, JD Edwards, Lawson, Oracle, People Soft, and SAP.
 
Pricing Considerations
From the list of vendors in our benchmark sheet, both Zoho and FreeAgent have $24 per month per unlimited number of users’ subscription price. The average subscription price for these ten vendors is $17. With this average, a company with 25 users will spend around $5,000 a year. Still not accounted are the costs of implementation, customization, training, and support services. A client will roughly spend 50-200% of the price of software in implementation and consulting services. These are the variables to consider in the Total Cost of Ownership (TCO). Accounting solutions sold as part of a more complex ERP system will have a TCO from about $100K up to a whooping $50M.
 
Market Trends
The cloud technology is a hot trend in accounting software. Among of the reasons on why businesses choose to operate in the cloud today is because of lower upfront costs and faster time of implementation. Most accounting software today has comprehensive functionality. It is not just one or two modules but multiple modules on a single package.
 
Business intelligence tools with accounting software are on their way to development. This is about integrating system over system to maximize the efficiency of single but more powerful software.

ITQlick chart - 2022 best Accounting & Finance Software

2022 best Accounting & Finance Software | ITQlick.com
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Author - Shlomi Lavi

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Shlomi Lavi is an entrepreneur and founder of ITQlick.com. He holds a Bachelor of Science (B.Sc.) in Information Systems Engineering from Ben Gurion University in Israel. Shlomi brings 17 years of global IT and IS management experience as a consultant and implementation expert for small, medium and large-sized (global) companies. Shlomi’s goal is to share the best knowledge and news about information systems so you can make smarter buying decisions for your business.