Published on

The 5 Best Accounting Software for 2022

  • avatar
    Alind Johari

What is accounting software?

In old times ledger books were maintained to keep track of all the transactions, but with modern times this workload has been reduced with the help of accounting software. It is a tool that bookkeepers, accountants, and business owners use to manage accounts and process accounting transactions. It is often divided into functional modules such as accounts payable, accounts receivable, journal, general ledger, payroll, and trial balance. It can be web-based, accessed anywhere at any time with any device which is Internet-enabled, or may be desktop based.

Accounting software is essential for a company to fully comprehend its situation, determine its success, and conduct a profitable endeavor.

What are the benefits of accounting software?

- Save time and Minimize errors.

With accounting systems taking care of account systems automatically and removing the risk of manual labor, the companies can have time to address other specific business areas.

- Provide cash flow statement and profitability report.

The reporting function provides users with a detailed view of the business. Customizable reports can easily be produced for specific data sets that one wishes to evaluate. These reports can then be utilized to make crucial business decisions.

- Real-time view of businesses

The Accounting Software is updated automatically, offering an ability to see the up-to-date financial status of the business in real-time.

- Ensure compliance with standards.

Accounting software help companies avoid legal penalties by synchronizing everything as per reporting standards and Federal requirements.

We researched dozens of accounting software applications and recommend these vendors as the best accounting software and invoice generators of 2022.

1. QuickBooks Online:

QuickBooks Online Advanced is a cloud-based, all-in-one, accounting and business hub solution, designed for growing, small to mid-sized businesses. Get performance reporting with highly customizable tracking tools, automated workflows, and real-time revenue and cash flow management dashboards. To expand your capabilities as your business needs grow, seamlessly integrate best-in-class Premium Apps like Salesforce and HubSpot (CRM), (accounts payable), DocuSign, LeanLaw, and more.

What do we like about QuickBooks?
  • It is simple to use even if you don't have any accounting experience.
  • Quick to set up and reasonably priced.
  • Easy and anywhere access on your computer, mobile, or tablet.
What we don’t like?
  • Syncing issues with banks and credit cards on occasion.
  • Adding more users requires an update.
Best suited for small businesses.

2. FreshBooks:

Freshbooks is easy to use and has a very intuitive format. You can easily create billable time and expenses, change the invoice’s appearance and setup recurring invoices. FreshBooks, though not as comprehensive as some other software, has all the features that small businesses need in accounting and invoicing software. It is one of those rare tools that have the ability of both accounting and invoicing software.

What do we like about FreshBooks?
  • Good for both invoicing and accounting features.
  • User-friendly interface.
  • Affordable.
What we don’t like?
  • No inventory management AND payroll service.
  • Mobile app has limited features.
  • It can get expensive if you add several team members.
Best suited for: Invoicing.

3. Zoho Books:

Zoho Books is online accounting software that manages your finances, automates business workflows, and helps you work collectively across departments. It has a lot of accounting features and offers automation for bank feeds, categorization, invoices, and other things. It also has nearly 40 app integrations, allowing you to use it with your existing software.

What do we like about Zoho Books?
  • Easy to set up and requires no accounting knowledge.
  • Highly Affordable.
What we don’t like?
  • The payroll feature is only offered to companies in India.
Best for: Microbusinesses.

4. Xero:

Xero is a powerful online accounting software solution that runs things smoothly, keeps records tidy, and makes compliance a breeze. Set up bank feeds from your bank accounts so transactions are imported securely into Xero each business day. Use Xero to work with your accountant, bookkeeper, or employees, even if you’re on opposite sides of the world.

What do we like about Xero?
  • Easy to integrate with third-party payroll service.
  • Easy and Simple Inventory Management.
  • Intuitive and Easy to read Dashboard.
What we don’t like?
  • Fees charged for ACH payments.
  • Limited Reporting.
Best for: MICRO/growing BUSINESS.

5. Wave:

Wave Accounting, part of Wave’s suite of financial products, is a web-based accounting platform designed to help small businesses manage income, expenses, payments, and invoices. Organized and stress-free small business accounting, Wave makes accounting as simple as possible. Wave uses real, double-entry accounting software. Don’t know what that is? That’s OK. Accountants do, and they’ll thank you for it.

What do we like about Wave?
  • No Transaction or billing limits.
  • Unlimited Number of users.
  • Capability to run multiple businesses in one account.
What we don’t like?
  • Higher fees for ACH payments.
  • No Inventory Management.
  • Limited third-party app integrations.
Best Free software.