Blog insights
Welcome to a journey of financial clarity as we delve into the world of bookkeeping software. Let’s unlock the secrets to streamlined financial management and discover how the right software can be your financial ally, bringing efficiency and accuracy to your bookkeeping endeavours.
What is bookkeeping?
Bookkeeping is the essential yet most important part of running a successful business, bookkeeping is the financial storyteller of a business, meticulously recording and organizing every financial transaction. It’s the compass guiding your financial ship, providing clarity on where your business stands financially.
Join us in unravelling the fundamentals of this vital practice and understanding how it forms the backbone of financial success.
Top 5 Features of the Best Bookkeeping Software
- Automated Data Entry
- Real-Time Reporting
- Bank Reconciliation Mastery
- Scalability Delight
- User-Friendly Interface
- Automated Data Entry: Say goodbye to manual data entry headaches. The best bookkeeping software automates the process, reducing errors and freeing up your time for more strategic financial decisions.
- Real-Time Reporting: Imagine having your financial insights at your fingertips. Top-notch software offers real-time reporting, empowering you to make informed decisions on the spot.
- Bank Reconciliation Mastery: Keep your financial records in sync with actual transactions effortlessly. Look for software that excels in bank reconciliation, ensuring your books are as accurate as your bank statements.
- Scalability Delight: Businesses evolve, and your bookkeeping software should evolve with you. Seek solutions that scale seamlessly, accommodating your growing needs without a hitch.
- User-Friendly Interface: No one likes a complicated maze. The best software boasts a user-friendly interface, allowing you to navigate your financial data with ease, even if you’re not a financial wizard.
Top 3 Important things to add to your List
- Optimize Your Finances
- Explore Advanced Solutions
- Informed Decision-Making
- Optimize Your Finances: Discover tools that go beyond the basics, optimizing your financial management and turning bookkeeping into a breeze.
- Explore Advanced Solutions: Delve into the advanced features of the top bookkeeping software, unlocking a world of possibilities to enhance your financial practices.
- Informed Decision-Making: Knowledge is power. By reading our list, equip yourself with the insights needed to make informed decisions about the best bookkeeping software tailored to your business needs.
Here we go with the Best Bookkeeping Software
- QuickBooks Online
- Tally
- Fresh books
- Xero
- Kashoo
- Zoho Books
- Wave Accounting
- Sage Business Cloud Accounting
QuickBooks
Date of foundation: 1992
CEO: Sasan Goodarzi
Company Overview: QuickBooks is dedicated to supporting the world’s largest self-employed workforce by offering intelligent business tools. As a steadfast companion, QuickBooks ensures seamless operations, empowering individuals working for themselves.
Phone number: 1-844-813-6206
Website: https://quickbooks.intuit.com/
Headquarters: Mountain View, CA
Industry: Accounting
Company size: 10,001+ employees
Starting price:
- QuickBooks Simple Start: Per month. (Access for one user + accountant.)
- QuickBooks Essentials: Per month. (Access for three users + accountant.)
- QuickBooks Plus: Per month. (Access for five users + accountant.)
- QuickBooks Advanced: Per month. (Access for 25 users + accountant.)
Features:
- Mobile Accessibility and Advanced Features
- Efficient Expense Categorization
- Comprehensive Automation
LinkedIn: https://www.linkedin.com/showcase/quickbooks/
Pros and cons:
Pros: QuickBooks offers fully automated financial processes, useful expense categorization, and advanced features for up to 25 users, providing a comprehensive and user-friendly solution.
Cons: Despite its strengths, QuickBooks can be more expensive than some alternatives for small businesses, and the availability of certain features may depend on the chosen pricing plan.
Tally
Date of foundation: 1986
CEO: Bharat Goenka
Company Overview:
Tally Solutions Pvt. Ltd., established in 1986, is a trailblazer in business software products. Renowned for its simple yet potent solutions, Tally has transformed business operations for over 30 years. Operating in 140 countries, it stands as a global leader in enterprise resource planning (ERP) software. Under Bharat Goenka’s leadership, Tally remains dedicated to the mission of bringing joy to everyone connected with its services. With a track record of continuous innovation, Tally is the unrivalled choice for ERP solutions, particularly tailored for medium and small businesses, ensuring seamless and efficient management.
Email: support@tallysolutions.com
Phone number: 9019910043
Website: https://tallysolutions.com/
Headquarters: Bangalore, Karnataka
Services: Business Management Software Solutions, ERP Software, Accounting Software, Business Management, Business Software, Technology, Enterprise Resource Planning, and Business Software Solution
Industry: IT Services and IT Consulting
Company size: 500+ employees
Starting price:
- Free trial: Available for 7 days
- Silver Rental: Per month Subscription Available.
- Gold Rental: Per month Subscription Available.
- The price is per month and billed annually.
Features:
- Comprehensive Income and Expenses Tracking
- Efficient File Exports
- Intuitive Journal Entries
LinkedIn: https://www.linkedin.com/company/tallysolutions/
Pros and cons:
- Pros:
Tally Solutions Pvt. Ltd. excels with its user-friendly interface, efficient file exports, and comprehensive financial tracking.
- Cons:
Some users may find the learning curve steep, and certain advanced features may require additional training for optimal utilization.
Fresh books
Date of foundation: 2003
CEO: Mike McDerment
Company Overview: FreshBooks, ranked as the top accounting software in the cloud, specializes in catering to the needs of self-employed professionals and their teams. Offering a user-friendly platform, FreshBooks simplifies financial management, providing intuitive tools for invoicing, expense tracking, and time management. With a focus on empowering freelancers and small businesses, FreshBooks has established itself as a go-to solution, streamlining accounting processes and facilitating efficient collaboration within teams.
Phone number: 1-888-674-3175
Website: https://www.freshbooks.com/
Headquarters: Toronto, Ontario
Services: SaaS, web application, accounting, small business, invoicing, time tracking, expenses, freelance, service professionals, billing, and bookkeeping
Industry: Software Development
Company size: 800+ employees
Starting price:
FreshBooks has four plans, three of which have clear online pricing:
- FreshBooks Lite: Per month or Per year Subscription available.
- FreshBooks Plus: Per month or Per year Subscription available.
- FreshBooks Premium: Per month or Per year Subscription available.
- FreshBooks Select: Custom pricing only.
Features:
- Basic Income and Expense Tracking
- Comprehensive Integration and Collaboration
- Unlimited invoices and customizable templates
LinkedIn: https://www.linkedin.com/company/freshbooks/
Pros and cons:
Pros: FreshBooks boasts unlimited invoicing with customizable templates, seamless income and expense tracking, and extensive integration capabilities.
Cons: While offering robust features, FreshBooks may require an additional monthly fee for unlimited users, and some users may find its functionality for advanced financial needs limited.
Xero
Date of foundation: 2006
Company Overview: Xero is a global small business platform, boasting 3.5 million subscribers. Offering a comprehensive suite, including core accounting, payroll, workforce management, expenses, and projects, Xero facilitates seamless business operations. With an extensive ecosystem of connected apps and financial institution integrations, it empowers small businesses to manage finances efficiently. Recognized for its commitment to gender equality and sustainability, Xero stands as a FIFA Women’s Football partner, providing businesses with an open platform for holistic financial management and access to diverse solutions.
Website: https://www.xero.com/
Headquarters: Te Aro, Wellington
Services: Accounting, SaaS, Banking, Invoicing, Design, Business, Billing, Small Business, Bookkeeping, Software, Platform, and Payroll
Industry: Software Development
Company size: 4,500 employees
Starting price: Xero has three plans and includes transparent, upfront pricing for all three of them online:
- Xero Early: $15 per month.
- Xero Growing: $42 per month.
- Xero Established: $78 per month.
Features:
- Invoices and Quotes with Easy Collaboration
- Automatic Bank Reconciliation
- Integrated Inventory Management and Mobile App
LinkedIn: https://www.linkedin.com/company/xero/
Pros and cons:
Pros: Xero offers over 1,000 third-party app integrations, advanced features such as inventory tracking and unlimited users across all plans, and a user-friendly interface with a well-reviewed mobile app.
Cons: Some users may find Xero’s multiple price hikes over the past year concerning. Additionally, employee expense management is limited to the priciest plan, and online-only customer service without phone support may be a drawback for some.
Kashoo
Date of foundation: 2009
CEO: Jim Secord
Company Overview: Kashoo simplifies accounting for small businesses, providing an intuitive solution to keep financial records organized and stress-free. With an award-winning iPad app, iPhone/iPod Touch app, and web platform, Kashoo eliminates the hassle of traditional bookkeeping. Users can easily set up their business, enter expenses, and create professional invoices on the go. Their platform’s user-friendly interface, real-time financial insights, and time-saving features like receipt attachments streamline the accounting process. Kashoo ensures that small business owners can focus on growth, leaving the complexities of accounting behind and embracing a straightforward solution for financial management.
Email: answers@kashoo.com
Phone number: 1-888-520-5274
Website: https://kashoo.com/
Headquarters: Vancouver, BC
Services: Accounting, SaaS, Small Business, Bookkeeping, Cloud Computing, and Taxes
Industry: Software Development
Company size: 45+employees
Price Details:
- Automated & easy accounting for growing small businesses- $216/Yr
- Advanced & personalized accounting software for established businesses-$324/Yr
Features:
- Intuitive Setup and Exploration
- Effortless Expense Management
- Professional Invoicing Anytime, Anywhere
LinkedIn: https://www.linkedin.com/company/kashoo/
Pros and cons:
Pros: Kashoo offers an intuitive setup, effortless expense management, and professional invoicing, making it a user-friendly choice for small businesses.
Cons: Users might experience limitations in features compared to more comprehensive accounting software, and the platform’s capabilities may not suit the needs of larger enterprises.
Zoho Books
Date of foundation: 2011
CEO: Sridhar Vembu
Company Overview: Zoho Books, a cloud-based accounting platform, revolutionizes business accounting by simplifying day-to-day tasks, automating workflows, and facilitating seamless reconciliation. With a user-friendly interface enriched with insights and functionalities, Zoho Books ensures a hassle-free experience. Tailored editions for major countries, compatibility with iOS and Android, and round-the-clock support make it a globally accessible and reliable solution. Zoho Books stands out for its innovation-driven approach, offering businesses a comprehensive tool to manage finances efficiently and effortlessly, with support just an email away.
Email: support.india@zohobooks.com
Phone number: 18005726671
Website: https://www.zoho.com/in/books/
Headquarters: Austin, Texas
Services: Tax Compliance, SaaS, Invoicing, Bookkeeping, Accounting, Audit Trail, E-invoicing, Bank Reconciliation, Connected Banking, Cloud Accounting, Online Accounting, Financial Platform, GST, VAT, Accounts receivable, Accounts payable, Online payments, Business expense management, Inventory management, Project management, Automated workflows, Portals for client and vendor management, and 45+ automated and scheduled reports
Industry: Software Development
Company size: 10,001+ employees
Starting price:
- Free: $0 (available only to businesses with an annual revenue of >$50K USD).
- Standard: Per month or $15 per month billed annually.
- Professional: Per month or $40 per month billed annually.
- Premium: Per month or $60 per month billed annually.
- Elite: Per month or $120 per month billed annually.
- Ultimate: Per month or $240 per month billed annually.
Features:
- Efficient Invoicing with Multi-Language Support
- Comprehensive Financial Management
- Streamlined Expense and Income Tracking
LinkedIn: https://www.linkedin.com/showcase/zoho-books/
Pros and cons:
- Pros: Zoho Books offers extremely scalable and affordable bookkeeping solutions, with seamless integrations with other Zoho products and comprehensive automation.
- Cons: While the software excels in workflow automation, there’s a learning curve for new users. Additionally, Zoho Books has limited integrations with non-Zoho apps, and the free plan includes email support only.
Wave Accounting
Date of foundation: 2009
CEO: Zahir Khoja
Company Overview: Wave is the ultimate financial management tool for small business owners, providing a simple and indispensable solution for fearless financial management. As an award-winning and rapidly growing financial services software, Wave is dedicated to supporting customers and fostering innovation. With a commitment to challenging norms and re-imagining possibilities, Wave collaborates to achieve extraordinary results, ensuring that small business owners have a trusted partner for their financial journey.
Website: https://www.waveapps.com/
Headquarters: Toronto, Ontario
Services: online accounting, small business, software development, SaaS, invoicing and payments, cloud-based accounting application, payroll, receipts, risk, product development, fintech, Software, payments, entrepreneur, and entrepreneurship
Industry: Software Development
Company size: 400+ employees
Starting price: Wave remains free indefinitely, offering invoicing, accounting, and receipt-scanning features at no cost. Only when accepting payments through Wave Accounting will there be a standard industry transaction fee.
Features:
- Automated Financial Tracking
- Mobile Accounting with Receipt Scanner
- Comprehensive Financial Tools
LinkedIn: https://www.linkedin.com/company/wave-hq/
Pros and cons:
- Pros: Wave Accounting stands out as a free-for-life solution with unlimited users and bank connections. Its fully automated features, including income and expense tracking, offer a time-saving advantage.
- Cons: While free, it offers only one plan with limited scalability and lacks some features compared to paid competitors like FreshBooks, Xero, and QuickBooks. Additionally, customer service is limited, and there are no built-in integrations, relying solely on API connections.
Sage Business Cloud Accounting
Date of foundation: 2011
CEO: Steve Hare
Company Overview: Sage is dedicated to empowering businesses by breaking down barriers through accessible information, insights, and tools for seamless operations. With user-friendly software and services in Payroll, HR, and Finance, Sage ensures businesses experience confidence in their daily operations. From a local network of experts to expanding partnerships, Sage provides the necessary insights for businesses to thrive, fostering a collaborative environment for success.
Phone number: 888 477-3048 1
Website: https://www.sage.com/en-us/
Headquarters: Wallsend
Services: Business Software, Business Intelligence, Accounting, Payroll, Payment Solutions, Human Resources, Enterprise, Accountants, Accounting Software, Sage Foundation, Computer Software, Information Technology, People Management, Sage Business Cloud, Sage Software, Payroll Software, Cloud Accounting, Cloud Software, HR Software, and Software Applications
Industry: Software Development
Company size: 10,001+ employees
Starting price: Sage Intacct offers customized pricing for its plans. Reach out to the company directly to inquire and receive a personalized quote.
Features:
- Intelligent general ledger driven by AI.
- Management of multiple businesses within a single platform.
- Tailorable and comprehensive reporting capabilities.
LinkedIn: https://www.linkedin.com/company/sage-software/
Pros and cons:
Pros: Enjoy a responsive customer support team and a rich library of educational resources. Thorough automation streamlines numerous processes, complementing the user-friendly interface.
Cons: While user-friendly, it comes at a higher cost for small and midsize businesses. The absence of transparent online pricing may pose a challenge for potential users.