14 Types of Accounting Software to Simplify Your Processes

Organizations require accurate tracking and consolidation of their financial records to ensure consistent operations. There are many accounting programs available to businesses, and each offers different functions, features, and abilities for different prices. Knowing which software programs are available can help you simplify and automate tasks, such as payroll, billing, and invoicing.

In this article, we define what accounting software is and provide a list of 14 programs with descriptions of what makes each unique with a list of their features.

Why use accounting software?

Accounting software can benefit any company, freelancer, or self-employed person, as every organization manages incoming and outgoing transactions. With these programs, businesses and individuals can gain useful tools to track income, expenses, inventory, and invoices while monitoring their financial health.

The right software for a business combines features they need for managing the business's fiscal activity, which can include cloud services, automated processes, and integration with other applications which help with productivity. There are several types of software to consider, and exploring the features of different options can help you find the right one for your purposes.

Related: Finance vs. Accounting: Understanding the Differences

14 accounting software options available for businesses

Here are 14 options for businesses looking for software to help them manage their accounting processes:

1. Xero

Xero is a practical choice for businesses wishing to grow in size. Most software for accounting charges the business for every user, whereas Xero allows companies to add more users at the same price. This is ideal for businesses who expect to hire new employees as they grow, as their growth doesn't result in increased cost. Xero's service is also cloud-based, which can be a benefit for some companies.

Some of Xero's top features include:

• Project tracking

• Tracking inventory

• Integrations with 700 apps

• 24/7 support via e-mail and live chat

• Recurring invoices

• Online and PDF quotes

• Multi-currency accounting

2. Wave

Wave is another cloud-based software to help with accounting tasks. This software is simple and easy to use for business owners with little experience with accounting or bookkeeping. Because Wave offers a free version, it's a suitable option for businesses on a budget.

Some of Wave's key features include:

• Receipt scanning

• Transaction tracking

• Invoice management

• Payroll processing

Related: What Is a Payroll Journal Entry? (With Types and Examples)

3. GoDaddy Bookkeeping

GoDaddy is one of the world's most popular services platforms. This software is particularly helpful for entrepreneurs starting a small business. GoDaddy Bookkeeping's software is low-cost, which may make it an attractive option for individuals, especially those who sell products online through domains available to purchase on their platform.

Some of GoDaddy Bookkeeping's features include:

• User-friendly interface

• Low starting cost

• Profit and loss reporting

• Integration with many popular online sales portals

• Pre-populated schedule C worksheet

• Automatically creates and sends invoices

Related: How to Become a Bookkeeper (With Examples of Important Technical, Hard, and Soft Skills)

4. Workday

Workday combines accounting features with payroll, enterprise planning, and project management tracking to provide a software with extensive accounting features. This cloud service is an excellent option for small businesses who want to manage several aspects of the business is one place. Accounting professionals can use this software to monitor accounts payable and receivable, manage cash and assets, conduct audits, and create detailed reports.

Some of Workday's unique features include:

• Intelligent automation

• Auditing and internal controls

• Payroll management

• Project planning and resource management

5. FreshBooks

FreshBooks uses cloud-based software, making it highly beneficial to businesses who use a range of mobile and desktop devices. It's also a valuable feature for companies that offer flexible schedules or have remote employees, as they can access the software from anywhere. This platform combines many of the important features which small businesses, accountants, and accounts clerks use often to track finances.

FreshBooks' key features include:

• Mobile app

• Recurring invoices

• Automatic deposits

• Accessible customer support

• Intuitive invoicing tools

• Integration with other popular platforms and interfaces

• Functions available from a single dashboard

• Organized expenses

6. Pabbly

Pabbly is a versatile software that allows companies to create forms, benefit from automated billing, and gain access to e-mail marketing under an inclusive price. This platform is particularly useful for companies that do business with other organizations in other countries. Pabbly is also helpful for a range of other non-accounting tasks like e-mail verification, workflow automation, and data transfer.

Some of Pabbly's key features include:

• New subscriptions and net revenue viewing

• Automated invoice creation

• Automated cutsomer communication

• Over 23 currency options through popular payment platforms

7. Bench

Bench is software for accounting, which primarily focuses on processing taxes. For those who own or work for small businesses and prepare the company for tax season, Bench can be a suitable option. Bench is a powerful tool for converting a business' financial statements into data that is ready or tax filing.

Bench's top features include:

• Mobile app

• Works with a current CPA

• Bookkeeping team which imports bank statements

• Helpful year-end package for filing taxes

• Preparation of financial statements

8. Accounting Seed

Accounting Seed is a popular software for accounting, which is especially beneficial for companies which use a lot of automation. Many tasks which take time when combined can be more manageable through their accounting automation services. Accounting seed allows companies to maintain data visibility for all their stakeholders through their financial data handling services. The software also comes with additional benefits, such as recurring billing and the ability to integrate with bank accounts and sync with other business applications.

Accounting Seed's key features include:

• Recurring automated billing

• Cloud-based platform

• Real-time reporting

• Automated general ledger

Related: What Are Accounting Transactions? (Definition and Examples)

9. Kashoo

Kashoo is an excellent option for small businesses and freelancers. Its simplicity makes it easily accessible to people with little to no accounting experience who only want to make a limited number of transactions annually. It can help users categorize debits and credits, manage online invoice payments, and track income and expenses.

Kashoo's key features include:

• Connects directly to bank accounts

• Unlimited number of users

• Up to 500 transactions annually

• Online invoicing

• Collaboration with other accountants and bookkeepers

10. ZarMoney

This cloud-based computing software is suitable for businesses of all sizes, as ZarMoney offers a range of services to accommodate different needs. The ability to sync a company's customer database allows the software to autofill form fields, allowing the process to be more efficient. The program also offers customizable templates to make reporting simpler and more direct. This is a valuable software option for experienced accountants or small business owners new to the process.

ZarMoney's key features include:

• Customer quote and estimate generator

• Inventory tracking

• Online payment management

• Simple invoicing

• Automated reporting

Related: Bookkeeper Resume Sample and Top 10 Tips for Writing Yours

11. Sage 50cloud

Sage 50cloud offers several automation options to make accounting processes more efficient. Companies can scan pictures of receipts and other documents and turn them into digital copies, making it easy to record and organize expenses. The program also integrates with Microsoft 365, making this easy to implement for organizations that already use other Microsoft office products.

Sage 50cloud's key features include:

• Customizable reporting templates

• Integration with other applications

• Scheduled billing

• Inventory tracking

• Cash flow management

12. myBooks

myBooks by Zentran offers a cloud-based accounting software on both mobile and web devices. The app can connect to the company's bank accounts to monitor and record transactions automatically. It offers customizable templates for invoicing and reporting, and several features to ensure sensitive company information remains secure. The service is suitable for organizations in any industry, including retail, logistics, manufacturing, and service-based businesses.

myBook's key features include:

• 24/7 chat support

• Templates with graphics

• Easily accessible mobile app

• Multi-currency reporting and conversions

13. ZipBooks

ZipBooks offers one simplified interface for all transactions and automated categorization to streamline accounting processes. Bookkeepers and accountants can use in-built templates to create detailed invoices. The software works with several types of payment, making it easier for clients and customers to pay in a way that's most convenient for them.

Some of ZipBook's most notable features include:

• Intelligence insights

• Colour-coding

• Autobilling

• Payment reminders

• Online payments

14. Intuit Quickbooks

Suitable for freelancers, self-employed professionals, and small- to mid-sized businesses, Intuit Quickbooks integrates with payment software programs to make managing payment and invoicing easier. The program offers support for both the finance and human resources department of a company, with features like payroll processing, time tracking, and tax reporting. The ability to scan documents into digital copies makes it easier to manage several types of documents in one organized place.

Some of Intuit Quickbooks' unique features include:

• Mileage tracking

• Invoice generation

• Business analytics

• Tutorials and webinars

• Expense tracking

Please note that none of the companies, institutions, or organizations mentioned in this article are affiliated with Indeed.