16 Best Online Accounting Software for Your Small Business

Best Accounting Software for Businesses and Startups

Money in and money out. Everybody thinks about it most often. The most important way to manage everything is by managing the money. Businesses and startups hire accountants in the first place when they start from the very scratch.

The software accountants use to manage a company's finances is called accounting software. There are many accounting software available online which is acquired by companies and startups. But as we know, only selected softwares are ruling the accounting software market. But what if I tell you there are hundreds of other software like these that are available that can be more affordable, easy to use, and don't need much experience to learn.

Yes, there is much financial software or we can say accounting software available in the market that can help you manage the incoming and outgoing finances of the company. But choosing the best software that would not be very costly, which is easy to learn, and we get excellent behind-the-desk support from the developers.

Most tools will help you track and manage all your businesses' finances in one dashboard. Choosing the best accounting software can also help you in automating the company's finance operators reduce errors and save you time.

Best Online Accounting Software for Every Business and Startup

BEST ONLINE ACCOUNTING SOFTWARE

Oracle Netsuite ERP

Zoho Books

Tally Prime

Sage 50Cloud

Busy Accounting

Xero

QuickBooks Online

ProfitBooks

Horizon ERP

MyBillBook

TaxDome

Wave

FreshBooks

Deltek Vision

Odoo

BQE Core Suite

1. Oracle Netsuite ERP

Image: Oracle NetSuite

NetSuite is a unified Enterprise resource planning (ERP) software. It helps organizations achieve business growth and progress by optimizing business processes. It automates the business processes and stores the activities in a cloud platform with high-end performance. The software efficiently improves financial processes and enhances business reporting. What things are costing the most and what money comes in and out, everything is managed by the Netsuite ERP accounting software. Data storage and fast cloud security are the main reasons why you should get your hands on it.

Key Features:

Financial management
Supply chain management
Customer relationship management (CRM)
Inventory management
Procurement
Order management
E-commerce integration
Advanced reporting and analytics
Scalability
Cloud-based deployment

2. Zoho Books

Image: Zoho Books

Zoho Books is a multi-purpose accounting software to manage everything that comes related to money management. It offers automatic bank feeds, a collaborative client portal, accounting & taxing features, online payments, invoice templates, and analytical reports. It is an end-to-end accounting tool for every type of business that manages finances across an entire organization. It is a web-based system which means users can access it using the web browser without any need of installing or downloading it. Accountants can manage previous invoices, perform automatic recurring invoices, set up payment reminders, and also receive payments through online payment gateways.

Also Read: Zoho Books vs Zoho Invoice

Key Features:

Invoicing
Expense tracking
Bank reconciliation
Inventory management
Financial reporting
Time tracking
Project management
Multi-currency support
GST compliance (in applicable regions)
Mobile app accessibility

3. Tally Prime

Image: Tally Prime

Tally Prime was first launched as Tally ERP9 and now it has become one of the most used accounting software in the world. The software offers one of the most adaptable inventory management systems that feature Tally Prime like godown management, multiple stock valuation, manufacturing, batch, and expiry dates, job costing, and inventory reports. Businesses can also create on-go invoices, insightful business reports, GST-compliant invoices, etc. In case you're having issues with money management, Tally Prime helps you optimize cash flows and enhance in-depth management.

Key Features:

Accounting
Inventory management
Invoicing
Payroll management
Banking
GST compliance
Budgeting and forecasting
Multi-company support
Reporting and analytics
Customization options

4. Sage 50Cloud

Image: Sage50 Cloud

Sage 50Cloud is another very popular accounting and cash-flow management software used by many companies and businesses. Its cash-flow manager is a powerful invoicing system and you can have records of previous transactions and deals with it. If an organization has a credit with your company, Sage 50Cloud also has the power to record the data, create invoices, and bank feeds, and even automate all of these things. The inventory management system of this accounting software is so advanced that it clearly tracks every single account detail i.e. item information, sales account, inventory account, and cost of sales account. Then it computes and tracks costs and quantities by item code daily and adjusts inventory automatically each time you post-purchase or sale. Other features of Sage 50Cloud are automated reporting, simplified payroll, and insights into all jobs and projects plus it offers Sage Security Shield to protect small and medium-sized businesses with an industry-first security shield.

Key Features:

Accounting
Invoicing
Expense tracking
Cash flow management
Bank reconciliation
Payroll processing
Inventory management
Financial reporting
Budgeting and forecasting
Multi-user collaboration

5. Busy Accounting

Image: Busy Accounting

Busy Accounting software is a very powerful GST-compliant business accounting software that makes it easier to manage all the companies' finances, including return filing, E-way bills, and E-invoice IRN. It is based in India and mainly focuses on GST invoicing and GST-related needs. The inventory management system of this professional accounting software is enriched with very useful features and can generate comprehensive analysis reports for various items. It lets you control every single business process including invoicing, customer relationship management, payroll, and inventory management with real-time monitoring while creating and recording in-depth financial records. For sales tax reports, Busy accounting software is capable of generating state-wise tax reports and has VAT(Value Added Tax) registers as per customer needs. Although, using this finance software is very easy but in case you get in any trouble they offer inquiry and support management too to resolve your issues.

Key Features:

Accounting
Invoicing
Inventory management
Billing
GST compliance
Bank reconciliation
Financial reporting
Budgeting and forecasting
Payroll management
Multi-company support

6. Xero

Image: Xero

Xero is web-based accounting software mainly for small businesses and startups located in New Zealand. It is mainly used by accountants and bookkeepers. It is so easy to use that it doesn't require any prior knowledge of accounting. While it is web-based accounting software, it can also be accessed from Android or iOS devices using its cloud storage feature. Business owners can send invoices to their clients, create expense claims, etc. It supports Fast bank reconciliation. It can also integrate with your financial institution and over 800 add-on apps. Users can be aware of their cash flows and have up-to-date financial reports. The collaboration system of this software is another advantage of using Xero as your accounting software.

Key Features:

Accounting
Invoicing
Expense tracking
Bank reconciliation
Inventory management
Payroll processing
Financial reporting
Multi-currency support
Integration with third-party apps
Mobile app accessibility

7. QuickBooks Online

Image: QuickBooks

Quickbooks is one of the most popular accounting software in Canada. It makes the accountants' lives easier and helps to make financial management easier. It serves as a great tool for business owners, bookkeepers, etc. It syncs the business into one dashboard. A very important feature of QuickBooks is its auto-reminder feature which automatically sends payment reminders to the clients. Accountants can even customize payment receipts, create customer groups, advanced bank feeds, etc. If either you're struggling with employee receipts or your employees are struggling to keep track of their receipts, QuickBooks can even help in this matter. Tracking invoices' history is also possible with this software. Using the software, it basically attracts small & medium-sized businesses more than the larger ones but offers a great user interface and features for accounting work.

Key Features:

Accounting
Invoicing
Expense tracking
Bank reconciliation
Payroll processing
Inventory management
Financial reporting
Budgeting and forecasting
Multi-user access
Integration with third-party apps

8. ProfitBooks

Image: ProfitBooks

The ProfitBooks software is not only accounting software but this helps businesses process the accounts and then lets you calculate ways to make more profits. It offers a simple user interface and offers everything under your control in any circumstance or wherever you are. Creating balance sheets is so easy that you can easily understand which product is more profitable, find out your highest paying customers, receive payments & send invoices, do quicker work than manual work, etc. are very easy to perform. ProfitBooks is easy to use and costs almost nothing. You will know the payable or receivable amounts for Service Tax, VAT, and other taxes. All the detailed reports are just a click away. You can create professional invoices, and email your customers with a few clicks.

Key Features:

Accounting
Invoicing
Expense tracking
Inventory management
Financial reporting
Bank reconciliation
Tax management
Multi-user collaboration
Mobile app accessibility
Customizable templates

9. Horizon ERP

Image: Horizon ERP

Horizon ERP is one of the best accounting software for malls, supermarkets, automobile spare parts dealers, and other small businesses to track their finances and other accounts. It mainly focuses on handling bills, accounting, and inventory management with ease. It has a very simple user interface but it has a very powerful system that can create thousands of invoices per financial year. Up to twenty-five thousand SKUs, customers, and ledgers can be maintained and tracked simultaneously. It offers live online support as well as documentation for helping the users manually. They also offer customer support via chat services. Although Horizon costs around $150 for a one-time payment you can also use a free trial.

Key Features:

Financial management
Inventory management
Sales and purchase management
Production management
Supply chain management
Customer relationship management (CRM)
Human resource management (HRM)
Business intelligence and analytics
Multi-currency and multi-language support
Customizable workflows and processes

10. MyBillBook

Image: MyBillBook

MyBillBook is a popular cloud-based invoicing and accounting software. The software focuses mainly on small and medium-sized businesses. It is one of the most loved accounting software because of its easy-to-use interface and wide range of features. MyBillBook features include invoicing, expense tracking, inventory management, tax management, and more. It is also available for mobile applications so that users can easily manage their finances on the go.

Key Features:

Invoicing
Expense tracking
Payment tracking
Inventory management
Customer management
Financial reporting
GST compliance
Multi-currency support
Customizable templates
Mobile app accessibility

11. TaxDome

TaxDome is a powerful accounting software, which is designed for managing tax preparations and client communication processes efficiently and effectively. This application offers many great features for small to large businesses, including client management, document organization, billing and invoicing, and workflow automation. It also helps businesses automate client communications to keep clients informed and engaged with the tax preparation processes.

Key Features:

Client Portal
Document management
Task management
Secure communication
Time tracking
Invoicing and payments
Workflow automation
E-signatures
Integration with tax software
Reporting and analytics

12. Wave

Designed especially for consultants, freelancers, and small business owners, Wave Accounting Software is an online accounting tool. Features including limitless invoicing, unlimited estimations, contact management, expense tracking, accounts payable, basic inventory and reports of accounting, billing, payroll management, finance management, credit card processing, receipt scanning, and many more abound here. The program provides invoicing, cost tracking, accounts payable, basic inventory management, bank reconciliation, journal entries, multi-currency, and reporting on the financial side of the company, therefore meeting small business demands. It also lets companies create reports covering a range of data including sales tax, balance sheet, cash flow, profit/loss, invoices, payment slips, and supplier bills. Designed to be user-friendly, Wave Accounting Software features a well-organized and simple-to-use updated UI. With the help of fixed asset management, it also provides a customized chart of accounts arranged to make accounting as simple as it could be for company owners.

Wave Accounting Software for small businesses

Key Features:

Invoicing
Expense tracking
Bank reconciliation
Financial reporting
Receipt scanning
Payroll processing
Multi-currency support
Collaboration tools
Tax Preparation
Integration with third-party apps

13. FreshBooks

Made for small and medium-sized companies, FreshBooks is a cloud-based accounting tool. It provides invoicing, cost management, time tracking, and financial reporting among other things. Users may track project time, handle revenues and expenses, and create professionally-looking invoices. To enable flawless workflow management, the program also interacts with more than a hundred additional commercial programs. FreshBooks is well-known for its simplicity; its user-friendly layout allows anyone—including non-accountants—to access it. The program also promotes teamwork with accountants and team members, automates processes, and offers real-time financial data. FreshBooks is a common choice for companies trying to simplify their accounting procedures and increase efficiency since it guarantees that financial data is safeguarded and available from anywhere with its strong security features.

Key Features:

Invoicing

Expense Tracking

Time Tracking

Payments

Reporting

Project Management

Mobile Access

14. Deltek Vision

Deltek Vision is a comprehensive enterprise resource planning (ERP) software designed specifically for professional services firms. It combines key functionalities such as project accounting, resource management, project management, time and expense tracking, and client relationship management into a single integrated platform.

Deltek Vision provides professional services organizations with real-time visibility into critical business data, enabling them to make informed decisions, improve project delivery, and enhance profitability. The software's modular structure allows users to customize the solution to meet their unique industry requirements, whether they are in management consulting, architecture, engineering, or other project-based sectors. Deltek Vision can be deployed on-premises or in the cloud, offering flexibility to businesses of all sizes. With its robust features, seamless integrations, and user-friendly interface, Deltek Vision has become a trusted solution for thousands of professional services firms worldwide to streamline their operations and drive business growth.

Key Features:

Project Management

Resource Planning

Time and Expense Management

Financial Management

Reporting and Analytics

Business Intelligence

Proposal Automation

Document Management

Mobile Access

15. Odoo

Covering a broad range of corporate demands, Odoo is a complete, open-source business management toolset. With more than thirty core applications—including customer relationship management (CRM), e-commerce, accounting, inventory control, project management, and more—it presents a modular framework.

Key characteristics of Odoo are a simple interface, flawless module integration, and great customizing powers. The program is meant to simplify corporate procedures and raise general effectiveness inside a company. Additionally providing sophisticated features are Odoo's artificial intelligence-powered automation, multi-company and multi-currency support, and mobile accessibility.

Odoo's scalable and adaptable architecture allows it to be customized to the particular needs of companies of all kinds, from big companies to startups. The open-source character of the program and active community of developers also enable constant improvement as well as the availability of a large spectrum of outside applications and integrations. All things considered, Odoo offers a complete, integrated solution to handle several facets of a company from one platform.

Key Features:

Sales Management

Inventory Management

Accounting

Project Management

Human Resources

Manufacturing

eCommerce

Marketing Automation

Point of Sale (POS)

Helpdesk

Timesheets

Reporting and Analytics

16. BQE CORE Suite

Designed for professional services companies, the complete, cloud-based business management tool BQE CORE Suite is trusted by more than 400,000 customers globally, BQE CORE presents a strong suite of tools to simplify many facets of running a company, including project management, time and expenditure tracking, billing and invoicing, accounting, and reporting.

The specific features and easy interface of the program satisfy the particular requirements of sectors including consulting, engineering, and architecture. Users of BQE CORE can prepare professional invoices, handle project budgets and timetables, monitor staff output, and produce thorough financial reports. The platform also connects with a variety of other apps, therefore facilitating smooth data flow and enhanced workflow effectiveness.

Acknowledged for its easy-to-use layout and all-around capability, BQE CORE has won many accolades and client endorsements. The diverse deployment choices of the software—cloud, on-site, and hybrid models—allow companies of different kinds to access it. Emphasizing the empowerment of professional services businesses, BQE CORE seeks to enable businesses to increase output, improve profitability, and provide outstanding results for their clients.

Key Features:

Project Management

Time and Expense Tracking

Billing and Invoicing

Accounting

Reporting and Analytics

Resource Management

Budgeting

Mobile Access

Integrations

Conclusion

Finally, choosing the correct online accounting tool for your small business will help to greatly simplify your financial operations, increase output, and give an insightful analysis of the financial situation of your organization. From invoicing and cost monitoring to thorough financial management and reporting, every one of the sixteen choices we have looked at has special qualities suited to various corporate demands. Finding the ideal accounting solution that not only satisfies your present needs but also promotes long-term business growth by carefully evaluating your particular requirements and considering elements like scalability, ease of use, and integration capability. Purchasing the correct accounting software is not just a financial choice but also a strategic one meant to increase the success and efficiency of your company projects.

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16 Best Online Accounting Software for Your Small Business