Best Accounting Software and Invoice Generators of 2020

Best Accounting Software and Invoice Generators of 2020

In this article, we’ll mostly refer to QuickBooks Online (which is what we think you’ll likely opt for instead of Intuit’s desktop version of QuickBooks). In terms of the accounting features that most businesses need, Xero and QuickBooks Online are both comprehensive tools that are likely to tick your boxes. But their approaches are different, and they each have different strengths.

In addition, many say the response time is slow when they send an email to the support team. Xero is the best QBO alternative because it has all the same features and does not charge based on the number of users. This means you can give access to as many people as you need without having to worry about your bill going up. Xero’s Early plan is less expensive than all other options in our list at $9 per month, and it also has a top-tier, self-service plan at $60 per month versus $50 per month for FreshBooks.

For these reasons, Xero is also on our list of best business accounting software. If you can’t afford QuickBooks, there are free accounting software options available. Be sure to select accounting software that has basic bookkeeping features like invoicing customers and paying bills.

For businesses that don’t send invoices, other accounting solutions will make more sense, but freelancers and project-based businesses will naturally be drawn to the features and affordability of FreshBooks. With hundreds of accounting software programs on the market, it’s difficult to decide which one to choose. In our search for the top accounting software solutions, we looked for affordable, easy-to-use accounting programs designed for small businesses. We wanted them to be cloud-based and have a mobile app so you can access your data at any time, from any place. Consider AccountEdge Pro if you’re looking for a subscription-free small-business accounting solution.

If you need a feature and the software doesn’t have the functionality, you should consider looking at other accounting software options that are affordable and can meet your business needs. The setup process for both QuickBooks Online and QuickBooks Desktop requires you to provide key company information and has the option to connect your bank account to QuickBooks. Connecting your bank account to QuickBooks allows you to import your bank transactions automatically. QuickBooks Desktop Plus is an annual subscription to the QuickBooks Desktop software that replaces the one-time purchase cost. The software is identical, but the Plus subscription provides additional benefits to the user.

QuickBooks Online is our favorite accounting software for small businesses because it can grow with your business. As with other types of business software, more accounting systems will become cloud-based and have mobile apps in 2020, giving busy business owners anytime, anyplace access to their accounting data. This software works best for project-based businesses and freelancers. Any business generating invoices frequently should consider FreshBooks. The ability to combine accounting software tools and invoicing tools is rare, but FreshBooks does the job effectively.

They also like how user-friendly the system is for non-accountants. On the negative side, customers do not like the fact that there is no live telephone support.

bookkeeping software

This full-service, double-entry accounting software includes invoices, payments, purchases, payroll, and inventory. AccountEdge Pro requires a one-time fee only, with the basic software priced at $149, and you start with a 30-day trial. It’s important to note that Wave software has some Accounting crucial limitations, especially compared to QuickBooks Online. Wave doesn’t track inventory—one of the reasons why we recommend this product for service-based small businesses. Also, you can’t track your billable hours, which is a problem if you want to link hours to specific invoices.

These advantages — and the overall scalability of this solution — make Xero a good choice for growing businesses and a more affordable accounting solution for larger businesses with multiple users. What’s the difference between QuickBooks and QuickBooks Online? QuickBooks is Intuit’s general accounting software, while QuickBooks Online (QBO) is specifically the cloud-based service. For QBO, you pay a monthly subscription rather than an upfront fee, and you get all the patches and software updates from Intuit.

Unlike TurboCash which is free, TurboCash 5 costs $60 a year. Wave provides completely free accounting that allows small businesses to track expenses, send invoices, get paid and balance their books. Businesses can send professional invoices and track the status of invoices and payments, so they know when to expect money in their bank account. Businesses can also accept credit cards and get paid faster with Wave. ZipBooks provides powerful and simple-to-use accounting software designed to help small businesses move to the next level.

  • (I haven’t evaluated the Canadian versions of the programs, so that’s something to check into.) Xero would allow you to directly import your invoices (instructions here).
  • Other business owners may want to consider some of the best QuickBooks alternatives on the market before they settle on their accounting software.
  • The desktop version has been around since the 1990s, long before software over the internet was common, and it currently has a few more features and better functionality when you compare it to the online version.
  • Your company’s real-time financial data is kept in one central place – online, in the cloud.
  • Unlike TurboCash which is free, TurboCash 5 costs $60 a year.

Instead, you log into your account to access the most up-to-date version of QuickBooks Online. If you’re worried about security, our QuickBooks Self-Employed review provides the company’s security details. Here’s our post on QuickBooks Online VS QuickBooks Desktop for a more detailed comparison. I hope none of the clients you are transitioning to Wave ever needs to send a customer statement or issue a customer a credit because they can’t.

Wave has gaping holes in its usefulness as an accounting program and the fact that you can’t create customer statement or issue a customer credit are just an example of two. People in their forums have been requesting these features for years. There are several threads in their help section that have been running since 2011 or 2012 and are now closed to further comments because people are tired of hearing the “it’s on the roadmap” platitudes. Do your clients a favor and send them in the direction of software that they can grow with. Katherine,I currently work at an accounting firm with the majority of our clients being small business owners.

The software is easy to use, offers great customer support, has 80+ integrations, and boasts tons of positive customer reviews. As I mentioned earlier, Wave is a free accounting solution complete with access to all Wave features and customer support. You can choose to add payroll, credit card processing, and professional bookkeeping services for an additional cost. Zoho Books also offers better invoicing and a more developed and attractive client portal.

And i totally agree with the fact that accounting software can help small businesses manage invoices and payrolls with greater ease and efficiency. And without any costs to fork out, accounting software is even better when it’s free!

Best free accounting software

TurboCash 4 provides free accounting software that is recommended for people earning less than $10 an hour. TurboCash 5 is recommended for small businesses, with cash book, general ledger, stock, debtors, creditors and invoicing features.

In addition, Zoho Books has better customer support and better mobile apps. QuickBooks Online does boast better invoice templates, more invoice automations, better mobile apps, and built-in lending. But Xero comes with better contact management, unlimited users, built-in depreciation schedules, and 200 more integrations. Xero does have a steeper learning curve than QBO, but the software is well-organized and easy to navigate once you get used to it.

These additional features negate some of the primary benefits of QuickBooks Online over QuickBooks Desktop. With QuickBooks Online, you have immediate access to the latest version of the software. This means that any new features and improvements do not require an upgrade like the desktop product.

It handles invoicing and credit notes, accounts payable and receivable, employee expenses and some payroll features too, and it’s quite happy with multiple currencies, cards and accounts. Its sheer flexibility makes it our top choice when it comes to accounting software for kitchen table businesses. QuickBooks Self-Employed will appeal to freelancers and independent contractors who want its automatic mileage tracking, quarterly tax estimating, and basic bookkeeping. Businesses that need features like time tracking, sales tax, robust invoices, and data records should consider QuickBooks Online.

Unlike Wave and SlickPie, FreeAgent allows you to track and pay bills, making it ideal for any small business that needs to manage its accounts payable (A/P). Wave customer reviews show they like the fact they can use accounting software to manage their income and expenses without having to pay for it.

FreshBooks, another popular invoicing and bookkeeping solution, has been around since 2003. Recently, the company added double-entry accounting, making FreshBooks a viable option for small business owners.

FreshBooks offers a well-rounded, intuitive, and attractive double-entry accounting experience that supports invoices and estimates, expenses, time tracking, and projects. It anticipates the needs of freelancers and smaller businesses Bookstime Services well—better than its competitors. FreeAgent allows you to manage all of your business finances for only $24 per month. This includes unlimited bank and credit card accounts, unlimited users, unlimited customers, and unlimited vendors.