Top 5 Accounting Software In 2021 (A Detailed Guide For ALL)

Online Accounting Software

In today’s world where 1 in 10 people think about managing a business, it becomes important to find accounting software to handle the financial aspects of a company.

Accounting Softwares help business owners to handle technical tasks like tracking invoices, expenses, income, making contactless payments, tax filing, and many more. The best thing is that the software makes fewer mistakes and is more effective than humans.

But, the toughest question is how to choose the best accounting software that not only benefits your business to grow but also is affordable and easy to understand. To help you with that, we have created this informative post after doing decent research to discuss the top 5 best accounting software in 2021. In the end, you will be able to choose the best software as per your business needs.

5 Top Accounting Software 2021

  • Overall Best: QuickBooks Online
  • For Micro Company/Business Owners: Xero
  • For Service-Based Companies/Businesses: FreshBooks
  • Supreme Free Software: Wave
  • For Personal Finance management: Quicken

Let’s discuss one by one in detail in the next section.

1.   Intuit Quickbooks

QuickBooks is the top financial accounting software for both small and medium businesses. Thousands of professional accountants use QuickBooks to manage companies. There are numerous online training courses as well as forums to receive support whenever needed. You can find all features on a single dashboard which makes bookkeeping and accounting more efficient. It has integrated features like the Quickbooks tool hub to fix bugs and errors.

Pros

  • Trusted by accounting professionals.
  • It can integrate with third-party software/applications.
  • Mobile app.
  • Cloud-based.
  • Easy user interface.
  • Records of contacts as well as transaction forms.
  • Customizable reports.
  • Great payroll support.
  • Fresh pages of cash flow.

Cons

  • Needs Upgrade for extra users.
  • Expensive Subscription.
  • Syncing issues are experienced with banks and debit/credit cards.

Cost & Pricing

After completing the free 30-day trial, you will get four subscriptions plans:

  • Simple – $25 monthly.
  • Essentials – $40 monthly.
  • Plus – $70 monthly.
  • Advanced – $150 monthly.

2.   Xero

This software is best for micro-businesses who want user-friendly accounting software and a clean interface.

Unlike other accounting software, Xero’s offers subscription plans to unlimited users. It directly means that you can easily add more fresh employees at zero additional cost.  So, once your business booms, you can add on new users and employees to your account at no extra cost.

Pros

  • Excellent dashboard.
  • More business views.
  • Better setup process.
  • Project tracking.
  • Smart Lists.
  • Interactive quotes.
  • Great online support.
  • Reconciliation tools.
  • Integrates efficiently with Gusto.

Cons

  • Doesn’t support phone or chat help.
  • A fresh invoice form requires stamped icons.
  • Incomprehensive Mobile apps.
  • Expenses managed in different mobile app.
  • Absence of reorder level.

Cost & Pricing

Xero provides three subscription choices.

  • A complete service payroll: Early – $9 monthly.
  • Growing – $30 monthly.
  • Established – $60 monthly.
  • Gusto offers a complete-service payroll choice – Additionally $30 monthly and $6 extra per employee.
  • Xero also provides a free 30-day trial as well as a 50% off promotion for the next two months.

3.   FreshBooks

FreshBooks is best known for incredible invoice customization. Through this software, you can easily send, receive, pay, and print invoices. Not only this, but it also takes care of bookkeeping needs. Business owners can easily send invoices, proposals, ask for deposits, assemble customer retainers, receive payments, and track projects.

Pros

  • Accounting of Double-entry.
  • Better user experience.
  • Team collaboration.
  • Detailed customer records.
  • Time tracking tools.
  • Inventory tracking.
  • Supports Proposals.
  • Automatic IOS tracking.

Cons

  • Less invoice customization.
  • Poor setup assistance.
  • Few dashboard deficits.
  • Site features are lacking in Mobile apps.
  • The absence of Quarterly tax approximates.

Cost & Pricing

The software offers a 30-day free trial after which you have to buy subscription plans.

  • Lite plan – $15 monthly, five clients can be billed up.
  • Plus Plan – $25 monthly, 50 clients can be billed up.
  • Premium Plan – $50 monthly, 500 clients can be billed up.

4.   Wave

Wave Accounting is a valuable software as it offers invoicing and accounting services for free. Credit card processing and payroll services do include some charges. The basic features like expense and income tracking, invoicing, financial recording, scanning receipts are added to this software. All features can be efficiently accessed on any mobile app.

Pros

  • Accounting, receipt scanning, invoices are for free.
  • Run numerous businesses in a single account.
  • Zero limits on transaction and billing.
  • Mobile app.
  • Unlimited users.

Cons

  • Limited third-party app integrations.
  • Credit cards & ACH payments are quite high.
  • Only 14 states have the full-service payroll and thus, it is quite limited in its database.
  • No inventory management.

Cost & Pricing

  • Credit card processing fee – 2.9%.
  • For Visa, Discover, and Mastercard – $0.30.
  • For American Express – 3.4% extra $0.30.
  • Bank Payments: Per transaction 1% means $1 minimum charge.
  • Payroll – $35 monthly, extra $6 for a single active employee, $6 for a single independent contractor.

5.   Quicken

Quicken does not vary much in its features and services as QuickBooks but it is especially designed for individuals and families. It offers personal management of finances. The software involves financial planning and other management operations that users usually carry out on pen and paper. The advanced version of the software application aids you in tracking the rental properties along with all the personal info. and data. It also has multiple device accessibility.

Pros

  • Billing & invoicing.
  • Financial Reporting.
  • Expense management.
  • Plan Personal Finances.
  • It keeps a track of all the transactions, investments, account balances, personal budgeting, loans, etc.
  • It also works on personal investments, tenants, rental rates, lease terms of rental properties, retirement accounts, etc.

Cons

  • It does not support the Core Accounting system.
  • No payroll services features are present.
  • It lacks the ability to carry out inventory management.

Cost & Pricing

Quicken comes in four different subscriptions.

  • Quicken Starter: $34.99
  • Quicken Deluxe: $44.99
  • Quicken Premier: $67.99
  • Quicken Home & Business: $89.99

Ending Words

This post deals with each and every piece of information that you need when we talk about top 5 accounting software in 2021. These include QuickBooks Online, Xero, FreshBooks, Wave & Quicken. For your ease, every pro and con of the top five software along with their latest pricing details are included in this post. We hope you will make the best choice as per your accounting and management requirements.

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