This growth isn’t surprising when considering all the benefits of cloud-based accounting software. For starters, accounting software is one of the most important tools for practically any business.
It allows organizations of all sizes to track vital financial information accurately and speed up business transactions. Plus, these accounting applications are based on the cloud, so you can access your data from anywhere.
But there are so many accounting software options to choose from that it can become difficult to select the right one. For instance, do you need the ability to generate invoices or process payments? Or maybe you’re a small startup looking for an affordable option.
This guide will cover some of the best accounting software options currently available. You’ll also get tips on how to choose the best one for your situation.
Top 10 Accounting Software for 2024
Here are 10 of the top accounting software options in 2024, including their pros, cons, and fees.
Intuit QuickBooks Online
QuickBooks Online is one of the best accounting software tools available today for several reasons. First, it offers a wide range of capabilities and features, which make it suitable for many customers.
Some of the best features of QuickBooks Online include invoicing capabilities, inventory management, payment processing, and an available mobile app. In addition, it’s easy to scale up your QuickBooks usage, which is ideal for growing businesses.
Perhaps the best feature of QuickBooks Online is the ability to track and measure progress. Through its robust tools, you can gain valuable insights into your transactions and compile detailed reports.
Whether you’re looking for accounting software for your new entrepreneurial venture, large organization, or something in between, you’ll likely find that QuickBooks Online from Intuit offers the comprehensive tools you need.
Pros:
- Easy to build up as your business grows
- Comprehensive list of accounting features
- Granular transaction tracking tools
- Mobile app availability
Cons:
- More expensive than other accounting software tools
- No time tracking tools
Price: Plans range from $30/month to $200/month.
FreshBooks
FreshBooks is cost-effective accounting software that’s ideal for independent contractors. Independent contractors and freelancers appreciate its capability to track time, regardless of which plan.
You can start tracking time via the FreshBooks mobile app to log hours automatically. Another option is to sync with popular tools like Trello or Asana to track time on a specific project.
FreshBooks also makes it easier for freelancers and clients to communicate. For example, clients can comment on invoices, collaborate on projects, and save their payment information. The mobile app can notify users after certain events, such as a client viewing an invoice or when an invoice becomes overdue.
While FreshBooks is a great option when you’re first starting, those with a growing business may eventually find it limiting.
For example, the highest-tier level has a cap of two users, while the lowest-tier levels limit the number of billable clients. At the same time, FreshBooks lacks features that larger organizations need, such as audit trails.
Pros:
- Mobile integration
- Customizable invoicing
- Client collaboration tools
- Time tracking and billable hours available in all plans
Cons:
- Lack of advanced features for larger organizations
- Limited number of users and billable clients
Price: Plans range from $17/month to $55/month.
Zoho Books
Zoho Books stands out with its robust features at an affordable price point, offering impressive capabilities for financial management. What distinguishes it is the absence of client limitations across all plans.
Even the free plan allows up to 1,000 invoices annually, coupled with features like a customer portal, automated payment reminders, mileage tracking, and report scheduling.
Its mobile-first design, including iMessage invoicing and widgets for convenient access, sets it apart. You can even download an Apple Watch app that lets you send payment reminders and track time.
Zoho Books is a great choice if you’re looking for accounting software you can use on the go.
Zoho Books becomes even better if you use other Zoho suite products. These products include Zoho Inventory, Zoho Commerce, and Zoho CRM, among others. If you’re using any of these products, Zoho Books can integrate directly with them. However, Zoho Books won’t run with other software applications.
Pros:
- Numerous customer service channels are available
- Comprehensive feature set
- Mobile-focused design
- Integrates seamlessly with other Zoho products
Cons:
- Limit of 15 users on each plan
- Limited third-party application integration
Price: Plans range from free to $240/month when billed yearly.
Oracle NetSuite
Oracle’s NetSuite is more than just accounting software. It’s a cloud-based enterprise resource planning platform with accounting tools like payroll, contract renewals, asset management, and custom reports.
With NetSuite, you can completely customize your experience, adding modules based on your desired features. Aside from accounting, NetSuite is useful for performance management, demand planning, document sharing, and HR-related tasks.
In addition, you can create a user dashboard, allowing you to customize the experience based on the modules and features you use. With these custom interfaces, you can quickly access your most important information and features. You can also create role-based dashboards for your employees, helping them to make better and quicker decisions.
To use NetSuite, you’ll need to pay an annual license fee. The fee amount depends on how many users you want and which modules you want to implement.
There’s also a one-time setup fee that the company charges to implement the software within your organization. These fees are also where the biggest drawback of NetSuite lies, as NetSuite only discloses prices through a scheduled consultation.
Pros:
- Includes features beyond typical accounting software
- Customizable features and dashboards
- Integrates with many other third-party applications
Cons:
- No upfront pricing is available
- No free trial available
- Steeper learning curve
Price: Available upon consultation
Wave
Unlike other products on this list, Wave is entirely free to use. Wave offers paid money management products, but you don’t need to buy anything to use their accounting software. And, even though Wave is free to use, it still offers robust features.
For starters, you can add an unlimited number of collaborators. Wave also lets you add unlimited bank and credit card accounts.
You can create and send invoices through the Wave app, including recurring ones. It also lets you track payment history and communications with your clients.
With these features, Wave is likely a good fit for small businesses or entrepreneurs. It offers an easy way to start invoicing your clients without spending money on accounting software.
However, suppose you’re a growing business or in need of some more advanced features, like third-party application integration, time tracking, or mileage tracking. In that case, you’re likely better off with another option.
Pros:
- Free to use
- Unlimited number of accounts and collaborators
- Easy invoicing system
Cons:
- Lack of advanced features
- No third-party integrations
- No ability to accept in-person card payments
Price: Free to use
Xero
Xero is an easy-to-use accounting software application. This makes it ideal for users getting started with basic accounting tools without spending too much time learning how to use the software.
Through Xero, you’ll get features like a customizable dashboard, report generation, and the ability to integrate with many other applications.
A major benefit of Xero is that you can have unlimited users. This is useful when several people need to access the software and don’t want to pay more for extra users.
At the same time, you can set permission levels for the various users. For instance, you can let some users only view reports while others can create invoices.
However, you’ll likely need to upgrade to a higher-level plan to get the most from Xero, as the entry-level plans significantly limit your abilities.
Pros:
- Unlimited number of users
- Available mobile app
- Simple and customizable layout
Cons:
- Entry-level plans limit the number of invoices to 20/month
- Time and mileage tracking are only available through the Established plan
Price: Plans range from $15/month to $78/month.
Melio
Another free-to-use application is Melio. This accounts payable software application is designed to make invoicing and conducting transactions easier. With Melio, there’s no monthly fee or subscription cost. Instead, you’ll pay fees when you use Melio’s services. Whether this payment system works for you depends on the services your business needs most.
One of the standout features of Melio is its ability to facilitate payments via bank transfers or mailed checks, enhancing flexibility for both users and vendors. The platform also supports international payments, expanding its utility for businesses with global operations.
Security is a top priority, with robust encryption protocols ensuring the confidentiality of financial transactions.
Melio can also integrate with other popular applications, like QuickBooks, Xero, and FreshBooks. So, if you like the tracking elements of another application but want to add the ability to make and receive payments, implementing Melio could be a good solution.
Pros:
- No monthly or annual fee
- Easy to use and get started
- Numerous third-party integrations
- Ability to make payments with credit cards
Cons:
- Lack of typical accounting software features
- Reported customer service issues
- Lacks scalability
Price: Fees based on individual service
AvidXchange
AvidXchange is a tool for automating accounts payable tasks. It’s aimed at those organizations in the middle market that need help processing their growing number of invoices and payments. AvidXchange provides users with a dashboard they can access from anywhere, letting them quickly manage invoices.
AvidXchange also integrates with more than 225 accounting systems, meaning users don’t need to change their current reporting system. Instead, they can integrate AvidXchange to improve visibility and control over their invoices and payments. AvidXchange also provides data analysis for your invoices, helping users group invoices together and quickly find payment history.
However, AvidXchange may lack some of the features needed for accounting software. AvidXchange does offer some accounting features, but its focus is on providing users with payment options and managing invoices.
Pros:
- Easy-to-use interface
- Speeds up invoice approval and processing
- Online payment options
- Third-party integrations
Cons:
- Lack of common accounting software features
- Lack of check payment tracking
- Unclear pricing
Price: Varies based on desired modules
Trolley
Trolley, formerly Payment Rails, is a cloud-based accounting tool suitable for affiliate networks, freelancer marketplaces, sharing economy platforms, and influencer marketing agencies.
Its feature set encompasses robust elements like approval process control, fraud detection, cash management, vendor management, and recipient management.
Trolley ensures a comprehensive financial toolkit with functions such as returned payment handling, bank account validation, live payment tracking, and real-time foreign exchange rates. Trolley also makes it easy to meet US and EU tax compliance. Furthermore, you can sync data across multiple accounting platforms, giving you access to the information you need wherever you are.
Setting itself apart, Trolley introduces a recipient widget that seamlessly integrates with users’ websites or mobile applications. This widget, fully customizable with brand colors and responses, incorporates bank validation rules across multiple countries.
Trolley adopts a subscription-based model. The monthly service fee covers support channels through phone, email, and detailed product guides, enhancing the user experience and ensuring ongoing assistance.
Pros:
- Built for the modern Internet economy
- Automate workflows for your finance team
- Access to the Trolley API
- Easy international payments
Cons:
- No time-tracking feature
- Significant limitations on lower-tier plans
Price: Prices range from $35/month to $149/month.
Rossum
Rossum is an accounting software tool that uses artificial intelligence (AI) to complete different tasks. With Rossum, users can easily automate data capture from various sources, including documents, emails, and scanned images. They can then incorporate this data to generate receipts, purchase orders, and invoices.
The biggest benefit of Rossum is the ability to automate data entry. If you typically spend a large amount of time manually entering information for accounting purposes, Rossum can likely save you a lot of time. In addition, Rossum can integrate with many third-party applications, allowing you to further streamline your workflow.
However, some may find setting up Rossum a little difficult. There are also some scenarios where Rossum doesn’t perform as well, such as when documents are in another language. In addition, small businesses may find Rossum a more expensive option than other accounting software tools.
Pros:
- AI-powered accounting automation tools
- Data extraction
- Third-party application integration
- Document splitting
- Performance metrics
Cons:
- Difficult to implement in certain situations
- High initial time investment
Price: Available through consultation with Rossum
Comparison of Accounting Software Options
There are many accounting software options available for you to choose from. However, one is likely a better fit for you based on your needs and budget. To find the right choice, you should consider a few factors.
First, consider the size of your organization or the number of people who need to use the software. As some accounting software applications limit the number of users, it’s important to pick one suitable for your company’s size. For example, Wave F doesn’t have a limit on the number of users, while Zoho has a limit of 15 users. The best accounting software for small businesses may not be the best software for a large organization.
After that, think about the features you need most. Tools like Xero or FreshBooks may work for you if you need a simple bookkeeping software or business accounting application. On the other hand, if you need a tool to process payments or help with your data entry, you might want to explore Melio or Rossum, respectively.
Finally, consider your budget. Spending more typically means getting more features, but you may not need those extra features. You can use free apps like Wave and Zoho with limited features instead. A more comprehensive app like QuickBooks Online or NetSuite might make more sense if you have a higher budget.
| QuickBooks Online | FreshBooks | Zoho Books | Oracle NetSuite | |
|---|---|---|---|---|
| Cost | $30/month to $200/month | $17/month to $55/month | Free to $240/month | Available upon consultation |
| Cloud-based | Yes | Yes | Yes | Yes |
| Org. Size | 50 to 200 | 200 to 500 | 50 to 100 | 100 to 250 |
| Invoicing | Yes | Yes | Yes | Yes |
| Payments | Yes | Yes | Yes | Yes |
| Time Tracking | No | Yes | Yes | Yes |
| Wave Financial | Xero | Melio | |
|---|---|---|---|
| Cost | Free | $15/month to $78/month | Fees based on individual service |
| Cloud-based | Yes | Yes | Yes |
| Org. Size | 10 to 50 | 1,000 to 1,500 | 1 to 20 |
| Invoicing | Yes | Yes | Yes |
| Payments | Yes | Yes | Yes |
| Time Tracking | No | Yes | No |
| AvidXchange | Trolley | Rossum | |
|---|---|---|---|
| Cost | Varies based on desired modules | $35/month to $149/month | Available through consultation |
| Cloud-based | Yes | Yes | Yes |
| Org. Size | 500 to 1,000 | 1 to 100 | 100+ |
| Invoicing | Yes | Yes | Yes |
| Payments | Yes | Yes | No |
| Time Tracking | No | No | No |
Additional Considerations for Choosing Accounting Software
When choosing accounting software, you have many factors to consider. Beyond just the cost or the basic features, other factors may be specific to your business.
For example, if you’re using other applications within your business, such as project management software or payroll software, you may want accounting software that can integrate with your current tools.
In addition, you should think about who will use your accounting software and their experience level with accounting tools. If you plan to have many people using your new financial software, you may want something that’s easier to use or requires less instruction.
However, if you’re the only one using the software, you might opt for an application that allows for a custom dashboard that fits your needs.
You should also consider the customer service options from the accounting software developer. There may come a time when you’re having an issue with the software and need some assistance.
Then, you’ll want to have easy access to customer support to resolve the issue quickly and get back to business as usual. Explore the customer service options available for each application and read some user reviews related to customer service.
Find the Right Accounting Software for Your Needs
If you need accounting software for your business, there are many options in the market. Selecting the right software for your situation will ensure that you get the most value for your investment.
For example, you may be better off with a simple online accounting software tool at a low cost if you don’t need the advanced features provided by more expensive options. On the other hand, if you’re a growing organization, you may want a tool that can scale with your business.Take the time to carefully consider what you need and explore your options. If you need further assistance, this resource also compares some of the more popular accounting software options.
