Accounting software should be one of your first purchases as a new business owner. The best accounting automation software enables you to issue invoices, discover and follow up on past-due balances, register incoming payments, and conduct reports that help you examine your financial condition and other elements of your organization.
To assist you in locating the best accounting software for your company, we reviewed several accounting automation software. We looked for time-saving capabilities such as automatic payment reminders, automated bank feeds, and online invoicing and payment acceptance in accounting packages that were both economical and easy to use.
We also looked for software that provides comprehensive, configurable, real-time financial reporting, which is essential for keeping tabs on your business’s finances.
Recommendations for Accounting Automation Software
1. Intuit QuickBooks Online
This accounting automation software is widely utilized by small enterprises in all corners of the United States. For its price, ease of use, and effectiveness, accountants are ready to give the application a glowing review. When it comes to today’s small enterprises, it’s hard to find a defect in the QuickBooks software.
QuickBooks Online is feature-rich accounting software for small businesses that connect with a wide range of other business tools at a price that won’t hurt your wallet. Connecting a credit card processing provider with your accounting software can help close the sales loop for many businesses. This program appeals to us because it is cloud-based and frequently updated.
2. Oracle NetSuite Accounting Software
With Oracle NetSuite, small business owners may receive a holistic picture of their firm while automating some accounting tasks. NetSuite is our recommendation for the best accounting software with enterprise resource planning (ERP) solutions because you can manage all elements of your organization from one dashboard.
Planning and budgeting are aided by NetSuite’s payment management system, which centralizes payments and integrates data from multiple sources. Creating budgets and forecasts, planning for what-if scenarios, and running reports on numerous elements of your organization are all made simple with this platform. NetSuite helps you define permissions to keep things under your control.
3. Zoho Books Accounting Software
Zoho Books is a great accounting automation software for small firms in need of straightforward accounting software. Project billing and time tracking are among the most complex features available in Zoho Books for microbusinesses. Because of the numerous integrations, you can continue to use it as your company expands.
For microbusinesses, we prefer Zoho Books as the ideal accounting software due of its ease of use and value. On the go, Zoho Books makes it easier and faster for company owners to send invoices and organize their books using its Apple, Android, and Windows mobile apps.
( Also Read: 12 Benefits of Accounting Automation )
4. FreshBooks Accounting Software
It can be difficult to locate a small business accounting tool that meets your needs if you need to make and send invoices. When it comes to billing, some solutions are better than others; nevertheless, when it comes to bookkeeping and invoicing, some solutions fall short. As opposed to those two, FreshBooks delivers on all fronts with equal vigor.
Connecting to your bank, keeping track of time, generating several reports, and managing projects are all made easier with this accounting software. In addition, FreshBooks gives you the option to allow customers to pay bills via invoices, which accelerates the payment process.
5. GoDaddy Online Bookkeeping
Managing both online and offline sales for small firms is becoming increasingly difficult, which necessitates the use of an accounting application that can keep track of all those transactions. GoDaddy Online Bookkeeping stands out because of its interface with marketplaces such as Amazon, Etsy, and PayPal; the convenience with which you can issue invoices and collect payments; and its ability to handle a variety of reports.
Although several companies begin small, they don’t always remain that way. Xero is the perfect accounting solution for businesses of all sizes because it expands with your business. Profit and loss statements and a general ledger are only two of the several other reports that Xero can generate. Reports can be customized in a variety of ways, including as graphs, search queries, and even the application of various filters. The report can be printed or exported as a PDF, Google Sheet or Excel spreadsheet, once you’ve finished running it.
Using ZarMoney, there are no hidden costs. Due to the company’s website clearly stating the monthly cost, we rate it as the top accounting software for clear pricing. Most of the time, it’s difficult to estimate the price of an accounting application and hence tough to shop around. With ZarMoney, on the other hand, the pricing plans are put out in a plain manner.
Many accounting capabilities are included in ZarMoney at a low cost. Accounts receivable solutions provided by the software help in managing the statuses of estimates and sales, accept online credit card payments and offer various payment options and early-payment discounts. You’ll be able to send recurring bills with the software in the near future.
As a payment network for small enterprises, Plooto gives owners a better understanding of their finances and greater control of overall resources. There is a single dashboard for payments, authorizations, reporting, and reconciliation.
Smart approval procedures and secure electronic payments are included in the accounting automation software, which helps to decrease errors and accelerate the accounts payable process.
9. Wave Financial
Wave Financial provides a slew of useful and high-quality accounting tools for no cost at all. For payroll and invoicing, it links to your bank accounts instantly and allows unlimited accountant connections. Many areas of accounting are automated by this tool, saving business owners a great deal of time. Start creating and scheduling recurring bills and payments using this cloud-based accounting software. You can also set up automatic payment reminders as well as automatic syncing with your bank, credit card, and PayPal accounts.
Despite its low price, Sage Business Cloud Accounting is a powerful accounting tool. With the entry-level plan users can generate and send invoices, reconcile bank entries, and monitor payments, all automatically.
Sage also offers an unlimited-user package for $25 per month. Sending invoices, estimates, and reports is easy, as is forecasting cash flow, keeping track of purchase invoices, and posting receipts automatically.
Last but not least — Melio, is an extremely user-friendly application. It’s simple and fast to add vendors and set up automatic payments. Melio allows you to enter a vendor’s data manually, attach a file with that date, or take a snapshot of an invoice. You can also assign responsibilities and permissions to both internal users and accountants so that you know who has access to your data and what they’re doing with it at all times.
Melio may not meet the needs of large corporations that require a wide range of sophisticated accounting tools. Nonetheless, Melio should be a top choice for small firms who want to handle their accounts payable for free.
Businesses can save money by automating their billing and accounting processes with accounting automation software. In most cases, you may choose from a number of different packages to suit your specific requirements and financial constraints.
It’s always a good idea to try out free trials of various accounting and billing solutions before settling on one that best suits your company’s requirements. Preparation is key, so spend some time with the software before selecting.