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One critical aspect of running a successful small business is having an efficient and reliable accounting system

Top 10 Online Accounting Software For Small Business
Updated On September 28, 2023

Small businesses today operate in an increasingly competitive and fast-paced environment. To stay ahead of the game, it’s essential to have the right tools and resources at your disposal. One critical aspect of running a successful small business is having an efficient and reliable accounting system. 

With the advancement of technology, numerous online accounting software options are now available to help small business owners easily manage their finances. 

According to the research, by 2026, the global accounting software market will reach up to $11,772 million in value. However, 82% of accountants also agree that clients demands are higher now than five years ago.

Let’s dig in to take a look at the top 10 online accounting software for small businesses in 2023, comparing features, pricing, and user-friendliness to help you make an informed decision for your business needs.

Check out our other blog post to find out the best tax software in 2023.

Compare All
01
Editor's Choice
Ability to automatically track vendor pricing and identify discrepancies.
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9.6
Star Ratings
excellent
Overall Score
  • Streamlines restaurant operations
  • Accessible from anywhere.
  • Offers a user-friendly interface
02
Editor's Choice
Create and send professional invoices quickly and easily.
Visit Site
9.0
Star Ratings
excellent
Overall Score
  • User-friendly interface
  • Multiple currency support
  • Data security and backup features
03
Allows multiple users to access and work on the same financial data simultaneously.
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8.8
Star Ratings
good
Overall Score
  • User-Friendly Interface
  • Cloud-Based Software
  • Real-Time Reporting
04
Known for its exceptional customer support and educational resources.
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8.8
Star Ratings
good
Overall Score
  • User-friendly interface
  • Affordable pricing plans
  • Bank-grade security features
05
Wave offers unlimited invoicing, accounting, and automatic bank feeds.
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8.6
Star Ratings
good
Overall Score
  • Generates financial reports
  • Supports multiple currencies
  • Integrates with other software and services
06
Neat Accounting Software has automated data entry capabilities.
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8.2
Star Ratings
good
Overall Score
  • User-friendly experience
  • Robust support options
  • Encourages document storage
07
Offers a range of features to help businesses streamline their financial transactions.
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8
Star Ratings
good
Overall Score
  • Easy to use
  • Wide integration library
  • Multi-currency support
08
A cloud-based accounting software that helps businesses manage their finances.
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8
Star Ratings
good
Overall Score
  • Excellent Customer Support
  • Integration with other apps
  • User-friendly interface
09
Customizable dashboard and real-time financial reporting capabilities.
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8
Star Ratings
good
Overall Score
  • Cloud-based and accessible.
  • Mobile apps available.
  • Integrates with third-party apps.
10
NetSuite is a unified business management suite.
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7.2
Star Ratings
good
Overall Score
  • All-in-one business solution.
  • Cloud-based, mobile-friendly.
  • Real-time data analytics.
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detailed reviews

01
MarginEdge
Star Ratings
Visit Site
Marginedge is a software company that provides a cloud-based platform for the restaurant industry. The platform offers a range of tools and services that help restaurants improve their profitability and efficiency, including inventory management, recipe costing, menu engineering, and labor...

Pros

  • Streamlines restaurant operations
  • Provides real-time insights into performance
  • Automates inventory management and recipe costing
  • Offers menu analysis and sales reporting
  • Integrates with existing POS and accounting systems
  • Helps reduce costs and increase revenue
  • Customizable to meet specific restaurant needs
  • Accessible from anywhere.
  • Provides data-driven recommendations 
  • Offers a user-friendly interface

Cons

  • Can be expensive for small restaurants
  • Requires time and resources to set up and learn
  • Needs precise data input
  • Additional hardware/software required
  • Not ideal for low-profit margins
  • Requires stable internet connection
  • Limited variable accounting
  • Needs extra training for full use
  • Limited personalized support.
Editor's take

They provide ongoing training and support to help users get the most out of the software and address any issues that may arise.

02
FreshBooks
Star Ratings
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FreshBooks is a cloud-based accounting software designed specifically for small business owners, entrepreneurs, and freelancers who need a simple and user-friendly way to manage their finances. With FreshBooks, you can easily create and send invoices, track expenses, manage projects, and get paid...

Pros

  • User-friendly interface
  • Easy invoicing and payment processing
  • Time tracking and project management tools
  • Automated late payment reminders and fees
  • Comprehensive reporting and analytics
  • Integration with popular payment gateways
  • Mobile app for on-the-go access
  • Customer support via phone or email
  • Multiple currency support
  • Data security and backup features

Cons

  • Limited customization options for invoices
  • No inventory management features
  • Limited integrations with third-party software
  • No multi-currency invoicing
  • Limited invoice numbering customization
  • No option to send bulk invoices
  • No option to generate recurring expenses
  • No automated tax calculation
  • Limited time tracking options
  • No offline mode available for the desktop app
Editor's take

FreshBooks is a user-friendly interface and powerful invoicing capabilities, which allow businesses to get paid faster and improve their cash flow.

03
Xero
Star Ratings
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Xero allows multiple users to access and work on the same financial data simultaneously, making it easy for teams to collaborate and stay up-to-date on important financial information. In today’s business world, staying on top of your finances is critical for success, and a robust accounting...

Pros

  • User-Friendly Interface
  • Cloud-Based Software
  • Integration With Third-Party Apps
  • Automated Features
  • Real-Time Reporting
  • Multiple Payment Options
  • Affordable Pricing

Cons

  • Limited Customization
  • Steep Learning Curve
  • No Offline Functionality
  • Limited Inventory Management
  • Lacks Features For Larger Businesses
  • Insufficient Customer Support
Editor's take

Xero makes it easy for teams to collaborate and stay up-to-date on important financial information.

04
Kashoo
Star Ratings
Visit Site
Are you tired of managing your business finances using outdated, time-consuming methods? You’re not alone. According to a survey conducted by TD Bank, 41% of small business owners still use pen and paper to manage their finances, while 37% use spreadsheets. These methods can be error-prone and...

Pros

  • User-friendly interface
  • Affordable pricing plans 
  • Mobile app allows on-the-go financial management
  • Bank-grade security features 
  • Automated transaction categorization
  • International currency support
  • Popular app integrations

Cons

  • No payroll functionality
  • Limited customer support options
  • Limited customization options 
  • No option for automatic recurring invoices
Editor's take

Kashoo is user-friendly cloud accounting software designed specifically for small businesses and freelancers. Additionally, Kashoo offers a mobile app for on-the-go accounting.

05
Wave
Star Ratings
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Wave is a cloud-based accounting software designed specifically for small businesses and freelancers. The platform allows users to manage their finances, create and send invoices, track expenses, and generate reports, all from a single dashboard. One of the unique features of Wave is its...

Pros

  • Free to use
  • Cloud-based, accessible from anywhere
  • User-friendly interface
  • Offers invoicing and expense tracking features
  • Generates financial reports
  • Bank reconciliation and payment processing
  • Integrates with other software and services
  • Multiple users to access and manage accounts
  • Supports multiple currencies
  • Customer support through email and live chat

Cons

  • Has fewer features
  • Provides limited support 
  • Limited customization option.
  • Does not include time-tracking.
  • Limited integration with third-party apps
  • Not ideal for larger businesses.
  • Limited options for categorizing transactions
  • Doesn’t offer multi-currency invoicing.
  • Doesn’t allow creating purchase orders.
Editor's take

Wave App is a free accounting and invoicing software, , and customizable reports, making it an affordable and comprehensive solution for small businesses.

06
Neat
Star Ratings
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Neat is a cloud-based accounting software designed to simplify bookkeeping for small businesses and self-employed individuals. With Neat, users can easily manage their expenses, invoices, and receipts in one centralized location, making it easier to stay organized and track their finances. Neat...

Pros

  • User-friendly experience
  • Robust support options
  • Encourages document storage
  • Customizable reporting
  • Multiple transaction upload options

Cons

  • Expensive pricing
  • Limited to accounts receivable
  • Only supports two currencies
  • Occasionally uses accounting jargon
  • Time-consuming document upload process
Editor's take

Utilizing AI and machine learning to extract data from receipts, invoices, and other financial documents, eliminating the need for manual data entry. 

07
QuickBooks
Star Ratings
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Quickbooks Review  QuickBooks is a popular accounting software developed and marketed by Intuit. It is designed to help small and medium-sized businesses efficiently manage their financial operations. With its user-friendly interface and powerful features, QuickBooks has become a go-to solution for...

Pros

  • Streamlines financial processes
  • Automates accounting tasks
  • Provides real-time financial insights
  • Generates accurate and customizable reports
  • Integrates with third-party applications
  • Facilitates collaboration between users
  • Offers cloud-based and offline access options
  • Ensures data security and regular backups

Cons

  • Steep learning curve for new users
  • Limited customization options for certain features
  • Requires ongoing subscription fees
  • May have occasional software glitches or bugs
  • Advanced functionalities may be complex for non-accounting professionals
Editor's take

Streamline your financial transactions including invoicing, expense tracking, payroll, and tax preparation.

08
Zoho Books
Star Ratings
Visit Site
Zoho Books is a powerful accounting software designed for small and medium-sized businesses that need an easy-to-use and efficient way to manage their finances. With its intuitive interface and comprehensive features, Zoho Books allows business owners to keep track of their financial activities,...

Pros

  • Comprehensive Features
  • Customization
  • Integration with other Apps
  • Excellent Customer Support

Cons

  • Limited Advanced Features
  • Limited Integrations With Other Software
  • Lack of Localization
  • Internet Connection Required

 

Editor's take

Zoho Books is your one-stop platform for managing your accounting tasks and organizing your transactions.

09
Sage Business Cloud Accounting
Star Ratings
Visit Site
Are you a small business owner struggling with financial management? Or are you looking for a reliable and efficient accounting software to streamline your financial processes? Look no further than Sage Business Cloud Accounting. Sage Business Cloud Accounting is a popular cloud-based accounting...

Pros

  • Cloud-based and accessible.
  • Intuitive and user-friendly.
  • Mobile apps available.
  • Customizable for businesses.
  • Integrates with third-party apps.
  • Offers financial management tools.
  • Provides real-time insights.

 

Cons

  • Limited feature customization
  • Limited payroll in some countries
  • Slow customer support
  • A bit expensive
  • Basic reporting features
Editor's take

Provides businesses with up-to-date insights into their financial performance and enables them to make informed decisions based on their data. 

10
NetSuite
Star Ratings
Visit Site
In today’s fast-paced business environment, cloud-based solutions have become a game-changer for organizations of all sizes. The right cloud-based business management software can streamline operations, improve productivity, and provide valuable insights into your company’s performance....

Pros

  • All-in-one business solution.
  • Cloud-based, mobile-friendly.
  • Strong financial management tools.
  • Real-time data analytics.
  • Scalable and customizable.
  • Reliable customer support.
  • Built-in CRM features.
  • E-commerce management tools.

Cons

  • Expensive for small businesses
  • Complex and overwhelming
  • Limited customization options
  • Requires internet connectivity
  • Challenging integrations
  • Inflexible workflows
  • Limited HR features
Editor's take

Provides businesses with a single platform for managing their finances, operations, and customer relationships. 

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03
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05
06
07
08
09
10

Overall Rating

Pricing

One flat fee - $300 per month, Every location - $10 a day

Lite Plan: $1.50/month,Plus Plan: $3.00/month,Premium Plan: $5.50/month,Select Plan: Coustom Pricing

Early: $3.25 per month,Growing: $9.25 per month, Established: $17.50 per month

$27.00 per month

Accounting & Invoicing - Free, Banking- Free,Payroll-$6 per active employee + $6 per independent contractor paid

VIP Service $50 per year, Automated Insights $150 per year

simple plan costs $15 per month,essential plan costs $27.50 per month,plus plan costs $42.50 per month,advanced plan costs $100 per month.

Standard: $15 per month,Professional: $40 per month,Enterprise: $60 per month,Elite: $120 per month,Ultimate: $240 per month

For small businesses $7.50 per month,For Self employed and Micro Business- $10.00 per month

Custom Pricing

Monthly Visits

92000

3700000

24700000

61900

6900000

66500

12200000

49600000

3800000

13400000

Deployement

Cloud

Cloud

Cloud

Cloud

Cloud

Cloud

Cloud, SaaS

Cloud, SaaS

Cloud, SaaS

Cloud

Available at

Web, Android, and iOS

Web, Android, and iOS

Web, Android, and iOS

Web, Android, and iOS

Web, Android, and iOS

Web, Android, and iOS

Web, Android, and iOS

Web, Android, and iOS

Web, Android, and iOS

Web, Android, and iOS

Best For

Best Accounting Software For Transparent Pricing

Best Accounting Software For Invoicing

Best Accounting Software For Growing businesses

Best Accounting Software For Accounts Payble

Best Accounting Software For Free Option

Best Accounting Software For Recipt Management

Best Accounting Software For Small Businesses

Best Accounting Software For Microbusinesses

Best Accounting Software For Freelancer and Self Employed

Best Accounting Software For ERP Tools

What is Accounting Software?

Accounting software is used to record and manage financial transactions within an organization. It automates the bookkeeping process, making it easier for businesses to track their income, expenses, and other financial activities. 

It typically includes features such as accounts payable and receivable, general ledger, payroll, and financial reporting. The software can help businesses keep track of their income and expenses, reconcile bank statements, and generate financial statements such as balance sheets, income statements, and cash flow reports. 

Additionally, many accounting software programs integrate with other business systems, such as point-of-sale, inventory management, and online payment systems, to provide a comprehensive picture of a business’s financial operations. The use of accounting software can streamline financial processes, reduce manual errors, and improve the efficiency and accuracy of a company’s financial management.

Benefits of Accounting Software

Increased Efficiency:

Accounting software automates many of the manual tasks associated with traditional bookkeeping, reducing the time and effort required to complete these tasks. This leads to increased efficiency and productivity.

Improved Accuracy:

Automated software eliminates many opportunities for human error, such as mathematical or data entry errors, which can result in incorrect financial statements.

Better Financial Visibility:

Accounting software provides real-time financial information and helps companies have a better understanding of their financial position, including cash flow, profits, and expenses.

Enhanced Collaboration:

Accounting software allows multiple users to access and update financial information simultaneously, making it easier for teams to collaborate and share information. This can improve communication, reduce the risk of errors, and help ensure everyone has access to the most up-to-date information.

What To Consider When Buying Accounting Software?

User interface and ease of use

The accounting software you choose should have a user-friendly interface that is easy to navigate, allowing you to quickly and efficiently manage your finances. Consider the level of technical knowledge required to use the software, and look for a platform that offers helpful tutorials or customer support if needed.

Integrations with other tools

If you already use other software for your business, it is essential to ensure that the accounting software you choose integrates seamlessly with these tools. This will help you avoid manual data entry and reduce the risk of errors.

Reporting and analysis capabilities

The software you choose should offer robust reporting and analysis features that provide insights into your financial performance. This will help you make informed business decisions and plan for the future.

Data security and privacy: 

Your financial information is confidential, so choosing accounting software that offers robust data security measures is crucial. Look for software hosted on secure servers and encrypted to protect sensitive information.

Cost

The cost of accounting software can vary significantly, so it is important to set a budget and compare the prices of different options. Remember that while cheaper options may seem appealing, they may not offer all the features you need or maybe less reliable.

Take your time to research and compare options, and consider the above factors to make an informed decision. Investing in quality accounting software will help you streamline your financial processes, reduce errors, and provide valuable insights into your financial performance.

Future of AI in Accounting Software

Artificial Intelligence (AI) is expected to impact the accounting software industry in the near future significantly. AI-powered accounting software will have the ability to automate repetitive and time-consuming tasks, such as data entry and reconciliation, freeing up time for accountants to focus on higher value-added tasks, such as analysis and decision-making. 

Increased Automation

AI-powered accounting software will automate more tasks, such as data entry, invoice processing, and bookkeeping, freeing up time for more strategic work.

Improved Accuracy

With machine learning algorithms, AI-powered accounting software will reduce errors and improve accuracy in financial reporting.

Predictive Analytics

AI will provide businesses with real-time insights into their financial data and help them make data-driven decisions.

Enhanced Customer Experience

AI-powered chatbots will improve the customer experience by providing quick answers to common questions and helping customers resolve issues.

Fraud Detection

AI algorithms can identify and prevent fraud by detecting unusual transactions and patterns in financial data.

Integration with Emerging Technologies

AI-powered accounting software will integrate with emerging technologies such as blockchain and the Internet of Things (IoT), improving efficiency and security in financial transactions.

Overall, the integration of AI into accounting software has the potential to revolutionize the way accounting is performed, making it more efficient, accurate, and valuable for organizations.

FAQs about online software accounting

How Much Does Accounting Software Cost?

The cost of accounting software can vary greatly depending on the features and scale of the software. Many options are available, from free or low-cost accounting software for small businesses to enterprise-level software costing hundreds or thousands of dollars per year. 

Who Uses Accounting Software?

Accounting software is used by a wide range of businesses, organizations, and individuals, including – 

 

Small businesses and self-employed individuals

 

Medium-sized businesses

 

Large corporations

 

Non-profit organizations

 

Government agencies

 

Educational institutions

 

Healthcare organizations

 

Retail businesses

 

Basically, anyone who needs to keep track of their financial transactions and manage their finances can benefit from using accounting software.

What is the best accounting software for small businesses?

The best accounting software for small businesses can vary depending on individual needs and preferences, but some popular options include – 

 

QuickBooks 

 

Xero 

 

FreshBooks

 

Wave

 

Zoho Books 

 

Evaluating each option based on features, pricing, user-friendliness, and integration with other tools you may use are recommended.

What is the difference between ERP and accounting software?

ERP (Enterprise Resource Planning) is a type of software that manages a company’s core business processes, such as finance, HR, procurement, and inventory management. On the other hand, accounting software specifically focuses on financial accounting tasks, such as creating invoices, tracking payments, and generating financial statements. 

How to Choose Online Accounting Software Providers?

Here are some factors to consider when choosing an online accounting software provider:

 

Functionality

 

Integration

 

Ease of use

 

Customer support

 

Security

 

It’s important to weigh these factors against your specific business needs to make the right choice.

Is online accounting software safe?

Most reputable online accounting software providers take security and privacy very seriously and use multiple layers of security measures to ensure the safety of their users’ data. Here are some ways online accounting software providers typically ensure the safety of their users’ data:

 

Data encryption

 

Secure data centers

 

Access controls

 

Regular backups

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