Simply put, accounting is the lifeline of a business. Accounting deals with summarizing, analysing and reporting the financial data and information about a business.
Accounting software records and processes the accounting transactions of a business within its functional modules. Financial statements consisting of the balance sheet, profit and loss account, and statement of changes in financial position can be easily prepared with accounting software.
The Benefits of Accounting Software
Accounting software is all about the various functional modules that it has. Some of them are- General ledger which takes care of the company’s financial dealings; Accounts Payable where the company enters its bills and pays the money it owes; Accounts Receivable where money received is entered.
The different categories or types of accounting software are as follows:
a) Small business/personal accounting software which is mainly meant for home users. They are simple and inexpensive with simple functioning such as management of budgets.
b) Low-end accounting software is for small business markets that are capable of serving a single national market. ‘single entry’ products characterise such software.
c) Mid-market accounting software are for companies with large businesses. These software are capable of serving the needs of many national accountancy standards and facilitate accounting in multiple currencies.
d) High-end accounting software is a complicated and expensive business accounting software that is also known as Enterprise Resource Planning or ERP software.
Unsurprisingly, most accounting software is only for a specific industry or business. However, this could be a disadvantage to the growth of a business. There are different types of accounting software out there. For example, you can have an inventory system for manufacturers or a system for finance and accounting. Most business software has accounting software, but you don’t need to pay for it as it comes with your license. This is one of the reasons why accounting software is in high demand. To understand the top 5 accounting software, you should consider the functions you need, cost and licencing.
There is a lot of top accounting software available in every category. So, it is not easy to select the best ones. Below are the top five accounting software in every category.
A. Small business/personal accounting software:
1. Mango Business Accounting
Mango Business Accounting is accounting software that allows you to manage multiple clients. It has cloud-based accounting. It allows you to sync your transactions to an online banking account. This can help a business to receive bank statements within a couple of hours. It comes with easy-to-use features that can improve the efficiency of your business.
MYOB software is widely recognised as the premier financial management software system for the Australian corporate, small business and personal markets.
MyOB supports online bookkeeping, sales, payroll, income tax, invoicing and project management. It is a cloud-based web application that can be accessed from any computer or mobile device with an Internet connection, via a web browser. It includes features for accounting, invoicing, project management, e-commerce, and online payments. MyOB also supports online banking and provides a secure and user-friendly interface.
As a result of being founded in Australia and based in Australia, our solutions can be customised to suit the individual’s needs and requirements of a small to large business. Corporations use MYOB, small businesses and individuals throughout the world.
3. Sage 100
Sage 100 Accounting is software that has a built-in suite. It provides basic accounting functions. The good thing about this accounting software is that it has many functionalities. One of the best features is the ability to customize reports. You can view, manage and organize your data with Sage 100 accounting. Another plus point is that it has an inbuilt suite. It comes with everything that a business needs.
4. QuickBooks Online
QuickBooks is one of the best accounting software out there. The reason why it is so popular is that it has many functionalities. You can manage multiple clients and transactions. However, this software’s best feature is its ability to sync with bank accounts and credit cards. Another thing that makes it different is the fact that it has mobile apps available for use.
This software helps to automate small business tasks and lets you work like a professional. QuickBooks is the most popular accounting software in the market, and it has multiple versions like the desktop, web, and online versions.
QuickBooks provides you with an in-built file to customize and design any type of document like a book, report, invoice and so on. You can create invoices by importing files from Excel sheets and other documents. The desktop version is for Windows users, and the web version is available for users with MAC or any device like a web browser.
Xero is a cloud accounting software that is the leading software for bookkeeping. It provides the perfect platform for every business to manage its finances. Another plus point for Xero is that it is free. Many small businesses use it because of its affordable price. The best feature of this software is that it can easily be accessed from anywhere in the world. However, there is a limited number of reports that it can generate.
In compiling the above list, a variety of factors such as feedbacks from customers, scalability of the software, and after-sales support are used. Also, the different attributes for different categories have been considered like for ERP software, characteristics such as manufacturing solution, supply chain solution and database solution. The above compilation may not be all-inclusive, and some people might choose to differ, but it is almost a perfect list.