19 Best Accounting Software for Teams Reviewed In 2024
Best Accounting Software for Teams Shortlist
Here’s my shortlist of the best accounting software for teams:
Our one-on-one guidance will help you find the perfect fit.
Accounting software for teams is a valuable asset for any company. With the right software, companies can improve financial accuracy and enhance collaboration. However, finding the right accounting software for teams can be a challenge, especially with so many options available.
Using my experience with finance and accounting software, I tested and compared several of the top accounting software for teams available. From there, I compiled my results into in-depth reviews to help you find the best software for your unique needs. I’m confident that you’ll discover your next accounting software for teams in the list below.
Why Trust Our Software Reviews
We’ve been testing and reviewing finance and accounting software since 2023. As CFOs ourselves, we know how critical and difficult it is to make the right decision when selecting software. We invest in deep research to help our audience make better software purchasing decisions.
Need expert help selecting the right tool?
With one-on-one help, we guide you to your top software options. Narrow down your software search & make a confident choice.
We’ve tested more than 2,000 tools for different finance and accounting use cases and written over 1,000 comprehensive software reviews. Learn how we stay transparent and our software review methodology.
Best Accounting Software for Teams Summary
| Tools | Price | |
|---|---|---|
| Zoho Books | From $15/month (billed annually) | Website |
| FreshBooks | From $10/month (billed annually) | Website |
| Wave | From $14/user/month | Website |
| CS Professional Suite | Pricing upon request | Website |
| Sage Intaact | Pricing upon request | Website |
| QuickBooks | From $35/month | Website |
| Dynamics 365 Business Central | From $70/user/month | Website |
| TrulySmall | From $9/month | Website |
| NetSuite | Pricing upon request | Website |
| Sage 50 | From $607/user/year | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow to Choose Accounting Software for Teams
It’s easy to get bogged down in long feature lists and complex pricing structures. To help you stay focused as you work through your unique software selection process, here’s a checklist of factors to keep in mind:
| Factor | What to Consider |
| Scalability | Will the software grow with your team's needs? |
| Integrations | Does it integrate with the tools your team already uses? |
| Customizability | Can the software be tailored to fit your specific requirements? |
| Ease of Use | Is the software user-friendly for your team members? |
| Budget | Does the software fit within your budget constraints? |
| Security Safeguards | Does the software offer robust security features |
| Support | Is customer support readily available and helpful? |
| Reporting | Does the software provide the reports and analytics you need? |
Best Accounting Software For Teams Reviews
Below are my detailed summaries of the best accounting software for teams that made it onto my shortlist. My reviews offer a thorough look at the key features, pros & cons, integrations, and ideal use cases of each tool to help you find the best one for you.
Zoho Books is a cloud-based accounting software designed for small to medium-sized businesses. It handles key business functions like invoicing, inventory management, and project management.
Why I picked Zoho Books: Zoho Books seamlessly connects financial data with customer relationship management through its integration with Zoho CRM and other Zoho apps. This unified approach allows businesses to manage sales, customer interactions, invoicing, and financial tracking all in one place, improving efficiency, collaboration, and visibility across operations.
Standout features & integrations:
Features include customizable invoices, bank account integration, and comprehensive reporting tools. You can manage your inventory and projects directly within the platform. The mobile app ensures you can handle accounting tasks wherever you are.
Integrations include Zoho CRM, Zoho Inventory, Zoho Expense, Zoho Projects, Zoho Subscriptions, Zoho People, Zoho Analytics, Zoho Checkout, Zoho Sign, and Zoho Flow.
Pros and cons
Pros:
- Customizable invoices
- Bank account integration
- Comprehensive reporting
Cons:
- Moderate learning curve
- Limited third-party integrations
FreshBooks is an accounting and invoicing software designed for small businesses, freelancers, and solopreneurs. It offers features such as professional invoicing, automated billing and payments, expense tracking, and real-time accounting tools.
Why I picked FreshBooks: FreshBooks stands out for its intuitive interface, making invoicing and expense tracking simple for users without extensive accounting knowledge. It offers easy-to-use features like customizable invoices, automated expense tracking, and time-saving tools such as automated reminders and recurring billing, making financial management straightforward and efficient.
Standout features & integrations:
Features include professional invoicing, automated billing and payments, expense tracking, and real-time accounting. You can manage your expenses by scanning receipts on the go and generating detailed financial reports. FreshBooks also supports collaboration, making it easier for teams to work together.
Integrations include Gusto, Stripe, Shopify, G Suite, Slack, HubSpot, Trello, Mailchimp, Zapier, and Zoom.
Pros and cons
Pros:
- Mobile-friendly
- Good customer support
- Multi-currency support
Cons:
- Limited customization
- Limited reporting options
Wave is a financial management software designed for small business owners. It offers tools for accounting, invoicing, payments, and payroll management.
Why I picked Wave: Wave offers completely free accounting, invoicing, and receipt-tracking tools, without limitations on features like many other platforms. Its user-friendly interface and seamless bank integration make it easy to manage financial transactions and reports, providing essential financial tools without any subscription fees. Along with these features, Wave comes with seamless multi-user collaboration, allowing team members to manage finances, send invoices, and track expenses together in real-time.
Standout features & integrations:
Features include real double-entry accounting, customizable invoice templates, quick payment processing, and simplified payroll management.
Integrations include Zapier, Google Sheets, PayPal, Etsy, Shoeboxed, BlueCamroo, Aisle Planner, and HubSpot.
Pros and cons
Pros:
- User-friendly interface
- Comprehensive financial management
- Customizable invoices
Cons:
- Limited advanced features
- No time tracking
CS Professional Suite is an integrated software solution designed for tax and accounting professionals. It offers tools for tax planning, preparation, compliance, and research.
Why I picked CS Professional Suite: CS Professional Suite provides features for managing accounting, payroll, and auditing tasks, making it easier for your team to handle complex financial workflows. It integrates with UltraTax CS for tax preparation and Checkpoint Edge for research, ensuring all your needs are met in one place. With client portals, document management, and remote access, collaborating with clients becomes straightforward and flexible.
Standout features & integrations:
Features include accounting and auditing solutions, tax and asset management tools, payroll solutions, firm and workflow management, document management, and client portals. These features help your team manage financial tasks, collaborate with clients, and access data remotely.
Integrations include UltraTax CS, Checkpoint Edge, Accounting CS, Practice CS, Fixed Assets CS, Workpapers CS, Financial Analysis CS, and NetClient CS.
Pros and cons
Pros:
- Wide range of features
- Strong automation
- Remote access options
Cons:
- Steep learning curve
- Complex setup
Sage Intacct is a cloud-based accounting and financial management software aimed at mid-sized businesses. It handles core financials, payroll, HR, and advanced reporting, catering to industries like healthcare, construction, and retail.
Why I picked Sage Intacct: Sage Intacct offers real-time, multi-dimensional reports and dashboards, helping you make data-driven decisions. The platform includes AI-powered tools to automate accounting tasks, saving your team time. It also supports multi-entity consolidations, making it easier to manage complex business structures. Additionally, you can integrate it with various business tools to enhance productivity.
Standout features & integrations:
Features include real-time, multi-dimensional reporting, AI-powered automation for accounting tasks, and multi-entity consolidations. You can also manage payroll and HR tasks efficiently, and the platform provides insightful dashboards for better decision-making.
Integrations include Salesforce, ADP, Bill.com, Expensify, Stripe, Avalara, PayPal, Shopify, Square, and Workday.
Pros and cons
Pros:
- Real-time reporting
- AI automation
- Multi-entity consolidation
Cons:
- Long implementation time
- Steep learning curve
QuickBooks provides a range of financial management tools designed for businesses, including QuickBooks Online, QuickBooks Self-Employed, and QuickBooks Desktop. It comes with features like automated bookkeeping, invoicing, payment processing, and financial reporting.
Why I picked QuickBooks: QuickBooks automates your bookkeeping and helps you track income and expenses effortlessly. You can manage your invoices and accept payments seamlessly, making it easier to stay on top of your cash flow. The platform also offers tax deduction tracking which is important for accurate financial reporting. Additionally, it supports multiple currencies and integrates with online sales channels to streamline your operations.
Standout features & integrations:
Features include automated bookkeeping, invoicing, payment processing, and tax deduction tracking. You can also capture receipts and track mileage, which helps in managing expenses accurately. The platform also offers tools for project profitability and inventory management, adding significant value to your business.
Integrations include TurboTax, TSheets, QuickBooks Payroll, QuickBooks Payments, Square, Shopify, PayPal, Stripe, WooCommerce, and Amazon Business.
Pros and cons
Pros:
- Automated bookkeeping
- Multiple currency support
- Project profitability tools
Cons:
- Limited mobile features
- Manual handling of local taxes
Dynamics 365 Business Central is a business management solution tailored for small and medium-sized enterprises. It supports key business functions including finance, sales, service, and operations.
Why I picked Dynamics 365 Business Central: With Dynamics 365 Business Central, you can automate your accounting workflows and ensure compliance with audit trails. The integration with Microsoft 365 and Power BI provides valuable insights and enhances the efficiency of your accounting tasks. Plus, the software’s accessibility allows you to access client data anytime and anywhere, making it easier for your team to collaborate.
Standout features & integrations:
Features include automated workflows, compliance management, and audit trails. Your team can also benefit from seamless integration with Microsoft 365 and Power BI for deeper insights and more efficient accounting.
Integrations include Microsoft 365, Power BI, Outlook, Teams, Excel, Word, SharePoint, OneDrive, LinkedIn, and Azure.
Pros and cons
Pros:
- Automated workflows
- Compliance management
- Audit trails
Cons:
- Complex setup
- Initial learning curve
TrulySmall is an accounting system designed specifically for small businesses to manage their financial operations efficiently. It provides features such as automated transaction posting, invoicing, and quick report generation.
Why I picked TrulySmall: TrulySmall is user-friendly and offers features like invoicing with automatic reminders and quick report generation that can be completed in under five minutes. It supports digital payments, making it easier for clients to pay invoices promptly. Multi-currency support is also available for businesses dealing with international transactions. Plus, with receipt scanning using OCR technology, managing expenses becomes straightforward and less time-consuming.
Standout features & integrations:
Features include automated posting to eliminate manual entries, invoicing with automatic reminders, quick report generation, digital payment options, and multi-currency support for international transactions.
Integrations include PayPal, Stripe, Square, QuickBooks, Xero, FreshBooks, Zoho, Wave, Sage, and MYOB.
Pros and cons
Pros:
- User-friendly interface
- Quick report generation
- Automated transaction posting
Cons:
- Limited advanced features
- Basic customization options
NetSuite is an advanced cloud-based business management suite that includes ERP, financial management, CRM, and ecommerce solutions. It serves a diverse user base across various industries such as manufacturing, retail, healthcare, and professional services, performing key business functions like inventory and order management, global business management, human capital management, and analytics.
Why I picked NetSuite: NetSuite provides a comprehensive suite of tools for financial management, CRM, inventory, ecommerce, and more, all integrated on a single platform. This centralized approach allows businesses to streamline operations, enhance visibility, and make data-driven decisions in real time, making it particularly suitable for growing businesses that need a scalable solution. Additionally, its robust cloud infrastructure ensures secure access and flexibility for teams across locations.
Standout features & integrations:
Features include inventory and order management, global business management, human capital management, and analytics. You can easily track and fulfill orders, handle international operations, and gain insights into workforce performance. Plus, the platform's analytics features help you measure key business metrics.
Integrations include Microsoft, Google, Shopify, Salesforce, Magento, WooCommerce, HubSpot, Dropbox, Slack, and Zendesk.
Pros and cons
Pros:
- Customizable dashboards
- Extensive reporting tools
- Scalable for growing businesses
Cons:
- Complex user interface
- Limited offline functionality
Sage 50 is a desktop accounting software designed for small businesses, featuring cloud connectivity for financial and inventory management. It includes tools for accounting, bookkeeping, and payroll.
Why I picked Sage 50: Sage 50 offers automated bank reconciliation, real-time insights, and detailed financial reporting. Your team can manage cash flow, track aged receivables, and monitor inventory levels. Additionally, its strong set of features, including customizable user access and security, ensures that team members can efficiently handle different aspects of accounting while maintaining control over sensitive data.
Standout features & integrations:
Features include automated bank reconciliation, real-time insights, and detailed financial reporting. Your team can also manage cash flow, track aged receivables, and monitor inventory levels.
Integrations include Microsoft 365, AutoEntry, Paya, WooCommerce, Shopify, Stripe, PayPal, Square, ADP, and Gusto.
Pros and cons
Pros:
- Real-time insights
- Customizable reports
- Automated reconciliation
Cons:
- Steeper learning curve
- Limited mobile app
Other Accounting Software for Teams
- AccountEdge
Best for comprehensive desktop accounting
- Xero
Best for real-time collaboration with accountants
- ePROMIS
Best for all-in-one scalable business management
- ZarMoney
Best for comprehensive financial management tools
- Vic.ai
Best for AI-driven accounts payable automation
- ZipBooks
Best for intuitive bookkeeping and invoicing
- Kashoo
Best for simplified accounting for small businesses
- Odoo
Best for global compatibility with real-time reporting
- AccountsIQ
Best for multi-entity financial consolidation
Accounting Software for Teams Selection Criteria
When selecting the best accounting software for teams to include in this list, I considered common buyer needs and pain points like ease of collaboration and scalability. I also used the following framework to keep my evaluation structured and fair:
Core Functionality (25% of total weighting score) To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- Manage general ledger
- Track accounts payable and receivable
- Generate financial statements
- Process payroll
- Manage tax compliance
Additional Standout Features (25% of total weighting score) To help further narrow down the competition, I also looked for unique features, such as:
- Automate financial reporting
- Integrate with other business tools
- Provide multi-currency support
- Offer customizable dashboards
- Enable mobile access
Usability (10% of total weighting score) To get a sense of the usability of each system, I considered the following:
- Provide an intuitive user interface
- Offer easy navigation
- Ensure quick access to key features
- Minimize the learning curve
- Offer visually appealing design
Onboarding (10% of total weighting score) To evaluate the onboarding experience for each platform, I considered the following:
- Provide comprehensive training videos
- Offer pre-built templates
- Include interactive product tours
- Provide access to chatbots for support
- Host regular webinars for users
Customer Support (10% of total weighting score) To assess each software provider’s customer support services, I considered the following:
- Offer 24/7 support
- Provide multiple support channels
- Ensure fast response times
- Offer knowledgeable support staff
- Provide extensive self-help resources
Value For Money (10% of total weighting score) To evaluate the value for money of each platform, I considered the following:
- Offer competitive pricing
- Provide a clear pricing structure
- Include essential features in lower-tier plans
- Offer a free trial period
- Provide discounts for annual billing
Customer Reviews (10% of total weighting score) To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Highlight ease of use
- Praise reliability
- Note customer support quality
- Mention feature-richness
- Indicate satisfaction with updates and improvements
Trends In Accounting Software for Teams
In my research, I sourced countless product updates, press releases, and release logs from different accounting software for teams vendors. Here are some of the emerging trends I’m keeping an eye on:
- AI-Driven Analytics: Tools are increasingly incorporating AI to provide advanced data analytics and forecasting. This helps teams make more accurate financial predictions and insights.
- Blockchain Integration: Some accounting software now includes blockchain technology to improve transparency and security in financial transactions. This is particularly useful for teams handling large volumes of transactions.
- Real-Time Collaboration Features: New features enable team members to collaborate on financial documents in real-time, reducing delays and improving accuracy. For example, QuickBooks Online has added real-time editing and commenting features for financial documents.
- Customized Dashboards: More platforms are offering customizable dashboards, allowing team members to tailor their view to specific metrics and KPIs. For example, Sage Intacct provides highly customizable dashboards, enabling users to focus on the data that matters most to them.
- Enhanced Compliance Tools: With ever-changing regulations, software is focusing on providing tools to help teams stay compliant with the latest standards. For example, MIP Fund Accounting offers extensive compliance features to ensure that teams can easily adhere to new financial regulations.
What Is Accounting Software for Teams?
Accounting software for teams enables multiple users to manage financial tasks collaboratively. It's commonly used by accountants, financial managers, and business owners, offering value through efficient financial tracking, reporting, and compliance.
Key features like multi-user access, real-time data updates, and role-based permissions enhance team collaboration, ensure accurate data management, and provide secure information sharing. These tools simplify the process of managing financial operations for teams.
Features of Accounting Software for Teams
When selecting accounting software for teams, keep an eye out for the following key features:
- General Ledger Management: Facilitates the recording of all financial transactions in a centralized location, ensuring accuracy and consistency in financial data.
- Accounts Payable and Receivable: Manages the tracking of money owed to suppliers and by customers, helping maintain cash flow and financial stability.
- Financial Reporting: Generates comprehensive financial reports that provide insights into the financial health of the business, aiding in decision-making.
- Bank Reconciliation: Matches the transactions recorded in the accounting software with those on bank statements to ensure consistency and accuracy.
- Budgeting and Forecasting: Enables the creation and monitoring of budgets and financial forecasts, helping manage financial planning and performance.
- Tax Management: Assists in the calculation, filing, and compliance of taxes, reducing the risk of errors and penalties.
- Inventory Management: Tracks inventory levels, orders, and sales, ensuring optimal stock levels and reducing carrying costs.
- Payroll Processing: Automates the calculation and distribution of employee salaries, including deductions and benefits, ensuring timely and accurate payroll management.
- Time Tracking: Monitors employee work hours and project time allocations, aiding in payroll processing and project management.
- Integration Capabilities: Connects with other business tools and systems, ensuring a seamless flow of data and enhancing overall efficiency.
Benefits of Accounting Software for Teams
Implementing accounting software for teams provides several benefits for your team and your business. Here are a few you can look forward to:
- Improved Accuracy: Automated calculations reduce human errors in financial records.
- Time Savings: Automatic data entry and report generation free up staff time.
- Better Collaboration: Cloud-based access lets multiple team members work on the same data simultaneously.
- Enhanced Security: Built-in encryption and access controls protect sensitive financial information.
- Real-Time Updates: Instant updates ensure everyone has the latest financial data.
- Simplified Compliance: Built-in compliance features help meet regulatory requirements.
- Scalability: Easily adjust to the growing needs of your business without overhauling systems.
Costs & Pricing of Accounting Software for Teams
Selecting accounting software for teams requires an understanding of the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes common plans, their average prices, and typical features included in accounting software for teams solutions:
Plan Comparison Table for Accounting Software for Teams
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Basic invoicing, expense tracking, and single user access |
| Personal Plan | $5-$25/user/month | Advanced invoicing, automated expense tracking, and multi-user access |
| Business Plan | $25-$50/user/month | Project management, payroll integration, and reporting tools |
| Enterprise Plan | $50 - $100+/user/month | Customizable dashboards, dedicated account manager, and advanced security features |
Accounting Software for Teams FAQs
Here are some answers to common questions about accounting software for teams:
How easy is it to add users as your team grows?
Most accounting software allows you to add users easily as your team expands. You can usually do this through the admin settings of the software. Keep in mind that some platforms may charge additional fees per user. Always check the pricing policies before committing.
Can accounting software track separate financial records for each department?
Yes, many accounting software solutions offer features to track financial records for different departments within your organization. This is often done through the use of tags or categories. It helps in generating department-specific reports and budgets, making financial management more granular and insightful.
Can accounting software handle multiple currencies?
Many accounting software solutions are equipped to handle transactions in multiple currencies. This feature is particularly useful for businesses that operate internationally. You can usually set the base currency and add additional currencies as needed. Exchange rates are often updated automatically, simplifying the process.
Is customer support available for accounting software?
Yes, customer support is typically available for most accounting software solutions. Support options may include live chat, email, phone support, and extensive knowledge bases. Some platforms also offer dedicated account managers for larger teams or premium plans. Always check the support options available to ensure they meet your team’s needs.
Other Accounting Software Options
If you still haven’t found what you’re looking for here, check out these other tools that we’ve tested and evaluated:
- Accounting Software For Midsize Businesses
- Accounting Software for PC
- Engineering Accounting Software
- Accounting Software With CRM
- Real Estate Accounting Software
- Accounting Software With Client Portals
- Multi-Company Accounting Software
- Legal Accounting Software
- Accounting Software for Startups
- AI Accounting Software
- Accounting Workflow Management Software
- Accounting Software With Payroll For Small Businesses
- Accounting Software For Service Companies
- Accounting Software For Rental Properties
- Accounting Software For Advertising Agencies
- Accounting Software For The Self-Employed
- Accounting Software For Large Business
- Accounting Software For Consultants
- Accounting Software for Mac
- Accounting Software For Accountants
- Cloud-Based Accounting Software
- Lease Accounting Software
- Small Business Accounting Software
- Property Management Accounting Software
- Construction Accounting Software
- Accounting Software For Nonprofits
- Online Accounting Software
- Business Accounting Software
What’s Next?
Ready to compound your abilities as a finance professional? Subscribe to our free newsletter.