Best Accounting Software Shortlist
Based on my research and the selection criteria I’ll detail later in this article, here are my top picks:
- Oracle NetSuite ERP - Best for large enterprises
- SAP - Best for large retailers
- Multiview ERP - Best for healthcare companies
- Certinia - Best for software companies
- Xero - Best for fast-growing businesses
- Odoo - Best free accounting ERP
- BlackLine - Best for mid-sized businesses
- FreshBooks - Best for service-based businesses
- Nimble Property - Best for hospitality industry
- Quickbooks - Best for small businesses
Accounting involves a lot of data entry and manual processes, both of which are time-consuming and error prone. By automating and streamlining some of those manual, slow processes, accounting software helps companies lower costs and increase productivity.
To make this list I examined each accounting software based on its use cases, features, integrations, and overall value
What is Accounting Software?
Accounting software is any computer program or application that houses all your organization’s accounting records. It also handles most general bookkeeping and financial reporting processes, such as:
- Recording journal entries
- Generating financial reports
- Managing payroll
- Monitoring inventory levels
- Tracking and analyzing revenues and expenses
- Managing invoices to customers
- Tracking amounts due to your company
- Accounting for payments received
Some solutions are simple yet count as accounting software if they can track transactions, make simple financial reports, or specialize in particular accounting tasks. On the other end are ERP systems, which do much more than accounting.
The right accounting software will integrate with your existing tech stack, like payment processors and CRM systems. That way, you don’t have to export and import data a bunch of times between software systems.
Overview of the Best Accounting Software
I’ll give you an overview of each platform’s features, pricing, integrations, customer support, usability, and overall value. Plus, some pros and cons to help you compare each.
1. Oracle NetSuite ERP - Best for large enterprises
Oracle NetSuite is a cloud-based ERP system that helps automate core processes across several business functions. This platform lets users choose which modules they’d like to buy, allowing them to automate and manage accounting, finance, supply chain management, and more.
Why I Picked Oracle NetSuite ERP
In my opinion, Oracle NetSuite is the top pick for large enterprises because it has software for most business functions. You can get whichever modules your company needs: accounting, human capital management, supply chain management, or another module.
At the same time, NetSuite comes with a price tag that only larger firms can afford.
Oracle NetSuite ERP Standout Features and Integrations
Standout features include configurable dashboards, drag-and-drop invoice capture, global business management OCR, inventory management, supply chain management, warehouse management, and a mobile app that lets you do many key tasks on the go.
Integrations include eCommerce storefronts, online marketplaces, PoS systems, and third-party logistics solutions through its NetSuite connector. NetSuite Suitecloud also helps it integrate with many other solutions. NetSuite does not list any integrations explicitly.
Pricing: Pricing available upon request
Free trial: Free product demos
Pros
- Multi-entity management domestically and internationally
- Integrates with other NetSuite products for more functions than accounting
- Extensive tax management features
Cons
- Expensive
- Complex interface
2. SAP - Best for retailers
SAP is a popular ERP solution offering software for numerous business functions, from accounting to spend management to CRM. As one of the first ERPs, it primarily serves companies in the consumer packaged goods (CPG) space but can also help firms outside this industry.
Why I Picked SAP
As an ERP, SAP has plenty of modules besides accounting. What I liked most about SAP is its financial planning and analysis suite with multiple modules that assist with performance management, financial forecasting, and even scenario simulation.
SAP Standout Features and Integrations
Standout features include continuous accounting, financial closing automation and templates, group reporting, intercompany management and processing, purchasing/inventory control, and real estate management. Plus, business intelligence and reporting features
Integrations include thousands of prebuilt integrations, APIs, and connectors to integrate with nearly any software.
Pricing: Pricing available upon request.
Free trial: 14-day free trial. Demo available.
Pros
- Covers most business functions
- Large number of integrations
- Faster implementation than other complex solutions
Cons
- Dated UI
- Expensive
3. Multiview ERP - Best for healthcare companies
Multiview ERP is a financial ERP system offering several core business modules beyond accounting. You can implement Multiview ERP as a cloud-based or on-premises solution. Multiview primarily services healthcare companies, but industries such as financial services and utilities may benefit.
Why I Picked Multiview ERP
Multiview’s shining feature is its View360 Source data warehouse. It lets you see data from other systems that support the accounting information in your general ledger without having to visit those systems or export and import.
Speaking of that, it has plenty of non-accounting modules, such as business intelligence, inventory management, and automations.
Multiview ERP Standout Features and Integrations
Standout features that set Multiview ERP include asset management, document, and project management, inventory and materials management, POs, and tax management.
Its ViewSource 360 multi-source data warehouse notably lets you view data from across your business systems to find the “why” behind the information in the general ledger.
Integrations include Ancora Software, Avalara, Azalea EHR, Cerner, EasyVoice, EpicCare EMR, John Daniel Associates, MDI Solutions, Paylocity, and Salesforce.
Pricing: From $150/user (billed annually).
Free trial: Free demo available.
Pros
- Customizable and scalable
- Data visibility via ViewSource 360
Cons
- Moderate learning curve
4. Certinia - Best for software companies
Certinia, previously called FinancialForce, is a cloud-based ERP solution designed to fit the needs of both small businesses and larger enterprises. It supports several core business functions through accounting-related ERP modules and professional services automation.
Why I Picked Certinia
Certinia’s great for several types of businesses with subscription or recurring revenue models, especially software.
Two features that make this clear are customizable subscription/usage billing and the customer success cloud. These can help you manage how your subscription offers work (vs. one-off offers) and helps your customers get the most out of your software.
Certinia Standout Features and Integrations
Standout features include billing and subscription management and a customer success cloud. The former lets you customize product and plan billing structures for more accurate accounting and billing. The latter helps enhance customer satisfaction.
Certinia also includes inventory and procurement features, multi-company accounting, financial planning and analysis, real-time financial reporting, and service CPQ (configure, price, quote) features.
I especially like the CFO Dashboard; it’s easy to customize and gives you an overview of all your major metrics.
Integrations include ADP, Avalara, B2B Gateway, Conga, DocuSign, Expensify, Jira, Plaid, SAP Concur, and Scribe. Developers can also create more integrations with Certinia’s APIs.
Pricing: Pricing available upon request.
Free trial: Free demo available.
Pros
- Subscription and billing management for recurring revenue streams
- Customer success cloud
- A large number of critical automations
- No setup fee
Cons
- No free trial
- Lack of transparent pricing
5. Xero - Best for fast-growing businesses
Xero is a New Zealand-based cloud accounting platform for fast-growing small and medium-sized businesses. Its three pricing plans let you upgrade to get new features as your business expands.
Why I Picked Xero
Xero doesn’t have the most features of any accounting software out there. However, its three plans are designed for growing businesses, letting you upgrade as your business expands.
Xero Standout Features and Integrations
Standout features include bank reconciliations, bill and receipt capture, bulk transaction reconciliation, business snapshots, invoicing, multi-currency tracking, and project management.
Integrations include Bill.com, Dubsado, Expensify, Float Cashflow Forecasting, HubDoc, HubSpot CRM, Microsoft Outlook, Shopify, Stripe, and Timely. Xero also offers payroll through Gusto as a paid add-on to its core plans. Plus, you can connect a paid Zapier account to unlock even more integrations.
Pricing: From $6.50/month.
Free trial: 30-day free trial.
Pros
- Clean and simple UI
- Strong payment features
- Unlimited users allowed
- Real-time collaboration
Cons
- Multi-currency not available on all plans
- Limited customizations
6. Odoo - Best free accounting ERP
Odoo is an open-source ERP solution with a freemium plan and modules for nearly every business function. Since it is open-source, you can edit the code to customize the software.
Why I Picked Odoo
Odoo’s Freemium plan helps it stand out from competitors, although you only get one app.
The other reason I picked Odoo is its open-source nature. If you or a teammate can code, you can adjust the software to suit your needs.
Odoo Standout Features and Integrations
Standout features include AI-powered document management, automatic reconciliations, customer self-service portals, custom invoicing, international accounting compliance, multi-currency billings, and numerous reports.
I like Odoo’s custom modules for HR, inventory management, marketing, productivity, project management, sales, and website management. Each of those has several apps for specific functions.
Integrations include Amazon, Bill.com, FedEx, Google Workspace, HubSpot, OnSip, PayPal, Shopify, Stripe, and WhatsApp. Odoo AI also integrates with ChatGPT, giving you ChatGPT’s capabilities in Odoo’s UI. You can use this for tasks requiring text or copy, such as writing product descriptions or emails.
You can link any Odoo app with other Odoo apps. You can also connect a paid Zapier account to unlock more integrations. Finally, Odoo’s EDI connection can help transfer document data from other software.
Pricing: From $24.90/user/month (billed annually).
Free trial: Freemium plan available.
Pros
- Freemium plan
- Modules and apps for nearly every business function
- Open-source
Cons
- Freemium plan is limited
- Freemium plan can be harder to maintain
7. BlackLine - Best for mid-sized businesses
BlackLine is a cloud-based accounting and financial automation platform streamlining the entire financial close process. This platform can automate accounts receivable and financial closing and supports intercompany accounting management.
Why I Picked BlackLine
BlackLine is not a comprehensive piece of accounting software—it aims to streamline and modernize the financial close, one of accounting’s largest tasks.
As such, BlackLine can complement your general ledger accounting software and take a lot of weight off your accounting and finance teams. I think that’s definitely a worthwhile feature for companies that are already using SAP because BlackLine’s SAP integration unlocks BlackLine’s prized Smart Close feature.
BlackLine Standout Features and Integrations
Standout features include everything involved in financial closing, especially the Smart Close feature you unlock when you integrate BlackLine and SAP.
I like how Smart Close standardizes the closing process by eliminating many manual tasks usually involved in financial closing. It can also automate the accounts receivable process and help larger organizations with intercompany financial management.
Integrations include Acumatica, Intacct, Epicor, Microsoft Dynamics, Oracle, PeopleSoft, Quickbooks, Sage, SAP, and Workday. Integrating with SAP unlocks BlackLine’s Smart Close feature.
BlackLine can integrate with several other accounting and ERP systems as well.
Pricing: Pricing available upon request.
Free trial: Free demo available.
Pros
- Accelerates and improves the financial close process
- Automates most of the accounts receivable process
- Offers several intercompany accounting management features
Cons
- Only handles accounting and finance tasks
- Very little accounts payable automation
8. FreshBooks - Best for smaller service-based businesses
FreshBooks is a cloud-based accounting software platform for freelancers and small service-based businesses. It supports several features service businesses need (proposals, estimates, time tracking) and sells some functions as add-ons.
Why I Picked FreshBooks
FreshBooks is a top choice for small service businesses, like freelancers or digital marketing agencies, thanks to its billing and invoicing emphasis. Not to mention its affordability and other features like client management and time tracking.
FreshBooks’s bookkeeping side is easy enough to learn on your own—perfect for small service businesses that may not have an accountant.
FreshBooks Standout Features and Integrations
Standout features that help service businesses handle their accounting include custom invoicing, mileage tracking, a mobile app, payment management, project management, and time-tracking.
I like that it also helps service businesses craft proposals, send estimates, and manage clients.
Integrations include a massive number of business applications through the FreshBooks app store. Some of the top integrations include Calendly, HubSpot CRM, GSuite, MailChimp, Shopify, Slack, Squarespace, Toggl, WooCommerce, and ZenDesk. You can connect a paid Zapier account to access even more integrations.
Pricing: From $8.50/month for five billable clients.
Free trial: 30-day free trial.
Pros
- High degree of invoice customization
- Easy to learn
- Several features for managing projects and clients
Cons
- Limited mobile app
- No inventory management
9. Nimble Property - Best for hospitality businesses
Nimble Property is a cloud-based accounting platform for hospitality companies. Its accounting and business intelligence features help hotel owners, accounting departments, and management agencies track and manage multiple properties.
Why I Picked Nimble Property
Nimble Property isn’t just “good for hotels”—it’s made for hotels. The pricing and features place Nimble Property out of range for a tiny bed and breakfast, but it suits larger chains with plenty of rooms and employees.
Nimble Property Standout Features and Integrations
Standout features specific to hoteliers include a door lock system, hospitality-specific financial statements and reports, industry research, and room inventory management.
In my opinion, one of its main advantages is the multi-property management feature—you can do all this across multiple hotels. You can also purchase assisted bookkeeping through Nimble Property.
Integrations include many payroll and property management systems, although it doesn’t list them.
Pricing: From $250/month.
Free trial: Free demo available.
Pros
- Android and iOS mobile apps
- Several hospitality-specific features, such as a door lock system
- Over 60 custom reports available
- Automated reconciliations
Cons
- Not suitable for small boutique hotels
- No free trial
10. Quickbooks - Best for small businesses
Quickbooks is an accounting software platform for smaller businesses across nearly every industry. This platform supports most core bookkeeping and accounting functions, while users can purchase other functions, such as payroll, as add-ons.
Why I Picked Quickbooks
Quickbooks continues to be the most widely used accounting software among small business owners. It’s easy to set up and use—you can probably do it without professional implementation, although they can help you if you need it.
Plus, Quickbooks has several plans. You can start small and upgrade to higher plans as your budget and needs grow. You can even hire a remote bookkeeper through Quickbooks if you need one.
Quickbooks Standout Features and Integrations
Standout features include accountant access, bank reconciliations, income and expense tracking, inventory tracking, invoicing, financial reporting, and live bookkeeping services.
Several core Quickbooks functions can be customized to suit different industries, although Quickbooks itself does not offer industry-specific features.
I really like that QuickBooks has been specifically designed so that you don’t need any accounting experience whatsoever to be able to use it.
Integrations are available with over 750 business applications, from internal systems to eCommerce websites. These include Amazon Business, eBay, Etsy, Gusto, MailChimp, Method:CRM, PayPal, RewardBuilder, Shopify, and Square.
Pricing: From $9/month.
Free trial: 30-day free trial.
Pros
- Offers both cloud-based and desktop solutions
- Easy to learn and use
- Automated bank reconciliation features
Cons
- Must upgrade to add users
- Pricier than industry peers
11. ExpensePoint - Best for expense management and reporting
ExpensePoint is a cloud-based expense management software platform designed to automate and improve expense management and reporting. It’s not a standalone tool but can be integrated with your core accounting software.
Why I Picked ExpensePoint
ExpensePoint is an expense management software, so I focused more on its expense management functionality. I like how easy ExpensePoint makes it to handle your expense reporting, then upload that data into your general ledger and payroll system.
ExpensePoint Standout Features and Integrations
Standout features mainly include its ability to output general ledger and payroll files. That helps you get all your expense data into your accounting system.
As for the expense management itself, ExpensePoint offers credit card integrations, employee reimbursement, mileage tracking, multi-currency capabilities.
I like ExpensePoint’s receipt capture tool and the options for user roles and permissions.
Integrations include several accounting programs, such as Freshbooks, Quickbooks Online, Sage, and Xero. It also integrates with Cyclr, Microsoft Excel, and Plaid. Plus, you can link a paid Zapier account to unlock far more integrations.
As expense management software, ExpensePoint can connect to many credit cards to import spend data automatically.
Pricing: From $8.50/month per user.
Free trial: Free trial available.
Pros
- Automates a lot of spend management
- Integrates with several common accounting programs
- Unlimited expense reporting included
Cons
- Little to no accounting and bookkeeping functionality
- Reporting and analytics could be better
12. Serenic Navigator - Best for public service organizations
Serenic Navigator is an accounting platform for public service organizations, such as nonprofits, nongovernmental organizations, K-12 school districts, and governments. It is currently part of SylogistMission ERP after its acquisition by Sylogist.
Why I Picked Serenic Navigator
Most software solutions on this list cover for-profit companies, not nonprofits or the public sector. Serenic Navigator fills that niche. It covers general accounting/finance functions as well as public-sector needs, such as grants and awards.
Serenic Navigator Standout Features and Integrations
Standout features that make Serenic Navigator great for nonprofits include its grant and award management suite. This includes automation to help public service organizations stay compliant while maximizing their chances of winning awards and saving time.
Plus, Serenic Navigator also includes automation, budget management, HR, and payroll features. I like its reporting and analytics tools, too.
Integrations include Greenshades, Microsoft Dynamics 365, Paymerang, and TntWare Donorhub. Serenic Navigator also integrates with Sylogist’s other apps.
Pricing: Pricing available upon request.
Free trial: Free demo available.
Pros
- Grant/award management suite
- Can be customized to your type of public service organization
- Strong reporting features
- Available as a cloud-based and on-premise solution
Cons
- Can be confusing to implement and learn
- Lack of pricing transparency
Other Accounting Software Options
Here are a few more worthwhile options that didn’t make the best accounting software list:
- Kashoo - Best for startups
- MarginEdge - Best for restaurants
- Microsoft Dynamics 365 Business Central - Best for industry-specific customizations
- Wave - Best free accounting software
- Zoho Books - Best for integrations
Selection Criteria
To put this list together, I looked at accounting software for a broad range of industries and business sizes. I narrowed it down to the best options by looking at product demos, testing whatever software I could, and reading up on accounting software market trends.
Ultimately, I made my selections using the following criteria:
Core Functionality
Most accounting software can do general bookkeeping, including recording and categorizing financial transactions, and producing financial reports.
If it can't automate manual data entry, it had better offer something amazing to make up for it. Ideally, it should offer access from anywhere via the cloud and/or mobile apps.
Similarly, any accounting software that can’t handle the other core bookkeeping tasks is still accounting software if it can automate peripheral matters, such as expense approvals.
Key Features
Here are some key features I hunted for to ensure each platform delivers on the core functionality I just outlined:
- Bank connections: Your software must connect to your firm’s bank accounts to manage financial transactions and perform bank reconciliations.
- Expense tracking: This includes syncing with bank accounts to import, categorize, search, and filter through transactions.
- Financial reporting and analysis: This lets you create income statements, cash flow statements, and balance sheets. Some software may let you make industry-specific reports and look at other analytics.
- Multi-currency management: Some solutions, usually larger ERPs, let you switch currencies if you do business internationally.
- Payroll: Some accounting platforms include payroll, whereas others let you pay for a payroll add-on or integration.
- Accountant access: This feature lets you add your bookkeeper or accountant to the software so you don’t have to do everything yourself.
Usability
Accounting software with good UX and UI makes managing your journals, ledgers, and financial reporting easier. Categorizing or recategorizing transactions manually should be easy if the AI or automation algorithms don’t do it correctly.
Integrations
Your accounting software will be the heart of tracking your finances, so it must connect to anything related to money going out or coming in. That includes:
- Bank accounts
- CRMs
- Payroll
- Inventory management systems
- POS systems
Customer Support
I looked for accounting solutions with customer phone support available beyond business hours. Most of the tools I picked also have chat and email support. Self-service support like educational and training articles, video tutorials, and similar items are a plus in my book, too.
Frequently Asked Questions
Here are answers to a few FAQs about accounting software:
What are the benefits of using accounting software?
What is the difference between desktop accounting software and online accounting software?
Which software is easiest to use?
Other Business and Accounting Software Reviews
Here are a few of our other business and accounting software reviews worth checking out:
12 Best Accounts Payable Automation Software Solutions of 2023
12 Best Point Of Sale Systems for 2023
12 Best Corporate Performance Management Software in 2023
Summary
No accounting platform is “the best” for everyone. That depends on many things, like your industry, company size, vendors and suppliers, products and services, and more.
So compare each carefully and grab a free demo or a free trial if you can. Your accounting and finance team might be able to help you pick one, too. They’re the ones who will use it, after all.
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