Although desktop solutions might require more manual updates and maintenance, they offer robust control and security for businesses that prioritise these aspects. Standard security features include data encryption and two-factor authentication, although security breaches are still possible. Payroll is generally an add-on option, typically costing around £5 per month in addition to lost or misplaced your ein a further £1-3 per employee per month.

Best for advanced data management and reporting

With less time spent on data entry, you have more time for the things you like most about small-business ownership, whether that’s getting to know virtual services customers or making products you’re proud of. If you want fully featured accounting software with an excellent app, clean dashboard, and affordable price, we recommend Xero. Based on its features and pricing alone, it’s a great bookkeeping and accounting company for most business types, from freelancers to LLCs.

How Much Does Accounting Software Cost?

And, from the “sales” menu tab, I was given the option to set up online and in-person sales, send an invoice or estimate, set up a recurring invoice or capture a sales receipt, all from tools available from this page. It also supports client management, multilingual invoicing, payments in multiple currencies, and generates various financial invoice number reports, making it a versatile tool for business accounting. It also comes with a free Timesheet module that allows time tracking on different projects.

Tax compliance is a critical aspect of business accounting that can be significantly simplified with the right software. Automated tax calculations help businesses adhere to local tax regulations, ensuring accurate and timely tax filings, and reducing the risk of errors or fines. Features like GST compliance, as provided by Osome, are essential for businesses to stay compliant with tax regulations and avoid legal penalties. Efficient invoicing and billing are crucial for managing cash flow and ensuring timely payments.

Access to live chats with actual humans will eliminate downtime and help you avoid problems later on. Connections with other apps turn good accounting software into great accounting software. Whether you need to sync your software up with Google Sheets or your e-commerce platform, there’s an app integration for virtually everyone.

Key Features

After rigorously reviewing 13 software companies, looking at several key datapoints, we rate QuickBooks Online as the best overall accounting software. That’s thanks to its excellent reputation and user friendliness, in addition to its robust customer support services. Key factors of consideration included cost, ease of use, reputation, and functionality. We prioritized software that was either low-cost or had an affordable plan in a series of pricing plans. We also gave credit to those apps that either provided users with a free version of the software or at least a free trial period. When considering the affordability of cloud accounting software, many providers have promotions going where the software is greatly reduced for a brief period, then goes up in price.

How much does accounting software for small businesses cost?

The platform’s commitment to consistency across devices ensures that as businesses grow, their accounting access remains unhindered, whether they’re at the office desk or on the move. “At its core, NetSuite offers accounting functionality that is extremely robust and powerful. The flexibility afforded by its general ledger and ability to handle complex revenue recognition scenarios has served clients well across many different industries. However, the dashboard offers some convenience features that make the user experience intuitive. Each report has an action button embedded so you can complete relevant tasks. For example, the “savings account” report has a button that prompts you to import a bank statement, while the “checking account” report offers a button prompting you to reconcile any unreconciled transactions.

1. Cassie is a former deputy editor who collaborated with teams around the world while living in the beautiful hills of Kentucky.
2. A cloud-based accounting tool also allows seamless financial data sharing with accountants or bookkeepers, fostering collaboration and efficiency.
3. As the QuickBooks Online screen (above) asks, how often do you file sales tax?

VAT-registered businesses already have to maintain digital records using software that can connect directly to HMRC. As a result, HMRC will only accept VAT returns sent using MTD-compliant software. Our editors are committed to bringing you unbiased ratings and information. We use data-driven methodologies to evaluate product providers, so all companies and products are measured equally. You can read more about our editorial guidelines and the methodology for the ratings below.

NetSuite is a great fit for global operations, supporting multi-currency transactions and local tax regulations out of the box. Like Intacct, NetSuite offers a drag-and-drop report builder called SuiteAnalytics. However, creating complex custom reports requires some degree of coding knowledge. Most accounting software providers offer free trials, so you can try out the software before you commit to it.