Accounting software tools have become the ‘IT’ thing in the industry. Businesses need them for their growth, and students need to study to become a pro in the future. According to recent data, the accounting market value will reach $19.59 billion within 2026, with a CAGR of 8.5%. And the data further claimed that 90% of accountants feel a sudden shift in accountancy with companies leaning towards technology.
That said, there are several tools mushrooming almost exponentially, and not all are equally efficient. So, which tools are financial institutions siding with? I have the answer for you!
To that end, here are the seven most effective accounting software tools ruling the market.
- QuickBooks by Intuit
QuickBooks by Inuit is by far the most renowned accounting software tool for businesses. QuickBooks is scalable, cloud-based, and can be accessed through mobile phones. You can also access various features like money trackers and simple spreadsheets. One significant advantage of QuickBooks is you can start your subscription with a 30-day free trial. And if you like the tool, you can choose your plan.
There are four tiers to choose your monthly plan from. These plans include Simple Start for $12 a month, Essentials for $25 a month, and Plus for $40 a month. And you can also opt for their advanced tier for $90 a month as your business grows.
- Xero by Xero.com
Xero by Xero.com comes in the second position on our list. And it’s often regarded as the most liked accounting software by critics. Xero has more than 3 million subscribers as of now. In addition, Xero successfully fits in with third-party payroll services. This software is cloud-based and can be accessed through your cellular phone.
The best feature of Xero is that you can cancel your Xero subscription with one month’s notice. There are three subscription tiers in Xero; Early for $12 a month, Growing for $34 a month, and Established for $65 a month. You can change your plans according to your business’s growth.
- FreshBooks by Sharesale.com
FreshBooks by Sharesale.com comes third in our list, and it’s one of the most liked accounting software tools by businesses. You can send, receive, and print receipts through this tool and pay invoices. FreshBooks is cloud-based, easy to use and affordable, and offers third-party integration.
FreshBooks comes with a three-tier subscription chart. You can purchase Lite for $4.50 per month, Plus (most popular) for $7.50 per month, and Premium for $15 per month. If you buy a three-month subscription, they offer you at least 70% off.
- Wave by Waveapps.com
Wave, by Waveapps.com, has been designed to cater to small businesses. You can send simple invoices through this tool without third-party interference. While interviewing a retired multinational personality who also offers accounting assignment help to students, we found out that Wave covers every accounting need.
You can access your wave account for free and send and receive invoices and receipt scanning for free. However, the tool has little to no third-party integration. In addition, though free, the application charges through payment gateways. For example, Wave charges 2.9% and an additional 30 cents per Visa, MasterCard, and Discover transaction. And it charges 3.4% and an extra 30 cents per American Express transaction.
- Sage by Sage.com
Sage business cloud comes in the fifth position on our list and offers global services to businesses. Furthermore, Sage has been there in the industry for the past 41 years. It was founded back in 1981 in Newcastle, England. And till now, it has served over 6 million businesses.
Sage is a complete cloud-based business that offers payroll management, creating and sending invoices and fast payment methods at an affordable rate. Sage has two tiers available for its consumers. You can either opt for the Start package, which is available for $10 a month. This package is ideal for self-employed persons and micro-businesses. You can also select the typical Sage accounting package for $7.50 per month.
- AccountEdge Pro
AccountEdge Pro is desktop-based accounting software that has been helping small businesses for the past multiple years. However, you can also access their cloud-based application through your mobile phone. Renowned professor and a managerial assignment help provider Tim Roberts call this application robust and a must for small businesses.
AccountEdge Pro includes bank feed integration, inventory management, and direct deposit features. Furthermore, it offers full-service payroll, customer-vendor management, and many more. AccountEdge Pro has only one package that charges a one-time fee of $499.
- GoDaddy by GoDaddy.com
GoDaddy is an established name in the business circle worldwide as a website creation space. But, GoDaddy has many other features, such as cloud accounting software for small businesses. Through this tool, you can create automatic invoices and accept online payments.
GoDaddy’s features include Syncing with online retailers, tracking sales and payments, recurring invoices, and a business’s profit and loss chart. In addition, GoDaddy has three pricing strategies. Get paid for $4.99 per month, Essentials for $9.99 per month, and Premium for $14.99 per month. You can select your preferred tier and get started.
2022 is the year of change, and these accounting software tools will undoubtedly bring changes to the business world. These tools are fast, user-friendly, and affordable. Thus, they are loved by millions of users. Whether you are a young professional or pro, you will enjoy using these tools for professional purposes. So, which tool intrigued you the most, GoDaddy or FreshBooks? Whichever it might be, I am sure you will enjoy using any of these tools mentioned above with enthusiasm. Best of luck!
Author Bio: Dan Curtis is an accounts professor with more than 15+ years of experience. He is also associated with MyAssignmenthelp.com, where he offers essay help to students. In addition, Dan loves golfing and enjoys playing it with his friends.