Top 5 Popular Accounting Packages in 2023

Elise Williams

2023-08-25 18:55:58 • Filed to: Software for Accounting • Proven solutions

Every small business needs to really take charge of its finances not only for success but growth as well. With lots of accounting packages for small businesses today, selecting the most ideal for your kind of industry can be daunting for the most part. It’s over three decades since online accounting packages entered the computing world and were made available for all types of PCs. As a result, the options for midsize, small to gigantic businesses are very vast with modern online accounting packages fully cloud-based in most cases.

Of course, accounting software for desktop still exists and is available whenever you need them, particularly those that offer both cloud-based and desktop versions. Generally though, most accounting tools are largely online and as such available for use by small businesses and people anywhere around the world. We understand there’re so many best accounting pages for small businesses out there, but the following are the best five list of accounting packages in the accounting world today.

No.1 FreshBooks

FreshBooks is arguably the top accounting software anywhere for freelancers, small businesses and big enterprises. Though around for over 10 years, in 2017 the accounting tool was overhauled from scratch. This has seen it rise to the top of the best accounting package for small businesses. Its user experience is one of a kind, quick and simple to navigate and superb collaborative accounting software. The new version of FreshBooks is not just intuitive and polished, but endowed with immense features than ever before.

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Pros

Easy invoicing-create professional invoices in seconds
Effortless expense organization and tracking
Easy time tracking and insightful with automated logging of hours on invoices
Easy project collaboration with your team sharing feedback, files and conversations
Faster payment acceptance features from online payments including credit cards
Simple and easy to understand financial reports perfect for your accountant
Includes mobile app to remain connected with customers from anywhere
Efficient online support

Cons

Lacks a specific tool for accounting tax

No.2 Xero

Xero is a reliable double-entry application for accounting purposes. It succeeds in many areas, especially the basic accounting packages needs of a typical small business, chiefly in transactions and diverse records in support of purchases, management of inventory, processing of payroll and sales.

Pros

Offers clear transaction forms and records
Approval level also provided
Inventory tracking features
Online quotes
Reports can be tailor-made
Offers online support
Also provides smart lists

Cons

Though payroll tax management features is included it’s not provided for all areas, especially most states in America
Project management and time tracking aren’t dedicated
Chat and phone help support unavailable

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No.3 Wave

Wave free option makes it superb for freelancers to manage their accounting and a unique choice for the ever-growing freelancer market. Also includes lots of extra features and tools any small business out there with a number of workers can use to meet basic accounting needs though with some limitations here and there.

Pros

Payroll and payment features may attract some fees but Wave is free
Reliable features any small business will find useful
Transaction and invoice management functions are excellent
Offers efficient navigation tools and a decent user interface
Features also include payroll and multicurrency support

Cons

Lacks time-tracking and project dedicated features
A complete mobile application lacking

Download NetSuite>>

No.4 NetSuite

NetSuite cloud accounting and financial software is aimed at helping businesses streamline and transform their operations and processes. It blends core accounting and finance functions with solid compliance management to enhance the performance of a company to increase efficiency in financial management while lessening back-office expenses.

Pros

Real-time financial information access features
Easy generation of statements and resolution of delays
The general ledger can be tailor-made to meet changing needs and conditions of a business
Compliant with international accounting guidelines
Improves employee management
Accessible from mobile devices

Cons

Help system highly confusing
System difficult to program for certain roles
Though broad, features can be really complex
Longer training and time needed to implement it
Doesn’t have a free trial

Download Accounting Seed>>

No.5 QuickBooks

QuickBooks is still one of the best online accounting tools out there, especially for small businesses. Its extensibility, tractability and depth are unique and solid and one of the easiest accounting packages to use. Its design is well done and excellent even for new users. QuickBooks seems built to offer services to a diverse range of users.

Pros