Top 5 Financial Accounting Software Accelerating Business Growth

Elise Williams

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

Officially recognized as a business process, financial accounting is one of the most important activities that a company should perform. It is the identification, recording, collection, analysis, classification, interpretation and presentation of financial information. Each step in the accounting process is performed systematically. Today, accountants use software to perform this task. These digital tools increase the accuracy and speed of bookkeeping. They also ease the process of presenting financial reports to stakeholders for decision-making purposes. Hence, accounting software is very helpful and commonly used.

Top 5 Financial Accounting Software

Here are the top 5 financial accounting software available today.

1. FreshBooks

This is the best financial accounting software today. FreshBooks is easy to use and securely stores your financial information. This digital tool eases business processes such as billing. In addition to that, it has an intuitive Graphical User Interface (GUI) that is easy to use. As a result, the software has a short learning curve. It is also recommended in multiple reports about financial accounting tools for business decision making.

Quite powerful, this software automates a variety of business financial activities. Examples of these are issuing invoices, tracking accounting periods and managing expenses. The software is based on Cloud architecture. Therefore, you can access your financial information from any location in the world using an Internet-capable device. You can use FreshBooks at no cost during a 30-day trial period. For extended use, you have to make some affordable payments on a monthly basis.

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Pros

It is easy to use
This software can handle a variety of business accounting processes
It has a short learning curve
The software is capable of automating recurrent business activities
It is built on Cloud architecture hence allows access to your information from anywhere
You can use it for free during a 1 month trial period

Cons

It cannot be integrated with other financial accounting software

2. Financial Force

Leveraging high tech software capabilities, Financial Force is one of the premier business accounting softwares today. It is built on Cloud infrastructure. Therefore, you can get direct access to your financial data at any time simply by logging into your account. This software tool provides a comprehensive solution for companies of various sizes.

The software can perform a wide range of financial activities. Examples of these are making entries in a General Ledger (GL), billing clients, managing cash-flow, recognizing and recording revenue as well as maintaining inventory Financial Force can also effectively create financial reports and conduct asset management.

A unique feature of this software is that it allows for data sharing across different departments. As a result, customer records, workflows and reporting tools can be shared by multiple business professionals so as to achieve organizational goals. You can use its demo for free before investing in the paid product.

Pros

This software has an attractive, intuitive interface
It is capable of many financial reporting activities
The software allows for the sharing of financial data across multiple departments
You can use its demo before investing in the paid version

Cons

Many of its powerful features are behind the pay wall

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3. Xero

This is some accounting financial software that is firmly based on the Internet. Xero presents you with a real-time view of the cash flow in your business. Seeing as it is based on Cloud infrastructure, you can log into your business account through your smartphone, laptop or tablet. Furthermore, Xero can be manipulated through a mobile application. With this handy resource, you can send invoices, reconcile bank accounts and establish claims for expenses on the go.

One of the outstanding features of this financial accounting tool is that it can perform online invoicing. You can and these financial documents to your clients and the software will inform you as soon as they are opened. Bank transactions can also be reconciled in seconds. You may try out Xero at no cost for a trial period of 30 days. After that you can make payments to use the full version.

Pros

It is easy to utilize
This software is based on the Cloud hence offers convenient access to your accounts
It can perform a variety of financial accounting activities
You can use its free version before proceeding to the paid one

Cons

It cannot be integrated with other financial accounting platforms

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4. Wave

This is a handy, practical and powerful software tool for financial accounting. Wave assists you to understand your company's financial and operational condition at a glance. It also enables you to track all your expenses and streams of income. Furthermore, using this software gets your business ready for t. season.

The software performs account customization on your behalf. As a result, you do not have to make any technical configurations. Wave is integrated with Cloud technology. As such, all your business financial information is safely stored online for easy access. 256-bit encryption along with regular backups is implemented as well. Hence your business information is stable and always ready for reference.

By using this software, you can connect your bank accounts and credit cards quite easily. As such, transactions appear in your books immediately after processing. The best feature is that Wave is accessible for free.

Pros

It is completely free to use
It is based on Cloud infrastructure for easier access to business data
The software is capable of performing all business accounting activities
Your business information is fully encrypted
It can interact seamlessly with your bank accounts

Cons

It is specially developed for small businesses

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5. Sage

This is some dedicated financial accounting software that is developed to suit companies of any size and capacity. Sage bookkeeping software is very easy to use. Moreover, it has a wide range of features. By using this digital tool, you can manage the inflow and outflow of cash in your enterprise. You can also pick from Cloud-based or desktop installations. This gives you the freedom to decide how much flexibility you desire in accessing your business financial information.

This software also enables you to provide clients with professional invoices that are fully customizable. In addition to that, it can help you to reconcile bank statements and accounts smoothly. This software also helps you to calculate VAT returns and submit them as well To make use of the features provided by Sage, you need to pay for the most appropriate subscription.

Pros

It delivers very professional services
This software is easy to use
It has a wide range of features
You have the freedom to pick from Cloud or desktop installation
The software can calculate and file VAT returns automatically

Cons

It requires payment before use

According to the financial accounting tools for business decision making 8th edition, every company needs to perform rigorous accounting. This is so as to get a clear picture of its condition and growth process. The financial accounting softwares indicated above can help you to perform professional accounting. They are reliable and guaranteed to streamline the bookkeeping tasks in your company.

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