Introduction
Choosing the right accounting software is important for individuals and small business owners to manage their finances. With so many options on the market, it can be difficult to determine the best fit. This guide evaluates 15 top accounting software solutions based on features, pricing, ease of use and customer reviews to help you find the right one. We break down the key capabilities of each solution and how they compare.
Methods of Evaluation
To rank the accounting software options, we considered the following evaluation criteria: features and functionality, ease of use, pricing, mobile accessibility, customer support and reviews. We also factored in more subjective online metrics like the number of backlinks, organic traffic and keyword search trends for each company over the past year to gauge real-world popularity and demand. This multi-faceted evaluation approach allows for an objective comparison of each solution’s strengths and weaknesses.
1. QuickBooks Self-Employed
QuickBooks Self-Employed is an accounting software designed for freelancers and small business owners to easily track their income, expenses and mileage. As one of the most popular accounting software programs, QuickBooks Self-Employed aims to simplify the tax filing process for individuals.
Pros: Some key advantages of QuickBooks Self-Employed include:
– Easy to use interface optimized for mobile use
– Automated mileage tracking functionality that syncs with iOS and Android devices
– Built-in expense reminders to help users remember to track deductible expenses
Cons: A potential disadvantage is that the software is primarily geared towards small businesses and freelancers rather than more complex personal financial needs.
Pricing: QuickBooks Self-Employed has an annual subscription fee of $159.99 per year which includes bookkeeping, tax forms and unlimited support. There is also a free 30 day trial available to new users.
Some key stats about QuickBooks Self-Employed include:
– Over 8 million users
– Integration with TurboTax for seamless tax filing
– Supports mileage tracking with GPS capabilities
– Provides expense reminders to help users maximize deductions
2. GoSystem Tax RS
GoSystem Tax RS is an online tax preparation and filing software developed by Thomson Reuters. The software provides a cloud-based platform for individuals, businesses and accounting professionals to prepare, file and manage tax returns. Some key features include centralized data management, collaboration capabilities and advanced features to handle complex multi-state tax returns.
Pros: Key advantages of GoSystem Tax RS include:
– Cloud-based platform eliminates need for local software installation and updates
– Integrated data sharing and collaboration tools for accountants and clients
– Advanced capabilities like support for multi-state returns and deductions
– Scales affordably from simple to complex returns with modular add-on features
Cons: A potential disadvantage is that the software is best suited for accountants preparing many returns each year or complex business/multi-state returns. For individuals with simple tax situations, free online alternatives may be sufficient.
Pricing: GoSystem Tax RS pricing starts at $49 per month for the basic individual plan. Pricing scales based on the number of staff users and capabilities needed like multi-state returns or business entity returns. Volume discounts are available for accounting firms processing high volumes.
Some key stats about GoSystem Tax RS include:
– Used by over 60,000 accounting firms for client tax preparation and compliance
– Handles over 2 million individual and business tax returns filed each year
– Modular functionality that scales from sole proprietors to large accounting firms
3. CCH Axcess Tax
CCH Axcess Tax is a powerful yet intuitive online tax preparation software developed by Wolters Kluwer. As one of the leading software providers in the accounting and tax preparation space, Wolters Kluwer leverages over 130 years of experience and top-rated tools to help accounting professionals and individuals easily manage their tax compliance needs.
Pros: Some key advantages of CCH Axcess Tax include:
– Robust tax preparation software tailored for accounting firms
– All-in-one solution for compliance, returns and client portals
– Integrates easily with other Wolters Kluwer products like CCH ProSystem Engagement
– Advanced workflows that optimize efficiency
Cons: One potential disadvantage is the pricing, as it is aimed at accounting firms and professionals rather than individuals.
Pricing: Pricing for CCH Axcess Tax depends on the selected edition and number of tax returns to be prepared. Contact Wolters Kluwer or an authorized reseller for an exact quote based on specific needs and requirements.
Some key stats about CCH Axcess Tax include:
– Used by over 150,000 accounting professionals globally
– Supports preparation of all US individual and business tax types
– Integrates seamlessly with other Wolters Kluwer products like CCH ProSystem fx Engagement
– 24/7 online access from any device
4. Xero
Xero is an online accounting software for small businesses. Founded in 2006, Xero has become one of the top accounting software solutions for small and medium sized businesses. With over 2 million subscribers globally, Xero provides online accounting, invoicing, purchase orders and other financial tools to help businesses organize their finances and streamline workflows.
Pros: Some of the key advantages of Xero include:
– Wide range of features including invoicing, expense tracking, reporting and more
– Intuitive templates that make tasks like invoicing easy
– Seamless integration with other business apps through Xero’s extensive API
Cons: One potential disadvantage is the monthly subscription fee, though for most small businesses this provides better value than one-time software licenses.
Pricing: Xero offers various pricing plans starting from $9 per month for the Simple Start plan to $60 per month for the Standard plan. All plans include online support and access to Xero’s features and integrations.
Some key stats about Xero include:
– Over 2 million subscribers globally
– Available in over 180 countries
– Integrates with over 850 apps including Stripe, Salesforce, Hubspot and more
– Mobile apps available for iOS and Android
5. FreshBooks
FreshBooks is cloud-based accounting software designed specifically for small businesses and freelancers. In business since 2004, FreshBooks has grown to serve over 30,000 customers globally. It aims to make invoicing, time-tracking, expenses and project management easy with its simple yet powerful online tools.
Pros: Some of the key advantages of FreshBooks include:
– Intuitive invoicing features to quickly create and send professional invoices
– Time tracking to log billable hours and easily generate invoices
– Project management capabilities to organize clients and tasks
– Integration with other business apps for a centralized workflow
Cons: One potential disadvantage is that the mobile apps have more limited functionality compared to the desktop website.
Pricing: FreshBooks offers 3 pricing tiers:
– FreshBooks Free – Up to 3 active clients with limited features. Free forever.
– FreshBooks Fresh – $15/month billed annually. Unlimited clients and projects.
– FreshBooks FreshPlus – $25/month billed annually. Extra reporting and project templates.
Some key stats about FreshBooks include:
– Over 30,000 customers worldwide
– Processes over $15 billion in invoices annually
– Accepts credit card and ACH payments
– Integrates with over 200 apps including Shopify, QuickBooks, Xero and more
6. Credit Karma Tax
Credit Karma Tax is a free online tax filing service offered by Credit Karma. In addition to free federal and state tax filing for simple returns, Credit Karma Tax aims to make filing your taxes easy and stress-free with guided support through the filing process.
Pros: Some key advantages of using Credit Karma Tax include:
– Free filing for simple federal and state tax returns.
– Guides users through the tax filing process with helpful tips and support.
– Import of W2 and 1099 forms is simple with one click.
– Provides free audit defense at no extra cost if the user is audited by the IRS.
Cons: A potential disadvantage is that Credit Karma Tax only supports free filing for simple tax returns. Users with more complex tax situations may need to consider paid alternatives.
Pricing: Credit Karma Tax offers free filing for simple federal and state tax returns. There are no fees, premium versions or upgrades needed – the basic service covers most individual tax situations at no cost to the user.
Some key stats about Credit Karma Tax include:
– Over 100 million filers have used Credit Karma Tax to file their taxes.
– It supports filing both federal and state tax returns for simple returns at no cost.
– Users can import their W2 and 1099 forms with just one click for a seamless filing experience.
7. Wave Financial
Wave Financial is a Canadian company that offers free and premium online accounting software packages for small businesses and individuals. Some key features of Wave include invoicing, expenses, time tracking, payroll (in select markets), and credit card processing.
Pros: The main advantages of Wave accounting software include: – Free basic version with no limits or transaction fees – Online and mobile access from any devices – Ability to scan and upload receipts for expense tracking
Cons: The main disadvantage is that advanced features like multi-currency support, tailored reporting, and custom workflows are only available in paid plans starting at $15 per month.
Pricing: Wave offers three pricing tiers – Free plan, Plus plan starting at $15/month, and a Premium plan starting at $30/month. The free version has all the core accounting features like invoicing, expenses, timesheets etc. but limits are placed on storage and support.
Wave has over 10 million users worldwide. It offers a truly free version for individuals and small businesses with no transaction limits or hidden fees. Wave integrates with over 200 apps like QuickBooks, Xero, Microsoft 365 and Shopify.
8. Harvest
Harvest is time tracking and project management software that helps freelancers and agencies take control of their time and billable work. Originally launched in 2006, Harvest (https://getharvest.com/?partner=saasfreetrials.com) enables users to easily track time works across projects and tasks, generate invoices, and get insights into how work is being spent.
Pros: Some key advantages of Harvest include:
– Intuitive time tracking that easily logs hours worked against projects
– Detailed and customizable invoicing capabilities
– Robust reporting and analytics on time spent and client projects
– Integrations allow for a streamlined workflow
Cons: The main disadvantage is that Harvest is primarily targeted towards freelancers and agencies, so it may not be as suitable for large enterprises with complex needs.
Pricing: Harvest offers flexible pricing plans starting from a FREE plan for sole proprietors up to a $24/month plan for up to 10 users. Enterprise and customized pricing is also available for larger teams and businesses.
Some key stats about Harvest include:
– Used by over 73,000 businesses worldwide
– Available on web and iOS/Android apps for easy mobile time tracking
– Integrates with over 150 apps including Slack, Trello, QuickBooks
– Offers basic plans starting at $12/month for up to 3 users
9. QuickBase
QuickBase is an online platform for work management, projects, and databases. Founded in 1993, QuickBase helps individuals and organizations effectively manage complex work through customizable solutions without code. With its flexible and visual interface, QuickBase allows users to track data, automate processes, and gain insights.
Pros: Some key advantages of QuickBase include:
– Visual reports to track progress and gain insights
– Forms and workflows to automate processes
– Highly customizable interface to fit any unique business needs
Cons: The main disadvantage is that it is not suited for managing very large or complex databases with millions of records due to performance limitations.
Pricing: QuickBase offers flexible pricing plans starting at $25 per user per month for their basic plan. Premium packages are priced based on number of users and customized features required.
Some key stats about QuickBase include:
– Used by over 100,000 companies worldwide
– Available in 190+ countries
– Over 30,000 customizable apps created by customers
– Flexible no-code platform for building custom solutions
10. GnuCash
GnuCash is a free and open-source accounting software for individuals and small- to medium-sized businesses. It is developed by the non-profit GNU Project and has been in active development since 1997. GnuCash helps users track bank accounts, stocks, income and expenses. It provides an alternative to expensive proprietary accounting software through a sophisticated double-entry bookkeeping system.
Pros: Some key advantages of using GnuCash include:
– It’s completely free to download and use with no purchase or subscription fees
– Allows tracking of multiple currencies to handle international finances
– Features double-entry bookkeeping for accurate accounting
– Open-source development means constant updates and support from a large community
– Wide platform compatibility across Windows, Mac and Linux
Cons: One potential downside of GnuCash is that being open-source software, it lacks some features found in professional accounting software like advanced reporting. The user interface also takes some time to learn compared to more intuitive proprietary options.
Pricing: As open-source software, GnuCash is completely free to download and use with no purchase price or ongoing subscription fees. Users can choose to donate to support ongoing development, but there is no commitment or requirement to do so to use all core functionality.
Some key stats about GnuCash include:
– Available for Windows, Mac OS X, Linux and other Unix-like operating systems
– Used by over 1.5 million users worldwide
– Free and open-source software released under the GNU GPL license
– Integrates with popular online banking services like OFX and QIF
11. TaxAct
TaxAct is affordable DIY tax preparation software for individuals. Founded in 1998, TaxAct allows users to prepare and file their federal and state taxes online. With step-by-step questions, TaxAct guides users through the necessary tax forms to file their individual returns.
Pros: Some key advantages of TaxAct include:
– Affordable pricing, starting at $0 for federal filing
– Intuitive interface walks users through the filing process with questions
– Checks for deductions and credits to maximize refunds
– Imports tax documents directly from banks and other financial institutions
Cons: A potential disadvantage is that the free federal version only supports a limited tax situation. For more complex returns, an upgrade is required.
Pricing: TaxAct offers several packages for individuals. The free federal edition files a simple return. For $14.99, the deluxe edition supports filings like renters credits. The premier package is $44.99 and covers more complex returns including itemized deductions.
Some key stats about TaxAct include:
– Over 50 million users since 1998
– Supports filing federal and most state income tax returns
– Imports W-2, 1099 and other tax documents directly into the software
12. PBC
Bench is an online bookkeeping software created by Bench Accounting. Established in 2013, Bench aims to provide small businesses and freelancers access to professional bookkeeping and accounting services through an easy-to-use cloud-based platform.
Pros: Key advantages of Bench include:
– Designed for accountants and bookkeepers to work efficiently
– Allows for double entry bookkeeping and automated tax preparation
– Cloud-based software that can be accessed from anywhere, ideal for working with clients remotely
Cons: A potential downside is that the software is more suited for simple bookkeeping needs rather than complex accounting requirements for larger businesses.
Pricing: Bench offers three pricing tiers:
– Basic: $49/month – good for solopreneurs and small businesses
– Pro: $99/month – includes multi-user access and additional features
– Enterprise: Custom pricing – designed for enterprises and accounting firms
Some key facts about Bench include:
– Over 50,000 customers globally
– Serves over 100 industries
– Processes over $6 billion in transactions annually
– Connects to over 35 banking institutions and credit cards
13. FreeAgent
FreeAgent is cloud-based accounting software aimed at freelancers, sole traders, and small businesses in the UK. Founded in 2006, FreeAgent provides a beautifully designed online dashboard to manage invoices, expenses, bank reconciliation, VAT returns and Self Assessment tax returns all in one place.
Pros: Some key advantages of FreeAgent include:
– Cloud accounting platform optimized for freelancers and contractors
– Intuitive online dashboard accessible from any device
– All financial data like invoices and expenses stored centrally
– Bank feeds seamlessly import transactions to simplify reconciliation
– Integrations with other apps like Xero, Dropbox, Stripe for workflow automation
Cons: One potential disadvantage is that FreeAgent has fewer features compared to more full-featured accounting software aimed at larger businesses. It is best suited for freelancers, contractors and small businesses with basic accounting needs.
Pricing: FreeAgent offers 3 pricing tiers:
– Free plan for up to 3 active clients
– Startup plan for £12/month billed annually for up to 5 active clients
– Growth plan for £24/month billed annually for an unlimited number of clients
Some key stats about FreeAgent include:
– Used by over 60,000 clients in the UK
– Connects to over 70 UK banks and financial institutions through Open Banking
– Processes over £10 billion in transactions each year
– 99% customer satisfaction rating
14. Brightpearl
Brightpearl is an all-in-one retail operations system (ROS) for retailers and wholesalers. Founded in 2008, Brightpearl is headquartered in London and has additional offices in San Francisco and Sydney. They aim to automate back office tasks so retailers can focus on growth. Their integrated platform handles orders, inventory, POS, and accounting all in one place.
Pros: Some key advantages of Brightpearl include:
– All-in-one platform integrates ordering, inventory, POS and accounting
– Excellent multi-channel sales capabilities across web, mobile, marketplaces and physical stores
– Real-time inventory sync ensures customers always see accurate stock levels
– Automated order and stock management saves time on manual processes
Cons: A potential disadvantage is the monthly subscription pricing may not be suitable for very small businesses or individual entrepreneurs on tight budgets.
Pricing: Brightpearl offers flexible monthly pricing plans starting at $99 per user per month for their basic Starter plan up to $249 per user per month for their Advanced plan. Larger enterprises can request custom enterprise pricing.
Some key stats about Brightpearl include:
– Used by over 5,000 retailers globally
– Supports over 40 third party integrations including Shopify, Magento, BigCommerce and more
– Experience rapid growth averaging 35% year-over-year
– Recently raised $85M Series D funding
15. Avail
Avail is an all-in-one software tailored for landlords and property managers to manage their rental businesses. Founded in 2018, Avail has sought to streamline the process of finding tenants, drafting leases, and collecting rent payments through an integrated online platform.
Pros: Some of the key advantages of Avail include:
– All-in-one platform to manage properties end-to-end
– Free landlord listing for vacant units to find tenants fast
– Advanced tenant screening with credit and background checks
– Online lease signing and electronic payment collection
Cons: A potential disadvantage is that the free version only allows for one active rental listing. For managing multiple properties, landlords would need to upgrade to a paid subscription.
Pricing: Avail offers three pricing tiers for landlords and property managers:
– Basic Plan: $15/month per property – suitable for single landlords
– Pro Plan: $25/month per property – adds advanced features like maintenance requests
– Premier Plan: $45/month per property – best for large property managers
Some key stats about Avail include:
– Manages over 1 million rental listings
– Screened over 5 million rental applications
– Processes more than $3 billion annually in rent payments
– Used by over 30,000 landlords in the US and Canada
Conclusion
Based on our in-depth analysis, QuickBooks Self-Employed, GoSystem Tax RS and CCH Axcess Tax emerged as top choices for accounting software. They offer powerful feature sets for individuals and small businesses along with strong support and positive reviews. However, the right solution will depend on your unique business needs – be sure to trial multiple options before committing. With so many quality products on the market, you’re sure to find an accounting software that fits your budget and workflow.