When it comes to searching for the best accounting software, you need to identify an application that meets your needs. This means looking for a program that saves time and is able to deliver quick results. Such software should save you the headache of performing accounting functions such as invoicing, reporting, bill payment, reconciliation, and automated entries. Additionally, it is important to look for a program that syncs with your bank account. The software should also allow linking with POS (Point of Sale) Systems to allow you perform financial activities such as reporting and acceptance of payment.  

Here is a collection of the top business accounting software apps to look out for:

1. QuickBooks Online

QuickBooks offers you a wide range of accounting functions. It is effective for small-scale businesses people such as freelancers, merchant, store owners, consultants, and service providers. There are a number of plans that you can enjoy with the price ranging from £10 to £15 monthly prices.

Pros

  • Basic features needed for solving accounting problems are provided.
  • Its accountant approved.
  • Convenient for small-scale businesses.
  • Easy to use.
  • Allows bank sync.

Cons

  • The app has limited features.
  • Limited to small-scale applications.

2. Xero

Xero is the best accounting app for Mac. The program is known to be supplied with effective accounting features. It comes with the live chat system, 24/7 email system, and phone support service. All this comes at no extra charges as you only spend £9.

Pros

  • The app is fast and saves you time.
  • Convenient for Mac and PCs.
  • Its features are easy to use.
  • Constant customer service.

Cons

  • Not all accountants are familiar with the app.
  • At times you may be required to outsource accountancy help.

3. Zoho Books

Zoho Books is also convenient for small-scale businesses and its avails all basic accounting features. Compared to other software, Zoho Books offer competitive and flexible monthly price plans namely, Basic (£9), Standard (£19), and Professional (£29).

Pros

  • Allows bank sync.
  • Easy invoicing and reporting.
  • Compatible with Windows and Android devices.

Cons

  • Offers limited third-party integration.
  • Does not involve payroll services.

4. FreshBooks

FreshBooks is the most flexible and customer friendly accounting software. Its capabilities are not limited.

Pros

  • Effective for small businesses.
  • Easy to use.
  • Competitive monthly pricing plans, namely, Lite Plan (£15), Plus Plan (£25), and Premium Plan (£50).

Cons

  • Not suitable with inventories.
  • You can only view the results on your computer and can’t use phone or tablet.

5. Wave Accounting

Wave Accounting avails a comprehensive collection of accounting features without monthly charges. The application is completely free and it’s effective for small and average firms.

Pros

  • It is free.
  • Easy to use.
  • Time-saving

Cons

  • Can’t track billable time.
  • Can’t track inventory and does not support.

Conclusion

The above five accounting software applications are the best in the market and are effective for handling different accounting functions such as invoicing and reporting. They are available in different monthly plans and you get to choose what is convenient for you.