Best Accounting Software of 2024 

One of Intuit QuickBooks’ biggest selling points is its storied brand name. The company has been a leader in the accounting software space for more than two decades, with an estimated 80% market share among U.S. small businesses. Most accounting professionals who specialize in small business are familiar with QuickBooks, which is essential if you work with an accountant or bookkeeper.

Although some accounting software providers are better for specific uses and types of companies, it’s hard for any small business to go wrong with QuickBooks Online. The software provides everything small businesses need in a user-friendly accounting program. Technologically, I was impressed with some of QuickBooks’ newer features, including software that can learn your business’s spending patterns to better categorize expenses. A new AI chatbot can help you analyze your finances and anticipate follow-up questions.

At $20 a month for the entry-level Solopreneur plan and $30 monthly for the Simple Start package, I found that QuickBooks’ lower-tier plans were a bit pricer than the competitors’. However, QuickBooks’ higher-tier plans offer exceptional value with their large feature sets.

The moment you open Xero’s accounting software, you’ll see why it’s my pick for user-friendliness. The software eschews complicated accounting jargon such as “debits” and “credits,” which don’t mean anything to most small-business owners. Instead, Xero substitutes those terms with simpler language, like “invoices owed” and “bills you need to pay.” I also like that Xero uses easily digestible visuals to summarize financial information. For example, the main cash flow bar chart shows outgoing cash as a gray line and incoming cash as a blue line.

Aside from its high usability, I like that time tracking is included in all of Xero’s paid subscriptions. Furthermore, unlike most competitors, Xero doesn’t limit the number of users on any of its plans. The company also garners strong user reviews for its customer service. Rather than making you wait on hold for hours, Xero schedules a callback for a time that’s convenient for you.

Xero’s pricing structure is designed to serve businesses at different stages of growth, with three distinct plans (Early, Growing, and Established). The $15-per-month Early plan includes nearly every possible Xero feature, although it does cap the number of bills and invoices you can send per month. Nevertheless, I found that Xero’s plans pack excellent value.

What strikes me most about FreshBooks’ appeal is its invoicing features. The software’s invoice creation module is user-friendly, allowing you to quickly and easily customize invoices to match your business’s branding. After you send an invoice, FreshBooks lets you track when the customer receives and views it. I also like the FreshBooks mobile app features. You can add billable time and expenses to invoices using a smartphone, which is a feature not many competitors offer.

Like other popular accounting software, FreshBooks simplifies expense tracking by automatically importing your daily transactions from your connected business checking and credit card accounts. FreshBooks’ higher-tier plans include more advanced financial management tools, such as double-entry accounting.

FreshBooks offers four monthly subscription tiers: Lite ($19 per month), Plus ($33 per month), Premium ($60 per month) and Select (custom pricing).

Zoho Books stands out for its ability to automate tedious, error-prone accounting tasks. Unlike many competitors, Zoho features a dedicated automation component with valuable tools.  You can set rules to automate workflows, schedule reminders and generate reports, thereby freeing up time to focus on growing your business.

I also like that you can automate email alerts, invoice reminders and in-app notifications. Perhaps best of all, tech-savvy owners can build custom functions using Zoho’s own coding language. Even if you aren’t a development expert, the company’s support reps can help you design your own features.

Zoho Books also distinguishes itself from competitors by providing a free version of its software. In addition to the free version, the company offers five paid plans, ranging from the $20-per-month Standard plan to the $275-per-month Ultimate package. This provides business owners with lots of flexibility over which features they want to pay for.

Based on my investigation, Oracle NetSuite is best suited for global organizations without budgetary concerns; pricing starts at $99 per user per month, plus a $999 monthly licensing fee. For businesses with the resources, this ERP platform offers powerful tools for financial management. Oracle NetSuite integrates billing, reporting and manufacturing processes into one user-friendly dashboard. The accounts receivable service streamlines invoice delivery and collection, while the accounts payable solution automates payments.

Oracle NetSuite’s cash management feature provides valuable insights to optimize cash flow as the program monitors your bank accounts effectively. A centralized payment management system simplifies transactions, and the planning and budgeting function facilitates budget creation, scenario modeling and comprehensive reporting. Beyond its accounting capabilities, Oracle NetSuite provides a suite of related ERP tools encompassing order handling, production, supply chain management and much more. Oracle NetSuite only provides custom pricing.

Even though Plooto isn’t designed as full-fledged accounting software, I included it on this list because it’s a great complement to other accounting products. Plooto’s core service is simplifying accounts payable. Through the Plooto Network, you can set up automatic approvals and pay 150,000 vendors directly. Transactions are automatically reconciled with your business bank account and can be synced with QuickBooks or Xero to record the data for accounting purposes.

With Plooto, you can also create and schedule invoices, as well as accept payments online using the company’s credit card processing service. A document-capture tool allows you to upload and edit bills, extract information, and reconcile accounts. All of these features are included in the $32-per-month Grow plan. At $499 a month, the Pro plan also includes advanced user management tools and priority customer service.

I usually don’t come across free software that I would recommend for small business use, but Wave is one exception. Just because Wave is free doesn’t mean it skimps on features. For example, for no charge, you can create and schedule recurring invoices and track payments. Among other tools, Wave offers automatic payment reminders and automatic syncing with your bank accounts, credit card accounts and PayPal.

Even though it’s a free program, Wave provides the same standard bookkeeping services as many paid alternatives. In particular, small businesses with tight budgets should see whether Wave can meet their needs. I found it’s a great solution to save money on software while keeping your finances organized.