What Accounting software to use?

I was recently asked by one of my clients for software options to manage the finances of their company. There are many options out in the world that can handle different business models. QuickBooks has become the top model that most small businesses use, and it has many benefits. Here is my quick review of several financial software options.

Because there are so many parts to a business, I will have several posts to cover the different facets of information. This series will cover the following options. Today, we start with the foundation accounting software.

• Accounting Software – the basic software to manage bank accounts and financial statements

• Payroll Software – If your business is big enough to have employees, this is important to get right.

• Time Sheets – helpful ways to keep track of your time as the owner and employees, so you know what to pay them.

• Receipt Scanning – software that makes data entry easier.

• Merchant Services – How to accept credit cards.

• Tax Software – services for monthly and quarterly needs.

Today, we start with the foundation, or the main accounting software. Here are some options regarding different companies. I have chosen to compare online platforms because all of my clients are based remotely, and desktop versions are not a good option.

Quickbooks Online

The obvious top choice when it comes to functionality.
** Great support for accountants, added users/client logins
** Integration with everything from bank accounts to customer management.
** Great mobile App that connects and does a good job with entering information and uploading receipts directly into the software
** They have ok tech support if there is nothing functionally wrong.
** Price keeps increasing. Not just a little, and not only once a year. Multiple times a year and in big jumps. This pricing structure is getting out of control. As of today, the cost is (without signup deals):
Simple Start $38 / month
Essentials $75 / month
Plus $115 / month
Advanced $275 / month

AccountingSuite

This company has the promise of being a great option. They are very similar to QuickBooks and Xero in their overall structure of the software. But it is a little more basic in functionality.

Wonderful support. I spent an hour just talking with salespeople about all the functions they have and pushing the limits. Once signed up, a company would have a dedicated tech support person.
They have a tech support team that is willing to create custom reports.
** They do have integrations with bank accounts and 3rd party apps.
** They do not have a mobile app at the moment, which will make it harder to scan in receipts.
** Pricing:
Startup $20 / month
Business $25 / month
Professional $55 / month
Pro w/ ecommerce $129 / month

Xero

This software is very similar to QuickBooks in its setup and concept of workflow. It is a different software and would take a little bit of adjusting to learn their system.
** Appears to have a good accounting support plan, but I have not used it.
** I have no experience with support, but just trying to connect with a sales rep took me a month.
** Integrates with bank accounts and other add-ons.
** Appears to have a good App that will also scan in receipts.
** Can use the “Class” or “Project” system in the most advanced version.
** Prices:
Early $9 / month
Growing $30 / month
Established $60 / month

CS Professional Suite

This could be a good option if I were still desktop-based. However, times have changed, and desktop-only just isn’t good enough anymore. They have the option of having a remote control for the desktop.

The sales rep was a little brief and not much info without pulling it out of them. Doesn’t give me hope that tech support would be good.
100% accountant behind the scenes and little client involvement.
** This works well for firms that keep their clients off the books. Has great experience across client reports and functions.
** No web login or client users. They do have “portals” that would allow a client to enter things like timesheets.
** Most everything is manually entered with little or low function integration.
** Never got an actual trial copy to poke around in, only a couple of short video overviews.
** No mobile App and therefore no receipt scanning.
** Didn’t even get to the point of what the price would be.

Sage 50 (Previously Peachtree) – I used this software years ago, and at that point, it was very similar to QuickBooks. I would assume it is very comparable and a quality option. However, the price is double that of any other option. Therefore, I chose not to review it at this time.

Always something new – I am sure there are many other options out there, and I would never find them all. A quick review of these (Wave, Deskera & Fiskl) suggests a miniature version that could work for a time, but would not scale as the business grows. These two options (WPPack & FreshBooks) are not suitable for running a business.

Conclusion

This review was made because, honestly, QuickBooks has frustrated both me and my clients many times over the past year, and we are looking for something better. QuickBooks is still the best choice out there, but if I need to switch or clients are looking for another option, my 2nd choice would be Xero. I love all the integrations from 3rd parties that work seamlessly with their software and give you the freedom to choose the best option. My 3rd Choice is AccountingSuite. There are some challenges still, but they have potential and appear to be making progress toward a better company. I hope that within the next 6 months, they will resolve some of the issues, and then we can give it a try.