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Bookkeeping Software

Bookkeeping software is a type of software that helps businesses track their financial transactions, such as purchases, sales, receipts, and payments. It automates all the processes related to financial record keeping, including invoicing, creating sales and purchase orders, scheduling reports, sending payment reminders, and generating bills.

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NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive r... Read more

42 recommendations

FINSYNC provides multi-user cash flow management in the cloud to US-based small and medium-sized businesses. Businesses can upgrade from payments to invoicing, bill pay, payroll, project tracking, time tracking, expense... Read more

4.57 (7 reviews)

41 recommendations

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide finan... Read more

33 recommendations

Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large... Read more

4.40 (10 reviews)

31 recommendations

AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report f... Read more

4.21 (28 reviews)

23 recommendations

Aplos fund accounting is a cloud-based system designed specifically to serve the needs of churches and nonprofit organizations. Aplos fund accounting is available on a standalone basis or within an integrated suite with online ... Read more

16 recommendations

Purpose-built to meet the needs of the modern nonprofit and government agency, MIP Fund Accounting® empowers organizations to track by fund, manage restrictions based on unlimited funding sources, and meet complex reporting... Read more

4.21 (65 reviews)

13 recommendations

Sage 50cloud (formerly Peachtree Software) is a comprehensive accounting solution for small business. It provides core functionality, such as A/R and A/P, customer management and financial reporting. Premium features, such as d... Read more

12 recommendations

Sage Fixed Assets is a hybrid asset management solution that helps businesses track and manage the fixed assets through different steps of asset lifecycle. The solution offers integrated accounting features and multiple methods... Read more

4.04 (39 reviews)

11 recommendations

Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a... Read more

10 recommendations

BQE Core is a cloud-based solution that offers integrated business accounting, project management, and business intelligence. It can support the operations of a variety of industries, including legal services, architecture firm... Read more

8 recommendations

Oracle JD Edwards EnterpriseOne is a cloud-based Enterprise Resource Planning (ERP) and supply chain management solution that provides ERP applications and tools for finance, consumer goods, human resources, distribution and ma... Read more

8 recommendations

Sage 100cloud is a market-leading cloud-connected ERP platform for medium-sized manufacturers, distributors, and professional service businesses. Financials, budgeting and planning, inventory, supply chain, production managemen... Read more

6 recommendations

Cougar Mountain Software’s Denali Business is an accounting solution with the ability to customize 10 integrated modules. It is for small to midsize businesses and can be deployed on premises or in the cloud. Key features... Read more

3.89 (60 reviews)

6 recommendations

FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent... Read more

3.89 (42 reviews)

5 recommendations

Every successful business eventually outgrows Excel spreadsheets and old software. If you are looking for new software that eliminates post-it notes, spreadsheets, and add-ons consider Versa Cloud ERP. Versa is modern a... Read more

4.75 (20 reviews)

4 recommendations

24SevenOffice is a cloud-based Accounting and ERP system for small and mid-sized businesses. 24SevenOffice eliminates repetitive processes and greatly reduces the need to manually enter information. The system will also streaml... Read more

4.43 (28 reviews)

4 recommendations

RealPage is a cloud-based property management solution suitable for businesses of any size. Key features include accounting, budgeting, facilities maintenance, purchasing, document management and reporting. RealPage ena... Read more

4.06 (16 reviews)

4 recommendations

nQativ’s Activity HD is an accounting and payroll solution suitable for small to mid-size companies. It offers tools to sort, filter and present data, plus security features to satisfy data confidentiality requirements. A... Read more

4.73 (45 reviews)

3 recommendations

Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses that helps them to manage day-to-day operations by automating routines ranging from bank reconciliation to invoice... Read more

4.67 (6 reviews)

3 recommendations

Popular Bookkeeping Software Comparisons

Buyers Guide

Last Updated: September 15, 2020

Bookkeeping may not be the most interesting part of running a business, but it is, without a doubt, one of the most essential business processes. Bookkeeping is part of the accounting function and helps organizations maintain error-free and comprehensive financial records. It keeps them up to date with the financial information required for running their business smoothly.

An alarming 29% of SMBs cite running out of money as a top reason for business failure. Considering businesses run the risk of closing down due to financial mismanagement, bookkeeping software can be highly beneficial for monitoring finances.

There are many bookkeeping software options in the market, and choosing the right vendor for your business can be challenging. To help you, we’ve created a Buyers Guide with all the information required to evaluate the options available for you.

In this guide, we will cover:

What is Bookkeeping Software?

Bookkeeping software is a type of software that helps businesses track their financial transactions, such as purchases, sales, receipts, and payments. It automates all the processes related to financial record keeping, including invoicing, creating sales and purchase orders, scheduling reports, sending payment reminders, and generating bills.

Bookkeeping software stores all financial data in a centralized repository. This data forms the basis of all accounting-related analysis that assists owners in making informed business decisions.

Pulse dashboard

Detailed cash flow summary in Bench Bookkeeping (Source)

Common Features of Bookkeeping Software

To select the right bookkeeping software for your business, it’s essential to get an overview of the common features. Here are some features that you should look out for.

Invoicing Create customized invoices with brand logo and payment details.
Expense tracking Upload and track receipts to maintain a record of where money is being spent.
Online payment Process and receive online payments from vendors and customers.
Reconciliation Update and categorize financial transactions in real time, securely fetch transaction details, and reconcile all accounts.
Reporting Create dashboards, reports, and charts for all receivables, payables, and inventory.

What Type of Buyer are You?

Based on the kind of financial software required, there are two broad categories of software buyers: businesses that need only the bookkeeping function and businesses that require advanced accounting features. Let’s have a look at both these types.

  • Businesses that need only the bookkeeping function: Businesses that need to only record their financial transactions and don’t require a complete accounting solution can opt for standalone bookkeeping software. This type of software records financial transactions but is not equipped to analyze them. Data analysis and interpretation have to be done by a separate finance team. These solutions are usually cheaper than full-suite accounting software.

  • Businesses seeking advanced accounting features: Businesses that are looking for advanced accounting features, such as inventory management, warehouse management, and financial analysis, along with the bookkeeping function can opt for a comprehensive accounting platform with a built-in bookkeeping module. A full-suite accounting solution summarizes, analyzes, and interprets the data collected by the bookkeeping module. These solutions are more expensive than standalone bookkeeping software due to the range of accounting features offered.

Benefits and Potential Issues of Bookkeeping Software

You should weigh both the pros and cons of implementing bookkeeping software to assess why your business needs one and build a strong business case for an investment.

Following are the key benefits of bookkeeping software:

  • Lower business costs: By automating the bookkeeping function, this software eliminates the need for a separate financial record keeping team. It frees up resource bandwidth for more critical accounting analysis and decision making. This helps reduce accounting-related costs for businesses.

  • Improved budget planning: By organizing income and expenses, bookkeeping software makes it easier for businesses to compare their earnings against expenditure. Companies can use this data to create a financial roadmap for future expenses and the expected resources to cover those expenses.

  • Efficient tax filing: Businesses need to file tax returns every year, and accurate tax filing is solely dependent on correct financial records. Bookkeeping software records and stores all financial information and related documents in a centralized repository, making data readily available for tax purposes.

A potential issue that you might face when using bookkeeping software is as follows:

  • Lack of data security: Bookkeeping software has complete access to the financial data of businesses. It also stores the bank account details of customers. If this data is compromised, companies can become exposed to financial frauds. Therefore, it’s essential to exercise due diligence while conducting vendor assessments. Read what existing users have to say about a product, its security features, and support offered. Also, before entering into any vendor contract, check if the vendor is complying with applicable data security regulations, such as PCI DSS and GLBA.

Considerations when Choosing Bookkeeping Software

Now that you know the features and benefits of bookkeeping software, let’s have a look at a few key considerations that you should take care of while purchasing software.

  • Online payment capability: Clearing payables and collecting receivables on time are equally important. Bookkeeping software that supports online payment helps you make and receive payments anytime, anywhere. It also sends real-time reminders about any missed or due payments. The online payment capability also lets you view invoices and process payments using mobile devices, allowing you to get work done even when you’re out of office.

  • Customer support: Since bookkeeping solutions track finances, they are a crucial part of companies’ core operations. Thus, it’s imperative to discuss the level and quality of support offered. Your preferred subscription plan might have a low upfront investment but minimal, no, or only condition-based support, while other plans may be more expensive but offer complete software support services. It’s better to choose a solution whose support team can be accessed through most channels, including emails, online chats, and calls, so that you can quickly get help in case your software runs into trouble.

  • Integration capabilities: It’s essential to choose bookkeeping software that can integrate well with your existing business applications, such as inventory management and document management. A solution that supports integration will help you seamlessly transfer financial data across applications, eliminate data silos, avoid duplication, and save you from the hassle of repeated data entry.

If you wish to further understand the features and benefits of bookkeeping software, you may fill out this form for an obligation-free consultation. Our advisors will understand your requirements and guide you in shortlisting the most suitable options for your business.

Note: The application selected in this article is an example to show a feature in context and is not intended as an endorsement or recommendation. It has been obtained from sources believed to be reliable at the time of publication.