5 Top-Rated Accounting Software For Small Businesses

By: Ashish Upadhyay on June 28, 2024

Accountants often spend a lot of time creating client invoices and feeding business expense data into spreadsheets. And the little time that’s left is mostly spent on chasing payments. If this scenario is all too familiar for you, maybe it’s time to invest in an accounting solution

To help you narrow the list of accounting solutions, this article highlights, in alphabetical order, the five top-rated accounting software for small businesses based on user reviews. For each product, we include overall user ratings along with the highest-rated attribute, product benefits, review excerpts from industry professionals, and product pricing. Read how we selected these products at the bottom of the page.

We selected products for this article based on their average ratings between January 2022 - January 2024, which may differ from their current overall average ratings.

1. AvidXchange

AvidXchange is an accounts payable automation software that facilitates invoice processing and payment to vendors. It simplifies finance operations with features such as the ability to locate invoices, review and approve them, and provide integrational support with other software, such as property management and accounting systems. The software also allows invoice tracking and payments in a centralized location. It streamlines the accounts payable process and adds an additional layer of security. AvidXchange also enables users to work on payables from anywhere.

Commonly discussed topics by AvidXchange reviewers

Based on our analysis of AvidXchange reviews on Software Advice, the most commonly discussed topics are:

  • Efficient transaction management: 85.7% of users praised AvidXchange for its seamless document imaging and vendor history management, making the payment process to suppliers effortless.

  • User-friendly invoicing: 75.6% of users appreciate AvidXchange's ability to digitize paper invoices, filter duplicates, and streamline approval routing.

  • Efficient software implementation and customer support: 75% of users value the significant role of customer service in successfully implementing software.

Review excerpts from small business users who have used AvidXchange for accounting

"The ease of the software and the unbeatable customer service was crucial to the implementation." (Jenn Binder, controller, 2023)

"The thing we like most about AvidXchange is that they receive all of the paper invoices and scan them in to the system for us & filter out duplicates." (Jordan Cooper, property manager, 2023)

"AvidXchange Administrator program helps me understand many aspects of the software including Purchase Order, Suppliers, Users, Invoices, Payments and Administration and Reports." (Dagim Arega, assistant controller, 2022)

Read all AvidXchange reviews here.

AvidXchange

AvidXchange

4.49 out of 5 stars

152 reviews

Highest-rated attribute: Ease-of-use - 4.6/5

Commonly used by*: Professionals who work in real estate, accounting, and non-profit organization management, according to Software Advice’s user reviews

Starting price: Available upon request from vendor

2. Eleven

Eleven is a financial management and online accounting software that allows users to manage and track financial transactions securely, generate financial reports, and handle multiple currencies when dealing with invoices. The software also provides tools for budget calculation, data consolidation, and expense management. Eleven's dashboard is customizable and provides real-time insights into your business’s financial position. The software integrates with third-party spreadsheet tools for efficient data management. It also automates tasks such as bookkeeping, invoicing, and document management.

Commonly discussed topics by Eleven reviewers

Based on our analysis of Eleven reviews on Software Advice, the most commonly discussed topics are:

  • Enhanced financial management: 100% of users value Eleven’s ability to manage multiple currencies, consolidate data, and generate insightful reports. 

  • Accurate financial reporting: 100% of users have praised Eleven’s ease in creating custom financial reports and dashboards, facilitating data-driven decision-making. 

  • Efficient bookkeeping automation: 95.5% of users value its ability to automate and streamline bookkeeping tasks, such as data entry, bank reconciliation for your business bank account, and tax calculation. 

Review excerpts from small business users who have used Eleven for accounting:

“I can create and send invoices faster with Eleven. When it comes to auditing process Eleven never disappoints. With Eleven it's simple to generate custom reports and dashboards hence possible go have real-time visibility of our organization performance and also make better data-driven decisions." (Bernice Muthoni, HR director, 2022)

“Eleven is a very effective, advanced and exceptional cloud-based accounting and bookkeeping platform that brings cash organization in a company system." (James Audrey, account manager, 2022) 

“It is an incredible tool that enables ease of creating dashboards and financial reports which enables me to make more better decisions." (Veronica Mungai, senior accountant, 2022)

“Eleven helps me to monitor and track our every account transactions in a very secure manner and I'm able to load all our financial data in order to enhance financial management." (Lionel Mbaya, Financial officer, 2022) 

"It super intuitive document and financial management tool that has great features that make it stand out and conquer its competitors in the software market." (Roberto Mwenda, technical sales manager, 2022)

Read all Eleven reviews here.

Eleven

Eleven

4.96 out of 5 stars

101 reviews

Highest-rated attribute: Ease-of-use - 4.9/5

Commonly used by*: Professionals who work in information technology and services, online media, and hospitality according to Software Advice’s user reviews

Starting price: $15 per user per month (billed annually)

3. Ramp

Ramp is a corporate credit card and expense management platform offering physical and virtual cards. It allows administrators to issue new credit cards, adjust spending limits, and integrate with accounting software. Users can track expenses, upload receipts, and submit documentation from their mobile devices. The platform also offers automatic receipt matching and real-time tracking of card spending. It enables companies to set spending caps and approve or deny expenses. Ramp also offers cash rebates on certain transactions. The platform's mobile app ensures ease of use in managing expenses and payments.

Commonly discussed topics by Ramp reviewers

Based on our analysis of Ramp reviews on Software Advice, the most commonly discussed topics are:

  • Efficient expense management and tracking: 82.5% of users value Ramp’s seamless process for issuing cards, setting spending limits, and integrating with accounting software. 

  • Flexible payment processing: 71.4% of users value Ramp's payment processing system and online administration, eliminating the need for call center interaction.

  • Enhanced convenience in transaction management: 70% of users appreciate the convenience and efficiency of transaction management Ramp offers. 

Review excerpts from small business users who have used Ramp for accounting

“Our users love the ability to submit all required documentation from their phones and administrators love the ability to review without a lot of paper management." (Kenny Stanteen, executive pastor, 2023)

"The ability to require receipts and memo's be recording quickly has saved us many administrative hours in hunting down purchases." (Robert Nielsen, senior accountant, 2023)

"Part of the reason we switched to Ramp is the fact that we can administer our card program almost entirely online, without having to call into a call center as we had to with Amex; coupled with no annual fees, going to Ramp was a no-brainer." (Enrique Abello, vice president, human resources & administration, 2023)

"The issue of spending is very important, and we used to suffer in the past from managing the spending process and obtaining funds as well as approvals, and with Ramp we got rid of all that effort, and transferring money requests, completing payment operations, as well as organizing records became absolutely easy, and tracking operations became easier." (Jessica Ramirez, project architect, 2023) 

Read all Ramp reviews here.

Ramp

Ramp

4.9 out of 5 stars

183 reviews

Highest-rated attribute: Ease-of-use - 4.9/5

Commonly used by*: Professionals who work in non-profit organization management, religious institutions, and construction according to Software Advice’s user reviews

Starting price: $15 per user per month (billed annually)

4. TaxDome

TaxDome is a comprehensive accounting software solution designed for tax professionals. It offers various features including client management, document exchange, invoicing, and workflow automation. The platform allows business owners to centralize their operations, integrating functions such as client portals, email retention, task management, and billing systems. It also provides a secure environment for clients to upload documents, sign forms, and communicate directly with professionals. The software's customizable workflows and automation features enhance efficiency and productivity.

Commonly discussed topics by TaxDome reviewers

Based on our analysis of TaxDome reviews on Software Advice, the most commonly discussed topics are:

  • Efficiency in client management: 90.2% of users value the ability to have client portals, document management, task tracking, and correspondence in one place, which enhances efficiency and client service.

  • Enhanced efficiency in tax management: 82.7% of users value TaxDome’s tax calculation automation, reduced errors, and eliminated manual data entry.

  • User-friendly interface: 78.5% of users appreciate Taxdome's offering of various functions and resources. However, they acknowledge a challenging learning curve due to the platform's complexity. 

Review excerpts from small business users who have used TaxDome for accounting

"I like the integration and the ability to have everything in one place, including client portal, client correspondence, reminders to clients, notifying clients of status." (Lanelle Barnett, owner, 2022)

"These features allow me to streamline my practice and keep control on work being completed." (Casandra Armstrong, owner, 2022)

"I've been utilizing TaxDome for my tax preparation business for the past few months and it has been a real time saver in terms of streamlining my work processes and allowing me to take on more clients." (Teddy Mbwadzawo, senior engineer, 2023)

"The most important aspect to me is the ability my client has to access their own portal and see all of their tax documents provided in the past." (Ariel Gonzalez, owner, 2022)

"Automation of Tax Processes: Tax software can automate the process of calculating taxes, reducing the possibility of errors and saving time." (Bill Brough, owner, 2023)

Read all TaxDome reviews here.

TaxDome

TaxDome

4.74 out of 5 stars

3047 reviews

Highest-rated attribute: Value-for-money - 4.8/5

Commonly used by*: Professionals who work in information technology and services, marketing and advertising, and computer software according to Software Advice’s user reviews.

Starting price: $50 per user per month (billed annually)

5. Zoho Invoice

Zoho Invoice is a cloud accounting software solution designed for invoicing and bookkeeping. It offers features such as time and expense tracking and automatic invoice creation suitable for a small business owner. The software integrates seamlessly with its mobile app, allowing users to create and send invoices on the go. It also provides a templating system for easy invoice customization and a feature for online payments. Zoho Invoice includes a general ledger and online accounting and can be upgraded to Zoho Books for more complex features. Despite its simplicity, it offers many features suitable for small to medium-sized businesses.

Commonly discussed topics by Zoho Invoice reviewers

Based on our analysis of Zoho Invoice reviews on Software Advice, the most commonly discussed topics are:

  • Versatile and convenient cloud access: 100% of users value the cloud access provided by Zoho Invoice. They particularly appreciate the general ledger and online accounting services. 

  • Efficient and user-friendly interface: 89.5% of users praise Zoho Invoice’s seamless integration, user-friendly interface, and time-saving capabilities. Users also appreciate the ability to create and send invoices on the go, using either a desktop or mobile device.

  • Efficient and secure online payment management: 62.5% of users value the convenience and security offered by the online payment management system. 

Review excerpts from small business users who have used Zoho Invoice for accounting

"This is truly the best online billing tool available for SMEs and Startups." (Abhishek Sharma, VP strategy and business, 2023)

"It saves me so much time, has built-in time tracking connected to your client/customer projects and tasks which then automatically populate invoices for you, and creates really nice, professional-looking invoices. While getting the software setup initially, I did need to ask customer service for help a few times, and while it sometimes took a day or two for them to respond, that is pretty typical even for some paid software and they were always able to help solve my issue!" (Shannon Houston, lead consultant, 2023)

"Zoho seamlessly integrates its iPhone app with its website so I can immediately create booking deposit invoices while I'm on the road—immediately capturing clients at that crucial moment when they are ready to on-board." (Jason Dahl, audio engineer, 2022)

Read all Zoho Invoice reviews here.

Zoho Invoice

Zoho Invoice

4.72 out of 5 stars

721 reviews

Highest-rated attribute: Value-for-money - 4.8/5

Commonly used by*: Professionals who work in information technology and services, marketing and advertising, and computer software according to Software Advice’s user reviews. 

Starting price: Available upon request from vendor

What features does accounting software offer?

Accounting software includes the following core accounting features:

  • Accounts payable: Track money owed to a company's creditors/suppliers.

  • Accounts receivable: Track outstanding invoices and the money owed from clients.

  • Bank reconciliation: Compare and match accounting/financial records with corresponding bank account statements. 

  • Financial reporting: Generate reports to assess the financial performance of an organization.

  • General ledger: Centralized accounting record that tracks all financial transactions.

All products listed in this report include the features mentioned above. Besides these core accounting features, an accounting tool also commonly tends to offer:

  • Billing & invoicing 

  • Budgeting/forecasting

  • Compliance management

  • Expense tracking

  • Financial management

  • Fixed asset management 

  • Inventory management 

  • Multi-currency 

  • Payroll management

  • Project accounting 

  • Purchase order management

  • Tax Management

How to choose the right accounting software for small business

Here are some factors to consider while you look for the accounting software for small business:

  • Assess the tool's automation capabilities. Look for features that automate routine tasks such as invoicing, expense tracking, and reconciliation. Automation minimizes the risk of mistakes that often occur with manual data entry and calculations. By automating routine tasks, an accounting firm can potentially reduce the need for extensive administrative staffing, leading to cost savings.

  • Check for reporting and analytics functionality in the software. Comprehensive reporting tools are vital to understand your financial health. The tool’s customizable reports can provide valuable insights. Ask vendors for the accounting software’s report-generation capabilities around company financial data. These should include cash flow statements, aging reports, expense reports, and tax summary reports. 

  • Look for a solution that caters to your industry. Industry-specific solutions come with features designed to handle your industry-related accounting tasks and compliance requirements. For example, construction accounting software might include features for job costing, progress billing, and contractor management. Ask vendors if their software can serve your industry.

Common questions to ask software vendors before purchase

Consider asking your vendor the following questions so that you find the best accounting software for small businesses:

  • Does your software integrate with other tools we currently use, such as CRM, ERP, or ecommerce platforms?

When considering small business accounting software, it's crucial to integrate seamlessly with your current tools, such as customer relationship management (CRM), enterprise resource planning (ERP), and ecommerce platforms. Effective integrations can streamline workflows, reduce manual data entry, and provide a more holistic view of your business operations.

  • What kind of training resources are available with the software?

It's essential to consider the availability and quality of training resources. Comprehensive training resources ensure that you and your team can effectively use the software and maximize its potential benefits. These mainly include training guides, FAQ sections, online help centers, and video tutorials.

  • How do you gather and incorporate customer feedback into your product development?

Incorporating customer feedback into product development is crucial for ensuring that the accounting software meets the evolving needs of users. The software vendors should ideally conduct periodic surveys to understand ongoing satisfaction levels and gather suggestions for improvements.


Methodology

To be considered for this list, products had to:

  • Have at least 40 unique product reviews, for use cases related to accounting, published on Software Advice between January 2022 - January 2024.

  • Have at least 20 unique product reviews from software users in small businesses, during the same time period.

  • Offer the following core accounting features: General ledger, accounts payable, accounts receivable, bank reconciliation, and financial reporting.

For products that met the first three criteria, we selected five products with the highest ratings to feature in this article.

*To determine which industries each product is “commonly reviewed by,” we check if at least 2% of reviewers come from a particular industry, and only then classify the product as having customers from that industry. Small businesses are defined as those with fewer than 200 employees.

We use proprietary data science algorithms to identify common topics discussed in user reviews, along with user sentiment. Some text summarizing those proprietary insights was generated with assistance from artificial intelligence tools.

Review excerpts are passages extracted from longer reviews written by verified reviewers that pertain to the most commonly identified topics. We obtain these excerpts by applying an algorithm that considers factors including, but not limited to, length, sentiment, topic coverage, and thematic relevance. Excerpts represent user opinion and do not represent the views of, nor constitute, an endorsement by Software Advice or its affiliates. Excerpts are not edited for clarity or grammar.

Editorial independence: We select and rank products based on an objective methodology developed by our research team. While some vendors may pay us when they receive web traffic or leads, this has no influence on our methodology.