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Top 5 Accounting Software Of 2024

By TechDogs Editorial Team

Overall Rating

Overview

While we at TechDogs don’t condone any form of illegal operations, we do have to bring up our love for the popular and often top-rated TV show, Breaking Bad, especially when we think of Accounting Software. Why, you ask? We’ll explain.

(Spoilers ahead, proceed with caution!)

Walter White was an ordinary citizen until a terminal cancer diagnosis got him worried about what he would leave behind for his family. This led him down a road of illegal activities that earned him more money than he knew what to do with.

Walter had no expertise in converting his large sums of ill-gotten gains to legal tender. However, his wife Skylar, leveraged her skills as an accountant to manage and "whitewash" the earnings - although it did not end well for them. We did say spoilers ahead!

While this story sounds interesting for a fictional plot, real businesses that transact higher volumes of income, expense and earnings would face difficulties even if they possessed an accountant as good as Skylar. Instead, they prefer to use Accounting Software!

Accounting Software helps them organize, manage, track, record and report their financial transactions, including expenses and earnings. These platforms enable them to automate tasks, maintain records, create reports and help enhance other processes and workflows, including HR, payroll processing, budgeting and forecasting.

So, if you’re looking for the right tool for your enterprise, read on to learn the top 5 Accounting Software of 2024!

Imagine you’ve gone on a week-long vacation with your friends.

While the hotel bookings were made in advance and everyone paid their equal share, no one thought about money on the trip, especially when paying a restaurant check, gift shop bill or other payments made for activities.

The plan is to calculate the expenses once you are back home so you can deal with the math and calculation in a more relaxed environment. This plan works well, as the primary purpose of any vacation is to enjoy, relax and rejuvenate!

However, this scenario might sound like a horror story for businesses, as their primary aim is to exchange products/services for money and like most people, they too prefer to settle all their transactions immediately. This is why they use Accounting Software!

Businesses use Accounting Software to record, manage and automate various financial transactions, expenses, income and other monetary activities, which helps them track and analyze their transactions to forecast trends, budgets and gain better insight into future investment decisions.

These platforms also help them in preparing financial statements for tax purposes, HR, payroll processing and more, while also integrating with billing software, budget forecasting software, ERP systems and other financial tools. Some platforms may also come with advanced features such as project accounting, project management and more.

Last year we explored the Top 5 Accounting Software Of 2023. Now, let’s have a look at the revamped list of the Top 5 Accounting Software Of 2024!

Top 5 Accounting Software Of 2024

Accounting Software helps businesses manage various aspects of their financial transactions, be those expenses or incomes. These platforms typically come with automation capabilities and can analyze financial data to offer forecasting to enhance budgeting and future investment decisions.

So, let’s get into the list of the Top 5 Accounting Software Of 2024 - in random order.

Oracle NetSuite	QuickBooks Online	Sage Intacct
FreshBooks	Xero

Tool 1: Oracle NetSuite

Originally launched as NetLedger in 1998, NetSuite was acquired by Oracle in 2016. Oracle was founded in 1977 and has its headquarters in Austin, Texas, USA. With a workforce of 164,000+ employees spread across 60 global offices, the company boasts a customer base of 430,000 companies spanning 175 countries. Over the years, Oracle has spent $110+ billion on over 150 acquisitions, making it a true leader in technology!

Source

Featuring on our list as a new entrant this year is Oracle NetSuite, which brings businesses powerful cloud Accounting Software to help businesses streamline their financial management. It offers businesses a unified platform for all their accounting needs with real-time insights across a range of financial metrics, while ensuring tax and government compliance. The platform’s features include general ledger, cash management, accounts receivable, accounts payable, account reconciliation, tax management, close management, fixed assets management and payment management.

Oracle NetSuite also provides businesses with comprehensive accounting services that simplify the process, by automating repetitive tasks such as creating journal entries, reconciling account statements and inter-department data collection. Since Oracle NetSuite is a cloud service, accounting and operational teams and executives can work from anywhere, anytime. The platform can integrate with the other services offered by Oracle, including its management services for finance, inventory, HR and others.

Feature Ratings:

Ease Of Use: ⭐⭐⭐⭐⭐
Value For Money: ⭐⭐⭐
Startup Friendly: ⭐⭐⭐⭐
Enterprise Friendly: ⭐⭐⭐⭐
Customer Support: ⭐⭐⭐⭐

Tool 2: QuickBooks Online

Founded in 1983, Intuit has its headquarters in Mountain View, California, USA. The company has a workforce of over 17,000 employees housed in 20 offices in 9 countries and is the company behind some of the most popular financial and marketing tools, which include TurboTax, Credit Karma, QuickBooks, Mailchimp and Intuit Assist, a generative AI-powered financial assistant. Intuit even ranked #4 in the computer software industry on Fortune's Most Admired Companies list in 2024.

Source

New to our list this year is Intuit’s QuickBooks Online Accounting Software comes with a host of services and capabilities that make tracking receipts, income, bank transactions, etc. a cakewalk for its users. The platform enables them to seamlessly organize and manage bills, track expenses, calculate tax deductions, learn job costing, manage inventories, record trips and track mileage, execute invoicing and payments and more. The platform also makes it easy for businesses to calculate taxes, while also offering more clarity with custom accounting reports.

Intuit also brings QuickBooks Online Advanced, which provides businesses with the tools needed to streamline financial processes and gather insights. This also brings in the ability to track performance quickly with customizable charts, dashboards and reports. The platform also backs up a user’s books in the background allowing them to reliably restore their books in case of natural disasters or technical glitches.

Feature Ratings:

Ease Of Use: ⭐⭐⭐⭐
Value For Money: ⭐⭐⭐
Startup Friendly: ⭐⭐⭐⭐⭐
Enterprise Friendly: ⭐⭐⭐⭐
Customer Support: ⭐⭐⭐⭐

Tool 3: Sage Intacct

Intacct was originally founded in 1999 and was acquired by The Sage Group in 2017. Sage itself was founded in 1981 and is headquartered in Newcastle-upon-Tyne, United Kingdom. The company has over 11,000 employees spread across 40 global offices, who cater to millions of users across more than 20 countries. The company’s Sage Intacct was listed among the Top 50 Commerce Products in G2’s Best Software Awards in 2024.

Source

Returning to our list this year is Sage Intacct, a cloud-based Accounting Software with payroll and HR features. The platform offers powerful AI-powered accounting capabilities that allow users to automate their accounting workflows. Furthermore, they can customize, integrate and extend the platform to set it up exactly how they need it. The platform comes with intuitive budgeting and instant, predictive insights enabled by analytics, fostering data-driven decision-making. Users can even extend their abilities through hundreds of integrations!

Sage Intacct also comes with advanced financial management capabilities, allowing businesses to measure organizational performance using automated allocation software, automate asset management, manage inventory, automate lease accounting compliance and more. The platform comes with a host of other extended capabilities like multi-entity consolidation, revenue recognition, inventory control and project accounting among others.

Feature Ratings:

Ease Of Use: ⭐⭐⭐⭐⭐
Value For Money: ⭐⭐⭐
Startup Friendly: ⭐⭐⭐⭐
Enterprise Friendly: ⭐⭐⭐⭐
Customer Support: ⭐⭐⭐⭐

Tool 4: FreshBooks

Founded in 2003, FreshBooks has its headquarters in Toronto, Ontario, Canada. The company has a global remote workforce that consists of over 500 employees spread across the world, while it possesses offices in the USA, Amsterdam and Croatia. FreshBooks was recognized as a Leader in G2’s Spring 2023 report, among other accolades, which includes 11 Stevie Awards for customer support.

Source

Featuring on our list as a new entrant this year is FreshBooks, a comprehensive Accounting Software suited for freelancers and small businesses. The platform helps users with invoicing, payments, time tracking, accounting, expenses, receipts, reports, mileage tracking, compliance and bookkeeping. It also provides enhanced features to track loans, new assets and transactions, with detailed insights to measure performance and future outcomes. FreshBooks also features a mobile app, allowing businesses to create and email estimates from anywhere.

In addition to enabling payroll and team management services, FreshBooks also functions as a unified client communication, team collaboration and project management platform. This helps in boosting productivity and streamlining internal and external communication. Furthermore, the platform’s extended features allow businesses to build custom proposals, centralize file storage with access management and track project performance.

Feature Ratings:

Ease Of Use: ⭐⭐⭐⭐
Value For Money: ⭐⭐⭐⭐
Startup Friendly: ⭐⭐⭐⭐⭐
Enterprise Friendly: ⭐⭐⭐
Customer Support: ⭐⭐⭐⭐

Tool 5: Xero

Xero was founded in 2006 and has its headquarters in Wellington, New Zealand. The company has offices in Australia, New Zealand, United Kingdom, United States, Canada, Singapore and South Africa, totaling 17 locations that house over 4,000 employees. With 3.95 million subscribers across the world, Xero was recognized amongst the Top 50 Accounting and Finance Products in G2’s Best Software Awards in 2024.

Source

Xero, a new entrant on our list this year, is a comprehensive accounting software for everyday business, suited for small businesses, accountants and bookkeepers. The platform allows users to track and pay bills, claim expenses, gather bank data, accept online payments, generate reports, track projects and complete payments. Ahead of this, it can also manage bank reconciliation and contacts, capture, store and share data, track inventory, leverage multi-currency accounting and automatically calculate sales tax. Yet, there’s more!

Xero also comes with a mobile app for iOS and Android users. This app allows small businesses to remain productive on-the-go with real-time access to business information and manage financial transactions. This includes enabling users to create, edit and send invoices quickly, keep track of due, overdue and paid invoices, reconcile bank transactions, manage clients and supplier relations, monitor cash flow and much more.

Feature Ratings:

Ease Of Use: ⭐⭐⭐⭐
Value For Money: ⭐⭐⭐
Startup Friendly: ⭐⭐⭐⭐⭐
Enterprise Friendly: ⭐⭐⭐⭐
Customer Support: ⭐⭐⭐⭐

Winding It Up

At its core, Accounting Software helps businesses record, track and report financial transactions and investments. It also analyzes these activities to measure performance, assists in payroll processing, forecasts trends to help with future investment decisions and streamlines financial processes through automation. Pretty cool, right?

Yet, each company has unique accounting requirements, which is why you should ensure you pick a platform that suits your unique requirements. Happy accounting!

Frequently Asked Questions

What Are The Top 5 Accounting Software?

The top 5 Accounting Software platforms of 2024 include Oracle NetSuite, QuickBooks Online, Sage Intacct, FreshBooks and Xero. These platforms offer a range of features such as general ledger management, cash flow tracking, invoicing, expense management and tax calculations. Each platform caters to different business needs and preferences, providing comprehensive solutions for financial management.

What Is Accounting Software?

Accounting Software refers to computer programs or applications designed to automate, streamline, and manage financial tasks and transactions within an organization. These software systems help businesses record financial data accurately, track expenses and incomes, manage accounts payable and receivable, generate financial reports and ensure compliance with tax regulations and accounting standards. Accounting software plays a crucial role in maintaining the financial health and stability of a company.

What Are The Benefits Of Accounting Software?

Accounting Software offers numerous benefits to businesses, including increased efficiency and accuracy in financial management processes. These platforms automate repetitive tasks, reduce manual errors and save time spent on manual data entry and calculations. Accounting software also provides real-time insights into financial performance, allowing businesses to make informed decisions and better manage cash flow. Additionally, these systems help ensure compliance with tax laws and regulations, improve collaboration among team members and facilitate seamless integration with other business tools and systems.

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Accounting SoftwareFinancial Technology Accounting Software Financial Transactions Top 5 Accounting Software Of 2024 Oracle NetSuite QuickBooks Online Sage Intacct FreshBooks Xero Expense Tracking Financial Reporting

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