Small and medium enterprises are the backbone of the economy of any nation. The best accounting software is a vital requirement of any small or medium enterprise. This customized software ensures finance management with levels of accuracy and affordability. Real-time financial reporting with best-automated updates of payments, invoicing, reminders are the key features of any accounting software. Thus, it acts as a dedicated accountant.

According to the Small Business Report Accounting report, more than 75% of small and medium businesses confess that efficient management of accounts is critical. Hence, there is a great need for powerful accounting software for small and medium enterprises.

Here are some other popular facts proving that small and medium enterprises can do wonders with the best accounting software at their place:

  • The enterprises with cloud accounting software will add quintuple clients compared to those with no cloud accounting software. 
  • More than 47% of companies agree that their accountants are more reactive than proactive. 
  • The accounting team’s cost in small and medium business enterprises is reduced by 50% with accounting software. 

After surviving a global pandemic in 2020, it is vital to shift your business to technology. So, here is our take on the below-mentioned list of dedicated accounting software. Along with its best features, pros, cons, and most importantly, pricing, you can select the one that best matches the needs of your small or medium enterprises.

Top Accounting Software for Small and Medium Enterprises

1. NetSuite

NetSuite is also one of the best accounting software and is owned by Oracle. It gives the power of precise control and visibility of the business. More than 24,000 customers trust NetSuite across the world.

Features:

  • Real-time Financial Visibility
  • Sales Billing
  • Billing Processing
  • Revenue Recognition
  • Scheduling
  • Finance Planning
  • Finance Budgeting
  • Forecasting
  • International Compliances
  • Barcode Integration
  • Asset Management

Pros:

  • Accelerate closings with the highest levels of accuracy.
  • Helps in quick decision-making with a customizable and real-time dashboard.
  • Automates end-to-end financial data and acts as a self-service portal for the partners.

Cons:

  • Comes with user limitations.

Pricing:

NetSuite is available at single pricing.

Base License Cost Access Cost
$999/month $99/User/Month

2. QuickBooks

QuickBooks is efficient accounting software that helps the user to keep a check on the know-how of business at any time. QuickBooks is used by more than 4.5 million users globally.

Features:

  • Accounting Management
  • Financial Management
  • Banking Integration
  • Email Integration
  • Online Banking Integration
  • Budgets Management
  • Database Management
  • Documents Management
  • Expenses Management and Tracking
  • Inventory Management

Pros:

  • Single accounting and inventory package with an intuitive user interface that is easy to navigate.
  • Help to concentrate on customers rather than handling complex accounting tools.

Cons:

  • There are sometimes issues with bank transactions.

Pricing:

QuickBooks is available at single pricing of $69 per year.

3. TallyPrime

TallyPrime is the best accounting software for multiple business handling persons. It is equipped with business insight features to get the best results. TallyPrime is available across 41 countries.

Features:

  • E-Invoicing
  • Simple Navigation
  • Refreshing Dashboard
  • GST Complaint Billing
  • Pre-designed ledgers
  • Data Security
  • Powerful Business  Tools
  • Bank Reconciliation
  • “Go-To” feature

Pros:

  • It is an updated version with more comprehensive features.
  • It is easy to use.

Cons:

  • It lacks strong customer service support.

Pricing:

TallyPrime is available at single pricing of $637 per user, which would be a lifetime payment.

4. Wave Accounting

Wave Accounting is terrific accounting software that helps businesses to track their income, expenses, scanning receipts, create and send professional invoices. Wave Accounting is rated as one of the best accounting software and has more than 3.5 million users worldwide.

Features:

  • Accounts Management
  • Inventory Management
  • Taxation Management
  • Project Management
  • Tax Management
  • Revenue Management
  • Expenses Management
  • General Ledger
  • Partnership Accounting
  • Banking Integration

Pros:

  • It is ideal accounting software for creating invoices and managing finances.
  • It is a web-based software with 100% data security.

Cons:

  • The integration of cash management is not easy.

Pricing:

Wave Accounting is free.

5. SAP Concur

SAP Concur is the best accounting software ideal for expense management, automation and integration of accounts payables, and travel management. SAP Concur has more than 25 million active users in more than 150 countries. 

Features:

  • Cash Management
  • Applications Management
  • Reimbursement Management
  • Vendor Management
  • Timesheet Management 
  • Workflow Management
  • Invoice Management
  • Credit Card Integration
  • General Ledger Entry
  • Duplicate Payment Alert
  • Expense Tracking

Pros:

  • Provides a dynamic interface of partners, employees, suppliers, and products.
  • Automates expense management effectively.

Cons:

  • No options for customization.

Pricing:

The price of SAP Concur is available on a request basis.

6. Deltek Vision

Deltek Vision can accommodate resource management, project accounting, time/ expense management, and client management. More than 4,000 customers trust Deltek Vision across the world.

Features:

  • Project Management
  • Resource Management
  • Budget Management
  • Asset Management
  • Reimbursement Management
  • Account Alerts
  • Expense Reports
  • Multi-Currency
  • Reporting and Forecasting
  • Billing and Invoicing
  • Time and Expense Tracking
  • Mobile Time Tracking

Pros:

  • It is ideal for keeping a check on end-to-end project finances.
  • It is easy to use and learn.

Cons:

  • It is difficult to export the reports.

Pricing:

The pricing of Deltek Vision is available on a request basis.

Parting Note:

The best accounting software aims to help the different enterprises to grow. The sole future of the small and medium enterprises is their profit-making. Thus, the accounting software for these organizations has to excel in catering to their specialized needs. Hence, you can choose from any of the above lists of the 6 best software for managing accounts in small and medium enterprises.

LEAVE A REPLY

Please enter your comment!
Please enter your name here