The best software choice depends on the workflow, data requirements and total cost over its useful life. Test the choice described in “The top accounting software packages of 2020” against current terms and your own measurements.
This accounting-software selection describes products and prices from 2020; it is not a current ranking. The right choice depends mainly on local tax and reporting requirements, company size, workflows and collaboration with the accountant.
Intuit Quickbooks
This is arguably the most well-known accounting software and due to its nearly universal presence, there are a host of tutorials and workshops for those who need to orient themselves with its architecture. There are numerous monthly service packages to choose from enabling you to tailor the platform around the needs of your organisation.
Xero
Xero was the first fully cloud-based accounting software package and it is still an industry leader. Another impressive feature of this package is that it is quite scalable and it offers more than 600 integrated features. Additional perks such as 24/7 live chat support at no additional cost have enabled Xero to remain at the top of its game. This could be an excellent choice if you are concerned about addressing in-house redundancy concerns.
Wave
Wave is a completely free software package; ideal if you do not possess much spare capital to devote to your financial needs. Although free, Wave is laden with useful features such as the ability to track personal and business finances from within a single interface. Free invoicing is likewise offered at no charge. If you wish to include amenities such as payroll services and payment processing, you will be charged a small monthly fee. Still, Wave is an excellent choice for those on a limited budget.
These are three of the top accounting software packages to be leveraged throughout 2020 and beyond but you should take a closer look at each one in order to make an informed decision.
Test with real transactions
Test invoices, bank reconciliation, sales tax or VAT, expenses, permissions, audit trail, export and recovery. Check payment, payroll and commerce integrations, data location and support. Have legal and tax suitability confirmed locally.
Test software against real work
Recreate two or three frequent team tasks and record time, errors and manual steps. Test integrations, data export and permissions with representative data. Include implementation, training and paid extensions because the lowest subscription price does not necessarily produce the lowest total cost.
