Accounting Software Reviews

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  QuickBooks Online

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  QuickBooks Online is cloud-based accounting software. It has the complex accounting capabilities that small business owners need and supports numerous integrations. Quickbooks Online has a lot to offer in terms of features, accounting, and usability.

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  FreshBooks

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  FreshBooks is ideal for small businesses that want a basic, easy-to-use accounting solution and don’t need complex accounting features or multiple users. FreshBooks Classic is ideal for small businesses that don’t need accounting software and simply want an easy invoicing and expense tracking tool for their businesses.

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  QuickBooks Desktop Premier

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  QuickBooks Premier is ideal for small to medium-sized businesses that have outgrown QuickBooks Pro and need more users, more reports, and industry-specific features. The downsides? More features come at a higher cost and there’s still a learning curve.

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  Wave

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  Wave is free accounting software and unlike other free programs, there are no artificial limits on invoicing, contacts, items, or other features. The only thing you have to pay for is adding payroll, payment processing, or professional bookkeeping. There’s limited tax support, no project management, limited time tracking, and no additional users.

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  Xero

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  Xero is a robust, cloud-based software with strong accounting, ample integrations, and some really great features. It offers tons of automations to save business time like automatic sales tax lookup, group invoicing, and default email templates.

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  ERC Pros

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  ERC Pros offers compliance-focused ERC processing for businesses of all sizes. The experienced team of tax and legal experts, a simple refund process, an overall positive public reputation, and a free analysis to determine eligibility are benefits you'll find with ERC Pros.

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  ERC Specialists

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  ERC Specialists can help business owners claim the employee retention tax credit. For a fee, ERC Specialists calculates the amount of the credit and files amended tax returns on the business's behalf to retroactively claim the tax credit as a refund from the IRS.

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  ERC Today

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  ERC Today takes the guesswork out of claiming the ERC. ERC Today does all of the heavy lifting to help business owners determine if they qualify for ERC, calculate the amount of ERC, and file the proper paperwork with the IRS to receive a refund check.

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  Innovation Refunds

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  Innovation Refunds is a solid choice for processing your ERC claims. A free analysis, dedicated account representatives, built-in audit support, an easy application process, and excellent customer reviews make Innovation Refunds a solid contender in the industry, landing it among the best ERC companies.

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  Omega Accounting Solutions

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  Omega Accounting Solutions can help business owners claim the Employee Retention Tax Credit and the Research and Development Tax Credit. Omega also offers additional services, including fractional CFOs, fractional accounting, business intelligence, analytics, and reporting.

What is Accounting Software?

Accounting software allows business owners to manage their finances and balance the books. These tools often eliminate the need for a human accountant by giving business owners the ability to track their income, manage expenses, and run accounting reports themselves.

Web-hosted vs. Locally Installed

There are two types of accounting software: web-hosted software and locally installed software.

Web-hosted

Web-hosted accounting software is software that operates on the cloud. This type of accounting software offers mobility and access for multiple businesses in various locations. It is generally easier to use.

Locally-Installed

Locally-installed software is downloaded directly onto your computer via a disk or link. This type of program works offline and can potentially be more secure; however, you’ll lose the mobility and ease-of-use of web-hosted software.

Cash-basis vs. Accrual Accounting

As you begin researching accounting software, you will likely come across two terms: cash-basis accounting and accrual accounting. Cash-basis and accrual accounting refer to the way you record your business’s income.

Cash-basis

Cash-basis accounting records income when a product or service is actually paid for.

Accrual

Accrual accounting records income when products or services are agreed upon (rather than when paid for).

Cash-basis accounting can work for small business, but we recommend accrual accounting as it uses full double-entry accounting.

How Can Accounting Software Benefit My Business?

Accounting software allows business owners to record their income, track expenses, send invoices to make sales, pay bills, manage contacts, track inventory, and pay their taxes correctly. Accounting software doesn’t just benefit your business. It is integral to your business and the success of your company. In short, accounting software keeps your finances organized and ensures that your company is on good terms with the IRS.

Common Features to Look For in an Accounting Software

The features of accounting software vary depending on the type and size of business the software is designed for. However, there are some common features that most (good) software offers:

• Invoices
• Recurring invoices
• Estimates
• Expense tracking
• Bank reconciliation
• Live bank feeds
• Contact management
• Items management
• Basic time tracking
• Basic project management
• Reports
• Unlimited sales tax rates
• Import/export capabilities
• Multiple currencies
• Mobile apps
• Some integrations

Higher-level accounting software companies will often offer the following features as well:

• Chart of accounts
• Ability to separate personal and business expenses
• Full inventory tracking
• Developed time tracking
• Job costing
• Large selection of reports
• Budgeting
• Payroll
• Tax support
• Track deductions
• Class tracking
• Mulitple languages
• Ample integrations

How Much Will It Cost?

The price of accounting software will vary depending on your business size and needs.

A good, full-featured accounting software for small businesses will cost anywhere from $20-$35/mo. Accounting software for medium businesses that need payroll and have multiple users will cost around $35-$50/mo. Larger businesses can expect to pay $50+.

Freelancers, independent contractors, micro-businesses, and smaller businesses are in luck because there are a lot of free software options out there as well.

Do I Need Integrations?

While accounting software offers a large array of features, there is one type of integration you won’t be able to live without–payment gateways. Payments gateways allow you to accept payments for invoices online, which is a must for a successful invoice-sending business.

Beyond this, integrations are optional, but we highly recommend choosing a software that offers ample integrations. You may be able to get by with only your accounting software’s features for now, but most programs won’t meet all of your needs, or at least not to the depth that you need.

Choosing Specific Accounting Software

Now that you have a basic understanding of accounting software (what to expect in terms of price, which features to look for, etc.), it’s time to pick one. At Merchant Maverick, we’ve spent countless hours researching and testing the best accounting software programs on the market.

Before you commit to software, be sure to take advantage of any free trials the company offers. Most accounting software companies offer a 14-day or 30-day free trial of their software, no credit card required.

Have fun shopping!