Best Accounting Software 2022

best accounting software for your small business

Individuals and business owners use accounting software to track their accounts, revenue, and spending. It’s faster and less likely to make errors compared to manual processing. It also saves time through automation and other convenient features.  Read on to find out which accounting software is best for your company, especially if accounting isn’t your strong suit.

We analyzed over 20 tools and applications to find the finest accounting software before settling on the top eight. We chose them based on features and functionalities tailored to small business owners. Other considerations were convenience and pricing. Here are our favorites.

The Best Overall Accounting Software:


FreshBooks is a Toronto-based software company that was established in 2003.

It uses iPhone, iPad, and Android apps to access cloud-based accounting and billing software.

Freshbooks is our pick for best overall accounting software because it’s intuitive for business owners with minimal accounting knowledge. It also has several features and functionalities, is affordable, and can be used on the road.

Freshbooks is the best overall accounting software

FreshBooks’ essential features are:

  • Payment reminders.
  • Customizable options for recurring invoices, such as discounts and due dates.
  • Online credit card processing.
  • Billing in several currencies and languages
  • Automatic sales tax calculation.
  • A Chrome browser extension to help you keep track of time.
  • Bank integration to facilitate recurring payments, auto bills, and deposits.
  • Smooth integration with various tax apps to assist with deductions, estimates, and filing returns. Other integrations include GSuite and Gusto.

FreshBooks provides the following pricing tiers:

  • Lite: $15 monthly for self-employed business people with up to five billable clients.
  • Plus: $25 monthly for organizations with up to 50 billable clients.
  • Premium: $50 monthly for growing organizations with unlimited paying clients.
  • Select: Custom pricing and features for companies with unlimited clients.

If you prepay, FreshBooks may provide discounts or bundle pricing. Make sure to check the website for any specials before signing up.

Freshbooks has a simple to understand and comprehensive dashboard.

Best Overall Runner-Up:

QuickBooks by Intuit

Intuit’s QuickBooks accounting software offers both cloud-based and standalone desktop options. Its solutions are primarily aimed at SMEs, with the software being utilized by over seven million businesses.

We picked it as the runner-up because it’s intuitive for business owners with little accounting knowledge. It’s also simple to set up, inexpensive and has various features that are beneficial to small-business accounting. QuickBooks maintains everything in one place and ensures your company is tax-ready throughout the year.

QuickBooks is easily the world's most popular accounting software.

This versatile accounting software offers these features:

  • Integration with financial institutions, as well as PayPal, Shopify, Square, and associated services.
  • User manuals and tax data exporting make it easier to prepare quarterly and annual tax returns.
  • Calculations, returns, and tax payments for sales taxes.
  • Automatic sorting for transactions and costs into the relevant tax categories.
  • Tracking all expenses in one location.
  • Scan and attach receipts to invoices.
  • Export or share statements with your accountant.
  • Create personalized reports, including cash flow tracking on your dashboard.
  • Track mileage using your smartphone’s GPS app.

QuickBooks provides pricing tiers so you can choose the most appropriate package for your needs:

  • Simple Start: $25 monthly, suitable for startups.
  • Essentials: For growing businesses. This plan charges a $50 monthly subscription for up to three users. 
  • Plus: $80 a month for up to 5 users. This plan improves your organizational skills and helps you manage projects, inventories, and contractors.
  • Advanced: At $180 a month, this tier is the most comprehensive. It includes exclusive apps, analytics, deep insights, and automated workflows. Each of the up to 25 users has customized access and prompt assistance from a dedicated support team.

Please contact QuickBooks directly for details on specific features for each pricing plan.

QuickBooks' invoicing feature is perfect for small businesses.

Most Suitable Accounting Software For Multiple Users:

Sage Business Cloud Accounting 

This worldwide accounting software brand is a pioneer of cloud accounting and associated business services. The company has its roots in Newcastle, England, where it was incorporated in 1981 to create accounting software tailored to small enterprises. Its services are now cloud-based, which allows customization depending on your sector, company size, and regulatory requirements. Over six million organizations utilize it for their accounting needs.

Sage Business Cloud Accounting is a renowned organization that accommodates several users without prior accounting experience. Your accountant can also view your books and use the program for no extra charge.

Sage Business Cloud Accounting Software

Its features include:

  • Organize your company’s finances and cash flow.
  • Receive and send payments.
  • Create and dispatch invoices.
  • Payroll management.
  • Monitor your financials remotely because it’s compatible with several devices.
  • Integrate with your bank and other apps such as AutoEntry and Zync.
  • Tax compliance solutions.
  • Dashboard with an intuitive user interface.
  • Inventory management and cash flow projections.
  • Allow real-time collaboration with your accountant on any device.
  • Practical add-ons such as HR management. 

Sage Business Cloud Accounting offers the following pricing tiers:

  • Accounting Start: $10 every month for beginner accounting to assist with cash flow management.
  • Accounting: $25 per month for unlimited users to access robust cloud accounting with invoice management, cash flow tools, and quote/estimate capabilities.

Please contact the firm if your company needs custom features.

Sage dashboard with easy-to-understand categories.

Best For Proficient Accountants: 

AccountEdge Pro

AccountEdge Pro is desktop accounting software that helps small businesses manage their finances. It was first released in 1989 and has since been updated with additional features.

You may utilize their cloud-based app or hosting platform to access your financial insights remotely. It’s aimed at small and medium-sized enterprises, comes in two flavors (basic and pro), and provides comprehensive accounting solutions with plenty of customization options.

We picked  AccountEdge Pro as the top accounting software for seasoned accountants due to its rich features and reporting capabilities. It’s a little more complicated than some of the alternatives, which makes it preferable if you’re already conversant with accounting jargon.

AccountingEdgePro provides comprehensive accounting tools for professionals.

AccountEdge Pro includes the following features:

  • Integration of bank feeds.
  • Direct deposits to your bank account.
  • Inventory control.
  • Payment processing
  • Convert quotes to invoices.
  • Easy management of customers and vendors.
  • Payroll as a service.
  • Free version for your accountant.
  • Each line item on an invoice has its own sales tax code.
  • Data synchronization with organizational files.
  • Prompt email support.

AccountEdge Pro pricing has the following tiers:

  • AccountEdge Basic: This Windows-only version costs $149 for a single user and $199 for phone support.
  • AccountEdge Pro (For Windows and Mac): $499 one-time charge or $15 monthly for multiple users, and $199 phone support fee. It charges more for licenses, payroll, and other services.
  • It’s better to contact the company directly to learn more about the full range of services, how much add-ons cost, and how to add unique features.
AccountingEdgePro offers accounting software with an intuitive dashboard.

Best Value For Money:

Wave Accounting

Wave Accounting is a software provider and financial services company that started operations in Toronto in 2010.

This invoicing and accounting solution also offers payroll services and credit card processing. It’s cloud-based and simple to use, making it suitable for business owners with minimal accounting or bookkeeping backgrounds. Wave accounting offers data backup for added protection. You can also sync your bank accounts with your expenses remotely at any time.

We chose Wave as the most affordable accounting software due to its free invoicing and accounting services. However, the free offerings aren’t as comprehensive compared to other solutions on this list.

Wave accounting software is affordable for small businesses.

Premium services include payroll and credit card processing. Nevertheless, it’s suitable for startups that have an accountant or integrate other software.

Wave Accounting’s primary features include:

  • Track unlimited income and expenses.
  • Monitor sales tax on expenses and income.
  • Double-entry system.
  • Multiple user support.
  • Intuitive dashboard.
  • Easy organization of income and expenses into relevant tax categories.
  • Comprehensive reports including cash flow and profit and loss statements.

Wave Accounting offers the following pricing plans:

  • No hidden fees for the bookkeeping, receipt scanning, or invoicing software.
  • Credit card processing at 2.9% plus $0.30 for Mastercard, Visa, and Discover. The charges for American Express are 3.4% plus $0.30.
  • Bank payments/Automated Clearing House (ACH): 1% per transaction with a minimum cost of $1.
  • Payroll: $35 monthly minimum charge plus $6 for each active employee and independent contractor. The company handles payroll taxes for select states.
Wave accounting dashboard.

Accounting Software With The Best Extra Features:


Xero is a cloud-based accounting system that’s appropriate for small and growing enterprises. It’s popular with startup founders, bookkeepers, and accountants. 

It doesn’t require any accounting knowledge, and it’s typically simple to set up and operate. It’s cloud-based with apps for Android and iPhone. Xero is notable for its user-friendly interface. It also enables collaboration with multiple users, including your accountant, employees, and other team members.

We picked Xero accounting software for this category because it provides several extra features.  They include a Hubdoc, which helps you capture bills and receipts, as well as track project expenses. Additionally, it offers secure two-factor authentication and various subscription levels depending on your business needs.

Xero accounting software logo.

Xero’s primary features include:

  • Creation of expense reports and sending invoices.
  • Seamless bank reconciliation and integration with more than 800 apps, including Square and Hubspot.
  • Updated financial reports.
  • Business data protection.
  • Real-time cash position.
  • Collaboration with employees of your accountant.

Xero offers the following pricing options:

  • Early: For $11 per month, you can capture receipts and bills, send 20 invoices, reconcile bank statements, and input five bills.
  • Growing: At $32 monthly, you can send quotes and invoices, capture bills and receipts, reconcile bank statements, and enter bills.
  • Established: This plan costs $62 per month. In addition to all features in the Growing tier above, it also supports multiple currencies, projects, and expenses.

Xero offers a free 30-day trial with each tier.

Xero dashboard

Best Accounting Software For E-Commerce Business:


GoDaddy has been a recognizable name in the web hosting industry for over two decades. Did you know it also offers accounting software?

Its tools help you automate your online business without needing any prior accounting knowledge. The services include automatic invoice generation and sending, processing online payments, and viewing business reports.

GoDaddy designed this software specifically for online businesses. As an e-commerce seller, it enables smooth integration with merchants such as Amazon, PayPal, eBay, and Etsy.

Although GoDaddy’s accounting software might work well for online sellers, it falls short if you want comprehensive solutions, including payroll, automation, and tax forms.

GoDaddy eCommerce accounting software.

GoDaddy’s features include:

  • Integration with online merchants.
  • Online payment gateway.
  • Tracking expenses and sales.
  • Creating and sending recurring invoices.
  • Access to business reports, including your profit and loss statement.

The following is a breakdown of GoDaddy’s pricing:

  • Get Paid: Starting at $4.99 every month, this plan includes invoices and estimates. It also facilitates mobile payment, mileage and time tracking, and current-year company reports.
  • Essentials: This tier starts at $9.99 per month. In addition to features in the Get Paid plan, it includes sales data imports, unlimited business reports, and automatic credit card imports. 
  • Premium: This tier adds recurring invoices to all the features in the Essentials plan. It costs $14.99 per month.
Godaddy ecommerce dashboard.

Best Accounting Software For Automation:

Zoho Books

Although founded in India in 1996, Zoho has a global presence. This online accounting software allows you to track your accounts, generate invoices, launch real-time collaborations with your accountant, among other services.

It provides multiple options in addition to the accounting software. They include inventory control, HR management, and customer relationship management (CRM).

We settled on Zoho as the best for automation for various reasons. It offers robust accounting tools, bank feed automation, invoices, and more. This program also supports close to 40 app integrations, which makes it easy to use with other existing software.

Other than an easy setup, Zoho Books requires minimal accounting knowledge. However, Payroll is only available to Indian companies, so you’ll have to pick another software for that function.

Zoho Books accounting software logo.

Zoho’s features include:

  • Audit and tax compliance reports.
  • Sales orders and invoices.
  • Comprehensive accounting.
  • Intuitive client portal.
  • Schedules and reports
  • Automatic tax calculation.
  • Exportable sales tax reports and 1099 forms.

Zoho Books offers the following pricing tiers:

  • Basic: This free annual subscription is available to businesses with up to two users that make up to $50,000 in revenue. Other features include payment gateways, up to 1,000 invoices annually, expenses tracking, and email support. 
  • Standard: It costs $15 per month payable annually. This tier includes up to 5,000 invoices, recurring expenses, and up to three users.  You also have access to email, phone, and chat support.
  • Professional: At $40 per month (payable annually) this plan accommodates up to 5 users, 10 automated workflows, project profitability, timesheet tools, and retainer invoices. It also includes voice, chat, and email support.
  • Premium: This tier costs $60 per month, invoiced annually. It includes up to 200 automated workflows, 10 users, a vendor portal, various premium integrations, and budgeting tools. 
Zoho Books dashboard.

Final thoughts on the best accounting software

We compiled this article after exhaustively researching more than 20 options. We settled on the top eight accounting software after studying several variables. They include functionality, ease of use, accounting capability, and pricing. All our picks have beginner-friendly features if you don’t have prior accounting experience. 

They’re also affordable, easily configurable, with intuitive dashboards, and provide decent customer support. Other than being cloud-based, most offer integrations with multiple apps. Although the final decision rests with you, we hope this guide will help you choose a solution that aligns with your business needs.

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