Accounting software helps businesses record and manage financial transactions efficiently. It makes the accounting process more straightforward and quicker while reducing the risk of manual errors. Many organizations work with IT companies to develop customized software specific to their needs. However, you can also subscribe to the services of readymade tools by paying a recurring fee. Read on to learn more about the benefits of accounting software and the best options in the market.

Benefits of accounting software
Accounting software offers many benefits for businesses, irrespective of their size. Here are a few examples:

Reduced scope of manual errors like omission or duplication
Instant generation of daily, weekly, monthly, and annual financial reports
Generation of department-wise reports for easy analysis
Integration with the online tax filing process
Up-to-date, transparent, and shareable data

Simply put, financial software empowers businesses to understand their profitability and guides them in better decision-making.

Features to look for in accounting software
When shortlisting accounting software for your business, emphasize scalability, ease of use, security, and integration with existing business systems. Also, check if the tool has essential accounting features like:

Automatic invoicing and payment processing
Accounts payable and receivable
Purchase orders
Vendor credit memos
Payroll
Automatic tax calculations
Tax filing
Direct deposit
Reporting and analysis
Inventory management
Budgeting and forecasting
Customer support
Cloud-based operations
Mobile app version

Leading accounting software solutions
Let’s compare the features and prices of five leading accounting software in our country:

NetSuite
NetSuite offers innovative and advanced features like automated revenue recognition, automated accounts payable, subscription management, quality management, and warehouse management. Its packages are priced between $1,299 and $9,999 per month.

QuickBooks Online
Accounting professionals prefer QuickBooks as they can access its features through a well-designed dashboard. Report generation is one of this platform’s USPs. It is also scalable and can be integrated with many third-party applications necessary for a business. Moreover, it is cloud-based, accessible through a mobile app or web browser. You can choose from four monthly subscription options priced at $50, $55, $85, and $200.

FreshBooks
FreshBooks is a highly customizable and affordable platform with both essential and advanced features. It offers automatic invoice payment, time tracking, reporting, and online payments, all of which are ideal for small businesses. A FreshBooks subscription costs between $15 and $50 a month.

Sage Accounting
Sage is ideal for multiple types of users. It has all the necessary and crucial features for a small business, including payroll processing and cash flow forecasting. You can access the tool through a mobile app. A subscription costs between $10 and $25 per month.

AccountEdge Pro
If you are an experienced accounting professional looking for advanced and customizable features, this could be the software for you. AccountEdge Pro has crucial features like inventory management, vendor management, data synchronization with existing business files, and integration with bank accounts. You can unlock the Pro plan for a one-time fee between $199 to $699 or a monthly fee of $15.

Compare the prices of different software solutions, research their features, and read online reviews to make an informed decision.