Accounting software come with various modules all intended to help you easily manage your business and/or personal finances.
These include accounts receivable, accounts payable, journal, payroll, general ledger, and budgeting.
An accounting package is indeed a complete accounting information system and can immensely improve your day-to-day bookkeeping.
Here is an updated list of accounting packages that are recommended for small businesses, freelancers, sole traders, and more.
List of Accounting Packages (top 10 accounting software)
Zoho Books is a cloud-based accounting software that helps you take charge of your money and automate business processes, for example, raising sales orders and invoicing.
Since it’s online, you or your accountant can log in anytime to view real-time reports, initialize payments, and more.
Zoho books works collectively across departments.
FreshBooks also makes it into our list of accounting packages largely because of its easy-to-use double-entry tools.
It automatically checks and balances your debit and credit figures and greatly reduces accounting errors when running your year-end routine and filing taxes.
FreshBooks is also cloud-based and has a free trial option.
QuickBooks is a powerful top 10 accounting software and an industry leader.
Notably, you can create custom invoices, generate customizable reports, and even save time by scheduling recurring payments.
The software’s online backup backs up your daily data so your numbers are always up-to-date.
QuickBooks is available both online, as a desktop accounting software, or an app.
Accounting by Wave
Wave accounting package targets small businesses (1-9 employees), solo entrepreneurs, and freelancers.
Wave users cut across the board and come from state departments, nonprofits, fund accountants, engineering companies, and CPA firms.
Above all, Wave is 100% free.
SageOne (Sage Business Cloud Accounting)
Formerly SageOne, Sage Business Cloud packs everything you need to manage your business’ accounting function.
Sage is flexible and you can choose the affordable Accounting start version for your regular bookkeeping needs or the all-powerful Full Accounting which includes robust cash flow control tools.
Sage again backs up your data instantly.
Receipt Bank is a popular paperless accounting app connecting bookkeepers, accountants, and businesses.
Released in 2010, Receipt bank is used by over 8,000 finance professionals worldwide and has been attracting rave reviews even from first-time users.
The app integrates seamlessly with all the leading payroll and payment software besides the other applications we have featured in this list if accounting packages (desktop and cloud).
Xero has been one of QuickBooks’ biggest competitors among small and medium-sized businesses across the globe thanks to its impressive bookkeeping tools.
You can log in online from anywhere, anytime on your PC, Mac, tablet or smartphone and see your up-to-date financials.
It’s a small accounting system that’s so simple, smart, and extremely practical.
You can try it for free for up to 30 days.
SAP S/4HANA for Finance
SAP could be your best bet if you’re looking for a complete ERP solution.
As a matter of fact, 90% of the companies in the fortune 500 listing use SAP for all their financial needs.
It’s one of the few systems to come with fully-fledged material management, fixed asset, and sales and distribution modules.
It also maintains an amazing audit trail.
Overall, SAP suits businesses with 300-400 employees.
LedgerLite is best for an organization that needs a comprehensive general ledger and/or cashbook.
But its versatile and you can deploy LedgerLite in your law practice, club, trust, or retail store especially if you are looking for reliability and privacy.
The package is super easy to download and use making it ideal for novices in double-entry bookkeeping.
Unlike some of its competitors in our list of accounting packages, you pay a onetime fee and use it for life.
Download LedgerLite here.
MYOB accounting software
With MYOB, you can instantly pay your staff, send trackable invoices, easily and automatically calculate your Tax and GST, track jobs, perform bank reconciliations online.
For starters, you can choose between the MYOB Essentials (basic accounts), MYOB AccountRight Plus (standard users), or the advanced MYOB AccountRight Premier depending on your needs.
MYOB also offers a Free Trial.
Wrapping it up
There goes our latest list of accounting packages that come built-in with tremendous features to help you take charge of your finances.
As we have seen, some like QuickBooks gives you options and you can opt for online access, desktop download, or use their equivalent mobile app.
Pricing varies though a few including the wonderful Wave accounting package are free.
Others such as LedgerLite require that you pay a one-time license payment to get lifetime access.
Be sure to can take advantage of the free trials (where possible) before making your final decision.