The Best Accounting Software for Accountants

February 20, 2024
5
minutes to read
by
Jaala Alex
Contents

Accounting software has transformed the way accountants manage financial data. With the advancement of technology, it has become essential for accountants to choose the best accounting software for their business. In this article, we will explore the top accounting software for accountants, with an in-depth analysis of their features, benefits, and drawbacks. Whether you are a small or medium-sized business, there is a software option to suit your needs.

Top Features to Look for in Accounting Software

Before we dive into the best accounting software options, let's take a closer look at the essential features to consider when choosing a software package:

User-Friendly Interface

When it comes to accounting software, a user-friendly interface is crucial. You want to be able to navigate the software with ease and access the information you need quickly. Look for software that offers an intuitive interface and customisable dashboards so that you can tailor the software to fit your specific business needs.

Having a user-friendly interface not only saves time but also reduces the risk of errors. With an easy-to-use interface, you can quickly enter data and generate reports without worrying about making mistakes.

Customisation and Scalability

As your business grows, your accounting needs will change. That's why it's essential to choose software that is easily customisable and scalable. Look for software that can adapt to your changing needs, whether that means adding more users, increasing storage capacity, or offering additional features.

Customisation options can also help you streamline your accounting processes. For example, you can set up automated workflows to save time and reduce the risk of errors.

Integration with Other Tools

Accounting software is just one piece of the puzzle when it comes to managing your finances. You also need to consider other tools such as payroll management, inventory management, and payment processing. Look for software that is compatible with these applications to ensure a seamless integration of all your financial data.

Having all your financial data in one place can save time and reduce the risk of errors. For example, you can automatically import data from your inventory management system into your accounting software, eliminating the need for manual data entry.

Robust Reporting and Analytics

Generating financial reports is a crucial part of accounting. However, creating reports can be time-consuming and tedious. Look for software that provides high-quality financial data and analytics and generates detailed reports with easy-to-understand data visualisations.

Having access to robust reporting and analytics can help you make informed decisions about your business. For example, you can use data visualisations to identify trends and make predictions about future performance.

Data Security and Compliance

Your financial data is sensitive, and it's crucial to keep it safe and secure. Look for software that offers data encryption, two-factor authentication, and automatic backups. Additionally, ensure that the software is compliant with accounting standards governing your region.

Ensuring data security and compliance is not only essential for protecting your business but also for building trust with your clients. With secure and compliant software, you can assure your clients that their data is safe and that you take their privacy seriously.

Best Accounting Software for Small Businesses

Small businesses can benefit greatly from using accounting software to manage their finances. Here are some of the best options available:

1. Thriday

Thriday is one of the most widely used accounting software packages for small businesses and with good reasons. It is user-friendly, scalable, and offers a wide range of features including banking, accounting and tax. The software was designed to be simple to use, and most activities are automated, making it an ideal option for companies looking to streamline their financial management processes. Thriday also offers a mobile app that allows you to manage your finances on the go. This can be especially useful for small business owners who are always on the move.

Thriday's mobile app

2. Xero

Xero is fast becoming a popular choice for small businesses due to its cloud-based software. It is affordable, user-friendly, and offers strong customisation capabilities. The software seamlessly integrates with other business tools and provides robust reporting capabilities.

Xero also offers a mobile app that allows you to manage your finances on the go. This can be especially useful for small business owners who are always on the move.

3. MYOB

MYOB is ideal for small businesses that need to manage both their accounting and invoicing needs. It offers simple invoicing, time tracking, and project management features. MYOB offers a basic mobile app that allows you to track and manage your finances on the go.

Overall, there are many great accounting software options available for small businesses. It is important to choose the one that best fits your needs and budget. With the right software, you can streamline your financial management processes and focus on growing your business.

Best Accounting Software for Medium-Sized Businesses

Medium-sized businesses require accounting software that can handle their complex financial needs. With so many options available in the market, it can be challenging to choose the right one. In this article, we will explore three of the best accounting software options for medium-sized businesses.

Sage Intacct

Sage Intacct is an exceptional accounting software for medium-sized businesses. It offers robust reporting capabilities, customisation options, and scalability. With Sage Intacct, businesses can easily manage their finances, automate processes, and gain real-time insights into their financial performance. The software is suitable for businesses with multiple entities and offers integration with over 200 other applications.

Sage Intacct's robust reporting capabilities allow businesses to create custom reports, dashboards, and KPIs. This feature enables businesses to gain a better understanding of their financial performance and make informed decisions. Additionally, Sage Intacct's scalability makes it an excellent choice for businesses that are growing and need a software solution that can grow with them.

NetSuite

NetSuite is an all-in-one business software solution that includes accounting along with customer relationship management, inventory management, and e-commerce. It is an excellent choice for medium-sized businesses that need a comprehensive software suite. With NetSuite, businesses can manage their finances, sales, and operations from a single platform.

NetSuite's accounting module offers a wide range of features, including accounts payable and receivable, general ledger, and financial reporting. Additionally, NetSuite's integration with other modules, such as inventory management and e-commerce, makes it easier for businesses to manage their operations efficiently.

Microsoft Dynamics 365 Business Central

Microsoft Dynamics 365 Business Central is an excellent accounting software option for medium-sized businesses. This software is cloud-based and offers a wide range of features, including financial management, inventory management, and project management. With Microsoft Dynamics 365 Business Central, businesses can manage their finances and operations from anywhere, at any time.

Microsoft Dynamics 365 Business Central's integration with other Microsoft products, such as Office 365 and Power BI, makes it an ideal choice for businesses that already use other Microsoft business tools. Additionally, Microsoft Dynamics 365 Business Central's artificial intelligence capabilities enable businesses to automate processes and gain insights into their financial performance.

In conclusion, Sage Intacct, NetSuite, and Microsoft Dynamics 365 Business Central are three of the best accounting software options for medium-sized businesses. Each software solution offers unique features and benefits, making it essential for businesses to choose the one that best suits their needs.

Learnings

Choosing the best accounting software for your business can be daunting. With hundreds of software options available, it can be challenging to know where to start. When selecting software, it's crucial to consider the essential features such as scalability, customisation, and data security. The software should be user-friendly with robust reporting capabilities and seamless integration with other business tools. With the options mentioned in this article, you can be confident that your business is using the best accounting software available to manage your financial data in 2021.

Why waste time on financial admin when Thriday can do it for you?

JOIN FOR FREE
Already have an account? Login here
Thriday Debit Card

SEE HOW THRIDAY HELPS
SMALL BUSINESSES

Live demo this Wednesday at 10am.
SAVE YOUR SPOT
Close