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Top 3 Accounting Software in 2020

A business is only as good as it’s record-keeping. In the past, good record-keeping meant hours of painstaking, tedious work. Today we have accounting programs that allow us to automate the more tedious tasks. 

Current software can, for example, reconcile payments made against invoices in seconds. For a human bookkeeper, logging all the transactions on a bank statement is time-consuming. There’s also a high potential for transcription errors to creep in. 

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Modern accounting software is highly efficient, cost-effective to operate, and simple to use. The key is in choosing a great product. Unfortunately, with all the options out there, that can be easier said than done. 

That’s why, in this post, we’ll look at the top three options for accounting software in 2020. Start the new business year off correctly by investing in one of these. 

ProfitBooks – Best Performer Overall

ProfitBooks is a highly intuitive, cloud-based program and our top choice. Why’d it come up tops? 

  • ProfitBooks is a complete accounting solution and inventory management program. 
  • Being cloud-based, you can access it from anywhere around the world. If you’re on a buying trip in Asia, for example, you can log in and see at a glance what inventory you have at home. 
  • The system is backed up automatically in the cloud. This frees up your servers for more important work. It also means that should disaster strike at your business premises, you’re still covered.  
  • Unlike with QuickBooks Online, ProfitBooks makes all its features available online. With QuickBooks, the online offering is a pared down version of the original. 
  • ProfitBooks is available in every country around the world. 
  • The price, in comparison to other companies, is very reasonable. You’ve a choice of three plans so you pay for only what you need. 
  • Save even more with an annual plan – sign up for twelve months and you’ll get two months free. That’s one of the most generous discounts in the industry. 
  • You can opt to allow clients to pay online. All they need to do is to click on a link in the invoice. Payments done this way are automatically receipted and this reduces the workload on your accounting clerk. 
  • You can try the software for free for thirty days. 

What really put it over the edge for this review, though, was the level of personalised service the company offers. When you sign up for an account, you have access to a Chartered Accountant. This accountant is on standby to answer accounting questions that you may have. 

No other company offers this level of personalized service. 

QuickBooks

QuickBooks is one of the world’s best-established options. It’s simple to use and highly efficient. It’s great software, so you might be wondering why it only came in second place. The reasons are: 

  • There are four desktop options to choose from. The Pro option is the cheapest but is a very pared down version of the software. It covers only three users. If you have a large business, the Enterprise version is best. Unfortunately, it’s significantly more expensive. 
  • QuickBooks does offer three online packages as well. These can help you to save some money. Just keep in mind that even the premier online package doesn’t have all the features present in the others. 
  • QuickBooks doesn’t automatically include services such as inventory management or payroll. These are modules purchased separately. 
  • QuickBooks works in many countries globally, but not all of them. You need to check if your country is supported before signing up. 
  • It doesn’t take long to learn the basic features. That said, you’ll need some training for some features. Much of this is available online, or through the consultant that provided the software. 
  • You can try the software for free for thirty days. 

QuickBooks is a solid contender. Unfortunately, it hasn’t translated as well as we’d like when it comes to cloud-based options. The desktops options are well-designed, but also rather costly.  

FreshBooks – Best for Freelancers

FreshBooks is simple software that’s extremely easy to use. It’s an affordable option that allows you to create invoices, track time, and create reports. Why’d it only come in third place then?

  • It’s not a complete accounting system and doesn’t offer inventory management. 
  • It’s very simple to use and is great for a one-man team or as a small business software. For larger businesses, it simply doesn’t offer the features necessary.
  • The pricing is very competitive. There are four options to choose from. The option that you select depends on the number of clients that you have. The Lite, Premium, and Plus plans allow you between five and five hundred clients. The Select Plan lets you include more clients, but you’ll have to ask the company for a quote first. 

Final Verdict

All things considered, ProfitBooks offers an exceptional deal considering the prices that you’re paying. They’ve got their online offering fine-tuned and ready to go. 

QuickBooks is a well-known program and the desktop options are extremely well-designed. Unfortunately, they’re also expensive. The online offering, at present, could use a revamp. If QuickBooks can get their online offering right, we’d give them a second look. 

FreshBooks comes in as the easiest of the three to learn. Unfortunately, that’s because it has a limited number of features. 

If you’re running a thriving business, ProfitBooks offers excellent value for money and the opportunity to grow with your business.

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