The 5 Best Accounting Software for 2022
Best Overall: FreshBooks
Runner-Up, Best Overall: Intuit QuickBooks
Best for Multiple Users: Sage Business Cloud Accounting
Best for Experienced Accountants: AccountEdge Pro
Best Extra Features: Xero
Best for E-commerce Businesses: GoDaddy
1. Best Overall FreshBooks
FreshBooks is a Canadian-based company that was founded in Toronto in 2003.1 It uses cloud-based accounting and invoice software that can be accessed via iPhone, Android, and iPad apps.
It is our choice for best overall accounting software because it’s easy to use for business owners with little or no accounting experience, offers robust features and helpful functions, is reasonably priced, and can be used on the go.
FreshBooks’ features include:
Recurring invoices with customizable options including due dates and discounts
Online credit card payments
Multi-currency and language billing
Automatic tax calculations for sales tax
Tax-friendly expense categories
Time tracking with a Chrome browser extension
Bank deposits, recurring payments, and auto bills with bank integration
Tax help integrations with tax apps, estimates, deductions, and filing tools
Easily integrates with other products including GSuite and Gusto
FreshBooks’ pricing is tiered as follows:
Lite: $15 per month for the self-employed business owner with five billable clients
Plus: $25 per month for businesses with 50 billable clients
Premium: $50 per month for growing businesses supporting unlimited billable clients
Select: Custom features and pricing for businesses with unlimited billable clients
FreshBooks may also offer discounts or bundled pricing if you pre-pay, so make sure you check the website for any offers before you sign up.
2. Runner-Up, Best Overall: Intuit QuickBooks
QuickBooks is an accounting software developed and marketed by Intuit. It offers cloud-based software as well as separate desktop options you can purchase and download. Its products are typically geared toward small and medium-sized businesses, and over seven million businesses use this software.
We chose it as our runner-up for best accounting software because it is easy to use for business owners with no accounting experience. It’s also quick to set up, reasonably priced, and offers tools and features that are helpful for small business accounting. It keeps everything organized in one place and keeps your business tax-ready all year long.
Features of QuickBooks include:
Financial institution integration as well as integration with PayPal, Square, Shopify, and more
Help to file quarterly and annual tax returns with user guides and exporting tax data
Sales tax calculations, returns, and recorded tax payments
Automatically sort transactions and expenses into tax categories
Track expenses in one place
Scan receipts and attach them to invoices
Share with your accountant or export documents
Create customized reports with cashflow tracking visible on your dashboard
Track miles with your smartphone’s GPS
QuickBooks offers tiered pricing so you can pick the best plan for your needs:
Simple Start: $25 per month for businesses just getting started
Essentials: $50 per month for managing growing businesses, with up to 3 users
Plus: $80 per month to help you get better organized and manage projects, inventory, and contractors, with up to 5 users
Advanced: $180 per month to help your business grow with analytics, deeper insights, exclusive apps, automated workflows, and a dedicated support team, with up to 25 users each of whom gets customized access
Contact QuickBooks directly to see which specific features are included in each tier.
3. Best for Multiple Users: Sage Business Cloud Accounting
Sage Business Cloud Accounting, formerly known as Sage One, is a global brand that offers online accounting and business services. It was founded in 1981 in Newcastle, England, as a way to develop estimating and accounting software specifically for small businesses.2 It’s now cloud-based and allows you to choose your industry, company size, and needs. It will match you with specific accounting solutions and is used by over six million businesses.
Sage Business Cloud Accounting is a reputable company, provides software that doesn’t require any accounting knowledge, and is set up for use by multiple users. Your accountant can use the software and access your books for no additional fees.
Sage Business Cloud Accounting’s features include:
Manage business finances and cash flow
Accept and receive payments
Create and send invoices
Available on all devices so you can check your financials on the go
Integrate with your financial institution and other apps including AutoEntry, Zync, and more
Tax compliance tools
Dashboard view with easy-to-read financial reports and analysis
Forecast cash flow
Share access with your accountant in real-time on any device
Add-ons such as human resources management and estimating
Pricing is tiered for Sage Business Cloud Accounting as follows:
Accounting Start: $10 per month for entry-level accounting to help manage cashflow
Accounting: $25 per month for powerful cloud accounting with cashflow tools, invoice management, and quote/estimate capabilities for unlimited users
Contact the company directly for specific features your business may need.
4. Best for Experienced Accountants: AccountEdge Pro
AccountEdge Pro is desktop accounting software for small businesses founded in 1989 and has developed new features and enhancements over the years.3 If you need to access your finances on the go or from your smartphone, you can use their cloud-based app or their hosting platform. It’s geared toward small to medium-sized businesses, has a basic version and a pro version, and offers comprehensive accounting solutions full of customizations.
We chose AccountEdge Pro as our best accounting software for experienced accountants because of its robust features and reporting capability. It’s a bit more complex than some of the other software, so this software works best if you’re already familiar with accounting terminology.
AccountEdge Pro’s features include:
Bank feeds with integration
Turn quotes into invoices
Customer and vendor management
Free accountant copy
Unique sales tax code per line item on a single invoice
Data sync with company files
Pricing for AccountEdge Pro is as follows:
AccountEdge Basic (Windows only): $149 one-time fee for one user, and $199 fee for phone support
AccountEdge Pro (Windows or Mac): $499 one-time fee or $15 per month for multiple users, $199 fee for phone support, and additional fees for licenses, payroll services, and more.
To find out more about what features are included and how much add-ons cost or to add custom features, it’s best to contact the company directly.
5. Best Extra Features: Xero
Xero is a web-based accounting system designed for small and growing businesses. It was founded in New Zealand in 2006 and is used by small business owners, accountants, and bookkeepers.5 No accounting knowledge is necessary, and it’s generally considered easy to set up and use. It’s cloud-based and also has Android and iPhone apps. It’s known for its intuitive, easy-to-read dashboard, and can be used to collaborate with multiple users including team members, employees, and your accountant.
We chose Xero as our accounting software with the best extra features because it offers several useful features, including a Hubdoc where you can capture bills and receipts and project tracking and costs. It has a two-step authentication to keep your data secure, as well as different subscription plans for different business needs.
Xero’s features include:
Create expense claims
Fast bank reconciliation and integration with your financial institution and over 800 add-on apps including HubSpot and Square
Up-to-date financial reports
Business data protected
Real-time cash position
Collaborate with staff or your accountant
Pricing for Xero is as follows:
Early: $11 per month, send 20 invoices, enter five bills, reconcile bank statements, and capture bills and receipts
Growing: $32 per month, send invoices and quotes, enter bills, reconcile bank statements, and capture bills and receipts
Established: $62 per month, includes all Growing tier features plus multi-currencies, expenses, and projects
Each plan comes with a free 30-day trial.
6. Best for E-commerce Businesses: GoDaddy
Established in Baltimore, Maryland, in 1997, GoDaddy is a big name in the web hosting and website creation space, but it also offers accounting software.6 It has tools to automate and organize your bookkeeping and accounting solutions and requires no prior accounting knowledge. You can automatically create and send invoices, accept online payments, and view business reports.
We chose GoDaddy as our best accounting software for an e-commerce business because this is exactly what the software is designed for. It’s made for e-commerce sellers, so you can get started in a few minutes, and it syncs to Amazon, Etsy, eBay, PayPal, and more. Keep in mind that GoDaddy is great for online sellers, but may fall short if you’re a small business looking for comprehensive accounting solutions including automation, tax forms, and payroll.
GoDaddy’s features include:
Syncing with online retailers
Online payment processing
Track sales and expenses
Create and send invoices
View business reports including profit and loss
GoDaddy’s pricing is tiered as follows:
Get Paid: Starts at $4.99 per month and includes invoices and estimates, accepts payment from your smartphone, tracks mileage and time, and current-year business reports
Essentials: Starts at $9.99 per month and includes everything from the Get Paid tier plus unlimited business reports, automatic credit card imports, and sales data imports
Premium: Starts at $14.99 per month and includes everything from the Essentials tier plus recurring invoices