Accounting and Bookkeeping Software: What Is It and What Are Some Available Options?

No organization, large or small, can function without proper recordkeeping of its activities. This is why every organization should consider having quality accounting and bookkeeping software to efficiently manage official records. Fortunately, there are no shortages of accounting and bookkeeping software that have the features and prices to fit any organization. Every business and organization will have different budgets and needs, so defining these is necessary before looking into potential software. Once an organization decides what their needs are, they can begin their search to find a software to suit their own individual needs. Below are but a few of the available accounting and bookkeeping software options on the market:

QuickBooks

According to the official website, this software provides the following features:

  • Cloud Accounting: Lets users store all accounting data on the Internet and access it from any computing device.
  • Expense Tracking: Users can track expenses made by employees and contractors and can even scan receipts.
  • Invoicing: Users can create and customize both invoices and receipts.
  • Accounting Reports: Users can create customized reports that lets them see how their company is performing.
  • Cash Flow Management: Users can schedule payments, whether they be one-time expenses or recurring ones.
  • Accountant Access: Users can let their accountant access their data.
  • Automatic Backups: Users can back up their data automatically to the cloud.
  • Data Security: Provides 128-bit SSL encryption.
  • Free and Unlimited Customer Support: Provides users free support Mondays through Fridays during typical working hours.

Pricing of the cloud version of the software ranges from $5 per month to $30 per month, depending on which modules are required. The offline version of the software costs $300.

Zoho Books

According to the official website, this software provides the following features:

  • Online Invoicing: Lets users create invoices that their customer can pay over the Internet.
  • Automated Banking: Connects directly to users’ bank accounts, allowing them to see their cash flow in real time.
  • Reporting: Generates a wide range of reports that lets users know how their business is performing.
  • Expense Tracking: Can track and categorize expenses and automatically bill them to customers.
  • Client Portal: Lets users share accounting data and reports with their customers.
  • Real-Time Inventory Tracking: Can track goods from the time they are received them to the time they leave a premise.
  • Software Integration: Integrates with other products from the company.
  • Data Security: Provides SSL encryption and two-factor authentication.

Pricing of the software ranges from $9 per month to $29 per month, depending on the number of company contacts and users and what modules are required.

Xero

According to the official website, this software provides the following features:

  • Online Invoicing: Lets users create invoices and both send them and receive payment for them online.
  • Inventory: Allows tracking of stock and uses this information when creating invoices and orders.
  • Payroll: Allows management of the entire payroll process from start to finish and produce reports based on it.
  • Automated Banking: Integrates banking data into the software, providing real-time cash-flow information.
  • Bank Reconciliation: Reconciles banking and accounting data.
  • Dashboard: Tracks cash flow in real time within a graphical interface.
  • Data Security: Protects accounting data with multiple layers of security.
  • Automatic Bill Paying: Lets users pay bills on time without any human interaction.
  • Expense Tracking: Lets users store and manage expenses online.
  • Project Tracking: Tracks time and money spent on specific projects and exposes inefficiencies.

The price of the software ranges from $9 per month to $70 per month, depending on the amount of monthly data entered and what modules are required.

NetSuite

According to the official website, this software provides the following features:

  • Basic Accounting: Provides all the basic accounting features needed to run users’ organizations.
  • Fixed Asset Management: Manages expenses relating to fixed assets, such as depreciation and reporting.
  • Payment Management: Lets users process and accept payments while also preventing fraud.
  • Demand Planning: Helps users optimize their inventory system by forecasting demand.
  • Inventory Control and Warehouse Management: Provides users with the ability to manage inventories and orders.
  • Purchasing and Vendor Management: Allows management of the entire procurement process.
  • Billing Management and Invoicing: Provides users the ability to efficiently bill and invoice customers.
  • Shipping and Fulfillment: Helps users manage the entire shipping process.
  • Human Resource Planning: Allows management of human resources, including the processing of payroll.

The base software costs $999 per month, plus $99 per user. Advanced modules cost extra.

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