Are you considering accounting software options beyond QuickBooks?
While QuickBooks is a well-known market leader with a robust feature set, it's not the only choice available. In fact, there are several other user-friendly accounting software programs, like Xero and FreshBooks, that integrate with payroll and serve as solid alternatives to QuickBooks.
With the market for accounting software becoming increasingly crowded, this article will help you evaluate the best software suite for your business's unique needs.
Xero
Best for unlimited users
Xero is a cloud-based accounting software most popular among small businesses. It offers invoicing, expense tracking, inventory management, and bank reconciliation. Its unlimited number of users available makes it the best option for companies with international operations and a big team of outsourced accountants. One of the best features of Wero is that also integrates with many third-party apps and has one of the most user-friendly mobile apps for iOS and Android.
Pricing plans start at $13/month for the Early plan, $37/month for the Growing plan, and $70/month for the Established plan.
FreshBooks
Best for freelancers
FreshBooks is designed specifically for small businesses and freelancers. It offers invoicing, time tracking, expense tracking, and project management features. FreshBooks also has a user-friendly interface and offers integrations with popular payment gateways and other apps.
Pricing plans start at $17/month for the Lite plan, $30/month for the Plus plan, and $55/month for the Premium plan.
Beebole
Best for analyzing & understanding your time tracking data
Beebole is a cloud-based project time tracking tool that allows for maximum flexibility. Take your project time tracking data to the next level by creating customizable charts and tables on hours, costs, budgets, and more. All of these reports can be saved, shared, and exported. You can also easily connect this data to Google Sheets or Excel, and all data can easily be integrated with Quickbooks desktop. Beebole is a one-stop shop for project time tracking, time off management, and scheduling. Beebole also has live customer service in both European and North American business hours.
Zoho Books
Closer to QuickBooks with an outstanding mobile app
Zoho Books offers features such as invoicing, expense tracking, inventory management, and bank reconciliation. It also offers a project management module and integrates with other Zoho apps such as CRM and project management which makes it a better option for medium to big businesses. Zoho Books also offers mobile apps for iOS and Android.
Plans start at $0/month for the Basic plan and $275/month for the Professional plan.
Don’t Forget About Data Security
When it comes to choosing accounting software, it's essential to ensure that sensitive financial information is kept secure. This is why you should carefully consider companies that use SSL encryption, two-factor authentication, and other security measures to protect your data. It's also important to ensure that the software is regularly updated to address new threats.
We choose Xero, FreshBooks, and Zoho Books because they all offer varying levels of data security. While QuickBooks uses 128-bit SSL encryption to protect user data, Xero uses 256-bit SSL encryption. FreshBooks uses industry-standard encryption and multiple layers of security, while Zoho Books offers two-factor authentication and IP-blocking to prevent unauthorized access.
In addition to the security features of the software itself, it's also essential to consider the security practices of the company behind the software. Look for companies with a strong reputation for data security and a track record of taking proactive measures to protect user data.
What Do We Think About Pricing?
In terms of pricing, Xero and Zoho Books are generally more affordable than FreshBooks, but the pricing can vary depending on your business needs. Xero is an excellent choice for businesses with international operations, whit a great number of users, or that require advanced financial reporting. FreshBooks is ideal for service-based businesses that need strong project management tools, while Zoho Books is a good choice for businesses that already use other Zoho apps and need strong inventory management features.
It's worth noting that each software offers a free trial period, so you can test out the features before committing to a plan. In terms of best features. Ultimately, the best accounting software for your business will depend on your specific needs and budget.
Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
References:
How Does Financial Accounting Help Decision-Making? (2021, April 16). Investopedia. https://www.investopedia.com/ask/answers/041515/how-does-financial-accounting-help-decision-making.asp
Best QuickBooks Alternatives. (n.d.). NerdWallet. https://www.nerdwallet.com/best/small-business/quickbooks-online-alternatives
Ruiz, E. G. (2023, March 23). 6 Best QuickBooks Alternatives in 2023 (Free & Paid). Fit Small Business. https://fitsmallbusiness.com/best-quickbooks-alternative/
Smith, A. N. (2022, February 22). 7 Best QuickBooks Alternatives Of 2023. Forbes Advisor. https://www.forbes.com/advisor/business/software/best-quickbooks-alternatives/
