Which is the best accounting software?

The Milestone Team October 7, 2021
Best Accounting Software

Business owners are beginning to realize the benefits of having advanced technology integrated into key facets of their workflow. Today’s smart software and tools can lift your business operations to efficient and effective levels for tomorrow’s success. As you look toward the successful future of your business, you are faced with key decisions about how to best build your team and carve out the right paths to get there. Whether your business is large, medium, or even a small family-owned company, the processes you employ to manage company financials can play a large role in how you best prepare for what’s next.

Accounting is a critical function for every business, and implementing reliable accounting software can be a valuable asset to your company. What software accountants use makes a significant and positive impact on their operations, leading to effective and efficient results. But with a large number of digital tools and processes available in the modern world, what is the best accounting software?

The best accounting software by business size

With so many contenders in the accounting software space, it’s easy to get lost among the many features and comparisons. Here’s a quick look at popular software tools used by large, medium, and small businesses.

Best accounting software for large businesses

The most popular accounting software for large companies is Netsuite. The reason Netsuite makes it to the top of the list of accounting software for large business is because it boasts a large range of features and can support big, multi-faceted businesses that often have complex and specific needs. Support for the system often comes from expensive but competent third party accounting firms. 

Best accounting software for medium businesses

The best accounting software for medium sized businesses is Quickbooks Online. Often thought of as a small business tool, Intuit has invested into the functionality of Quickbooks Online to the point where it can handle more complex mid-sized businesses while retaining its best-in-class apps, flexibility, and ecosystem.

Best accounting software for small businesses

At the top of the best list of accounting software for small businesses is Quickbooks Online. With a simple and intuitive user interface, Quickbooks Online can be set up and run by a business owner, in-house accounting team, or outsourced accounting service.  Quickbooks Online has become the small business industry standard and the software we recommend for all our clients. 

What is the most widely used accounting software?

The most widely used accounting software would be QuickBooks Online by Intuit due to its global brand recognition, years of trusted software support, and robust app ecosystem. It makes sense that QuickBooks Online’s predecessors were among the first accounting software tools ever developed for widespread use.

What is the simplest accounting software?

Instead of asking, “what is the easiest accounting software to use?” consider how software is used to benefit a business. Each business is unique, so company leaders must tailor their accounting strategies to meet their specific needs. The most accessible software for a large multi-faceted company will not work for medium and small-sized businesses. The best accounting software for any company is one that accurately reflects the health of the business, enables sound decision-making, and can be sustained as the company scales. However, these key focus areas are impossible to perfect without the influence of dedicated and talented accounting professionals. The fact is, relying on accounting software isn’t good enough.  Businesses need the help and guidance of experienced accounting professionals to succeed in today’s competitive market. The best outsourced accounting services connect companies to high-quality accounting professionals whose expert knowledge can assist any sized business.

What is the best free accounting software?

The best free software in the market right now is Wave, which offers a lot of features in their free model, like:

  • Unlimited income and expense tracking
  • Unlimited bank and credit card connections
  • Unlimited invoices, with credit card and bank payment functionality
  • Accounting reporting for past due invoices, cash flow, profit & loss

However, there are significant risks that come along with using free accounting software. Typically, you get what you pay for, and accounting leaves little room for error. Accounting is a critical component of business compliance and decision-making. Therefore, any investment into better accounting software is worthwhile in the long run. If affordability is a concern, Quickbooks Online – our small business recommendation – provides inexpensive starter tiers for small businesses. 

Get started with a trusted HR and accounting partner

No matter what software you choose, your accounting function will only be as good as the process that manages it. Stellar accounting requires effective processes, accurate data, and dedicated support, which is exactly what we offer at Milestone Business Solutions. Connect with us today to discover how we can boost your accounting services and prepare you to take on the future.

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