Best Accounting Software

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QuickBooks Online was chosen as the best overall because of its reputation, usability, and strong customer support options. Business owners can access their financial reports and collect payment from customers easily using the app or website.

QuickBooks Online, owned by Intuit, is the leader in accounting software for small businesses. It was founded in 2001 and has over seven million customers. There are four levels of online cloud-based software available:

• Simple Start ($30 per month)
• Essentials ($55 per month)
• Plus ($85 per month)
• Advanced ($200 per month)

QuickBooks offers a 30-day free trial. Alternately, accountants who are registered with QuickBooks are able to offer their clients preferred subscription pricing. The fee varies, depending on whether the client or the accountant is billed. All plans can be used online through a web browser and on the QuickBooks mobile app.

The Simple Start plan is a great entry point for basic small businesses. As a business grows and has more needs, it is easy to upgrade to the next level. The upgraded levels offer features like more users, bill management, time and project tracking, inventory, more customizable reporting, and more automation for efficiency.

QuickBooks Online also offers three levels of a payroll add-on, which can be accessed on the same dashboard as the accounting software. Additionally, there are third-party apps that can integrate with QuickBooks Online to share data seamlessly.

The ProAdvisor Program allows accountants and bookkeepers to participate in QuickBooks training courses and become a certified ProAdvisor. Customers can search the ProAdvisor Directory to find someone in their area for accounting assistance. There is also a QuickBooks Community forum where users can ask questions and find answers to common questions. 

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Quicken is the best solution for individuals because of its robust features. This software is scalable and can support a household’s financial needs as they grow more complex over time. 

With Quicken, a household can manage and pay bills, track retirement and investment accounts, and design customized budgets. There is also a rental property management feature that allows individuals who own rental properties to track rental income and expenses. 

Since 1982, Quicken has offered management and tracking tools that allow individuals and families to be financially organized and prepared. Quicken can be used for household budgeting and income/expense tracking, which can help individuals prepare for tax season.

There are three to four levels of software plans available, depending on whether you have a Mac or Windows operating system:

• Simplifi for Mac and Windows ($71.88 per year)
• Deluxe for Mac and Windows ($59.88 per year)
• Premier for Mac and Windows ($83.88 per year)
• Home & Business for Mac ($119.88 per year)

A 30-day free trial is available. The software is downloaded onto a computer and data is stored locally, however, most key features can also be accessed using a web browser or the Quicken mobile app. 

The Starter plan allows users to track and categorize transactions and manage bills. The more advanced plans add features such as investment, loan, retirement tracking; bill pay; and even basic business invoicing and tracking. The business features can be accessed through the Home & Business plan and can run Schedule C and Schedule E tax reports and manage lease terms, rental rates, and security deposits.

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Mint is a great place for households to start when it comes to budgeting and bill tracking and is the best in our review for home use. The software is intuitive and easily accessible. Since Mint is completely free, it is worth trying out before moving to the more robust and costly personal finance software.

Mint is a free personal finance tool that launched in 2007 and was purchased by Intuit in 2009. Mint can be used online or on the mobile app. The software’s primary use is for personal budgeting. The key features include monthly bill payment tracking, a customizable budget planner, credit score monitoring, and options for various spending alerts.

Mint is perfect for individuals and families who want to gain a better understanding of how they are spending their money and then use that information to set new spending or saving goals for the future. After creating an account online or on the mobile app, users can sync their bank accounts and credit cards with the Mint platform. From there, Mint will help to categorize transactions by type and summarize financial activity.

The bill payment and budgeting trackers are powerful tools that will remind users when payments are due and show how spending is aligning with the budget goals on a daily basis. The Mint interface is intuitive and easy to navigate.

While Mint is less robust when it comes to retirement and investment tracking, the website does have some resources for personal loans, retirement options, investing, and credit cards.

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For service-based businesses with simple business structures, Wave provides a free starting point for bookkeeping and invoicing needs. Businesses can always move to more comprehensive accounting software as they grow, but Wave is a great cost-saving option and is the best in our review for businesses. 

Launched in 2010, Wave began as a Toronto-based startup offering accounting software. By 2019, though, Wave’s workforce had grown to 250 employees, and the company was acquired by H&R Block. Entrepreneurs and freelancers are the company’s target audience. This free accounting software is available online and through its mobile app. The free features include income and expense tracking, financial reports, invoicing, and receipt scanning. 

Wave offers credit card and bank transfer payment processing, which costs 2.9% plus 60¢ per transaction for Visa, Mastercard, Discover; 3.4% plus 30¢ per transaction for American Express; and 1% per transaction ($1 minimum fee) for bank transfers (ACH).

A monthly subscription for payroll services is also available but has some limitations. For $40 per month plus $6 per employee or contractor, Wave offers full-service payroll in 14 states. Cost in all other states is $20 per month plus $6 per employee or contractor for limited-service payroll, which means that Wave will calculate the payroll tax cost, but the user is required to pay and file payroll taxes on their own.

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QuickBooks Self-Employed is perfect for independent contractors who use TurboTax to prepare their annual tax return but need an expense tracking and invoice sending solution throughout the year. This software is our top pick for micro-businesses and freelancers because it's easy to use and provides straightforward financial reporting.

QuickBooks Self-Employed, owned by Intuit, is a basic online and mobile app designed primarily for freelancers or independent contractors who file a Schedule C for tax purposes. Key features include tracking mileage, categorizing business expenses, excluding personal expenses, full integration into TurboTax, and estimated quarterly tax payment calculations.

There are three different types of plans available:

• Self-Employed ($15 per month)
• Self-Employed Tax Bundle ($25 per month)
• Self-Employed Live Tax Bundle ($35 per month)