Find the Best Accounting Software for Your Business

• QuickBooks is best for small businesses.
• FreshBooks is good for invoicing.
• Zoho Books is a good pick for microbusinesses.
• Oracle NetSuite is suitable for ERP tools.
• Xero is good for growing businesses.

All these options offer third-party integrations.

Any accounting software should include basic features such as a general ledger, account reconciliation, accounts payable and accounts receivable. Other features are:

• Invoicing.
• Payment processing. Your accounting software should give easy ways for customers to pay online, like scanning a QR code or clicking a button.
• Payroll management.
• Enterprise resource planning (ERP) helps collect and organise information.
• Inventory management.

Keep the following in mind when choosing accounting software:

• Ensure your accounting software integrates with your bank. It will automatically download new transactions.
• Your business needs, for example, business size, the specific industry, etc.
• Your budget. Many cloud-based solutions can accommodate nearly every budget.
• Ease of use.
• Scalability.

Pros

• Accuracy.
• Automation. By using artificial intelligence, the software can record and reconcile transactions and generate financial reports.
• Relatively low cost. 
• Streamlined invoicing. Software like FreshBooks helps to create invoices within minutes and set up automatic payment reminders.
• Collaboration. Many accounting programs let you grant outside access to your accountant.

Cons

• Technical problems.
• Potential for fraud.