List of Accounting Software Companies of 2022

What are the top accounting software companies of 2022? Besides market dominance, a vendor to be considered a top player must merit industry recognition, generally positive feedback from its customer base, and possess the agility to adapt to market needs. Add to that is the firm’s proven efficiency to address the challenges that emerged because of the COVID-19 pandemic.

Based on these factors and many more that we’ll be discussing, here then are the top vendors in the accounting software niche.

As an entrepreneur, you know how difficult it can be to keep tabs on your finances as you run your company’s operations, especially in this new market environment that continues to evolve. Plenty of startups and freelancers and business owners share the same sentiment.

For instance, 82% of small businesses close shop because of cash flow problems. Likewise, one of the top reasons why small businesses fail is improper financial management, that’s according to the Small Business Administration. In fact, due to poor handling of money, 3 of 10 new businesses close shop after two years, while around 5 of 10 stop operations within 5 years.

Some, however, prefer alleviating their problems by implementing accounting software tools. On top of automating accounting and tax preparation processes, these programs can also reduce cycle times, improve audit processing, lower accounting costs, and much more. As suggested in the provided table, tons of benefits come with accounting software utilization.

Factors to Consider When Choosing an Accounting Software Vendor

All the benefits sound great, but there’s still the matter of choosing accounting software. Before you purchase one, you should get to know the company making the product. Some of the factors you should consider when choosing a vendor are:

1. Certificates and Awards. While awards and certificates are not everything, these can be a big help in determining whether a vendor is trustworthy. Recognitions from reputable organizations validate the quality of a brand as well as reinforce the credibility of a company.
2. Customer Feedback. Other than recognition from industry experts, it is also essential that you hear out what their clients have to say. After all, these customers are the ones with first-hand experience with their product. By reading feedback about a software company, you can better gauge their customer service as well as get honest reviews on the products they offer.
3. Credibility of Partner Companies. When it comes to innovating, two brains are better than one. In the case of software companies, it is better to partner with other developers to create the best possible products for you. However, this also means that as a consumer, you must make it a point to check the credibility of the companies they partner with.
4. Adaptability. As business models evolve, especially in the upcoming post-pandemic world, so should the tools companies use. If a platform cannot keep up with the progress of its clients, it will be rendered obsolete. It’s up to vendors to make sure these programs and applications adapt to the changes a company undergoes. So, before making a purchase, you should evaluate whether a software company diligently updates their product or–better yet– customizes solutions for their clients.

Now that you know what to look for in an accounting software provider, it’s time to choose one to partner with. To narrow down your list, we have compiled and compared the top 10 accounting software companies in the industry.

1. FreshBooks

Established in January 2003, FreshBooks is a software provider dedicated to helping small business owners and self-employed professionals with their accounting responsibilities. Trusted by over 10 million users, this company provides cloud-based finance and accounting software with a complete suite of easy-to-use tools. The company has been featured on Forbes’ list of powerful accounting tools and The Huffington Post’s best time management apps. If you want to try its app at no cost you can do so easily when you sign up for a FreshBooks free trial.

Why choose FreshBooks?

1. Solid Company Philosophy. FreshBooks lives by a solid company philosophy that values careful idea execution, offering extraordinary products, providing good customer experience, and delivering the best possible services every day. This is the mantra that they use to ensure that they exceed the expectations of their clients and stay at the top of their game all year round.
2. Expertly Made for Small Businesses. Having been a small business owner, Mike McDerment, the co-founder of FreshBooks, has his fair share of accounting mistakes. These experiences are what they used to create their accounting platform, so you can be sure that this was made specifically to address the needs of small businesses and self-employed professionals.
3. Reliable Partner Companies. On top of having a streamlined product and excellent customer service, FreshBooks is also affiliated with a number of well-known companies like Google, Gusto, the Bank of Montreal, and wework. This allows them to provide a better range of integrations for their platform.

2. NetSuite

NetSuite is a global provider of cloud-based business management solutions. Their software, NetSuite ERP, is a scalable program that simplifies financial management. Today, this provider caters to more than 40,000 companies, organizations, and subsidiaries in over a hundred countries. Generally, this vendor partners with companies to help handle their ERP/financials, CRM, eCommerce, and inventory tasks.

Why choose NetSuite?

1. Numerous Awards. Over 80 recognitions from numerous different bodies have been awarded to NetSuite for its products and services. These awarding bodies include the International Data Corporation, PC Magazine, SelectHub, Frost & Sullivan, Forrester, and the UK Cloud Awards. These awards further establish NetSuite as a provider that users around the world trust, not just for its software but for its dedication to serving them.
2. Strong Partner Program. Aside from providing businesses with software, NetSuite also partners with individuals to expand their reach through consulting services, referrals, and BPO partner programs. People with in-depth knowledge of NetSuite and its products can help reel in more prospective clients, and they get rewarded for it accordingly, be it through referral fees or certified training for revenue-generating customer service.
3. Flexible Service Solutions. NetSuite’s capabilities can be expanded further to maximize business success, and one option is by using its SuiteCloud Platform. This fully customizable feature allows you to try many things to achieve your business’ full potential. These include developing and testing apps, managing and securing data, integrating between NetSuite and existing cloud applications, and more.

3. Intuit

Intuit is a global technology company known for their best-in-class financial software solutions. Founded in 1983 in Palo Alto, California, the company’s most popular platforms include the cloud-based accounting solution QuickBooks Online which targets small businesses, independent firms, and freelancers. This application combines all essential accounting tools in a single platform and offers robust tools to help small businesses simplify tedious and time-consuming accounting and financial management processes. Its features include automated data collection, tax calculations, invoice management, expense tracking, balance sheet reporting, sales monitoring, bill management, and more. QuickBooks Online is also available on multiple devices, which allows for more mobility.

Why choose Intuit?

1. All essential tools offered in one platform. Intuit’s QuickBooks Online is designed to offer all essential accounting tools in a single platform, including profit and loss reporting, invoice customization, bill payments, and more.
2. Robust automation features to streamline time-consuming and complex processes. The company’s accounting solution allows you to automate your data collection process, as well as your tax calculations.
3. Accessibility. Intuit’s platforms are accessible from different devices; it is also equipped with real-time data synchronization to make sure that all the necessary information are up to date.

4. Sage

Sage is a global leader for technology solutions. Trusted by small and medium-sized businesses, they offer a variety of platforms built to manage finances, human resources, and operations. Among their products include Sage Business Cloud Accounting, a cloud-based accounting software that’s easy to set up and access on any mobile device. It’s packed with time-saving automation features that make processes like invoicing, expenses tracking, and online payments faster and easier to manage. The platform also uses extensive data visualizations to help users quickly get a clear overview of their business finances. Through the clean and intuitive dashboard, Sage Business Cloud Accounting users can check sales history, supplier purchases, and monitor bank transactions among other activities.

Why choose Sage?

1. Improve business productivity. The platform’s Sage Business Cloud comes with many automation features that can help cut admin hours and speed up processes like account payable while avoiding errors due to manual data entry.
2. Get paid faster. The platform includes a “Pay Now” button on your invoices from Stripe so you can make it easier for clients to pay you.
3. Simplified financial reporting. Its solution lets you track, compare, and contrast trends in your business using a simple and easy-to-understand reporting dashboard.

5. Tipalti

Founded in 2010, Tipalti is a technology company known for its accounts payable, procurement, and payments automation software solutions. It recently acquired Approve.com, a procurement management product designed for mid-sized and large organizations that want to streamline different processes involved in purchasing. Users can expedite approval processes and purchase requests so that operations can run more smoothly. Approve.com integrates with several business systems, including ERPs, HR, and SSO. Other features covered in the software include email notifications, PO generation, Smart view filters, and Vendor onboarding.

Why choose Tipalti?

1. PO Automation. The software automatically updates and generates purchase orders to save time on filling out forms. Completed PO request forms contain details such as vendor information that can help staff confirm the details of their orders.
2. Real-Time Data Syncing. Make accurate budgets, reports, and accomplish other important financial tasks, thanks to real-time data syncing. Since Approve.com seamlessly connects with popular ERPs, you can easily access up-to-date data and business records and prevent errors in your accounting.
3. Centralized Communication. Approve.com keeps messages exchanged between users within the purchase request form so developments are easier to track. You can save time by decreasing manual follow-ups, long email threads, and ad-hoc tasks.

6. AvidXchange

AvidXchange is a fast-growing technology company primarily delivering accounts payable software solutions aimed at middle-market businesses. Their AvidXchange web-based invoice management and bill payment platform is trusted by over 6,000 companies across the United States. The company is on a mission to help businesses find a faster, more efficient way to process invoices, make payments, and get rid of all the paperwork that slows down business operations.

The software suite consists of four modules to better address specific accounts payable areas. These are utility bill management, invoice automation, purchase order automation, and bill payment automation. All the modules have automation features and tools to help users streamline payment processes, get rid of endless piles of paper checks and invoices, and gain better control and visibility throughout their AP processes.

Why choose AvidXchange?

1. Paperless invoicing. AvidXchange can modernize your entire accounts payable process by enabling 100% digital/paperless invoicing. You can do away with paper checks and invoices.
2. Savings on operations. Automated workflows in AvidXchange can deliver huge cost savings for your business. Invoices can be automatically coded, assigned to the appropriate workflow, and sent for approval.
3. Reduce payment fraud. AvidXchange has e-payment integration and uses the most up-to-date security features. These tools can help you fight against fraud, detect unauthorized payments, and keep track of the status of your invoices.

7. Rossum

Rossum is an IT company dedicated to leveraging artificial intelligence to improve the operational processes of businesses. Its product which bears the same name provides a document-management-based accounts payable (AP) software solution powered by a smart self-learning AI. It uses this technology to quickly scan, collect, and validate documents such as invoices and other forms for curation. The platform is highly customizable to a particular business’ needs. Thus, its end-to-end AP automation can be configured for managing tasks and resources. Moreover, thanks to its propriety AI, it adapts to your business through user feedback training. Thus, it adapts to your organization and not the other way around.

Key features include intelligent document curation, data matching, transaction status updates, audit trails, and unified mail channels. It also integrates seamlessly with other business solutions including Oracle NetSuite and Sage Intacct. As it is deployed according to your particular needs, it is only available via quote-based plans.

Why choose Rossum?

1. Eliminating manual data entry. The company wants to do away with manual entry to keep accounting and AP teams more efficient and more focused on mission-critical areas rather than clerical work.
2. Self-learning AI. The propriety AI engine adapts continuously to how you use it. Thus, it gets more accurate over time. This does not only save you from manual work but also from inaccuracies.
3. Customized End-to-end Automations. Rossum’s customizable automations can be configured to automate key processes from invoicing to accounts updating and everything in between. It also allows users to automate approvals and other actions according to set rules or through user feedback.

8. A2X

A2X is a world-class software solutions provider that aims to provide automation options for eCommerce accounting. Their ecommerce solution, also named A2X, integrates transactions and sales data from ecommerce platforms like Shopify and Amazon into the business’s accounting software. This makes accomplishing accounting and bookkeeping tasks more efficient and accurate. Accounting professionals no longer need to spend hundreds of hours on manual recording and correcting errors on spreadsheets. They can reconcile transactions reflected on their sales platform and adjust their ledgers accordingly.

Why choose A2X?

1. Simplify reconciliations. Easily consolidate transactions in your ecommerce website and migrate data to your accounting platform.
2. Detailed reports. Quickly generate reports to keep track of important numbers in your business. These can include reports for inventory and cash flow.
3. Multicurrency support. Makes it easy for online sellers who also cater to international customers to conveniently set the value of their transactions/sales in the currency they prefer.

9. Trolley

Founded as Payment Rails in 2015, Trolley is a company dedicated to providing financial technologies to businesses worldwide. It offers an end-to-end accounts payable software that handles and simplifies many tasks, including payments, bank account validation, and AML & Compliance. Users can automate AP processes and send payments to anyone in more than 200 countries. Trolley implements cutting-edge technology to uphold its platform’s security and allows users to screen recipients of funds against all the required global watchlists.

Why choose Trolley?

1. Recipient email notifications. Set automated and branded email notifications to payment recipients. You can add your own company logo and customized email design.
2. Easy recipient onboarding. Onboard recipients to the platform with simple, self-serve methods. Onboarding only takes about 5 minutes and businesses can choose to perform it on their own website or set up a portal on Trolley to capture tax details and payment information.
3. Bank-level security. Built-in tokenization and 256-bit bank-level security provide users with a secure place for their financial and personal data.

10. DocuPhase

Established in 2000, DocuPhase is a company that enables companies to go paperless and automate repetitive tasks. They are trusted by over 400 organizations worldwide for optimizing and simplifying business workflows. Their document management software includes many features to streamline accounting processes. Users can create or set their own workflows for accounts payable, invoicing, or expense reporting. It also has a powerful Optical Character Recognition (OCR) feature that extracts and validates the information in documents automatically so you can avoid time-consuming manual data entry.

Why choose DocuPhase?

1. Integrated workflows. Combine smart document management and automated accounting workflows for increased productivity.
2. Reduce errors. Automation features and tools help you avoid errors commonly present when doing manual data entry. This ensures that your calculations are accurate and saves time in correcting mistakes.
3. Payments automation. Receive payments faster by providing customers with easy payment options that let them pay using their preferred method.

Find the Best Accounting Software Provider for You

With the number of accounting software providers out there, choosing a vendor that can cater to your business’ needs can be overwhelming. Hopefully, our list of top accounting software companies was able to help you with your decision-making. If you are looking for more information on this topic, feel free to read our article on the benefits of accounting software as well as our comparison of accounting software pricing plans.