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.
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:
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.
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.
Detailed FreshBooks Review
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.
Detailed NetSuite ERP Review
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.
Detailed QuickBooks Online Review
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.
Detailed Sage Business Cloud Accounting Review
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.
Detailed Approve.com Review
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.
Detailed AvidXchange Review
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.
Detailed Rossum Review
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.
Detailed A2X Review
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.
Detailed Trolley Review
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.
Detailed DocuPhase Review
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.
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