Top 5 Accounting Software You Should Know – And the Free One Leading the Pack!

Running a business requires a lot of things, and tools are one of them. Today, when every aspect of the business, from product designing and marketing to financial management, is digital, businesses are bound to use powerful tools for business operation management.

There are several tools that are necessary for a business, such as workflow management tools, training software, product development software, financial tracking tools, etc. Accounting software is a subset of financial tracking tools that almost all large-scale businesses use.

As per stats, 58% of large companies are using cloud accounting software right now. Based on the number, it is safe to say that they are a necessary investment to make. While large firms can afford these tools, small and medium enterprises might not due to their price factor. However, the market is not just about pricey tools; there are cost-effective options available.

Let’s dive into this blog and answer the following question: What are accounting software examples?

Why You Need a Good Accounting Tool?

When it comes to good accounting software, there are many of them in the market, such as Tally, QuickBooks, Zoho, and the cost-effective Mocha. But why do you need a good accounting tool? Here is why!

• Seamless tax calculations: With accounting software, you can streamline the tax filing process. Accounting tools can automatically calculate the taxes you need to pay based on your income and expenses.
• Efficient money management: With every accounting software, you will see your transactions clearly. Accounting software helps keep track of your transactions while matching the bank statements against the records. It also flags payment errors.
• Reliable inventory management: Accounting software is an exceptional way to manage your inventory. It helps in tracking inventory usage, sends restocking alerts, analyzes product performance, identifies frequently returned products, and more.
• Ensures data security: As accounting software handles a lot of business data, it has to be secure, and every accounting tool has security features. Multi-factor authentication, data encryption, data backup, role-based access control, etc., are some innovative security features.
• Effective reporting: Today’s business landscape depends solely on data, and as it is abundant, good accounting software has excellent reporting features to present the data. Accounting software provides a comprehensive dashboard for data visualization along with detailed reports. Furthermore, it also ensures data compliance and makes report sharing easier and more secure.
• Easy to scale: A good accounting software is easy to scale. Primarily, if you go for cloud-based accounting software, it will be much easier and more affordable to scale than on-premise software.

What are Accounting Software Examples? | Top 5 Picks!

Accounting software should have all the above features. So, when you are choosing one, keep them in mind! Based on the analysis of these features, here are some of the best accounting software available!

1. Mocha Accounting

If your question is, what are accounting software examples? Mocha Accounting is the best example of a cloud-based accounting software at an affordable price. Packed with countless innovative and utilitarian features, Mocha is the ideal pick for all types of businesses, especially the small ones. Here is a brief-up about its features!

• • Invoicing: Mocha helps in the effective management of invoices, including personalized invoices, GST filing, automated GST compliance, managing recurring invoices, getting automated reminders, and handling returns and refunds.
  • Inventory management: Know what’s in stock and what’s not through inventory features, such as tracking each item, getting automated inventory reminders, identifying frequently purchased items, and robust reporting capabilities.
  • Robust security: Being an esteemed cloud software, Mocha stands out in terms of security features. Get powerful data encryption, regular data backups, and secure servers at an affordable to no cost.
  • Expense management: Follow the money and keep track of all your expenses with Mocha. The software provides the ability to track receipts, record and categorize expenses, automate payments, attach image receipts, and generate expense reports.
  • Reporting: With Mocha, you can easily keep track of all the key metrics, like sales, expenses, bank accounts, etc., from one dashboard. Furthermore, you can view detailed reports containing all the financial data and share these reports via secure links.

2. Intuit Quick books

Intuit Quick books is a powerful cloud accounting software that provides practical features to its users. Hence, no matter where you are, if you have an internet connection, you can easily access it from anywhere. Here are some of its great features!

• Expense tracking: With Intuit QuickBooks, you can easily track all your expenses and make tax deductions, making you ready for tax time.

• GST and VAT tracking: This innovative feature allows clients to align their expenses into tax categories and track the sales tax based on expenses and income.

• • Mobile app: The QuickBooks software comes in the form of a mobile app that allows clients to do all their accounting on the go from anywhere.
  • Top-notch security: Get multi-factor authentication, powerful encryption, audit trails, and password-protected logins for enhanced data security and compliance.

3. Xero

Xero is another contender in the accounting software market. It is also a cloud-based software that has a mobile app and can integrate with around 1000 third-party applications. Here are some features of Xero that promote your business growth.

• • Integration: Xero helps you extend its utility by connecting it with several other apps for several business purposes, such as Stripe, Shopify, HubSpot, Hubdoc, Xero Analytics Plus, etc.
  • Invoicing: With Xero, you can create professional and customized invoices using the provided templates. Provide customers with multiple ways to pay, such as debit card, credit card, and direct debit. Lastly, you can set automatic reminders for payments.
  • Reconciliation: Keep track of all your transactions and reconcile them with your bank accounts. Xero makes reconciliation easier with daily transaction matching and categorization for updated financial records and cash flow.
  • Inventory: Xero features are made to simplify inventory management. You can track up to 4000 items with their quantities. Check out which items are selling the most and the least. Lastly, you can add items to invoices while creating reusable descriptions and prices.

4. Zoho

Zoho offers a suite of tools to businesses. One of those Zoho tools is for accounting, named Zoho Books. Zoho Books streamlines your overall accounting process, including optimizing receivables, streamlining invoice generation, and managing outstanding amounts.

• Task Automation: Zoho Books provides top-notch task accounting features, such as automating repetitive tasks like recurring expenses, bills, and invoices. Furthermore, you can easily trigger specific workflows to save time and effort.

• Bank reconciliation: Zoho provides you the ability to keep your bank and books perfectly aligned. You can connect your bank feeds with Zoho books and automatically reconcile the business transactions. Close your books quickly by auto-categorizing and matching your withdrawals and deposits.

• GST and tax compliance: Seamlessly manage every GST management process. File GST returns directly and send GST-compliant invoices to your clients. Furthermore, Zoho Books automatically applies GAT tax rates to all your transactions, providing delivery challans, e-way bills, etc.
• Reporting: Zoho Books offers state-of-the-art reporting features that help in making informed business decisions. The tool provides over 70 different custom reports and analytics. You can use Zoho Books with Zoho Analytics to create advanced reports and dashboards.

5. Sage Intacct

Sage Intacct is the last answer to the question: What are accounting software examples? The tool packs ingenious features to transform your business strategy with intelligent AI.

• Invoice payables: The revolutionary software has cutting-edge payable features backed by AI. It automatically extracts essential details from the bills to create a draft. It further reconciles the data in minutes to close the books faster.

• Precise financial reporting: Make smart business decisions with multi-dimensional visibility into data, custom reports, and dashboards. You can also add more dimensions based on your business requirements for advanced reporting.

• Inventory control: Sage Intacct allows you to track inventory, avoid stockouts, and minimize carrying costs with automated inventory alerts and precise tracking of sales, costs, and quantities.

• General ledger: Above all, Sage Intacct has general ledger features that enable you to manage payable/receivable tracking, cash management, fixed assets, etc.

 

What are Accounting Software Examples? – Key Features Comparison!

Here is a quick overview of the features of each accounting software and a comparison with the others!

 

Software	Features
Mocha Accounting	Personalized invoicing and GST filing Automated inventory reminders Data encryption and data backups in secure servers Detailed reports and sharing via secure links.
Intuit Quickbooks	Multi-factor authentication GST tracking Mobile app access Data migration Inventory management
Xero	Seamless integration with multiple tools. Customized invoices and multiple payment options Get up-to-date and detailed reports. Easy to manage inventory by tracking individual items.
Zoho Books	Automatically apply GST tax to all your transactions. Automate tasks and trigger specific workflows to save time and effort. Easily collaborate with your fellow accountants, suppliers, and team. Effective reporting and analytics features
Sage Intacct	AI-backed payable features Precise financial reporting with multi-dimensional reporting. Seamless inventory tracking to avoid stockouts and save cost. A general ledger is used to keep everything in one place.

 

Why Does Mocha Accounting Stand Out as a Free Option?

Mocha accounting is an exceptional accounting software for all businesses. However, for small businesses, it is the perfect pick. As illustrated above, Mocha accounting provides you with inventory management, data encryption, detailed reporting, GST filing, and multiple other utilitarian features.

While other software comes with a hefty price tag, Mocha stands out with its all-feature free version. The software is available for free to the business with no limitations on its features.

Conclusion: Best Choice for Small Businesses and Startups!

Packed with revolutionary features, Mocha accounting software is the best for startups and small businesses. Though you are free to explore the option, there is nothing better than Mocha in terms of features and price. So, what are you waiting for? Get the free version of Mocha and streamline your business finances.