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Accounting Software

There’s an insane quantity of accounting software products on the market today. Specially designed systems are available for nearly any permutation of organization size, and industry you can think of. From QuickBooks, to Sage 300, to industry specific options, and everything in between, this guide will cover everything you should care about when reviewing accounting systems.

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“The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers.” — Bruce Conley
“Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service.” — Linda Vittori
“Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value!” — Mark Carpenter

What is accounting software?

Accounting software at minimum keeps track of financial transactions. Core functionalities include general ledger (GL), accounts payable (AP), accounts receivable (AR). Common additional functionalities include payroll, billing, and inventory management.

Many industries have customized functionalities/requirements like fund accounting for nonprofits, job costing for construction firms, or DCAA compliance for government contractors. In larger organizations, the terms “accounting software” and “ERP” are often used interchangeably.

Common components

Component Description
Core accounting As mentioned above, core accounting is the heart of any accounting system. Tracks revenues and expenses. Includes AP, AR, and GL
Payroll Manages employee compensation: wage calculation, ACH deposits, check printing, and compensation tax reports
Billing & invoicing Create, send, and manage outbound invoices for client work.
Fixed asset management Track, depreciate, and amortize large company assets. With standard or custom decay models.
Inventory management Track stock info on items your company builds, buys, stores, and/or sells

Common industry components

For some industries, some of the common components above are referred by a different name. Sometimes with different functionality.

Component Common Industry Description
Fund accounting Nonprofits, government agencies Core accounting for companies that are funded by donations and/or grants. Emphasizes accountability to donor/grant requirements over profitability.
Job costing Construction, manufacturing Track costs/accounting/profitability on a job-by-job (project-by-project) basis. Often called construction, or project accounting.
DCAA compliance Government contractors Defense Contract Audit Agency (DCAA) compliance. Specific accounting standards for government contractors as required by the Department of Defense

Common advanced components

As accounting systems get more advanced, they tend to include more specialized industry components, but here’s some common advanced components for all industries

Component Description
Budgeting & Business Intelligence (BI) Reports on finances, personnel, operations, and more. “Intelligence” can range from simple reports to historical and predictive analysis.
Warehouse Management (WMS) Advanced inventory systems for warehouses. Helps improve fulfillment accuracy, shorten delivery times, reduce inventory overflow, and optimize storage space. Especially useful for organizations with multiple inventory locations (warehouses)
Currency Exchange Allows organizations to manage international cash, trade for currency of choice, and view reports in single consolidated currency value.
Bank reconciliation Imports bank records, often in real time, and attempts to auto-match bank and accounting records
Customer Relationship Management (CRM) Manages customers and prospects to aid marketing, sales, and customer service efforts

Trends

  1. Increased adoption of cloud software.
    Cloud software (software-as-a-service, SaaS) adoption rates have picked up over the past decade. With cloud-based software, products are leased, rather than licensed. Cloud software buyers typically don’t own or manage software themselves. Rather than making a single large capital expenditure, payments are spread over time.

    As companies look to reduce overhead costs, while extending functionality to distributed workforces, cloud systems have become a popular option. Broadband access is ubiquitous. Web services have become commonplace. For the average user, banking, shopping, and conducting business on the internet is second nature. The software industry has responded to these changes and is increasingly making software available on a cloud basis.

    Customer appetite for the cloud is still growing too. Every year we talk to thousands of companies. In 2015, 76% of the buyers we spoke to indicated a receptiveness have their software hosted externally, off-premise. In 2017, this percentage rose to 84%.

  2. Developer & product acquisitions.
    As markets mature, often companies will acquire, reposition, and/or consolidate their product lineups. This is especially frequent as of late. Sage’s acquisition of Intacct is a notable example.

  3. More tablet & mobile applications.
    In 2016, for the first time in history, mobile web browsing surpassed desktop browsing in user counts. Naturally, usage has translated into business demands. Accounting software developers have responded in kind, especially within fields that require on the site analysis such as construction & field service. Expect an increasing number of accounting software systems in the future completely accessible via mobile in years to come.

  4. More data. More intelligence (BI).
    Data and information is power. Business intelligence software is used in virtually every industry. Consulting firms need to track productivity by employee by project/company. Retailers need to track profitability by SKU. Financial institutions set new account goals for personal bankers.

    Over the past five years (2012-2017), we’ve seen a whopping 42% increase in end users looking to evaluate Business intelligence software. As companies collect more data, the need to understand that data will increase. Expect the demand for stronger BI reporting to increase.

  5. Increased industry verticalization.
    Business come in all shapes & sizes. From natural dry cleaners to assisted living facilities. From wine distributors to commercial plumbers. Accounting software has increasingly become tailored suited for the specific needs of each & every industry. As the types of in demand business evolves, expect to see more specialized products to meet specific industry needs.

  6. More integrations and APIs.
    Integrations, or APIs allow distinct products to talk with one another. Your payroll system could update your HR team in Slack of any processing errors. Your payment processor might automatically push new receivable entries to your accounting system. Your accounting software could share available funds with BI systems. Expect inter-software communication abilities to increase in most products.

Upgrading from QuickBooks?

Undoubtedly, QuickBooks is a massively popular product. While QuickBooks can serve many needs, it’s also the most commonly replaced accounting software on the market. For that reason, we conducted a study on over 4,000 previous QB users for their most popular replacement options.

Most common quickbooks replacements

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Popular Accounting Software Products

Looking for great accounting software options? Below you can check out a list of the products most commonly considered by others searching for accounting software. The list on this page is based on many years of real software matches. But everyone’s needs are different. Browse for fits with your specific requirements or let us help you identify your top options.

Which software is right for you? Get quick and accurate recommendations.

What if you could simply tell someone about your software needs and they’d find your best choices? Look no further. We’ll listen to your needs and find your top software matches. That’s it. There’s no pressure, no cost.

“The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers.” — Bruce Conley
“Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service.” — Linda Vittori
“Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value!” — Mark Carpenter
  • Dynamics GP by Microsoft

    Microsoft Dynamics GP is an ERP solution designed for small and mid-market businesses. Key capabilities of Dynamics GP include: Financial management and accounting Inventory management and...

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    Connected Accounting and ERP is a business management application designed for small to midsized companies. Connected can be deployed on traditional networks, with both Mac and/or PC clients, or in the Connected on Demand hosted cloud. The...

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  • Sage Intacct by Intacct

    Intacct is a web-based, SaaS accounting and financial management software system designed for use by small and mid-size organizations. Key benefits of Intacct include: Automation of manual processes enabling faster delivery of accurate...

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    Spire is a business management solution for small and mid-sized businesses. Their software is developed with an intuitive interface and a robust database that uses modern technology for efficiency, flexibility and scalability. With Spire,...

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    Distributors know what distributors need. Acclamare understands this better than anyone, so they have continually sought out distributors' thoughts, ideas and best practices. The months and years of feedback we have received have been plentiful,...

    0 reviews
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    EBMS contains complete enterprise resource planning tools that are important in managing a business more efficiently. The EBMS software is a great upgrade from more basic software such as QuickBooks and Sage 50/Peachtree without a large budget...

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    TRAVERSE is an ERP system from Open Systems, Inc. offering financial, operations, and sales functionality. Traverse provides comprehensive integration for key business processes, while offering the ability to scale from 5 to 500 users....

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    CMiC Financials is the most comprehensive financial management software package ever designed for the construction industry. Providing real-time functionality that gives your organization tangible ROI, CMiC Financials gives you greater control over...

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    Are you outgrowing your current accounting software and need a solution for the future? We offer an accounting package with several add-on modules that can either be licensed to run on your existing IBM Power (IBM i or AS/400) server, or...

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  • Cost Allocator by Corporate Renaissance Group

    Cost Allocator is a flexible and easy-to-use application. It allows enterprises to allocate cost across cost centers, departments, and functions. Designed as an enterprise-wide application that can be used together with accounting and finance...

    0 reviews
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    A financial management solution from Cogsdale. ## Accounts Payable Improve control over expenses with up-to-the-minute information about payables, easy management of vendors and effort-saving automation of many routine or complex tasks that...

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Your Accounting Software Recommendations

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