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Accounting software

Accounting software is an accounting and finance solution designed to automate cash management, receipts tracking, sales tax reporting and general accounting, accounting entries, outsourcing, balance sheet, income statement, etc.

Need any advice? Discover all our articles of Accounting
Professional group
Accounting & Finance
Operations Management
Sales & Customer Management
Human Resources (HR)
Accounting & Finance
Marketing
Collaboration
IT Services
Communications
Technology
Construction
Transport
Analytics
Legal
Education
Health
Recreational Activities
Association Management
Commercial
Services
Agriculture
Art
Media
Government
Corporation
Manufacturing
Law
Finance
Category
Accounting
Accounting
Billing and Invoicing
Subscription Management
Payment Gateway
Expense Management
Accounts Payable
Contractor Management
Corporate travel management
Audit
Purchasing
Financial Reporting
Asset Tracking
Payment Processing
Bank reconciliation
Cash Register
Debt Collection
Financial Fraud Detection
Trust Accounting
Compliance
Financial Risk Management
Accounts Receivable
Budgeting Software
Risk Management
Anti-Money Laundering
Tax Management
Revenue Cycle Management
Mortgage and Loans
Trading
Treasury Management System
Billing and Provisioning
Utility Billing
Order Entry
Enterprise Asset Management (EAM)
Business Card
Business relationship management
Online Bookkeeping Services
Investment Management
Management Control
Job Costing & Cost Management

Compare software systems of Accounting

Dext

Manage your supplier invoices in one click
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Eurécia Notes de frais

Refund business expenses easily
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QuickBooks

The world's leading accounting software for small businesses
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Xero

Online Accounting Software for Small Businesses
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Azopio

Collect and Connect your documents to the Cloud
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Sage Business cloud accounting

All accounting with the convenience of the cloud
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Momenteo

Accounting Software for Freelancers
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Sorted

Freelancer accounting software
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FreeAgent

Accounting software simplified
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Odoo Accounting

Accounting Suite of the most complete ERP on the market
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Zervant

Free invoicing for small businesses
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NetSuite

The #1 Cloud ERP for implementing your scalability
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Holded

Smart invoicing for businesses
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Factomos

BIlling for small/medium businesses and entrepreneurs
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Spendesk

Helping companies spend smarter
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Xpans

Digital solution to manage your profesional expenses
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Declaree

Expense Management Software
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billwerk

Subscription Management & Recurring Billing solution
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Sage Compta & Facturation

Easy online management of quotes and invoices
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Atoo-Sync GesCom

Connect your webstore to your invoicing application
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Accounting: purchase guide

What is Accounting Software?

Definition

Accounting software is an IT solution that facilitates bookkeeping and financial management for companies. It can range from simple quotes, invoices and cash management all the way to most general accounting tasks.

How does it work?

Accounting software is designed to automate and internalize all or a part of the services of your accounting department (debit and credit accounting, financial advice, accounting documents) as well as routine administrative tasks (quotes, invoices, voucher orders, supply management, collection of invoices and expense reports, tracking payments, payroll, etc.).

Accounting software focuses on financial aspects of your business, this is why it is different from commercial management software and invoicing software. Moreover, it interprets the financial impact of current operations. And, it is particularly recommended for small companies (startups, small businesses, self-employed, etc.) and medium-sized companies, SME's, that need to keep track of transactions on their bank account or the state of their finances in real-time.

Main Features of an Accounting Software

The features of accounting software play a key role in the commercial development of your business.

Make Simplified Payments via a Paperless Platform

To facilitate exchanges between your partners or customers and your business, some accounting software applications offer the possibility to make payments via an electronic payment platform. The transactions of your accounts are directly integrated into your accounting records to automate bank reconciliation and lettering. These exchanges are completely secure which allows you to make payments without worries.

Commercial Management and Billing

Accounting software integrated into a customer relationship management (CRM) system goes a step further by simplifying commercial management (quotes and automated invoices). In some cases, you can also conduct inventory management.

Whether you are self-employed, an artisan or a commercial business, self-manager, very small business, SME, large business, you will be able to keep track of your accounting to be fully aware of your business's financial status. In line with the work of your accounting department, you can better fill out your balance sheet, income statement and general appendix with much greater ease by regularly updating your accounting software.

Who uses Accounting Software?

Any business starting from one person upwards must use accounting software, even if it is only for estimates & invoices, payments and the follow-up of late payments. Medium-sized companies use accounting software as a financial management tool. Finally, larger companies use accounting software to internalize all of their accounting processes.

Why use Accounting Software in Business?

Benefits of Online Accounting Software

Using accounting software ensures efficient response to needs in general accounting and offers the possibility to analyze your results, cost accounting. Which is much more convenient than Excel, accounting software:

  • Saves time by automating common accounting operations
  • Allows you to reduce your accounting costs by internalizing services provided by external accountants
  • Makes balance sheets dramatically easier
  • Helps track third-party accounts
  • Ensures compliance with legal obligations, per laws and regulations from the IRS and overall tax code 
  • Monitor incoming and outgoing payments to and from your bank account as well as fixed assets on a daily basis
  • Updates accounting documents whenever they are modified in the general ledger
  • May be used in conjunction with the work of a certified public accountant. Some programs give your accountant access to your corporate accounts so that they can take care of your business's accounting by taking into consideration the data integrated into your online software.
  • Easier Tax and Sales tax reporting process.
  • Helps you make the right decisions by having a realistic view of the state of your business's finances, but also by allowing you to project new investments.
  • Keeps you up to date: SaaS accounting software, online, does not depend on your operating system and updates are done automatically.

Cons

  • Open Source accounting software does not always comply with the latest financial regulations.

How to Choose?

Criteria

Here are some important features to consider when choosing the right accounting software:

  • Good interface ergonomics: It should be easy to understand and very simple to use. Online accounting programs are becoming more and more intuitive. Therefore, it is essential to avoid choosing a commercial management software that only complicates your accounting further. 
  • Entering accounting entries: This is the main action of your accounting software and this should be done quickly so you do not waste your time on a daily basis with data input. Opt for basic data entry with the possibility to import and export your data so that you can use the figures if you are in a meeting or with your accountant who will be able to do bank reconciliations more easily.
  • Third-party account monitoring: It is important to stay up-to-date on transactions between your business, your partners and your employees.
  • Sales Tax return if your business is concerned. 
  • The creation of forecasts: this helps you stay informed about the possibilities of your business and gives you a long-term view of the potential development of your business.
  • The ability to export accounting entries and to develop a tax package more easily.
  • The dashboard gives a synthetic view of the accounting situation of the business
  • Price- how much you pay for an accounting software is personal to your business, depending on the size and how much you are willing to spend. We'd recommend taking a look if the program is a subscription, most likely month to month, or if it's a one time fee, and what kind of options they include for the number of employees you have, if you have to pay extra for additional licenses. Furthermore, looking at the features they include for each plan, free, basic, premium, etc., 

What are the most commonly used accounting software? 

Accounting software plays a strategic role in the decision-making process. It takes into account: production cost, ROI and margins, etc. For external partners, it is used to provide a vision of the potential evolution of your business's value: balance sheet, income statement, cash flow. Discover our accounting guides today!