Accounting software is a type of computer application software used by bookkeepers, accountants and professionals in recording, reporting and processing a firm’s financial transactions. The software allows detailed tracking of financial transactions and instant reporting and analysis. It is used to manage accounts and perform accounting operations.
Accounting software can range from simple, single-entry programs used for individual record keeping to more sophisticated, double entry system. It can process account receivables, accounts payable, payroll, general ledger, inventory and trial balance. It functions as an accounting information system.
Small and medium sized businesses are businesses having employees ranging from 10 to 249 individuals.
20 Best Accounting Software for small and medium sized businesses
Presented below are some of the best accounting software used by medium sized businesses.
Sage accounting software is perfect for all accounting concerns. It is affordable and easy to use. It provides you with the opportunity to manage both income and expenses.
It gives you the ability to automatically calculate and submit VAT returns to HMRC. It also provides the ability to invoice customers using bespoke and professional invoices.
QuickBooks helps keep track of the inflow and outflow of the finances in the business. It is easy to set up and use and does the accounting automatically.
It includes an auto-fill function for importing data to quickly generate documents such as invoices and vouchers.
SAP is an abbreviation for System, application and products. It is used in data processing and is the fourth largest software company in the world.
SAP provides solutions to financial, manufacturing, logistics and distribution challenges. It records all financial processes into a comprehensive general ledger. It also supports multidimensional reporting and parallel accounting standards.
Traverse application software is designed to give you complete insight into all your business processes. Traverse is flexible and can be personalised for each of your employee.
It also gives you a seamless system integration across the Traverse application suite and integrates data with other databases and applications such as third-party applications or websites.
Oracle application comprises the application software or business software which refers to the non-database and non-middleware parts.
Oracle helps customers manage the complexities of global business environments. Oracle E-Business suite is part of Oracle’s application unlimited strategy which protects and enhances the value of your software investment.
It includes an accounting transformation engine with extensive validations and rules repositories.
CYMA is an accounting software which provides the perfect accounting solution for growing medium sized businesses through a flexible user environment. It helps payroll processing organisations grow and thrive in an ever changing environment. It offers employee self service and allows for maximum flexibility.
Compiere is a free accounting software. It has a commercial edition that offers additional features. The basic features includes project accounting, e-commerce, order management, materials accounting, and the processing of sales and services.
Compiere supports multi-currency transactions and allows customizations based on specific tax laws and accounting standards. It works for Windows, Max and Linux computers.
8. Account Edge
Account Edge is a speedy accounting software filled with a comprehensive range of functions and features. It backs up and verifies your company file.
It lets you lock down reconciled financial data, keeps an audit trail, and runs reviews to make sure your numbers are in balance.
9. Net Suite
NetSuite enterprise resource planning delivers the proven, comprehensive financial management capabilities required to grow a changing, complex business. By streamlining operations across your entire organisation, NetSuite takes your business beyond your business beyond traditional accounting software. It also provides you with the real-time visibility you need to make better and faster decisions.
Intacct accounting software is a cloud financial management company. It is designed to improve a company’s performance and make finance more productive.
The Intacct system includes accounting, contract management, project and fund accounting, inventory management, vendor management, financial consolidation and financial reporting applications. It is delivered over the Internet via cloud computing.
11. Red Wing Software
The Red Wing Software is an accounting software which develops and distributes accounting and payroll software for medium sized businesses. Red Wing Software offers customer care plans with guaranteed response time. Red Wing Software product enhancements are based on customer requests and suggestions.
Wave’s accounting tools are 100% free, secure, and accountant approved. It is the world’s fastest growing business accounting software. Wave is made specifically for entrepreneurs, freelancers, consultants etc. It is 100% free.
13. SQL Ledger
SQL Ledger is an enterprise resource planning and double entry accounting system. Accounting data is stored in an SQL database server.
It is ideal for shops or stores that require purchase orders, inventory management, packing lists, vouchers etc. It allows for multiple users in different locations. It is available in free and enterprise versions but both need a Web server and an SQL server to work.
14. Fresh Books
Fresh Books is an online accounting software which offers simple methods for handling different tasks like sending out invoices, printing, price quotes, sharing business documents and reports.
Fresh books lets you create professional looking invoices in seconds and automatically records expenses with ease. It also helps in tracking your time quickly and efficiently.
15. Less Accounting
Less accounting makes everything less stressful for you. It is simple and easy to use. It brings clarity to your business as it tracks your business expenses quickly and easily. You can put your expenses into categories and add notes to them.
Bill.com is an accounting software which serves customers through its direct, accountant, and bank channels. It redefines how business payments are made by bringing people, systems, and documents together.
17. Turbo Cash
Turbo Cash is designed to support multiple users and access controls. It is simple and easy to use with a minimal feature but attractive interface.
Its features includes the ability to manage inventory, stock pricing and quotes, invoices, point of sale, barcodes, VAT computation, and reporting analysis.
18. Microsoft Dynamics
Microsoft Dynamics is an accounting software which gives businesses total control over their finances, inventory, and business intelligence information.
It is an easy to use and easy to deploy enterprise resource planning software solution. It stores its information in the Microsoft cloud or on the servers.
19. Gnu Cash
GnuCash is a flexible software that can be made to work according to specific needs. It has the tools for dealing with accounts receivables, accounts payable, invoices, credit and loan accounts, banking, investment accounts, tax preparation, depreciation accounting, and transactions involving multiple currencies.
20. Account mate
Account mate was founded in 1984. It develops and markets fully modifiable business accounting software. The system ranges from single user versions to those that support different users simultaneously. Account mate is available for local installation or as SaaS.
Accounting software makes financial transactions easier as before its introduction, these tasks had to be performed by hand using transaction journals.
By introducing accounting software, these tasks have been automated thereby reducing the cost of accounting and allows for better financial decision making through timely reporting.Click here to see the latest Jobs opportunities in Nigeria.
Click here to Join Recharge and Get Paid
Click here to Read Latest School News in Nigeria