Which Accounting Software Offers the Best ROI? – A Comprehensive Guide to Popular Options
February 2, 2023
February 2, 2023
Monitoring finances is a top priority for any business. Without a firm grip on where money is coming in and going out, making informed strategic decisions about how to grow the company would be difficult.
That’s why having the right accounting software is essential for business success. Accounting software tracks all financial transactions and gives users insights into their business’s financial health. But with numerous options on the market, how do you determine which one will provide the highest return on investment (ROI)?
Let’s examine several factors and the top accounting solutions vendors available.
Factors to Consider When Choosing Accounting Software
Understand that each accounting software application has its own feature set and pricing. The best accounting software for any small business would depend on specific needs. Before deciding on a platform, here are the key considerations to make:
- Core functionalities: Keep a list of necessary features that the business requires. This could include capabilities like double-entry bookkeeping, automatic bank reconciliation, financial reports, and invoicing. The ideal software would have all these functions to streamline the accounting process.
- Ease of use: Consider whether the software is easy to use and if it would require extensive training for employees. A learning curve could mean significant downtime and lost productivity while employees master the new system.
- System compatibility: Take into account other systems the business uses, such as CRMs, inventory management tools, and eCommerce platforms. A useful accounting software would be able to integrate with these systems for a seamless workflow.
- Customer support: Find out what customer support is available in case there are technical issues or questions about using the software. A responsive and helpful customer service team could make all the difference.
- Pricing: Determine if the software is affordable and offers payment plans that fit the business’s budget. Compare pricing among different accounting software options to get the most bang for your buck.
The Best Accounting Software for Small Businesses
The accounting software providers below are some of the most popular ones available. We’ve included a mix of solutions suitable for small businesses and those with more complex needs.
FreshBooks is another cloud accounting software provider popular among small businesses and freelancers. Like QuickBooks, it is user-friendly and offers various capabilities such as invoicing, expense tracking, time tracking, and project management.
One of the key selling points of FreshBooks is its automation capabilities. The software can automatically generate late payment reminders and send them to clients. This feature can help you recoup unpaid invoices quickly and improve your cash flow.
FreshBooks has four subscription plans: Lite, Plus, Premium, and Select. The price of each plan depends on the number of clients a business has.
Sage is a well-known accounting software vendor offering cloud and on-premises solutions. Its products are suitable for businesses of all sizes, from small businesses to enterprises.
Sage Business Cloud Accounting is the company’s flagship product for small businesses. It includes invoicing, expense tracking, bank reconciliation, and financial reporting. Perhaps its edge over other providers is its offering of unlimited users and transactions.
Sage offers more comprehensive solutions such as Sage Intacct, an enterprise resource planning (ERP) system, and Sage X3, a solution for larger businesses.
QuickBooks is a cloud accounting software program offered by Intuit. It’s known for its ease of use and an extensive list of features suitable for small businesses. Some notable functionalities include: tracking inventory, creating and sending invoices, monitoring expenses, and preparing tax returns.
While QuickBooks offers desktop products and online solutions, the latter may be a more attractive option. A study of QuickBooks Online software users showed a total ROI of 488% and $59K risk-adjusted net savings over three years. These are promising stats to assure businesses that QuickBooks will provide the highest ROI.
QuickBooks Online has several versions available for businesses of various sizes: Self-Employed, Simple Start, Essentials, Plus, and Advanced.
Oracle NetSuite is an enterprise resource planning (ERP) software that offers a complete suite of integrated applications. This means businesses can manage most, if not all, of their operations using NetSuite. Larger organizations often use the software.
These solutions include its cloud accounting software, which supports various accounting functions such as general ledger, accounts receivable, and accounts payable. While the core features are suitable for small businesses, other competitors offer more in terms of customization.
Moving accounting data from NetSuite to a new provider requires special assistance since it involves migrating valuable records. SaaS Direct offers expert advice on how to migrate NetSuite ERP to QuickBooks.
Microsoft Dynamics GP (formerly Great Plains) is an ERP software offering accounting and financial management capabilities. It’s a popular solution for small to mid-sized businesses as it can be easily customized to fit specific needs.
Dynamics GP also offers robust cash flow management, budgeting, and forecasting features. And because it’s part of the Microsoft ecosystem, it integrates well with other products like Office 365 and Power BI. Like NetSuite, Dynamics GP’s functions are standard for accounting needs. But other specialized providers have additional features to improve financial health.
SaaS Direct’s accounting data conversion specialists are available to help businesses migrate data from Microsoft GP to QuickBooks.
Data Migrations with SaaS Direct
When planning to switch to a new provider, a high level of care is required to ensure the integrity of the accounting data being migrated. Businesses need to understand the chart of accounts and critical financial data. SaaS Direct specializes in accounting data conversions and data migrations with capabilities to convert 88+ software. With over 1500+ accounting data conversions delivered and over 25 years of cumulative ERP and accounting data migration experience, SaaS Direct helps businesses improve productivity and increase financial transparency. Book a session with us for expert advice regarding your data conversion needs.