As a business owner, it is imperative to choose the right B2B accounting software to keep your finances in order.
In this blog post, we will discuss the 11 of the best options for B2B accounting software for small and medium-sized businesses.
We will take a look at each software’s features, pricing, pros, and cons. So whether you are looking for an affordable option like Wave or Quickbooks Online, or a more comprehensive solution like Netsuite or SAP Business One, you’ll be able to find the perfect tool for your needs!
- Top 11 B2B Accounting Software For Small and Medium-Sized Businesses
- Zoho Books
- Best Accounting Software for Medium-Sized Businesses
- SAP Business One
- Financial Force Financial Management ERP
- What Does Accounting Software Do?
- How to use B2B Accounting System Software
- Accounting Software Benefits and Advantages
- Accounting Software FAQ
- Why do businesses need accounting software?
- How can accounting software increase productivity?
- Can accounting software be hacked?
- Can accounting software replace accountants?
- How can accounting software assist with compliance?
- Can accounting software help reduce costs?
- What accounting software is best in:
- Summing It All Up
Best Accounting Software for Small Businesses
Freshbooks is an all-in-one online accounting software solution for small businesses and freelancers. With Freshbooks, you can manage your finances, send invoices, track time and expenses, and accept payments online. The software is simple to use and offers a wide range of features to help you run your business smoothly.
- Multi-language invoices
- Invoicing — customizable and with payment reminders and automatic late fees.
- Accept e-signatures
- Unlimited Time Tracking — with logging hours, daily breakdowns, and billing for tracked hours.
- ACH Payment Processing, in addition to online credit card payments, ACH bank transfers (US only,) and subscription-based payments.
- Bank Reconciliation.
- Mobile support through iPhone and Android.
- Calendar Management.
- Data Import/Export.
- Due Dates.
Freshbooks’ pricing in this image is based on annual payments in USD. There are four packages to choose from — Lite, Plus, Premium, and Select.
Lite: $17/month paid monthly, $204 yearly
Plus: $30/month paid monthly, $360 yearly
Premium: $55/month paid monthly, $660 yearly
Select: Customized pricing.
Freshbooks Pros and Cons
- Simple to use interface.
- Free trial.
- Ease of use.
- Limited Number of invoicing templates
- Lack of multicurrency support.
- Pricing can be costly.
Quickbooks is one of the most popular cloud-based accounting software solutions and bookkeeping software for small businesses and freelancers. With QuickBooks, you can manage your financial data, send invoices, track time and expenses, and work with payroll. The software is simple to use and offers a wide range of features to help you run your business smoothly.
- 30 day free trial
- Activity Dashboard
- Automatic Billing
- Receipt Capture
- Data Import/Export
- Mileage Tracking
- Auto-tracking of income and expenses
- Bill and Invoice Management
- Credit card and ACH payment processing
- Payroll Management
- Report Generation
- Sales Tax Management
- Third-Party Integrations
- Time Tracking
Quickbooks offers four different tiers of pricing, from Simple to Advanced.
Quickbooks Pros and Cons
- Easy to use.
- Mistakes can be easily edited instead of total book deletion and rebuilding.
- Excellent customer support.
- Pricing may be prohibitive.
- Some issues with payroll services can only be rectified by contacting customer support.
- The online version of Quickbooks has a learning curve as it is different from the desktop version.
Wave is a free accounting solution for small businesses and freelancers. With Wave, you can manage your finances, send invoices, track time and expenses, and accept payments online. The software is simple to use and offers a wide range of features to help you run your business smoothly.
If you just need a small business accounting tool with the basic essentials, Wave will do it for you.
- Run multiple businesses on one account.
- Customizable sales taxes.
- Instant updates.
- Customizable invoicing.
- Bulk transaction updates.
Wave does have paid solutions if you decide to pursue such. In addition to their accounting solutions, they offer credit card, bank payment processing, and payroll services. For a small fee.
- Quick setup
- Unlimited users with unlimited invoicing, bank, and credit card connections in addition to income and expense tracking.
- Double-entry accounting.
- Not very scalable.
- No phone support.
Zoho Books is a popular cloud accounting system for all kinds of businesses.
Many tedious tasks can be automated and save a business owner a lot of time by eliminating bookkeeping work and recurring transactions that can be connected to bank feeds. Transactions can be fetched daily in real-time and later categorized.
In addition, Zoho Books can be integrated with Avalara, Zendesk, Office 365, GSuite, Zapier, Dropbox, and many more.
- Online/Offline Payments
- Multi-lingual Invoicing
- Expenses & Mileage Tracking
- Chart of Accounts & Sub-accounts
- Track Project Expenses and Invoice
- Bulk Updates
- Track Sales Tax
- Multi-currency Handling
- Automatic Exchange Rates
- Currency Adjustments
- Stock Tracking
- Journal Templates
- Recurring Journals
- Custom Domain
- Up to 200 Workflow Rules
- Custom Reports
Zoho Books has 6 packages to choose from, including the freebie package.
NOTE: The freebie plan is for businesses with less than $50,000/year USD revenue.
Standard Package: $20/month paid monthly, $15/month paid yearly.
Professional Package: $50/month
Premium Package: $70/month
Elite Package: $150/month
Ultimate Package: $275/month
- Available in multiple languages
- A free version if your business earns less than $50,000 per year.
- Email, voice, and chat support.
- The mobile app needs improvement.
NetSuite is the world’s most popular cloud Enterprise Resource Planning (ERP) accounting tools and business management solution software out there. With customizable dashboards, reports, and KPIs, you can get a real-time perspective on customer aging, invoice analyses, recurring invoices, and other data.
By reducing errors and saving time, you may automate both local and worldwide tax compliance procedures. It is used by 29,000+ customers in 200 countries.
- Data import and export
- Financial data statements
- Journal entries
- AP Automation
- Customized invoices
NetSuite pricing is unavailable on the site, you will need to contact them for a quote.
- Very popular.
- Automation, automation, automation.
- Excellent customer support.
- Setup can be tedious.
- May need to have Sandbox handy if developing and testing as processes were halted and bugs developed without it.
- Steep learning curve.
SAP Business One is a popular small business solution that combines finance, CRM, inventory, sales, and operations management into a single system. There’s automation to remove duplicate entries and blunders with SAP Business One, as well as efficiency measures in service management and MRP/inventory managing the sales pipeline.
One major feature is the customized reporting, which can be exported into numerous formats and includes drill-downs and ‘what-if’ scenario modeling. Also, SAP Business One has multi-currency transactions and offers services in 28 languages.
The system will also include a remote support platform that may perform automated system health inspections, schedule database maintenance, upgrade eligibility checks, and make automatic repairs for discovered issues.
- Multi-currency transactions
- Multi-lingual capabilities
- Remote support platform that can perform automatic system health checks
- Inventory management
You will have to contact SAP to get a pricing quote. Here’s the page.
- Multi-currency transactions.
- Automatic updates
- Good customer support
- Bit of a learning curve.
- Transactions cannot be easily edited, you need to cancel the transaction and set up a new one.
Acumatica is an ERP cloud software designed to help small and midsize businesses reach their organizational goals. The suite of applications includes financial management, customer relationship management (CRM), project accounting, and distribution management tools.
NOTE: The cloud-based software is only available through partners and resellers.
The latest version of Acumatica is offered in a safe and secure environment, and having to worry about deploying security patches or conducting updates is one less thing you have to worry about.
- Real-time analysis with general ledger
- Accounts receivable and payable
- Third-party integrations
- Fixed assets
- Recurring revenue management
- Customizable reporting
- Business intelligence
- Service and support automated workflows
- Customer self-service portal
Acumatica’s pricing is rather unconventional. Instead of a pre-determined plan, you can pay for the functionalities you need. However, you will need to contact them and figure out all you need in order for them to give you a price.
- The pricing plan can save you a lot of money.
- Ease of use.
- Built-in CRM helps with sales and operations integration.
- Unlimited user licensing helps business growth without penalty.
- Limiting access rights can be time-consuming.
- No SAML 2.0 support
- Some transactions can’t be edited, you will need to reverse and start again.
BlackLine is an accounting solution that offers a variety of financial management tools that make up its financial controls and automation Platform.
These products are intended to automate processes related to financial closure and reconciliation, as well as control environment management.
The four primary feature areas of BlackLine Financial Close Management are account reconciliations, task management, transaction matching, and journal entry.
- Journal Entries
- Tags / Dimensions
- Audit Trail
- Custom Reporting
- Workflow Capability
- User, Role, and Access Management
- Performance and Reliability
- Output Document Generation
- Data Import and Export Tools
- Integration APIs
- Breadth of Partner Applications
You will need to contact the vendor for pricing.
- Comes in several languages.
- Ease of use.
- Excellent customer support.
- User interface is a little dated.
Xero is a cloud accounting system that enables small companies to handle their finances from anywhere and interact with over 1,000 third-party apps. It’s less expensive than competitors like QuickBooks Online and doesn’t charge extra for additional users, making it a cost-effective choice for growing businesses.
- Invoices and quotes
- Bank transaction reconciliation
- Capture bills and receipts with Hubdoc
- Bulk transaction reconciliation
- Multiple currencies accepted
- Reporting and analytics
Xero’s regular pricing scheme is as follows:
Early Package: $13/month
Xero Pros and Cons
- All plans support unlimited users.
- All plans include basic inventory management.
- Ease of use in tracking and submitting invoices
- User interface centralized platform for account information.
- No live phone support.
- Limited customization options.
- Some features are at an additional cost.
- Some bookkeepers may find it easier to do manual reporting in Excel than Xero.
TallyPrime is a business management software that allows organizations to handle invoicing, accounting, inventory, finance and banking, tax preparation and filing, payroll processing and reporting, cost tracking, and other functions all in one program.
It allows you to simplify and focus on business development by eliminating complexity. TallyPrime is an intuitive program that automates all important business processes and helps you get things done quicker, increase business efficiency, and gain greater management over your operation.
With more than 400 + informative business statistics, you may get a comprehensive view of your firm and make confident judgments. You can generate reports in a matter of seconds, tailor them to your preferences while on the go, obtain reports on mobile or any device, and have plenty of choices that aid analysis.
- Budgeting / Forecasting
- Collections Automation
- Invoice Customization
- Journal Entries
- Monitor Cash Positions
- Payment Processing
- Recognition Rules
- Asset Register
- Purchase Orders
- Tailor-made for the country of your choice.
- Easy to use.
- Files easily convert to files of your choice.
- No Android or iPhone versions.
- Multi-language support lacking.
- Difficult to work within multiple windows.
Financial Force teamed up with Salesforce to bring you ERP accounting software that streamlines and simplifies your financial operations.
You may automate, simplify, and streamline your financial operations with FinancialForce Accounting and Financial Management software. Routine activities may be completed in a matter of seconds while generating real-time financial analysis, modeling, and flawless compliance reports.
You can also create a single, clear source of business truth for the entire customer billing cycle. Manage the most complicated consumer relationship in one coordinated process – subscriptions, goods, and services.
You may use it to create a financial model for your business, allowing you to forecast (predict) sales, income, and cash flow. By combining core financials and analyses from a single platform, you can speed up decision-making and company growth by transforming your ordinary budgeting process into an effective forecasting engine.
You will need to contact the vendor for pricing. Le sigh.
- Good analytics
- Seamless integration with Salesforce
- Very customizable
- The Admin side of the software has a steep learning curve.
- Reporting capabilities could be improved.
- Localization can be improved.
Accounting software automates the process of recording transactions by connecting users’ commercial bank accounts and credit cards with the program. Transactions will be imported into the accounting tool after they’ve been synchronized, where they can be sorted into several accounts.
Although most automated accounting software is simple to operate, a basic grasp of accounting fundamentals is required to ensure that financial reports are completed correctly. As a result, many firms employ bookkeepers or accountants to keep track of or review their books.
Businesses may use cloud-based online accounting software to access their books at the same time as their bookkeeper or accountant, making it convenient for them to keep track of every aspect of their financial workload.
Most accounting tools have four basic functions: recording transactions, sorting transactions into accounts, creating financial reports, and providing insights into the business’s financial affairs.
Depending on your learning curve, using an accounting solution can be a breeze once you get the hang of it. The five main functions of accounting software are:
- Process invoices
- Expense and income tracking
- Pay your vendors
- Financial statement organization
- Access and print tax forms
The wonders of accounting software have been dazzling companies and solo entrepreneurs since its invention. The benefits of having such software are:
- Data accuracy improvement
- Compliance maintenance
- Higher revenues
- Increased staff productivity
- Increased opportunities
- Enhanced collaborations
Accounting software can help increase efficiency as it can help manage accounts payable, accounts receivable, general ledger, et al. The software can help with complex formulas and calculations, as well as keeping all your information in one place.
In addition, the software can manage cash flow, make filing taxes easier, provide digital billing, gives you the power to protect your financial data, and helps maintain customer relationships.
An actual accountant can charge hundreds, if not thousands of dollars for tax preparation and reporting. Companies are turning more and more to software to help reduce such costs.
Accounting software can increase productivity by automating the process of recording transactions. This allows businesses to save time and focus on other tasks.
In addition, accounting application software can provide businesses with real-time insights into their financial affairs, which can help them make better decisions about their money. Finally, it can help businesses manage their expenses more efficiently.
Yes, it can. Do not forget the massive SolarWinds hack that knocked the US government for a loop a while ago. If it can happen to them, it can happen to you. Hackers do not care about the size of the firm, just if there is money to be taken.
Fortunately, strong passwords, encrypted files, and careful guarding of account access can help keep most hackers at bay.
No. Accountants are extremely skilled individuals who are embracing the technology themselves. Keep in mind that accountants are versed in loopholes and can use financial data more creatively to help their customers save money. TL: DR — don’t bet on it just yet.
This UK-centered question can be answered by this paragraph from Caseware.co.uk:
Accountants can automate the XBRL tagging process, produce compliant financial statements across a wide range of entity types, access powerful analysis tools, and submit a multitude of accounts to HMRC or Companies House direct from the software.
And now an answer from the States: if you are a contractor for the US Department of Defense, you will need to ensure that your business processes meet Defense Contract Audit Agency compliance.
Be warned; no accounting software is approved by the DCAA. According to Accountingseed.com:
The reality is that DCAA compliance is based on a combination of accounting practices and accounting software features. No matter what software you use, policies and procedures documenting your finances efficiently are key. All of this requires highly flexible and automated accounting software.
Yes. Accounting software can decrease the need for manual data entry and saves time with the automation of accounting tasks. With this key benefit, such items as payroll and tax reporting can be done quickly and efficiently, not only saving time but saving money on extra staffing.
- Quickbooks Online
- OnPay Solutions
- Sage 50 Cloud
- Free Agent
- Zoho Books
We hope this article has helped you understand the different types of B2B accounting software and its features a little better. Now it’s time for the most important question- what is the best accounting software for your business? Every business is different, so there is no one perfect answer to that question.
But we would love to hear about the software you have used in the past and how it worked out for you. Let us know in the comments below!
Dani Lehmer is the Founder and Head Honcho of Dani Digs In.
She is a Quality Assurance Analyst and blogger whose natural curiosity allows her
to dig in (pun intended) to help people build their businesses and satiate curiosity
in regard to data science, analysis, and crypto.