From the ancient abacus to automated software, accounting advancements have gone a long way in terms of efficiency. Much like every business evolution in the 21st century, accounting and bookkeeping are moving to the digital age with accounting software. With programs like QuickBooks, FreshBooks, and more, business finances can now live digitally where different programs can store and streamline different bookkeeping functions for your teams. 

Whether you are a large or small business, an accounting software is an exciting part of your functions that can be overlooked. But, once you’ve familiarized yourself with the technology, it’ll be like you can never live without it.  

What Makes an Accounting Software Efficient? 

Let’s get to the brass tacks: why should you even bother with accounting software?  Sure, you could stick to old-school printed documents for storing your data – we’re not here to judge. But accounting software holds so much more value than simple storage of financial records:  

• Finances Summed-Up. You will be able to get a quick overview of key financial aspects from accounts payable to cash flow.  
• Work Globally. Stored in the cloud, you can work with top talents from across the globe with no worry of neither distance or time restraints.  

• Less Physical Papers. Not only is it better for the environment, but digitally stored documents save up a lot of office space.  
• Ease in Scalability. As your business evolves and grows, cloud-based software offers the adaptability that you’ll be looking for.  
• Reduces Mistakes. Accounting software aids in data validation and ensures consistency across multiple sheets and datasets.  
• Ensures Compliance. A lot of accounting software has pre-built standardized reports and calculations that are required for tax compliance. 
• Adheres to Process. For any process that your finance team may have, accounting software ensures that the process is followed to the letter through automated workflows. 

Which Accounting Software is Right for You? 

With all that said, powerful accounting software is here to simplify and streamline your finances. Don’t let unfamiliarity hold you back from leveraging these incredible tools. We’ll break down the basics and give you a quick overview of the different options available. Most ask “What’s the best accounting software in Australia, Asia, or the EU?” but, we’re here to say that it’s based on your specific needs. 

FreshBooks: Simplicity At its Best 

Highlighted Features: 

• User-friendly interface 
• Simple client tracking and management boards 
• Customizable invoice creation 
• Payment reminder automation 
• Financial report generation (profit/loss statements, balance sheets, & cash flow statements) 
• Simplified Expense tracking 
• Time tracking for billable hours and set hourly rates for clients 
• Built-in task management software 

FreshBooks is an independent project by Mike Mcderment, whose team quickly grew as the software launched. The independent roots of FreshBooks are evident in its target users. FreshBooks shines with its intuitive and user-friendly dashboard. The clean layout lets you see what matters most at a glance: your business’s outstanding revenue and total profit. Other readily accessible tabs provide one-click access to manage payments, analytics, and invoicing functions. 

The Accounting Software for Entrepreneurs and Small Business 

This focus on user-friendliness is a key driver of its popularity among entrepreneurs and small businesses. As one Freshbook review said, “[if you] spend 15 minutes clicking around, you’ll likely get a quick sense of whether or not they are what you’re looking for.” FreshBooks streamlines core accounting tasks like invoicing, bookkeeping, and payroll. Best of all, FreshBooks integrates seamlessly with a lot of other platforms and third-party tools, letting you make the most of its functions. 

However, its pricing structure can be a challenge for rapidly growing businesses. While you can try this accounting software free for the first 30 days, there’s a catch. Adding team members and billable clients beyond 50 incurs additional per-user fees, which can accumulate quickly as your business scales. 

QuickBooks: The User-Friendly Scalable Software 

Highlighted Features: 

• Powerful and custom invoicing 
• Automated reminders and tracking of payments 
• Quote and invoicing generation 
• Easy AR/AP tracking dashboards 
• Deductions maximization and quarterly tax payment estimated reports 
• Inventory tracking  
• QuickBooks ProAdvisor support from accounting professionals 

QuickBooks was developed by the company Intuit, the creators of other well-known projects like Mailchimp. QuickBooks is the go-to for small to medium-sized businesses. It’s built for businesses that are looking to scale in the future. According to QuickBooks reviews, it seems to be widely used by businesses with an in-house accountant or bookkeeper. 

Two of the most popular options are FreshBooks and QuickBooks. Both offer a range of features designed to streamline your finances, including managing accounts payable and receivable, generating expense reports, and even handling payroll (as an optional add-on). 

Looking to Scale Soon? QuickBooks is your Accounting Software 

Despite the similarities, the QuickBooks accounting software caters better to growing businesses with its advanced features. Medium-sized businesses and those experiencing rapid growth benefit from QuickBooks’ robust customization options.  This includes the ability to tailor report formats, establish granular access controls, automate workflows, and streamline expense processing with batch invoicing. 

Cost is also a major factor for many business owners opting in or out of QuickBooks. QuickBooks avoids per-user fees, unlike FreshBooks. QuickBooks plans have a set number of included users, so you won’t be surprised by additional charges as your team grows. However, QuickBooks’ starting price point might be higher depending on your needs. 

NetSuite: The Software for Large Companies 

Highlighted Features:  

• High-growth Enterprise Resource Planning software that goes beyond simple accounting functions. 
• Categorized data types between entities, items, and transactions. 
• Integration with e-commerce sites like Shopify. 
• An all-in-one collaborative platform that integrates Customer Relationship Management and Human Resources with Finance.  
• Customizable automated finance solutions 

This article highlights a key factor: scalability. Not all software scales equally, and your ideal choice depends on your business size and growth projections. While QuickBooks and FreshBooks are excellent options for many, their scalability may be limited for businesses with ambitious growth plans. Let’s look at the accounting software NetSuite – a titan amongst beginner accounting software. 

NetSuite stands out as a system built for enterprise-wide collaboration. It is made for individuals seeking a comprehensive accounting solution for medium-sized to enterprise companies. 

The Enterprise-Wide Accounting Software 

NetSuite caters to businesses with growing needs, offering customization options to fit specific industry requirements. It is also a unified platform that integrates core financial functions with CRM, HR, and inventory tracking. Overall, NetSuite is an enterprise-grade software designed to handle high transaction volumes and empower businesses to manage complex workflows across various departments.  

It’s not for startups or businesses who aren’t looking to rapidly grow. In fact, NetSuite reviews see it as an Enterprise Planning Program with a specialization in finance functions. It has customized pricing which means it doesn’t have a set amount per month that you can see immediately. Instead, you’ll need to contact NetSuite directly to find out how they can specialize their services to your business and finances.  

The Accounting Software Should Work with You 

Let’s do a little accounting software comparison:  

• FreshBooks: Great for freelancers and small businesses with a user-friendly UI. They automate the basic bookkeeping and accounting functions. 
• QuickBooks: Fantastic for small to medium-sized businesses! User-friendly but with a more cost-effective option to add team members. 
• NetSuite: Enterprise-level software with incredible customizability from its features, users, to its pricing. It allows for collaboration between departments from CSR to HR.  

What we can see is that there are 2 main differences between these programs: business size and complexity. The more you’d want to streamline your accounting functions, the more complex the software. But, if you want something simple, it’s not wrong to go for the FreshBooks of the world. 

There are a lot of ways that you can benefit from accounting software, from bookkeeping to automated payroll. But there are also more ways to streamline and grow your accounting functions to help you focus on growth. An offshore finance team can help you through it. Contact HGS OSS today and we’ll help you through robust and long-lasting solutions for your business.

Citations

Baluch, Anna, and Cassie Bottorff. “NetSuite Review (2024): Features, Pricing & More.” Forbes, Forbes Magazine, 24 Apr. 2024, www.forbes.com/advisor/business/software/netsuite-review/

HGS Offshore Staffing Solutions. “Accounting in the 21st Century: New Advancements in the Industry.” HGS OSS, 21 Feb. 2024, hgsoss.com/newsroom/industry-focus/accounting-in-the-21st-century-new-advancements-in-the-industry/.

Larry Ludwig. “FreshBooks Review: Pros & Cons of Using FreshBooks for Accounting.” Larry Ludwig, Ludwig Media, Inc., 11 Mar. 2020, larryludwig.com/freshbooks-review/

Leonard, Kimberlee, and Rob Watts. “QuickBooks Online Review 2024: Features, Pros & Cons.” Forbes, Forbes Magazine, 6 June 2024, www.forbes.com/advisor/business/software/quickbooks-online-review/