Navigating the complex accounting and tax preparation world is challenging, especially for small businesses. Numerous CPA software and business accounting software options are available in the market to simplify this process, each designed to cater to a different set of needs. From comprehensive, full-featured solutions like Sage Business Cloud Accounting and QuickBooks Online to free accounting software like Wave Accounting, these platforms provide the tools to manage financial data effectively.
They offer a range of accounting features, including income and expense tracking, inventory management, financial reporting, and sales tax calculations, to name a few. Not only do they help manage a single business, but they can also handle financial data across multiple businesses.
This guide has been crafted to help small business owners and accounting professionals understand and choose the best accounting software suitable for their needs.
Zoho Books
Zoho Books offers invoicing, client portals, time tracking, and other essential accounting features. It integrates well with other Zoho products, providing an all-in-one business accounting solution.
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QuickBooks
Developed by Intuit, QuickBooks Online is one of small businesses’ most popular accounting software. It offers comprehensive financial data management, including income and expense tracking, inventory management, and sales tax calculations. It’s praised for its extensive set of features and integrations.
$1 per 6 months
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Xero
Xero is an accounting software for small businesses and their advisors. It offers robust accounting features like inventory management, financial reporting, and expense tracking. Xero is considered one of the best accounting software due to its comprehensive features, simplicity, and integration capabilities.
Price Plan
Starter: $25/month
Standard: $40/month
Premium: $54/month
Sage
A product of Sage Business Cloud Accounting, Sage Intacct is a CPA software designed for larger businesses. It offers advanced financial reporting, sales tax management, and a customer relationship management (CRM) module. It is particularly praised for its customizability and scalability.
Price Plan
$7.50/month
FreshBooks
FreshBooks is an accounting software that features income and expense tracking, time tracking, and invoicing. It’s known for its user-friendly interface and excellent customer service.
Price Plan
Lite: $8.50/month
Plus: $15/month
Premium: $27.50/month
Wave Accounting
Wave is a free accounting software primarily aimed at freelancers, consultants, and small businesses. It offers features like invoicing, receipt scanning, and accounting services. Wave stands out with its ease of use and the fact that it’s free for most functionalities.
Price Plan
Starts at $40/month
Kashoo
Kashoo is a cloud-based small business accounting software. It offers features like expense tracking, invoicing, and financial reports. Kashoo is particularly suitable for small business owners who manage multiple companies.
Price Plan
$216/year
ProSeries
Also developed by Intuit, ProSeries is a professional tax preparation software. It offers accounting professionals a comprehensive suite of tools, including error-checking, e-filing, and an extensive forms library.
Price Plan
Starts at $389/year
Lacerte
Lacerte, another Intuit product, is a powerful tax preparation software for professional accountants. It’s known for handling complex tax scenarios and offers features like detailed diagnostics and robust integrations.
Price Plan
Contact them for pricing
ATX Tax
ATX Tax is a professional tax preparation software offering comprehensive coverage for all states, rich tax content, and powerful time-saving features. It’s recognized for its user-friendly interface and extensive forms library.
Price Plan
$3,319 one time payment
TaxAct Professional
TaxAct Professional is a tax preparation software designed for tax professionals. It offers features like tax organizer templates, tax planner scenarios, and a robust e-filing system.
Price Plan
$20 per E-file
Liscio
Liscio is a client experience and management platform for accounting professionals. It allows secure financial data sharing and client communication, promoting better customer relationships.
Price Plan
$40/month
MYOB AccountRight
MYOB AccountRight is a comprehensive accounting software with job tracking, inventory management, and payroll features. It’s suitable for small to medium-sized businesses and offers both on-premise and cloud-based solutions.
Price Plan
Lite: $15/month
Pro: $27.50/month
Plus: $68/month
Premier: $85/month
Reckon One
Reckon is an accounting software that provides features like invoicing, expense tracking, and financial reporting. It’s suitable for small businesses and offers a range of products to suit various business needs.
Price Plan
The Basics: $6/month
Essentials: $16.50/month
CCH Axcess Tax
CCH Axcess Tax is a cloud-based professional tax software designed to streamline tax preparation and compliance. It offers features like automatic updates, built-in diagnostics, and comprehensive coverage of tax returns.
Price Plan
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TaxWise
TaxWise is a professional tax preparation software developed by Wolters Kluwer. It is designed for tax professionals and offers a range of features like e-filing, error diagnostics, and return storage. TaxWise is known for its comprehensive coverage of tax scenarios, making it suitable for many tax professionals.
Price Plan
Request for a consultation
Practice Ignition
Practice Ignition is a software designed to help manage client engagements and proposals in accounting firms. It automates administrative tasks like proposal creation, billing, and client management, allowing professionals to focus more on their core services.
Price Plan
Starter: $69/month
Professional: $149/month
Scale: $369/month
Canopy
Canopy is a comprehensive tax software solution designed for accounting professionals. It offers tools for tax resolution, practice management, and tax preparation. Canopy’s features include client management, workflow automation, and document management.
Price Plan
$50 per user/month
Jetpack Workflow
Jetpack Workflow is a workflow management solution designed for accounting firms. It helps manage and track the progress of recurring tasks and deadlines, ensuring nothing falls through the cracks. It’s praised for its easy-to-use interface and robust reporting capabilities.
Price Plan
Organize: $36/month
Scale: $39/month
FAQs
What is CPA software?
CPA software is specifically designed to aid Certified Public Accountants (CPAs) and other accounting professionals in their work. It includes tax preparation, financial reporting, expense tracking, and more.
What is the best accounting software for small businesses?
There isn’t a one-size-fits-all answer to this question, as the best software depends on the business’s specific needs. However, popular options include QuickBooks Online, Xero, and Sage Business Cloud Accounting, known for their robust feature sets and usability.
What are some free accounting software options?
Wave Accounting is a unique free accounting software that offers a range of features suitable for small businesses and freelancers. However, paid software may be more appropriate for more complex needs or larger enterprises.
What accounting features should I look for in CPA software?
Key features include income and expense tracking, inventory management, financial reporting, sales tax calculations, and customer relationship management capabilities. The software should also be able to handle the financial data of multiple businesses if required.
Can accounting software help with financial reporting?
Yes, most accounting software provides comprehensive financial reporting features. These can generate financial reports such as profit and loss, balance sheets, and cash flow statements, giving valuable insights into the business’s financial health.
How can CPA software help small business owners?
CPA software can help small business owners by automating and streamlining various accounting tasks. It can save time, reduce errors, and provide a more accurate picture of the business’s financial situation. Features such as income and expense tracking, sales tax calculations, and financial reporting can be beneficial.
Final Thoughts
Choosing the right CPA software or accounting software can significantly affect a business’s financial health. The best accounting CPA software should offer a blend of usability, affordable pricing, and a feature set that matches the company’s needs. Whether you require free accounting software or a more sophisticated solution, the software should be able to facilitate effective financial reporting, inventory management, expense tracking, and more.
Furthermore, the software should also support customer relationship management and provide robust accounting services to help small businesses thrive in a competitive landscape. Remember, the ultimate goal is to pick software that simplifies accounting tasks, saves time, and offers valuable insights into the business’s financial health.
Looking for a reliable CPA software that can streamline your financial management and accounting processes? Look no further! Our blog also included a guide to workflow process that can help you save time, reduce errors, and make informed workflow decisions.
Whether you’re a small business owner or a seasoned accountant, our software is designed to meet your unique needs and requirements. From bookkeeping to tax preparation, our CPA software is equipped with all the necessary features and tools to help you stay on top of your finances.
