How we rate accounting software
The best accounting software provides resources for small business owners who need to keep track of their taxes, among other things. It offers essential accounting features at reasonable rates. Some of these features include time tracking, payroll, double entry support, and receipt scanning functionality.
Accounting software should also help business owners keep track of all their expenses accurately. While you can track these expenses manually without software, accounting software should make it easier.
Our team of experts reviewed 18 accounting software companies and analyzed over 1,100 data points. We always spend over 100 hours researching each category to ensure we provide small business owners with everything they need to know to run their business.
Each company we identified during our research is ranked on a scale of one to five stars, which is based on several factors. These ratings are then used to rank each company’s software and find the best option for small businesses.
It is important to know that advertisers have no influence on our editorial decisions or content.
How we choose the products we have ranked
To qualify for our accounting software list, a company’s software must have the most basic features needed to help small businesses. These include:
- Support for dual input.
- Time registration.
- Payroll functionality.
- Secure document management.
- Budgeting dashboard.
Ranking factors for accounting software
Accounting software features
Below are the most important features of accounting software. If an accounting software company does not have any of these features, it is probably not the best solution for your small business, depending on your business needs.
Double entry support
This will help to maintain detailed and accurate records of a company’s finances. Every transaction is recorded in at least two accounts as a debit or credit.
Time registration
This allows your employees to track their time, giving you a better idea of how much they’ve earned each week.
Payroll functionality
This allows your business to automate payroll tax calculations, set up direct deposit, and withhold taxes from your employee salaries.
Secure document management
All documents you have, including documents that may contain financial information, are securely stored in the accounting software system.
Budgeting Dashboard
This will give your business insight into how much money is spent and earned each month, which can help you determine your budget for the quarter or year.
Invoicing tools
These tools are ideal for small businesses that hire freelancers who need to pay invoices.
Mileage Tracking Tools
If your company pays mileage reimbursement, your employees can use it to accurately track how far they travel.
Receipt scanning functionality
If you have to scan a lot of receipts for your expenses, this process can be a lot faster.
Invoice payment functionality
This not only keeps your accounting up to date and accurate, but also streamlines your accounts payable administration.
Expert score
Our expert score is based on our editorial opinion, which comes from our team’s level of expertise and subject matter knowledge in account software. This opinion takes into account the software’s features and functionality, its value to small business owners, its overall online reputation, and its ease of use. This score is intended to help our readers understand what it might be like to use a specific software.
Customer reviews and ratings
Customer reviews are incredibly important, no matter what software your business needs. For accounting software, we looked at each company’s ratings on G2 and Capterra. We also read reviews from real users of each software, which helped us determine what it would be like to use that software.
Accounting software methodology
Of the accounting software we considered for our best list, the software programs stood out in the following areas:
- Features: 52%.
- Value: 32%.
- Expert assessment: 10%.
- Customer Reviews & Ratings: 6%.
Accounting software has many essential features that small business owners need, which is why this component weighs more than other factors, namely 52%. Some of these important features are:
- Dual input support: 4%.
- Time registration: 3%.
- Payroll functionality: 3%.
- Secure document management: 3%.
- Budgeting Dashboard: 4%.
- Invoicing tools: 4%.
- Mileage registration tools: 3%.
- Receipt scanning functionality: 3%.
- Bill payment functionality: 3%.
Your accounting software should also give you the ability to create and send purchase orders (4%), support multiple currencies (3%), and integrate with CRMs (3%). It should offer a customer portal (3%), offer a satisfaction guarantee (3%), have training materials (3%), and have a mobile app (3%).
Value comprises 32% of the total Blueprint rating of an accounting software. This is especially important for small business owners with limited budgets. A key aspect of the value rating is the availability of pricing information. Some companies do not offer pricing information online, which can be difficult for small business owners.
Another aspect we look at is the exact pricing of a software’s monthly and annual plan options. It’s also important for a company to offer a free demo — or even a free-for-all version — so a business owner can test out the software before committing to a contract. If a company offers a free trial, we also look at the length of that trial.
Read our full guide to the best accounting software in 2024
How we collect data
Our editorial and data teams work together to collect and sort data on an ongoing basis. We start by establishing specific data points and a clear methodology. Data is collected both online and over the phone with company representatives.
Once the initial data is collected, both our data and editorial teams perform quality checks. We then finalize our methodology, taking into account all relevant software testing factors to ensure comprehensive and accurate data collection.
We collect our data from company representatives and from publicly available information on company websites. This data is rigorously fact-checked by four editors and three data team members, ensuring it passes seven layers of verification.
To maintain data accuracy, we collect data at least every six months. We also regularly check for updated pricing information and stay in touch with the companies we review. Our editorial team also performs random sampling to ensure our data remains current and accurate.
USA TODAY Blueprint Editorial Standards
At USA TODAY Blueprint, our small business team is dedicated to providing objective analyses of products and services that will help small business owners build successful businesses. Our editors and data team thoroughly review each company in our rankings to ensure that our articles provide the most accurate, up-to-date information.
Our data-driven methodologies are based on the needs and values of small business owners and inform each company’s Blueprint rating. It’s important to note that advertisers have no influence over our writers, editors, editorial decisions, or content. Our team’s editorial independence is critical to empowering small business owners to make informed decisions.
