The Ultimate Guide to Accounting Software

Businessmen discussing financial issues using accounting software

The use of accounting software is crucial for businesses of all sizes to succeed. It can help track income, expenses and overall financial performance in real-time, allowing companies to make more informed decisions.

With accounting software, data entry is streamlined, reducing mistakes that happen when manually entering numbers in endless spreadsheets or tracking invoices. It also allows users to access dashboards with performance metrics, critical insights and reports to inform management and operations decisions better.

Accounting software brings greater efficiency and accuracy into a company’s finances — making it an invaluable resource for business owners looking to create sustainable growth. In this guide, we are going to explore the following:

  • What is accounting software today, and how has it evolved?
  • How to choose bookkeeping and accounting software and what the difference is
  • What are the most valuable features you should look for
  • Why ERP accounting software is your best bet
  • How much should you expect to pay for accounting software in 2023?

Without further ado, let’s get started!

What is Accounting Software?

Software for accounting provides the tools and resources necessary to save time, reduce errors, and improve accuracy in accounting practices. This software helps streamline traditional accounting processes, making it easier for businesses to manage their finances. Whether a small business or a large enterprise, accounts software can help you increase efficiency and profitability.

What does accounting software do?

Accounting software automates bookkeeping tasks like invoicing, tracking expenses, tax filing, payroll processing, and more. This software provides the tools needed to organize financial data and generate accurate reports quickly.

Most accounting and bookkeeping programs are cloud-based and can be accessed from any device with an internet connection.

Accounting software allows users to securely share documents with clients or vendors online for easy collaboration. For example, some programs allow users to easily import bank statements into the system and reconcile them against accounts receivable and payable transactions. This helps eliminate manual data entry errors that can lead to costly mistakes down the road.

What does accounting software do?

The benefits of using accounting software

Using accounting softwares has many benefits for accountants and their clients. It simplifies managing finances by streamlining multiple tasks into one comprehensive program. Automated functions make it easier to generate accurate financial reports on demand, so with specialized software, accountants don’t have to enter data manually each time.

Additionally, cloud-based accountants software solutions allow multiple people to collaborate on projects in real-time from anywhere in the world – perfect for remote teams or businesses with multiple locations!

Software for accountants provides an efficient way for businesses to track their finances while eliminating the need for manual entry of data. It helps reduce errors associated with traditional bookkeeping methods while providing transparency between different parties involved in a project or transaction.

Investing in accounting software is a great way to ensure that all your financial data is organized accurately and securely – leading to better accuracy and improved profitability!

Most Important Accounting Software Features

Finding the right accounting software can be daunting, especially considering the sheer number of available business accounting software options. With so many attractive newcomers in the software market, it’s crucial to know which features are must-haves and which are nice-to-haves. Here’s some statistics to make you think:

83% of accountants agree that investing in the latest technologies and digitalization is necessary to keep up with the market.
Source: G2

Here’s a look at the top seven accounting software features to consider when evaluating and test-driving popular solutions.

Integration with other business software systems

Accounting software should integrate seamlessly with your business's other systems, such as payroll and inventory management systems. This ensures that data flows between systems without having to reenter it manually, a process that can be time-consuming and error-prone.

Seamless integration also helps to ensure that all data is up-to-date across multiple systems, eliminating discrepancies between different sources of information.

Businesses have a lot on their plate, and keeping track of finances is often one of the most time-consuming tasks. Keep track of your income and expenses, invoice clients, and pay bills more easily with intelligent process automation.
Book a demo now

Automated reporting & reconciliation

Creating automated reports and reconciling accounts quickly is essential for any accounting system. Automation helps streamline the process of creating financial statements, tracking budgets, and more — allowing you to focus on decision-making instead of manual data entry.

Automated tax management

Don’t forget about tax time! Look for an accounting system that offers automated tax filing capabilities so you can file taxes quickly and accurately without worrying about manual errors or delays.

Security & compliance

Security is a significant concern for any business dealing with sensitive financial information. When evaluating potential accounting software solutions, ensure they adhere to industry standards for security and compliance (such as HIPAA). This will help protect your business from data breaches or other security threats that could put customer information at risk.

Cloud storage & mobile accessibility

In today’s digital landscape, cloud storage is essential for any accountancy firm looking to stay competitive. Cloud-based applications allow you to access data from anywhere in the world without compromising security or performance — a significant benefit for businesses with multiple locations or remote employees. These statistics prove a point:

78% of small and medium businesses rely exclusively on cloud accounting software, according to the Association of Certified Chartered Accountants.

Additionally, look for an accounting system that offers mobile access to your financial records on the go via smartphone or tablet device.

Finding the right accounting software for businesses isn’t easy — but it doesn’t have to be complicated either! With this checklist in hand, you can quickly evaluate potential solutions against these critical features:

  • Integration with other systems
  • Intelligent invoice processing
  • Automated reporting and reconciliation capabilities
  • Security and compliance measures
  • Cloud storage
  • Mobile accessibility options
  • Ease of integration

By ensuring that each solution meets your unique needs and budget requirements before taking the plunge into purchasing new software — you can rest assured knowing that you have chosen the best solution for your business needs!

Accountants and bookkeepers have similar roles, but their software needs differ dramatically. Let’s explore how to choose software that is aimed at bookkeepers.

Choosing Software for Bookkeepers

As someone who deals with many financial documents, you know the importance of accuracy and efficiency. The right bookkeeping software can help you achieve your goals by streamlining bookkeeping processes and ensuring accurate data management.

Choosing Software for Bookkeepers

But with so many software options, it can take time to know which is right for you. Here are some tips to consider when choosing bookkeeping software for your business.

First of all, what is bookkeeping software?

Software for bookkeeping can be a helpful tool for anyone managing books for a business. It helps store, organize, and track all business financial data, making it easier to control costs and generate reports.

Bookkeeping software enables users to easily categorize expenses, adjust expenditures, and even make forecasts of future needs best to plan their finances in line with their business goals. It also helps companies maintain accurate records, which could prove invaluable should an audit ever be required.

Ultimately software for bookkeepers is incredibly useful in streamlining daily accounting tasks and saving time and money on more manual efforts when tracking financial reports.

Know your goals

Before researching different software options, take a step back and consider what you’re trying to achieve. Are you looking for a solution that will help simplify complex accounting tasks? Do you need a tool that’s capable of creating reports on time? Knowing your goals will make finding the best software for business accounting.

Unbiased research

Once you have identified what it is that you’re looking for, start researching different software solutions available on the market. Make sure to read reviews from customers who have used the product before and look at any demos or free trials that the business softwares developer offers. This will give you more insight into how easy or difficult it might be to use a particular piece of software and whether it offers all the features you need.

Stick to your budget

Bookkeeping software comes in all shapes and sizes — and prices! Before settling on any one option, consider how much money you’re willing to invest in this purchase. Make sure that whatever solution you choose fits within your budget and won’t break the bank.

You also want to factor in additional costs such as installation, training, maintenance fees, and more, so there aren’t any surprises down the line.

Choosing bookkeping software can seem overwhelming, but if done correctly, it doesn't have to be! By researching different options and knowing their goals beforehand, bookkeepers can find a tool that meets their accounting business software needs while staying within budget constraints. With these tips in mind, finding the right bookkeeping solution should be easy!

Accounting software can help automate many of the time-consuming bookkeeping tasks for you. With invoicing software integrated with your accounting software, you can save time by having all your finances in one place. Discover the power of
intelligent process automation!
Book a demo now

The Many Types of Accounting Programs

Accounting programs offer a comprehensive mechanism to record and store financial information. They come in various forms, but they primarily track financial data within an organization.

Common types of accounting programs are:

  • General ledger (GL)
  • Payroll software
  • Accounts payable (AP)
  • Accounts receivable (AR)
  • Tax software

Let’s explore these accounting programme types in more detail.

General ledger

This account program is designed to maintain an organization's balance sheet and accurately record incoming revenues, outgoing expenses, and assets.

A general ledger is an important accounting tool businesses use to keep a clear and concise record of their financial transactions. It organizes all the business's accounts into categories, such as receivables, payables and assets, and chronicles any changes in the value of those accounts.

By looking at the general ledger, you can gain an accurate snapshot of your company’s overall financial health at any given time by providing information regarding deposits, withdrawals, expenses incurred and potential revenue.

In addition to acting as a profit-and-loss ledger, it can also generate financial statements that help owners understand how their resources are used. Reviewing your general ledger should be an essential part of maintaining business finances.

Payroll software

This is a powerful type of business technology which increases efficiency for handling employee payroll data and tasks. This accounting software solution streamlines the tracking, processing and reporting of payroll information, reducing the amount of manual work involved.

Payroll software provides several features such as security via user authentication, access to financial reports, hosting of multiple pay schedules, integration with other systems and more - all designed to help simplify the complex task of managing employee payroll. With this accounting system, businesses can save time dealing with payroll while ensuring accurate financial and employee data submission.

Accounts payable and accounts receivable

AP accounting program helps businesses stay on top of payments that need to be made by tracking invoices from vendors and suppliers. Accounts receivable program for accounting monitors all outstanding payments from customers or clients.

Tax software

Lastly, tax software accounts systems allow businesses to file their taxes electronically without much effort. These applications come with features such as helping users maximize their tax deductions.

Overall, accounting programs allow businesses to manage their finances more efficiently. But why have all the separate programs for accounting if you can bring all the accounting systems under one roof and integrate them with intelligent process automation?

Bookkeeping and accounting can be a hassle. You might feel like you're drowning in paperwork or not doing everything correctly. Accounting software integrated with intelligent process automation by Artsyl is the answer. With invoicing integrated into the software, it becomes easy to keep track of your expenses and income. You'll never have to worry
about paperwork again.
Book a demo now

Online Accounting Software: How Does It Benefit Your Business?

In recent years, online accounting software has become increasingly popular amongst businesses of all sizes. By utilizing cloud-based platforms, companies can streamline their finances while getting real-time insights into the financial health of their business.

As such, it’s no wonder that more and more companies are turning to online accounting software to help them manage their books. Let’s explore some of the key benefits of online accounting software.

Streamlined processes

When using accounting software online, bookkeeping becomes much simpler. Instead of spending hours manually entering data into spreadsheets or dealing with complex calculations, you can quickly and easily input information from multiple sources onto one platform. This reduces the amount of time you spend on tedious tasks and allows you to focus your energy on other areas of your business.

What’s more, with accounting software online solutions, you don’t have to worry about manual errors or forgetting important details. Everything is managed in one place and backed up regularly, so nothing is lost or forgotten.

Real-time insights

One of the best features that online accounting software offers is real-time insights into your financial performance. With this feature, you can track your company’s finances in real time, which allows you to make faster and more informed decisions about how to manage your funds most efficiently.

You also get access to detailed reports that provide valuable insights into your business's performance. When doing business accounting online, you can instantly see all the revenue and expenses and any potential risks related to cash flow. This gives you greater control over every aspect of your business's finances and helps ensure long-term success.

Increased security

Security is always a top priority when managing company finances — and luckily, online accounting software provides a secure solution for businesses of all sizes. Some people think that paper files and folders are the most secure ones. Still, in case of a natural disaster or an accident, everything kept in the cloud will remain easily accessible, unlike paper copies.

The cloud infrastructure ensures that all data is stored securely in an encrypted format so it can't be accessed by unauthorized individuals or malicious actors looking for sensitive information about your business.

Additionally, many platforms offer two-factor or other forms of authentication for added security measures for users' accounts and audit trails so administrators can monitor activity on the system at all times.

Online software for accounting offers numerous benefits for businesses looking to streamline their processes and gain greater insight into their financial performance in real time. It simplifies bookkeeping tasks while providing increased security so users can rest assured that their data is safe from unauthorized access or malicious actors.

For accountants who need a reliable tool they can trust with confidential information, online accounting for small businesses is an ideal solution — so why not give it a try today?

Best Accounting Software: Reviews and Ratings

Whether you’re just starting out and need help managing your finances or an established company looking to streamline operations, accounting software can help you get organized and make better spending decisions. Let’s take a closer look at the best software for accounting today.

Best Accounting Software: Reviews and Ratings


QuickBooks is one of the most popular accounting software solutions on the market. It comes with all the features a small business needs to manage its finances, including invoicing, tracking expenses, creating financial reports, and more.

This best accounting software product integrates with intelligent process automation by Artsyl and payment systems, such as PayPal and Square. And it offers cloud storage so your financial data is always backed up and accessible anywhere in the world.


Xero is another excellent option for businesses looking for an online accounting solution. It has various features tailored to small businesses, including inventory tracking, billing capabilities, payroll support, etc.

Xero also offers user-friendly mobile apps that let you access your data anytime, anywhere – perfect for busy entrepreneurs who are always on the go! Plus, the Xero customer service team provides 24/7 support if you ever need help getting started or troubleshooting any problems.

Sage 50cloud Accounts

Sage 50cloud Accounts is explicitly designed for midsize businesses that need a robust solution but don’t have massive budgets to spend on new technology. Sage 50cloud Accounts offers everything from invoicing to inventory management to in-depth reporting capabilities – all in one easy-to-use package. Plus, the company offers online training resources so users can quickly learn how to use their product without needing technical expertise.

No matter what size business you have or what industry you are in, there are the best accounting softwares that can meet your needs. By taking some time to research different products, like QuickBooks, Xero and Sage 50cloud Accounts, you can choose the best option for your business and start reaping all its benefits immediately!

With powerful features like automated invoice processing integration and real-time reporting, these best accounts software products can help increase efficiency in your operations while giving you peace of mind that your finances are secure and up-to-date at all times!

Accounting Software Models

Accounting software subscription models offer businesses of all sizes the ability to keep track of their finances without a significant capital investment.

Whether you're a sole proprietor or an established firm, there is a subscription model that can offer flexibility and features tailored to your specific needs. Options range from the basic self-service model, which requires minimal setup on your part, to more complicated cloud-hosted systems that free up time and resources with their automated functions.

With the right plan, you can pick and choose what services and capabilities you may need while keeping overhead costs manageable.

Cloud-based accounting software

Technologies have taken over the accounting industry, and cloud accounting software is leading the revolution. Cloud-based accounting software allows companies to save money by transferring their data to a secure online site, eliminating the need for bulk storage.

Gone are the days of hard copy filing and manual data entry. Cloud accounting software also offers real-time tracking of accounts receivable and invoicing, making it easier for client information to be securely stored in one place.

On-premises accounting software

On-premises accounting software is one of the most reliable and cost-effective strategies for businesses that need to manage their finances and accounts. This software provides localized access to data, eliminating the risk of lost information or downtime due to remote server outages. Most importantly, on-premises software for accounting provides peace of mind by keeping all business financials secure on a local computer and away from prying eyes.

Enterprise and ERP accounting software

This accounting software is often included in enterprise resource planning (ERP) platforms. Today, companies can access comprehensive financial tools to budget successfully, forecast and real-time spending and income tracking. Enterprise accounting software offers time-saving features such as automated reporting, streamlined processes for invoice processing, and secure data handling with multi-level security protocols.

Small business accounting software

Staying on top of day-to-day financial tasks can be daunting for small businesses. From tracking customer payments to managing payroll and taxes, the amount of admin involved means there's less time for business growth activities. That's where accounting software for small businesses comes in.

Systems for accounting designed with small businesses in mind allow you to record and store information easily, generate reports quickly, and keep track of all your data in one place. It saves time and effort so that business owners make better decisions using actionable insights into their financials.

Open-source accounting software

With open-source accounting software, you don't have to invest in expensive or exclusive business management software. Instead, you can customize an existing system for your specific needs without spending a fortune. You may find a program that supports integrations with other financial services, such as eCommerce platforms, online banking systems, or intelligent process automation. Open-source accounting software provides the flexibility and scalability modern, savvy businesses need.

Time-consuming and error-prone accounting tasks can suck the life out of your business.

You're not alone. Small businesses spend an average of 160 hours per year on bookkeeping and accounting tasks. That's more than two full workweeks!

Accounting software that integrates with invoicing and intelligent process automation by Artsyl can automate many time-consuming tasks, freeing up your time to focus on what you do best - running your business.
Book a demo now

Accounting Software Price for 2023

In 2023, accounting software prices are expected to shift dramatically. This is due to technological advances, which have given rise to automated tools that can handle complex accounting tasks with ease and accuracy.

Businesses are increasingly turning towards these automated tools to quickly complete their financial statements and gain better insights into their business performance. As these tools become more commonplace, businesses should expect competitive pricing.

Furthermore, established accounting and bookkeeping software providers could soon experience disruption as smaller companies come in with attractive offerings and innovative solutions.

How much does accounting software cost?

For accounting software, one-time license fees start around $96, while monthly subscriptions range from $9 to $999. In the case of advanced accounting systems with more users, you can expect to pay more than $1,000 per user per month or $375 per user per month.

Remember that accounting software can vary significantly in price depending on the features and functions included. Some packages range from a few hundred dollars to upwards of several thousand. Knowing the specifics of what you need will help you decide whether investing in more costly solutions or if cheap accounting software is better suited for your business.

That said, setting aside an appropriate budget for accounting software is essential to have an accounting software system that replaces outdated tools and helps avoid major headaches.

Looking for
InvoiceAction demo?
Request Demo