A Review Of The Five Best Online Accounting Systems

The recent and popular explosion of online cloud-based applications has opened the world of easy-to-use and inexpensive bookkeeping options for

businesses of all sizes.

But having to wade through a myriad of options and features of each application can be a daunting task.

In this review we hope to highlight the best options that are out there and some of the features and benefits that apply to each package.

Xero

Xero is a detailed and comprehensive program especially focused towards international small businesses or entrepreneurs.

There is a free trial option that allows you to test the program for 180 days and after that there are three packages available; small, medium and large.

Pros:

  • Bank feeds allow you to import bank statements, credit card and PayPal information.
  • The program supports more than 160 currencies
  • A provision of up-to-the-minute foreign exchange rates
  • There is a mobile friendly interface

Cons:

  • The bank feeds are in beta and there are issues
  • If you are not familiar with accounting terminology the program can be confusing
  • No support for wholesale-on-demand or dropshipping
  • Poor customer support

Quickbooks

Quickbooks is one of the most widely used accounting packages available on the market, it has a wide product portfolio including five online accounting packages.

Pros:

  • Runs on Windows or Mac
  • Allows imports from Excel
  • There is a check printing option
  • Produces business trend reports

Cons:

  • Start package lacks recurring billing and time-saving
  • Simple Start Package does not allow convert of estimates
  • Customer service is poor
  • Lacks integration

Sage

Sage 100 is designed to be compatible with Windows but Sage advanced and premium were built to be database-driven, and the premium edition uses Microsoft SQL Server.

Pros:

  • Flexible and powerful
  • Modular design allows the addition of functionality as required
  • Easy to use and easy to train new users
  • Very good internal accounting review

Cons:

  • Export to Excel not good
  • JobOps does not handle UOM conversion well
  • Yearly updates are expensive
  • No owners manual

Myob

MYOB accounting system is a simple accounting software for SME’s. It is simple yet very powerful with emphasis on work flows and business processes.

MYOB provides live accounts, payroll, POS information, CRM, job management and more.

Pros:

  • Multi user access
  • Mobile friendly
  • LiveChat support
  • 100% cloud based

Cons:

  • Can be slow due to cloud
  • Expensive
  • Limited customisation
  • Better for smaller applications

Freeagent

One of the cheaper online accounting products on the market, a key to Freeagent is that it is cloud based and therefore no software to install.

It has outstanding invoice templates and shows real-time profit position whilst automatically updating your accounts.

Pros:

  • Invoice templates
  • Tax timelines
  • Unlimited users and transactions
  • Simple payroll feature

Cons:

  • Limited functionality, problem with larger users
  • Only keeps track of cleared payments
  • Lack of real accounting features
  • Caters only for small businesses

The above five online accounting packages are amongst the most popular on the market at the moment. Choosing between them is really a matter of trial and to see if they fit your purpose. There are features and benefits to each system depending on size and type of business you may have.

Our eCoachManager system can help to simplify your accounts processing, thus providing you with more time to spend running your business.