Best Tax and Accounting Software

Tax and accounting are some of the most important aspects of a business. Proper management of these aspects guarantees success and the best returns. Nevertheless, you may find it more challenging to manage your tax and accounting departments as your business grows. You have to deal with numerous tasks and huge data. How can you manage your tax and accounting as the business grows? Technology advancements have led to the emergence of various software to make work more streamlined and easier. In this review, we will walk you through the best tax and accounting software with prices.

1. Quickbooks

Quickbooks is a popular cloud-based accounting software that businesses have used for a long time. Its numerous features make it the best tool for small and medium-sized businesses. What are the features of Quickbooks? The software includes expense tracking, invoicing, payroll management, etc. Besides the numerous features, Quickbooks allows numerous integration with other systems, including CRM systems and payment processing. The software has varying pricing plans; you can pay $30 for a Simple Plan, while the Advanced Plan is $200 per month.

Pros

● Comprehensive tax and accounting solution for small and medium-sized businesses

● Offers numerous features, including payroll management, expense tracking, and invoicing

● Allows integrations with other systems, such as CRM software, payment processing, etc

Cons

● The tool can be time-consuming and complex to set up

● High prices for start-up businesses

2. Xero

In recent years, Xero has developed into one of the top cloud-based accounting and tax software. Why has the software become popular among users? Xero has numerous features like expense tracking, payroll management, and invoicing that are key in most businesses. In addition, it allows you to integrate it with other systems or plans, including the payment processing system. Xero allows customers a 30-day free trial, after which they choose the appropriate plan. You can consider the early plan at $13, growing at $37, and established at $70 per month.

Pros

● All the pricing plan supports unlimited users.

● It has various tools like an excellent mobile app, capable invoicing features, automatic bill, and receipts.

● Numerous third-party app integrations

● Easy-to-use and simple layout

Cons

● It doesn’t provide a working customer support number

● Limits on the invoices and bills

3. Zoho Books

Zoho Books is a popular and more detailed accounting software ideal for small and medium enterprises. Why should you consider this tool for your business? The software has more than 50 account features and reports that benefit a brand selling physical products. It’s also the best choice when trading across countries or continents, and you’d like a fully-featured product. You can enjoy the 14-day free trial period the software offers. Afterward, you can subscribe to the standard, professional, and premium at $20, $50, and $70 per month.

Pros

● Offers more than 16 invoicing templates and 50 financial reports

● It has numerous functional and more detailed features

● Advanced workflow and automation to save time

Cons

● Only offers a 14-day trial

● More complex to learn and use its features

4. Wave

Wave is a well-integrated and free business platform that helps you combine invoicing, receipt scanning, and accounting into one package. These features make it the best software for small and start-up businesses. It has an easy-to-use and setup system, having a navigable dashboard. The tool helps to simplify the invoicing and accounting processes to keep distractions that come with chasing payment, managing taxes, and monitoring employees. While you can enjoy 100% free features, you must pay $20 to access the plan with payroll.

Pros

● Best free option for businesses that don’t require payroll or payment

● Smart features for small and start-up businesses

● Great dashboard

● Excellent transaction and invoice management

● Multi-Currency support

Cons

● Sparse record templates

● Slim features for mobile app users

5. FreshBooks

It’s one of the best accounting and tax software for small businesses. With its customizable invoicing tools and solid phone support, it stands out as the best alternative for independent contractors and freelancers. While the developers started it as a solution to manage invoices, it has scaled up to be one of the best accounting tools. Freshbooks allows integration of over 100 third-party applications, including point-of-sale integrations and unlimited choices for direct payroll. The software allows a 30-day trial. You can subscribe for the lite, plus, and premium at $15, $25, and $50 per month, respectively.

Pros

● Supports users with mobile phones

● A better alternative for freelancers and independent contractors

● Robust invoicing services

● Mileage and time-tracking tools

Cons

● Limits the number of clients and users

● The lite plan lacks the double-entry features

6. Sage 50 Cloud

It’s one of the locally installed tax and accounting software offering advanced tools, traditional accounting options, and high customization. What makes it a popular choice? Sage 50 Cloud has various tools like a cash flow manager, reporting, and inventory tool that make it popular. With these features, it’s the best tool for small businesses to enhance sales optimization, payroll, invoicing, expense management, and reporting. Sage 50 Cloud has three subscription plans, where you pay annually or monthly. Depending on your needs and preferences, you choose the pro version at $5.18, the premium plan between $92 to $211.67, or the Quantum plan between $152.42 to $280.6 per month.

Pros

● Straightforward and simple to use

● Allows remote access

● Great program layout

● Accessible customer support service

● Strong inventory management capability

Cons

● Limits the features you access remotely

● Expensive for multiple users

7. TaxAct

TaxAct is a popular tax preparation tool suitable for individuals or start-up businesses. What are the key features of this tool? This tax software includes numerous tools, like e-filing, audit support, federal and state tax preparation tools. Besides the taxing benefits, TaxAct is vital for accounting for small and start-up businesses. Depending on your needs, you can consider the free or paid plan. The paid plans include deluxe at $24.95 to $44.95, premier at $34.95 to $44.95, and the self-employed plan at$64.95 monthly.

Pros

● It has four plans, including a free federal option

● Intuitive and simple interface

● Has a comprehensive range of tools for tax preparation

● Tax return and e-filling tracking feature

● Instant and free access to a tax expert

Cons

● The tool may not have a comprehensive tax preparation process

● Some users have issues with the customer support and user interface

Summing Up

Choosing the right tax and accounting software for your business can be a daunting task. However, it’s important to consider one with features that suit your needs and budget. Above is a review of the best tax and accounting software with prices you can choose for your business. It’s important to take the time to research and compare them to find the one that suits your business requirements and preferences.