Which is the best accounting and bookkeeping software for 2024?

The Best Bookkeeping Software for Small, Medium and Large Business in 2024

In the ever-evolving landscape of business and finance, accurate and efficient bookkeeping is the cornerstone of success. As 2024 has evolved, the role of technology in bookkeeping is now the staple for business financial recording. With a whole host of bookkeeping software options available, choosing the best one for your business needs can be a daunting task. Well, have no fear, at Profits Plus we are here to help and in this post, we will delve into the top contenders for the title of the best accounting and bookkeeping software for accountants in 2024. We will examining their features, benefits, and overall suitability and give you a hint on the packages available (there is always so much choice) and pricing. Here goes:

*please note this is an independent review and no affiliate payment is received should you click on any link that leads to the companies listed.

QuickBook Online

QuickBooks Online is a frontrunner in the bookkeeping software arena and is one of the widely used accounting packages.  At Profits Plus we like the software for its user-friendly interface and comprehensive features, and is an excellent choice for businesses of all sizes. It has has several functions that are especially useful for sole traders and limited companies and it’s cloud-based platform allows for easy access and collaboration, making it particularly appealing for remote teams. The software offers a range of capabilities, including expense tracking, invoicing, payroll management, and robust reporting tools. QuickBooks Online’s integrations with various banking institutions streamline bank reconciliation, reducing manual data entry errors. Anything that reduces manual data errors definitely helps.

Features of QuickBooks:

• • Tracking income and expenses
  • Managing invoices and customers
  • Generating financial reports

Versions of QuickBooks:

There are various versions of QuickBooks – For the Self Employed there is the appropriately named Self Employed option, then for those who need to make Tax Digital and for directors there is Simple Start. For small businesses there is Essentials and then there are two other packages: Plus and Advanced.

Price: Approx £10-70 /month – Up to date pricing on their website is here

Xero

We have written our own specific article about using Xero for bookkeeping but here is an honest take on this software.

Xero has many of the same functions as QuickBooks Online, including invoicing, expenditure management, and report creation. However, Xero’s compatibility with other widely used booking software makes it a valuable tool for small-scale businesses. For instance, if you’re a contractor, you may use Xero to keep tabs on your finances, from invoicing clients to reviewing sales data.

Xero’s bank reconciliation capabilities are noteworthy, as the software can automatically import and categorise bank transactions. Xero’s ecosystem includes a vast array of third-party integrations, allowing businesses to customise their bookkeeping experience according to their specific needs.

Features of Xero:

• Tracking income and expenses
• Managing invoices and customers
• Generating financial reports
• Bank Reconciliation

Versions of Xero:

Like Quickbooks there are different pricing options for Xero – ‘Starter’ for the Self Employed and new businesses (you can only enter 5 Bills though) , ‘Standard’ for growing small businesses, ‘Premium’ for established businesses and then the ‘Ultimate’ package which is good for larger employers.

Price: £5-50 /month – Xero Pricing is available from their website.

FreshBooks

FreshBooks is online bookkeeping software aimed at micro and small enterprises, and it’s a good choice for organisations that don’t have a lot of expertise with accounting, thanks to its straightforward interface. In addition to invoicing, time and cost tracking, and expense and project management, FreshBooks provides a wealth of other useful tools. Additionally, premium options are obtainable for those who want extra functionality, such as inventory management or double-entry bookkeeping. The software also has a mobile app so you can view your financial data anywhere, at any time. We do love a Mobile App to make things easy.

Features of FreshBooks:

• Tracking income and expenses
• Managing invoices and customers
• Generating financial reports
• Mobile app available

Versions of FreshBooks:

Lite, Plus Premium and Select versions all offer similar to Quickbooks and Xero. Choose the one that suits your business model.

Price: £10-150 /month – FreshBooks Pricing is available from their website

Zoho Books

Zoho Books stands out for its affordability and comprehensive feature set. Geared towards freelancers, small businesses, and accountants, Zoho Books offers modules for invoicing, expense tracking, project management, and robust reporting. Its automation capabilities, such as recurring invoices and payment reminders, help streamline administrative tasks. Zoho Books also integrates seamlessly with other Zoho applications, providing a unified business management solution.

Features of Zoho Books:

• Predefined User Roles
• Bulk Updates
• Transaction Locking
• Custom Views

Versions of Zoho Books:

Free, Standard, Professional, Premium, Elite and Ultimate – Some similarities again with other providers but a free version is offered here which the others don’t supply. The free version of Zoho Books does have limitations and is for businesses with less than 35K per annum.

Price: £0-165 /month – Latest prices are on the Zoho Books website

In the dynamic landscape of bookkeeping software in 2024, small, medium and large businesses have a plethora of options to choose from, each catering to specific needs and preferences. The best bookkeeping software for your business depends on factors such as company size, industry, budget, and desired features. We make things nice and easy at Profits Plus so that you don’t have to worry. Please contact us should you require help.