Best Accounting Software of July 2024

QuickBooks Online, owned by Intuit, is the leader in accounting software for small businesses. It was founded in 2001 and has over 7 million customers. There are four levels of online cloud-based software available:

• Simple Start ($30 per month)
• Essentials ($60 per month)
• Plus ($90 per month)
• Advanced ($200 per month)

QuickBooks offers a 30-day free trial. Alternately, accountants who are registered with QuickBooks are able to offer their clients preferred subscription pricing. The fee varies, depending on whether the client or the accountant is billed. All plans can be used online through a web browser and on the QuickBooks mobile app.

The Simple Start plan is a great entry point for basic small businesses. As a business grows and has more needs, it is easy to upgrade to the next level. The upgraded levels offer features like more users, bill management, time and project tracking, inventory, more customizable reporting, and more automation for efficiency.

QuickBooks Online also offers three levels of a payroll add-on, which can be accessed on the same dashboard as the accounting software. Additionally, there are third-party apps that can integrate with QuickBooks Online to share data seamlessly.

The ProAdvisor Program allows accountants and bookkeepers to participate in QuickBooks training courses and become a certified ProAdvisor. Customers can search the ProAdvisor Directory to find someone in their area for accounting assistance. There is also a QuickBooks Community forum where users can ask questions and find answers to common questions. 

Since 1982, Quicken has offered management and tracking tools that allow individuals and families to be financially organized and prepared. Quicken can be used for household budgeting and income/expense tracking, which can help individuals prepare for tax season.

There are four levels of software plans available:

• Simplifi for mobile and web app ($47.88 per year)
• Classic Deluxe for Mac and Windows ($71.88 per year)
• Classic Premier for Mac and Windows ($95.88 per year)
• Classic Business & Personal for Mac and Windows ($131.88 per year)

A 30-day free trial is available. The software is downloaded onto a computer, and data is stored locally; however, most key features can also be accessed using a web browser or the Quicken mobile app.

The Simplifi plan allows users to track and categorize transactions and manage bills. The more advanced plans add features such as investment, loan, and retirement tracking; bill pay; and even basic business invoicing and tracking. The business features can be accessed through the Home & Business plan and can run Schedule C as well as Schedule E tax reports and manage lease terms, rental rates, and security deposits.

Launched in 2010, Wave began as a Toronto-based startup offering accounting software. By 2019, though, Wave’s workforce had grown to 250 employees, and the company was acquired by H&R Block. Entrepreneurs and freelancers are the company’s target audience. This free accounting software is available online and through its mobile app. The free features include income and expense tracking, financial reports, invoicing, and receipt scanning.

Wave offers credit card and bank transfer payment processing, which costs 2.9% plus 60¢ per transaction for Visa, Mastercard, and Discover; 3.4% plus 60¢ per transaction for American Express; and 1% per transaction ($1 minimum fee) for bank transfers (ACH).

A monthly subscription for payroll services is also available but has some limitations. For $40 per month plus $6 per employee or contractor, Wave offers full-service payroll in 14 states. Cost in all other states is $20 per month plus $6 per employee or contractor for limited-service payroll, which means that Wave will calculate the payroll tax cost, but the user is required to pay and file payroll taxes on their own.

QuickBooks Solopreneur, owned by Intuit, is a basic online and mobile app designed primarily for freelancers or independent contractors who file a Schedule C for tax purposes. Key features include tracking mileage, categorizing business expenses, excluding personal expenses, full integration into TurboTax, and estimated quarterly tax payment calculations.

QuickBooks Solopreneur costs $20 per month or $120 annually for your first year. Intuit Quickbooks' other self-employed tools include QuickBooks Money (pay per transaction) and QuickBooks Simple Start ($30 per month).