Top QuickBooks Alternatives: A Comprehensive Guide

Are you frustrated with QuickBooks Online? Do you think QuickBooks is just not for you? If QuickBooks is not a good fit, which software should you consider? Where do you start?

We created this guide to help you, but first, let’s see why you’re looking for software other than QuickBooks.

Why Look for QuickBooks Alternatives?

QuickBooks Online has over seven million users and this accounting solution constantly makes it to the list of the Best Accounting Software for Small Businesses [2]. However, it may not be the right accounting software for you.

Some companies easily handle accounting matters through QBO, but your company may have specific needs that this accounting software can’t meet.

These are some of the most common reasons why many companies look for QBO alternatives.

Missing Features

QuickBooks may lack the features you need to run your business operations with ease. If you have unique accounting needs, look for software capable of meeting your requirements.

Limited Scalability and Customization

QBO offers different subscription levels to support the needs of growing businesses. To some extent, QBO can be scalable. However, as your business needs change, you may want to choose software that could cater to your unique needs and customization requirements.

Integration Challenges

QuickBooks offers add-ons from third-party vendors but it’s not always compatible with the app your company is using. If most of the software and business tools you’re using don’t work well with QBO, it’s more efficient to use another accounting solution.

High Cost

QuickBooks boasts of time-saving features like a receipt scanning app, but it can be expensive. You may be able to reduce costs by using a more affordable QBO alternative and an app to automate data extraction.

Leverage AI-powered data extraction solutions to save time, increase data accuracy, and eliminate manual data entry. Streamline data processing workflows at an affordable price; Try Envoice today.

Which QBO Alternative Does Your Business Need?

Why are you looking for QuickBooks alternatives? What features are you looking for that are not available in QBO?

Almost all accounting solutions come with double-entry accounting features that allow users to create financial statements faster. However, some accounting tools have capabilities and features designed to cater to specific business needs.

Retail companies, for instance, need accounting software that allows them to track inventory easily, manage accounts payable with ease, calculate the profit from each product, and determine a re-order point to avoid stockouts. Meanwhile, some companies may require accounting software that makes it easier to maintain accurate records for accounts receivable.

It all depends on the nature of your business and your industry.

So, before starting the search for your next accounting software, we recommend jotting down all the things you need it to do.

If you’re confused about how to start, use the guide below. Sit down and spend a few minutes going through these questions carefully. It could make a big difference once you start testing potential QBO replacements.

• How big is your business?
• Where do you operate?
• How complex is your business operation? Are you operating in only one country? Do you have global operations?
• How many people need access to your accounting software?
• What features do you need to use regularly? Think about expense tracking, invoicing, budgeting, inventory, financial planning, and sending quotes.
• What level of automation do you need?
• Are you looking for accounting software with advanced features to automate certain transactions?
• How much is your budget for your accounting software?
• Are you open to using an add-on feature that would supplement your accounting software?
• What problems have you encountered with QBO that pushed you to find an alternative?

List all your answers to these questions. A wish list keeps you focused on the features you need and want so you don’t get distracted while testing different accounting solutions. It can also help you narrow down your options and weed out software solutions that do not meet your minimum requirements.

Other Than QuickBooks, What Accounting Software Options Do You Have?

Gone are the days when business owners and their bookkeepers do accounting using pen, paper, and actual books.

Thanks to technology, it’s easier to calculate how much money your business is making. If you’ve only heard of QuickBooks or Spreadsheets like Excel – you’re in for a surprise.

Is It Better to Choose a Cloud-Based QBO Alternative?

You have a wide selection of accounting tools, but we suggest using a cloud-based app that you can access remotely.

Using a locally installed app limits access – making it challenging to share the app with your bookkeeper or accountant. You may also have to enter data manually.

If you’re still convinced that cloud accounting is not for you, check out GNUCash. With this accounting tool, you can perform bank reconciliation and track the financial performance of your business even without an internet connection.

Before you make up your mind, check out our suggestions for the best QBO alternatives. You might find the right accounting software that fits your budget and requirements.

Let’s dive in.

Top QuickBooks Alternatives

Cloud based accounting software is becoming increasingly popular for its accessibility and advanced features.When it comes to cloud-based accounting solutions, we suggest the following QuickBooks alternatives.

Top QuickBooks Online Alternative: Xero

With its competitive pricing plan, Xero ranks high among the preferred software for small and medium-sized businesses. Like QuickBooks, users have add-on options to integrate Xero with third-party apps. You can have unlimited users and clients – making it more affordable than other accounting software options.

Pricing

Xero plans start at $3.75 per month for the Early Plan, $10.50 for the Growing plan, and $19.50 for the Established plan.

Top QuickBooks Alternative for Solopreneurs: FreshBooks

Sole proprietorships and freelance businesses operated by one person can swap QBO for a less expensive accounting tool – FreshBooks. Designed for business owners looking for intuitive and easy-to-use accounting software, FreshBooks provides all the accounting features required to track financial health at a lower price point. FreshBooks also comes with time tracking and invoicing capabilities.

Pricing

Subscription plans start at $19/month for the Lite plan, $33/month for Plus, and $60/month for Premium. You can also talk to a specialist to customize a plan that meets your business requirements.

Top QuickBooks Online Alternative for Small Business Owners on a Budget: Zoho Books

Zoho Books is another affordable alternative to QuickBooks Online for small business owners. This comprehensive accounting solution for growing businesses provides project tracking and inventory management options, too. Users can integrate Zoho Books with other apps in the Zoho ecosystem.

Pricing

Zoho Books has a free plan designed for businesses with annual revenue of less than $50,000 for one user and one accountant. For paid plans, Zoho offers these subscription options:

• Standard $10 per month for 3 users
• Professional $20 per month for 5 users
• Premium $30 per month for 10 users
• Elite $100 per month for 10 users
• Ultimate $200 per month for 15 users

Top QuickBooks Online Alternative When You Need an On-Premise Accounting Solution With Cloud Connectivity: Sage 50 Accounting

Small businesses looking for cloud software with a desktop component can take Sage 50 for a test drive. Sage is another comprehensive accounting software with enterprise resource planning and inventory tracking capabilities to help you manage your revenue, costs, cash flow, and bills. As expected from a company that has been a trusted name in accounting solutions – you can run detailed reports to understand your company’s financial health.

Pricing

While Sage 50 is a powerful tool, it’s highly recommended to work with an expert to set up an account. ProAccounting is the most affordable plan at $607 a year for one user. Companies needing more seats can sign up for:

• Premium Accounting plan, which starts at $1,043 for up to five users
• Quantum Accounting plan, which starts at $1,780 for up to 40 users

Actual subscription prices increase as the number of users increases.

Other QuickBooks Alternatives to Consider:

Businesses that are just starting up don’t need all the features QBO has to offer. Users looking for free accounting tools for basic bookkeeping can check out these options.

Odoo

If you’re not using any app from Odoo yet, you can use their accounting software for free. Odoo’s accounting software comes with a mobile app – making it easier to manage your business finances on your smartphone. Take note that you can only use one free app for Odoo Online.

Pricing

Users wanting access to other Odoo apps can sign up for the Standard subscription at $7.25 per user per month or the Custom subscription at $10.90 per user per month.

Wave Accounting

Wave makes it easy to record income and track expenses. It helps users track how much money is going in and out through their accounting software. Their Starter plan is free and worth trying if you don’t mind manual data entry.

Pricing

With the free plan, you can send invoices, bills, and estimates, accept online payments, and keep bookkeeping records for a small business. However, advanced features like auto-import and auto-categorization of transactions from your bank accounts are not included in the free plan. You may have to sign up for the Pro plan at $16 a month to unlock these features.

Kashoo

Kashoo markets itself as the simplest accounting software. Kashoo makes double-entry accounting easy for small businesses. With this accounting software, you can do invoicing and expense tracking. You can also add unlimited users, but you’ll have limited options when it comes to integrations.

Pricing

Kashoo’s paid plan starts at $324 a year.

Enterprise-Level Accounting Software

When your business operations scale, you need accounting software to support the needs of your growing company.

Here’s an example.

If your accounting software is not capable of automating invoice processing workflows and you process hundreds or even thousands of invoices a month, you need to hire a lot of employees to manage Accounts Payable. Aside from the labor cost, there are other incidental expenses due to having a manual invoicing process.

Companies that process invoices manually spend from $12 to $25 per invoice monthly [2]. Choosing the right software to create an efficient accounting process helps you scale your business successfully by:

• Automating routine tasks like data entry
• Simplifying processes to decrease processing time
• Keeping overhead low while increasing revenues

E-Residency Hub, an Estonian accounting firm, achieved 40% annual growth. With streamlined accounting, the workforce needed to serve clients in over 120 countries decreased by 200%!

Learn more about E-Residency Hub’s accounting workflow transformation and how it increased its annual revenues while maintaining high customer satisfaction.

Like E-Residency Hub you can create efficient accounting processes and scale your business without hurting your profits. And it starts with using the QBO alternative that can support your business needs.

If your operations require integrated and interconnected apps, consider these accounting solutions:

NetSuite

As one of the most popular accounting apps for ERP accounting software, Netsuite provides an intuitive and comprehensive financial solution. With this ERP software, you can keep track of all your financial data and automate your accounting workflow. Netsuite can support the needs of growing businesses with global operations.

Pricing

While prices are steeper compared to many QBO alternatives, businesses can customize plans based on their requirements. You also need to contact Netsuite directly for a pricing quote.

Microsoft Dynamics 365

Microsoft Dynamics 365 is an all-in-one suite that eliminates the need to use different apps. As a CRM and ERP application, businesses can do more with this accounting software. Many large companies use Microsoft Dynamics 365 to manage sales, HR, finance, customer service, and other business applications.

Designed for enterprises and larger companies, Microsoft Dynamics 365 provides warehouse management and more reporting options. While the accounting solution is available as a cloud service, it can also be used as on-premises software. Microsoft Dynamics 365 offers a free trial. However, you must sign up for a subscription after your free trial expires.

Pricing

Pricing varies depending on the plan you sign up for. Check out the Microsoft Dynamics page for more details.

SAP ERP

SAP ERP is an industry leader in providing resource planning system solutions. With SAP, businesses of various sizes can centralize data management, streamline workflows, and access business processes such as finance, procurement, project management, HR, and analytics in one ecosystem.

Since SAP ERP is highly customizable and scalable, it’s best for companies anticipating growth. SAP ERP is resource-intensive, and the cost of implementation is higher than other ERP solutions.

Pricing

Pricing depends on the needs of your business. You need to contact the SAP sales team to get a quote.

Streamline Accounting Workflows, Choose the Right Software

You can’t run a successful business without keeping an accurate record of your income and expenses. If QuickBooks can’t meet your needs, it’s time to consider the alternatives.

Take your time evaluating your accounting software options, and remember to refer to your list. It’s easy to get sidetracked by amazing capabilities and exciting features when you try demo versions of new software.

If you can’t find accounting software that meets your requirements after all your efforts – consider using another app.

Suppose your most viable choice of accounting software lacks invoicing and expense reporting capabilities. You might think you only have two options – use an accounting software that’s over your budget or rely on your employees to do manual data entry.

But it doesn’t have to be that way.

With the right combination of apps, you can meet all your accounting needs while staying on budget. Add-ons and third-party apps can help you overcome the limitations of any accounting app – this applies to QuickBooks, too!

If you’re struggling with invoices and receipts -you can integrate your cloud-based accounting with Envoice to streamline your pre-accounting process. Transform your accounting workflow today. Boost efficiency, reduce costs, and standardize business processes – with our workflow solution. Schedule a demo to learn more!

Article Resources:
[1] Tech Republic
[2] Forbes Review
[3] IWEC Foundation