Are you looking for the best accounting automation software? We have a list of some top-notch options that can make your accounting quicker, more productive, and more accurate.
A lot of businesses do their accounting in an old-fashioned way, which is slow, and involves lots of manual work. This is how companies have been doing accounting for decades. But, things have changed now. New technology can make everything fast and efficient. If you know it and want to change the way your accounting department works, then you are in the right place.
What is an Accounting Automation Tool?
The accounting automation tools use machine learning and advanced algorithms to automate the accounting tasks of your business. Such tools can automate data entry, accounting reconciliation, financial reporting, and more. So, you can save a lot of time and reduce manual errors by deploying automation software.
Modern accounting automation applications integrate with multiple third-party platforms to manage your business operations. They also comprise advanced features like compliance monitoring and fraud detection. So, such programs keep your financial data safe and give you additional peace of mind.
Challenges of Manual Accounting
Traditional accounting involves a lot of papers and spreadsheets. These manual methods of financial management were effective in the past, but it’s not feasible in today’s digital world. Let’s discuss some of the barriers that businesses face due to old accounting methods.
- Time-consuming: Manual tasks like data entry, report generation, reconciliation, etc. consume a significant time for your accounting department. Hence, it puts additional pressure on your resources and delays a lot of activities.
- Manual errors are inevitable: Humans cannot avoid errors, which results in inaccuracies. You can imagine the results of incorrect financial statements and reporting. It’s the reason why you should try the best accounting automation software like ConnectBooks and stay safe from unwanted misses.
- Restricted access: You cannot access papers and files from a different location. Sharing them is also a challenging task.
- No scalability: Traditional accounting procedures cannot keep up with the growth of your business. Instead, manual accounting becomes more complex and challenging as your organization develops.
- Unsafe: Anyone can steal your files and financial information if they are not secured properly. Also, there are risks of loss and damage.
Benefits of Using the Best Accounting Automation Software
You can enjoy a lot of benefits by using one of the best accounting automation software. Read on to know the advantages in detail.
- Efficiency: The accounting automation applications automatize a wide range of accounting tasks like report generation, data entry, and more. So, your finance department can concentrate more on tasks that need manual work. Therefore, the productivity and turnaround time of your business increases.
- High accuracy: Human accounting techniques are prone to errors. On the other hand, an accounting automation program provides accurate results.
- Collaboration: An accounting automation program lets you collaborate between internal and external resources. Real-time data sharing bridges the communication gaps and helps your teammates understand everything without any confusion.
- Low costs: You do not need a lot of manual resources after deploying one of the best accounting automation software. It also keeps you safe from penalties due to non-compliance with financial regulations. In addition, such applications save a lot of paper, which is helpful for our environment.
- Better insights: The automated automation tools let you access your financial data in real time, which helps you to think fast and make better decisions. You can also analyze the data to identify current trends and change your strategies accordingly.
How to Pick the Best Accounting Automation Software?
Check the factors you should consider while choosing one of the best accounting automation tools.
- User-friendly interface: Why do you need an accounting automation application? To make data access and management easy. So, try a well-made software with a user-friendly interface and simple navigation. Make sure all your employees can use it without any challenges. In other words, try an easy-to-understand tool with a minimal learning curve.
- Security and accuracy: A high-class accounting automation software for e-commerce or any other business must generate accurate data and also keep it safe. So, look for a solution with advanced security features like admin-based control, two-way authentication sign-in, and more. Such functions keep your financial data secure.
- Functional requirements: What features do you need in the new accounting automation tool? List them and try something according to your requirements. Do not choose a solution with functions that are not required for your business.
- Scalability: Do not try any of the accounting automation tools without thinking about your business growth. If such a solution cannot accommodate more users and features as your organization develops, you have to find another option. Searching for a finance automation solution repeatedly could be time-consuming. So, try something that scales with your company.
You can find feature-rich and scalable software like ConnectBooks. Trying an ascendable solution keeps you safe from diversions and added expenses. It also ensures smooth and error-free progress.
Best Accounting Automation Software in 2023 to Track Your Sales & Profit in Real-Time
1. ConnectBooks
ConnectBooks is the best accounting automation tool for e-commerce. It keeps all your data in one place, which means you can review everything and get organized reports without any challenges. Moreover, profit checks, exchanges, and refunds are also easy.
ConnectBooks dashboard gives you a detailed summary of sales trends, recent sales, business metrics, and inventory Birdseye. So, you can conveniently check for the latest sales and other products with maximum sales. You can also review the weekly, monthly, and yearly revenue snapshots.
Analysis of the performance is crucial to understand your profits and losses. ConnectBooks lets you see the sales reports, return adjustments, and other fee identifications. So, you can understand how much money you are making.
Here comes the good news. ConnectBooks integrates with QuickBooks. It is compatible with all the versions of QuickBooks including Online, Online Accountant, Time, and the mobile application. This accounting automation software for e-commerce also integrates with Walmart, Amazon, Shopify, and eBay.
Pros
- Streamlines accounting management
- Integrates with existing accounting software
- Never compromise with the accuracy
- Offers real-time visibility
- Provides simple ways of invoicing and expense tracking
Cons
- Might be tough to use for newcomers
Pricing: ConnectBooks has three premium editions. All of them come with a free trial plan
- Profit Analytics: Starts at $49 per month
- QuickBooks Summary Sync: Starts at $149 per month
- QuickBooks Inventory Sync: Starts at $199 per month
2. Zoho Books
Zoho Books is one of the smartest accounting automation tools that takes care of the finances of your business. Whether you need core accounting, project management, workflow automation, bank reconciliation, or stock trading, it has your back. Moreover, you can access this application on all the operating systems including Windows, Android, and iOS. So, you can manage your finances even when you are on the move.
Zoho Books keeps your business GST-compliant. It creates GST invoices and files your tax returns directly. Moreover, this software handles all the repetitive accounting tasks to save you time.
Zoho Books keeps you on top of your payables and tells you where your money is going. So, managing payables is easy with this application. It also keeps track of all the payments.
Businesses of all sizes can try Zoho Books. However, it’s one of the best accounting automation software for small businesses or growing companies. Zoho has over 50 apps to help you manage all the aspects of your business.
Pros
- Comes with more than 50 applications
- Creates professional invoices
- Generates statements about profit and loss
- Automated follow-ups with clients
- Banking integration to track the cash flow
- Multi-linguistic support function
- Mobile application for unrestricted usage
Cons
- Could be expensive for businesses with larger accounting requirements
Pricing: Zoho Books has one free plan and five premium packs.
- Standard – $9.06 (749 INR) per month
- Professional – $18.18 (1499 INR) per month
- Premium – $36.28 (2999 INR) per month
- Elite – $60.48 (4999 INR) per month
- Ultimate – $96.77 (7999 INR) per month
3. Blackline
Blackline is one of the best accounting automation software as it keeps all your financial data in one place so that your team can work efficiently. It takes care of three basic needs of your business. First, this application increases the speed of transactions between your business and your buyers. Therefore, Blackline improves the productivity of your business.
Second, Blackline gives you accounting data to get the required insights. Third, it automates a lot of accounting activities that are impossible to achieve using CRM or ERP software. So, your accountants do not have to waste time on repetitive activities and they can focus on tasks needing manual attention.
A lot of big brands rely on Blackline to solve their complex accounting. Some of the names are eBay, Saint-Gobain, Zendesk, Hershey, Zurich, Hyatt, Discovery, Coca-Cola, Philips, Maple, Aviva, Liberty, and more. You can also schedule a demo on Backline’s website and try this accounting automation application if its features suit your needs.
Pros
- Credit and risk management
- Cash flow management
- Flags unusual transactions
- Connects with SAP
Cons
- Less training resources
Pricing: Blackline has a free version available to download. You have to schedule a demo to get the pricing for its premium plan.
4. NetSuite
If you are an owner of a large business, then try NetSuite as it is one of the best accounting automation software for enterprises. You can also try this application if you want to grow without wasting much time and resources. Take a free tour of this tool on its website to check the features of NetSuite.
NetSuite automates a wide range of accounting tasks including payments (payable and receivable), general ledger, and compliance management. Its full suite also comes with advanced business performance software to manage customer relationships, HR, inventory, logistics, and supply chain. So, you can manage all your operations using one dashboard.
NetSuite has several abilities. However, it’s complex and you might take more time to get started. So, contact NetSuite, understand how you can use this tool to grow your business, and then deploy it. Do not rush.
Pros
- Cloud-based
- Easy to use once you spent some time
- Simplifies your accounts
- Highly customizable
- Produce accurate reports
- Improves financial controls
Cons
You have to understand your business requirements before talking to NetSuite. It is not a considerable disadvantage, but you might get confused if you do not analyze the needs.
Pricing: The pricing is only available with the NetSuite sales team.
5. FreshBooks
FreshBooks is one of the best accounting automation software for small businesses and accountants because of its easy usage. Moreover, it has a wide range of automation features to make your accounting activities seamless. These are a couple of reasons why this application is enjoyed by more than 30 million users across the globe.
FreshBooks sends professional invoicing with clear details about what you have done and what is the total cost. It also sends automated payment reminders to your clients. Moreover, this software has Double-Entry Accounting tools and reports to show cash flow, profits, and expense details.
The automated online payment options of FreshBooks help your customers to pay as per their preferred mode. Moreover, it imports expenses from your bank account, snaps receipt photos, and sends receipts to your email. Apart from that, this application comes with a time-tracking feature to avoid missing the billable period.
Pros
- User-friendly interface
- Keeps everyone on the same page
- Tracks every dollar
- Payment management
- Invoice and estimate management
- Smart application
- Free trial of 30 days
Cons
- WePay integration is not up to the mark
Pricing: All the premium plans of FreshBooks are available for a trial period of 30 days.
- Lite – $8.50 per month
- Plus – $15 per month
- Premium – $27.50 per month
- Select – Talk to a FreshBooks specialist to get the price.
6. Xero
Xero is one of the best accounting automation software for small businesses. It manages all your finances and also facilitates their sharing with internal and external accountants. This application is reliable and robust. Still, its interface is easy to understand. You can use this software even if you are not from a financial background.
You do not have to create manual reports with Xero. Log in to its dashboard and get all the reports and insights you need. Furthermore, this application accepts payments by card or direct debit.
Apart from small businesses, Xero is also suitable for accountants and bookkeepers. Over 3.7 million subscribers are already enjoying its features. You can also try this software for free and upgrade it if you like the features.
Pros
- Easy-to-use application
- Simple submission of expenses
- Accounting on the go with a smartphone application
- Attractive referral program
Cons
- No payroll
Pricing: Xero has a 30-day free trial plan. Also, it has four premium packs.
- Early – $9.75 per month
- Growing – $24.05 per month
- Established – $35 per month
7. Intuit QuickBooks
QuickBooks is one of the best accounting automation software for small and medium-sized businesses. It is already serving more than 4 million organizations. You might have heard the name of this application even if you are not from an accounting or financial background.
QuickBooks integrates with a lot of payment providers like Stripe, PayPal, and Square. So, you do not have to keep track of your incoming payments. All the transactions show up in QuickBooks’s dashboard.
QuickBooks has tracking tools for receipts and invoicing. You can also automate these tasks with its help. Moreover, you can make payments to your employees and contractors.
What’s more? This application comes with a guided setup wherein an expert assists you in setting up everything. The guidance is free of cost. So, it’s also a perfect accounting automation software for e-commerce businesses if you are a newcomer.
Pros
- Easy to learn and use
- Integrates with a lot of third-party applications
- Accessible from all devices
- Finding errors is easy
- Excellent accounts reporting
- Pricing is affordable
Cons
- Crashes sometimes
Pricing: A free trial of 30 days is applicable on all four premium plans of QuickBooks. However, the price doubles if you remove the trial period.
- Simple Start – $15 per month
- Essentials – $30 per month
- Plus – $45 per month
- Advanced – $100 per month
8. HDPOS Smart Accounts and Billing
Do you own a small or medium-sized business? Try HDPOS Smart Accounts and Billing because it’s the best accounting automation software for your organization. It controls all your accounting activities from a single dashboard or via several terminals, as you need. This application handles everything including billing, inventory, accounting, CRM, business reporting, and book-keeping.
HDPOS is a point-of-sale system that not only sells your product or services to your customers but also brings them back to your store by offering them a seamless shopping experience. It integrates with almost all the POS hardware, and bar-code scanners and a compatible with multiple payment solutions. Moreover, this tool can manage all your locations.
HDPOS is useful for several businesses, including retail, garment, computer, sports, book, pizza, shoes, electronics, and more. If you have such stores, it can manage all your accounting activities. Moreover, this application has a user-friendly picture-based interface for easy usage.
Pros
- Account and inventory management
- Fast and accurate billing
- Accepts payment via multiple modes
- Integrated CRM
- Works on any Windows-based device
- Even works offline
- Keeps track of your inventory
Cons
- Average support function
Pricing: HDPOS has three premium plans and all of them come with a 14-day trial period.
- Single Computer – $45 per month
- Client Server – $89 per month
- Cloud Setup – $99 per month
9. EzyRokad
If you have no idea about GST and DR/ CR accounting, then EzyRokad is the best accounting automation software for small businesses. It is easy to use. So, you do not require a lot of training to use this application. Plus, you’d not need assistance while enjoying its features.
You might not believe it, but EzyRokad can complete your accounting tasks within a few minutes. There are no chances of errors because it promises uncompromised accuracy. There is a free version available for this software. You can also schedule a demo to understand how it can be helpful to simplify your accounting activities.
Pros
- Manages all your clients on one dashboard
- Automatic calculation of TDS
- Auto bank reconciliation
- Streamlines inventory management
- Sends bills over email and SMS
Cons
- Not suitable for large companies and enterprises with complex accounting
Pricing: EzyRokad has a free demo version. Apart from that, it comes with seven paid pans.
- EzyRokad Basic – $84.65 (6999 INR)
- EzyRokad Accounts – $120.93 (9999 INR)
- EzyRokad Silver – 157.22 (12999 INR)
- EzyRokad Gold – $205.59 (16999 INR)
- EZY KACCHI MANDI – Starts from $157.22 (12999 INR)
- EZY MANDI – Starts from $205.59 (16999 INR)
10. Microsoft Dynamics Great Plains
Microsoft Dynamics Great Plains is one of the top-notch accounting automation tools for small to medium businesses. It gives you complete control over your finances, operations, and inventory. This application has integrated business intelligence tools and automated analytics, which provide unique insights from the data and help you to make better decisions.
The Dynamics GP comes with support for banking and cash flow to help you in finance management. In addition, it has sales and payroll management features. So, you can manage all the vital aspects of your business in one place.
Apart from accounting, the GP also takes care of your project and inventory management. It’s helping businesses manage their finances, sales, customer relationships, and operations for more than 30 years. So, you can trust this tool and try it.
Pros
- Efficient financial management
- Robust banking tools
- Excellent reporting
- Integration with a variety of other Microsoft software
- Highly customizable
- Top-class support
Cons
- Expensive
Pricing
- Starter Pack: $5,000 for 3 users
- Additional Full Users: $3,000 per user per month
- Additional Limited Users: $600 per user per month
- Self-Serve Users: $60 per user per month
Final Thoughts
Accounting automation is new and hence, it could make you feel uncomfortable. Financial professionals might think that this technology can replace them. But, the reality differs.
The accounting automation tools are not here to replace your accounts department. Instead, these applications save the time of your accountants and make them more efficient. Your team does not have to copy and paste data into spreadsheets and keep formatting them as per the business needs.
Instead, these tools automate repetitive tasks and reduce the overall cost. So, it’s time to try the best accounting automation software like ConnectBooks for the betterment of your organization.
