Running a successful business goes beyond just buying and selling; it also involves meticulous data recording and accounting and making transactions as easy and fast as possible.
With today’s technology, we’re often entering business transactions with people far away and making payments via multiple platforms. This can be hard to keep track of and also time-consuming.
That’s why we’ve created a list of the ten best accounting software in Canada that can do the heavy lifting for you. This list will help you decide which accounting software can best serve your business needs and help it grow.
Best Accounting Software
1. Sage Business Cloud Accounting
Sage Business Cloud Accounting was founded in 1981 in Newcastle, England. Sage is cloud-based accounting software that lets you input your company size, industry, and needs; it then uses this information to tailor accounting solutions to you.
Sage’s dashboard view comes with financial reports and analysis that don’t require any prior accounting knowledge to understand. The software allows use by multiple users and is currently being used by over 3 million businesses.
Sage can complete several tasks such as accepting and receiving payments, creating and sending invoices, managing payroll and business finances and forecasting cash flow.
As cloud-based software, Sage can be accessed anywhere and at any time. You can also share access with your accountant in real-time and on any device.
Its other features include inventory control, human resources management, and integration with other software such as AutoEntry, Avalara, and more.
Founded in Toronto in 2003, FreshBooks is a popular cloud-based accounting software designed to meet small business owners’ needs. The software eases the burden of financial management and planning.
Freshbooks is helpful in many different ways. It offers automatic tax calculations for sales tax, tax-friendly expense categories and tax help integration with tax apps. Freshbooks can run recurring payments and automatic bills with bank integrations and seamlessly integrate with other software such as Gusto and GSuite.
Freshbook’s other features include payment reminders, online payments (credit/debit cards, Google pay and Paypal), remembered vendors, recurring invoices, time tracking, expense tracking, multi-currency and multi-language billing, and more.
Freshbook has a simple interface that’s easy to learn and a host of features that make it easier to perform tasks with little or no prior accounting experience. The software is also cloud-based, meaning it can be accessed anywhere and at any time via a mobile phone.
3. Zoho Books
Zoho Books offers increased security to protect user data and track all of your expenses on any project. The Zoho Corporation was founded in 1996 in India and has since grown significantly.
Zoho Books lets you create invoices, track your finances, reconcile bank transactions and manage sales orders. It also offers payroll services, but that feature is only available to Indian users, so you’ll have to choose another accounting software on our list if you need payroll solutions.
Some of its other features include reports and schedules, tax compliance and audit reports, and a client portal. Zoho is easy to master and a good choice for beginners. The software helps users make informed business decisions.
Zoho has over 40 app integrations and can be used alongside your current software. It’s also easy to use and set up. The package includes multiple products such as accounting software, inventory support, customer relationship management (CRM), and human resource management software.
4. Intuit Quickbooks Online
Developed by Intuit, Quickbooks offers many different desktop options that can be purchased and downloaded. It has over 7 million users, and Its newest cloud-based version was released in 2019.
Quickbooks is very popular and is the accounting software of choice for many Canadians. It helps users sync the business to a single dashboard. Quickbooks is compatible with mobile and thus, with its cloud services, can be used any time and anywhere.
Quickbooks tracks and records expenses in one place, scans receipts, attaches them to invoices, files tax returns, calculate sales tax and returns, and automatically sorts transactions and payments into tax categories.
The software also shares data with your accountant or export documents, creates customized reports visible on your dashboard, and allows integration with PayPal, Shopify, and more.
Quickbooks makes it easier for business decisions with all the relevant information in one easy-to-reach location, and it ensures your business stays tax-ready at all times.
Founded in 2006 in New Zealand, Xero is another accounting software designed to make accounting as easy as possible. It’s cloud-based and can be accessed via mobile phones. The software comes with a slew of features, each one great at its job.
One of Xero’s best features is Hubdoc. This feature allows users to capture receipts, bills, costs, and project tracking. Xero’s other features include:
- Creating and sending invoices.
- Providing up-to-date financial reports.
- Creating expense claims.
- Reconciling bank statements.
Xero has an easy-to-read dashboard, is easy to set up, and doesn’t require any prior accounting knowledge. The software can also be used to work with multiple users, like your employees and accountant.
Xero protects your data with its two-step authentication, and each Xero plan comes with a 30-day free trial for unlimited users.
6. Wave Accounting
Founded in 2009 in Toronto, Wave Accounting offers excellent financial management services. It provides not just accounting but also invoicing and expense management services.
Wave accounting has credit card processing and payroll services. It’s a cloud-based software that can be used on the go as all your data is backed up for extra security. If you have other data you’d like to back up, read best backup software 2021.
Wave lets you connect your bank account for real-time synchronization of your expenses. The software is easy to use, and its dashboard provides data in an easily readable format.
Wave Accounting features include a double-entry system, multiple users, tracking sales on income and expenses, unlimited income and expense tracking, organizing income and expenses into tax categories, and making reports including profit and loss statements and cash flow.
GoDaddy was founded in Baltimore in 1997 and is a big name in the web-hosting space. The company’s accounting software has tools that automate and sort your accounting process, and it doesn’t require any prior accounting expertise to operate.
The software automatically creates and sends invoices, and it accepts online payments. GoDaddy doesn’t offer tax solutions or payroll services. It’s better suited for e-commerce businesses, and it syncs to eBay, PayPal, Amazon, Etsy, and more. If you are an e-commerce business, read eBay Canada Review and Tips.
GoDaddy’s features include:
- Online payment processing.
- Creating and sending invoices.
- Recurring invoices.
- Synchronization with online retailers.
- Tracking sales and expenses.
- Providing business reports, including profit and loss.
8. AccountEdge Pro
AccountEdge Pro was founded in 1989 and has developed steadily over the years. The accounting software has a cloud-based app and a hosting platform. The package offers comprehensive and customizable accounting solutions.
AccountEdge Pro offers various features such as syncing data with company files, providing bank feed with integration, and a free copy for your accountant. The software is not as beginner-friendly as the others on our list and will require some accounting knowledge or familiarity with accounting terminology.
AccountEdge Pro’s features include inventory management, payment processing, direct deposit, full-service payroll, customer and vendor management, and turning quotes into invoices.
Zarmoney has many accounting features, including online credit card payments, creating invoices, managing sales, and providing different payment terms, early payment discounts. The software doesn’t currently support recurring invoices but says it will soon be available.
Zarmoney can automatically import your daily bank transactions for you to confirm. It currently connects with over 9,600 banks in Canada and the U.S, so your bank is most likely covered. Zarmoney also lets you make batch deposits, quickly transfer funds, and calculate sales tax.
Zarmoney is relatively easy to use and straightforward. It allows for multiple users, and if you add a user, your account is automatically updated without having to contact customer service to make the change.
If you’re short on time and in need of accounting solutions, then Plooto is your best bet. The accounting software offers a myriad of automated features that ease the stress of accounting. With Plooto, businesses can automate all accounts payable tasks.
Plooto automates invoicing and allows payments within invoices. These automated features are easy to use and make the software particularly helpful. Plooto’s also supports batch payments, online payments, payment approvals, and search records.
Plooto eases the burden of financial management for businesses and moves the payment process to a central location. This makes it easier to track and manage the payments of the company. Features such as payments, reconciliation, reporting, and approvals are all conveniently located on the dashboard.
Plooto can also integrate with other accounting software, but it can only integrate with QuickBooks and Xero. The accounting software offers an unlimited number of users, customers, vendors or bank connections, and there’s also no charge for a collaborating accountant.
The accounting software mentioned have been tried and are trusted by many Canadians. These software are the best on the market with advanced features and reliable systems.
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