Whether you’re operating a brick-and-mortar retail business or working directly out of your home office, reliable accounts payable software helps keep your numbers accurate. Small mom-and-pop shops, local grocery stores and even eCommerce websites can benefit from a general software ledger that saves time by automating routine tasks.
This guide highlights the top financial software solutions for small and enterprise companies to meet budgets. We also break down the pros and cons of each software and provide examples of some of the businesses they excel in.
QuickBooks Financial Software Solutions
Intuit’s QuickBooks accounts offer cutting-edge financial software solutions for small and medium-range businesses. QuickBooks software handles daily accounting tasks and comes with many bells and whistles, such as financial statements and payment tracking.
QuickBooks Pros
- You can print out on-demand profit and loss statements.
- It comes with five cloud-based plans and three desktop software packages.
- QuickBooks automatically monitors your company credit card transactions when you’re subscribed to paid plans.
- Companies can link your QuickBooks plan or digital financial accounts with Intuit’s budget software, Mint.
Unlike other financial software solutions, QuickBooks affords you the luxury of sorting through large packets of data without a noticeable lag time. In addition, because QuickBooks is cloud intensive, it is used by many small businesses because they can seamlessly work on the same accounts via different devices.
QuickBooks Cons
While QuickBooks is a product of Intuit, a company owned by Microsoft, it’s by no means a perfect product.
- There’s no scanning system for bar codes.
- QuickBooks apps limit the number of users.
- Getting professional support can be a lengthy endeavor.
If you plan to add new features to your QuickBooks, it could prove costly for your pocketbook.
Bill.com Accounts Payable Software
Suppose you’re on a budget and looking for reliable accounts payable software. Bill.com offers affordable small-business options and tailored apps for specific business niches like accounting, healthcare companies, and hospitality businesses. Bill.com’s smart invoice entry feature gives this cloud-based software a leg up on competitors.
Bill.com is handy for companies with 10–50 employees. It offers tailored apps specifically for accounting companies, nonprofit organizations and businesses in the health field.
Bill.com Pros
- Bill.com offers a free trial.
- Bill.com’s apps let you set up automatic payments.
- Bill.com facilitates international payments to vendors.
- It features different price points for specific industries.
- You can assign different program permissions for different users.
- You can incorporate other third-party accounts payable software with the corporate and enterprise versions.
- In addition to the essentials and team app versions, Bill.com provides a specific app for accounting needs and companies.
Another reason to consider Bill.com over other software is its sophisticated cash flow management system. The cash flow feature can track future transactions on debit and credit accounts three months out.
Bill.com Cons
While Bill.com provides unique features for different industries and firms, there are drawbacks.
- You can only use Bill.com apps online.
- Reaching customer service can be an ordeal.
- Bill.com sends excessive email remainders.
- The reporting options aren’t as extensive as other software packages.
Unlike other contemporary financial software solutions, Bill.com is best suited for companies with a high volume of accounts payable and accounts receivable needs. If you only have a handful of employees, you might not benefit from Bill.com.
Sunrise Accounts Payable Software
Sunrise provides free financial software solutions created by freelancers. Designed for sole proprietors, freelancers and general small businesses, Sunrise offers invoice solutions, expense-tracking mechanisms and essential bookkeeping services.
Sunrise Pros
Sunrise’s basic account payable software is free to use. If you want to unlock additional features — for example, payment gateways like Stripe, Square and PayPal — you must purchase the Sunrise Plus plan.
- Sunrise lets companies create custom invoice templates.
- You can use many of Sunrise’s financial software solutions free of charge.
- Sunrise’s accounts payable software incorporates the PayPal payment gateway.
- You can enlist Sunrise’s bookkeeping team to help manage your business finances.
In addition to the software, Sunrise offers users professional accounting services. The ability to hire a professional accountant through Sunrise to help with your accounting distinguishes this software from other notable programs.
Furthermore, Sunrise can process discounts and refunds, putting this cloud-based software on its own level. It also boasts a unique feature that automatically charges a client’s card and sends them the invoice, which is not always found in other accounting solutions.
Sunrise’s Cons
Even though Sunrise is a free accounts payable software, it does have its drawbacks.
- You can only reach customer support through email.
- There is no method to integrate the program with other financial software solutions.
- Sunrise sometimes glitches when processing payments and notifications through the Stripe payment gateway.
Due to its advanced features, Sunrise has a steep learning curve. You also must go into each account to view its contents; there isn’t a universal accounts dashboard.
