Best Accounting Tools In 2023

• Analytics and Reporting
• Cognitive Data Capture
• Unified Mail Channels
• Self-Learning AI
• Audit Trails
• Single Document Gateway
• Intelligent Document Curation
• Integrations
• Data Matching
• Compliance with Data Security Standards

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8. DocuPhase

DocuPhase is an automation solution for the entire organization. Built on a foundation of secure document management, DocuPhase’s approach combines Optical Character Recognition (OCR), Forms, and Workflow, as well as integrations with your core business solutions to provide end-to-end automation for any organization’s critical processes. DocuPhase aims to create well-defined, repeatable workflows that reduce errors, improve efficiency, and allow for enhanced visibility and auditability.

Built for medium to large enterprises, DocuPhase allows users to expand workflows throughout other areas of their organization easily. Developed with security, automation, and efficiency in mind, DocuPhase can handle unique processes, exceptions, integrations, and custom configurations.
DocuPhase provides users with everything they need to automate AP processes, including purchase order (PO) automation, approval routing, document management, automated data entry and GL coding, invoice process automation, and setting reminder alerts. Plus, supports web forms, payment automation, and expense report processing.

DocuPhase is a scalable platform offered on a by-quote basis, so interested organizations are encouraged to schedule a demo with the vendor.

Key Features of DocuPhase

• Drag-and-Drop Process Builder
• AP Automation
• Workflow Automation
• Invoice Process Automation
• PO Automation
• Optical Character Recognition
• Enterprise-Grade Document Management
• Vendor Portals
• Approval Routing
• API Integration

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9. PayEm

PayEm is a global spend management and procurement system used to handle finance processes, from request to reconciliation. With PayEm, businesses can manage, automate, and connect processes for non-payroll company spending in one platform. It uses automation, smart credit cards, and advanced technologies for payment and reconciliation to streamline payment processes while reducing manual inputs and errors. PayEm is a solution that can save time, increase productivity, reduce costs on multiple tech investments, and provide total visibility and control to finance teams and CFOs on a global level.

With modern features and an intuitive UI, PayEm makes it easy to create approval flows, simplify vendor payments, and manage subscriptions. Managers and supervisors can approve funding requests in minutes, set rules and limits for budgets, and view real-time spend from right inside the platform. Additionally, the application offers P2P features for your preferred payment method, receipt collection, and reconciliation.

PayEm is also a great fit for global companies. It has a centralized system so finance teams can easily use it to send funds to over 200 territories in 130 different currencies without having to use multiple software.

Meanwhile, employees no longer need to be burdened with complicated and time-consuming reimbursements. PayEm features allow users to reimburse on the go and snap pictures of receipts that approvers can review instantly.

Lastly, the platform integrates seamlessly with ERPs and accounting software using an end-to-end customized request-to-approval workflow. In this way, data is synced, and approved reimbursements are reflected in the company’s books. It also has a deep and seamless NetSuite integration, making it great for companies who already use NetSuite products for their operations.

Key Features of PayEm

• Spend Management
• Physical and Digital Corporate Cards
• Expense Reporting
• Bank Integration
• AP Automation
• Invoice and Request Capture
• ERP Sync
• Custom Approval Workflow Automation
• Fund Transfers
• Payment

10. Zoho Books

Zoho Books is a smart accounting system designed for growing businesses. It is also the holder of our Great User Experience for 2019. Generally, it can be described as an intuitive accounting solution designed for small businesses to handle their finances and to remain on top of their cash flow. It is very simple, easy-to-use, and able to help you make intelligent, data-based decisions. It is also the pioneer accounting product of a reputed software provider, which eliminates all worries related to uptime, support, or security.

With Zoho Books, you can send professional invoices to customers and begin receiving online payments from them all from a single platform. It’s fast, powerful, and convenient, and helps regain control over the company’s finances and save more in future. For the purpose, you can rely on features such as cash flow statements, P&L, Balance sheets, and many more. As it is small-biz and midmarket-friendly, Zoho Books is relatively painless to afford.

Another thing that is really specific about Zoho Books is its smart design, with extreme attention to detail and a bundle of useful functions arranged in a way that doesn’t disturb the user’s operations. The same as Zoho products in general, Books is a no-brainer to work with, and makes use of familiar navigation tools to help moving around when looking at screens full of information. Visual graphs and quick overviews of your financial data are always available on your Dashboard, while the rest of functionalities are assembled in the tabs of a vertical navigation toolbar.

Key Features of Zoho Books

• Invoice Customization
• General Accounting
• Reports and Analytics
• Manual Journals
• Expense Tracking
• Project Time Tracking
• Workflows/Modules
• Purchase Approval
• Online Payments
• Client Portal

11. Zoho Expense

Zoho Expense is a platform which transforms expense reporting and monitoring, and turns it into an enjoyable experience. To start with, this system automates a variety of expense management-related operations, and helps you record your transactions in a snap. Receipts can also be converted into expenses automatically, and then grouped together for you to generate reports whenever you need them. As anything else accomplished with this system, reporting takes a single click to be completed.

Another handy opportunity offered by Zoho Expense is to automatically capture credit card transactions, and convert those into expenses. It doesn’t matter which type of device you’re using – Zoho Expense can record expenses on the go, and even submit complete reports on smartphones as it does on traditional devices.

What is more, Zoho Expense eliminates all confusion related to allowed expenditures and spending limits, and makes sure your company’s expense policies are compliant and consequently enforced. Its interface is functional and hassle-free and offers several streamlined ways to enter or monitor information. Receipts, for instance, can be dragged-and-dropped on the main screen, or sent to email recipients on their unique IDs, and synchronized with their personal and corporate credit cards. Automated updates are also available.

Zoho Expense is also fully integrated with Zoho Books and Zoho CRM, which means you can use all three packages with the same account, and let data flow seamlessly from one system to the other.

Key Features of Zoho Expense

• Expense Recording Automation
• Auto Scan
• Mobile Upload
• Zoho Books Sync
• Multi-Stage Workflow
• Mileage Tracking
• Multi-Currency Expensing
• Visibility
• Analytics
• Approval Workflow

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12. Sage 50cloud

Sage 50cloud is an online accounting solution for small and medium-sized businesses that offers features such as taxes, inventory, budgeting, cash flow, and invoicing. Plus, you get a wide range of add-ons for credit card processing, payroll, and more. Organizations can utilize the app’s built-in accounting best practices to stay compliant and to track their finances. You can make payments on-the-go and bill customers, and provide your accountants real-time access to accounting books.

What’s unique about the platform is that it is basically a hybrid–a desktop app that has a cloud component for data access and storage. The software can be used to track purchases and vendors and pay bills. It likewise has expense management features that include mobile payment and bank feeds. The product is capable of connecting to your bank accounts, allowing for real time recording of sales and receipts, track receivables, transfer funds, reconcile bank accounts and make deposits. You are also given access to financial reports from any online device.

What sets Sage 50cloud apart from its sister app Sage Business Cloud Accounting is that the former is an add-on service that allows for the integration of the latter to the cloud. Businesses can store and share databases on the cloud and do the same with credit card numbers, both done securely. It has add-ons that include EFT, payroll, automatic tax computation and e-filing. Users can also accept secure and compliant payments anytime, anywhere once the app is merged with Sage Payment Solutions. Supplier and other payments may also be scheduled if needed.

Sage 50cloud’s inventory and stock management add-on lets users automatically update stock levels and use audits and stock valuations to manage assets. You can work anywhere using Microsoft tools as it integrates seamlessly with MS Office 365. And because the platform is cloud-based accounting data is synced between desktops and the app’s cloud servers, making them accessible at all times. All data are also backed up so you need not worry about losing information.

Companies can use Sage 50cloud’s visual dashboards to keep track of their business by providing views on important budget and revenue trends, and by highlighting main performance areas. You can easily handle customer contacts and create invoices, sales orders, and quotes directly.

Key Features of Sage 50cloud

• Cash Flow Statement
• Financial Consolidation
• Contact Management
• Customizable Pricing
• Inventory Management and Optimization
• Financial Management
• Trend Analysis
• Templates
• Order Management
• Tax Management

13. Xero

Xero is a proven global financial technology brand with years of experience helping small and medium enterprises grow. Its suite of online accounting solutions for accountants, bookkeepers, and small and medium businesses consistently places it among the market’s favorite financial management apps.

In its 2020 vendor assessment, for example, the IDC MarketScape recognized Xero as a Leader in the Worldwide SaaS and Cloud-Enabled Small Business Finance and Accounting Applications. It’s the culmination of years expressly dedicated to dynamically meeting the requirements of businesses regardless of industry.

Whether you are a freelancer or an established business, Xero presents you with a powerful, beautifully designed dashboard that gives you a commanding view of your bookkeeping practice clients, jobs, queries, and alerts.

At the click of a button, you can access client details and all the relevant information and activities connected to them. In the same manner, you may request from your clients any document that you need. Further on, you can take on a client discovery review to see which banks, industries, and apps they are using. With this information beforehand, you can align your processes for a seamless transaction. As a result, clients will appreciate your level of organization, making them satisfied and happy to be dealing with you.

Users with no accounting knowledge will find Xero easy to work with and manage, allowing them to be productive from their first use. Instead of confusing non-expert users, Xero transforms some of the most standardized and complex financial concepts into an enjoyable journey. It allows you to handle double bookkeeping, for instance, without breaking a sweat.

Globally, more than 2 million subscribers use Xero. Natively designed for the cloud, it lets you access the application from anywhere and at any time at your convenience. To support clients who constantly have to deal with invoices, receipts, and other documents, Xero has developed Hubdoc, a data automation and machine learning tool that allows users to capture, store, and retrieve these forms easily.

Recognizing the needs of businesses to use multiple tools to accomplish their objectives, Xero has invested in developing a robust app ecosystem from which clients can build their unique business toolkit with Xero at its core. This enables Xero to become a true partner for business growth and success, not just a plain vendor selling an isolated application. With this approach, Xero empowers modern businesses and allows them to compete with bigger players in the industries.

The financial industry has to deal with varying laws and regulations all over the world. Xero is designed to address these overarching compliance needs, giving clients the peace of mind they need to focus on their core businesses.

Xero offers three transparent pricing plans depending on the nature of your practice. There’s the Early plan at $5.50 per month, the Growing plan at $16 per month, and the Established plan at $31 per month. These are all 50% off the standard pricing plans, part of Xero’s ongoing promotional run. Xero allows you to cancel with one month’s notice.

If you want to see which Xero plan is best for you, the company offers a 30-day free trial window with all Xero features. Your free trial gives you the full 24/7 support that subscribers already enjoy.

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15. Trolley

Previously known as Payment Rails, Trolley is a global payments platform designed to automate payouts to service providers and sellers around the world. The software makes it easy for businesses to simplify their payout workflows and send mass payments to over 200 countries and regions around the world.

One of the main features of Trolley is that the platform streamlines payout processing and sending. Businesses can use the platform to set up and automate customized payout approvals. Individuals assigned approval rights are emailed each time a payment is ready for approval. In this way, the platform also improves transparency on who approves each payment. In addition to transparency, the app also provides real-time payout monitoring, so users can easily track each payment’s live status.

Trolley is also designed to make tax compliance easy. Businesses can use Trolley to collect and complete tax forms according to IRS requirements. The platform can also help in generating year-end reports and validating TINs. Trolley also updates withholdings automatically according to tax regulations.

Moreover, Trolley comes with powerful features to provide security and protect businesses against risk and fraud. The platform makes it easier for businesses to comply with government regulations and local payment regulations. Payment recipients can also be automatically screened against global watchlists to further protect businesses. Bank-level security, two-factor authentication, and user roles and permissions provide added financial protection.

Another important feature of Trolley is that it is easy to use. Through the platform, businesses can easily collect and verify recipient information, validate bank accounts, and fulfill Know Your Customer requirements. Businesses can do this through a white-labeled portal for suppliers and contractors or by adding a Trolley widget to their websites.

To better fit into businesses’ workflows, Trolley seamlessly integrates with various third-party applications for accounting, ecommerce, and CRM. The platform also comes with three different paid plans to meet businesses’ different requirements.