When it comes to managing your business finances, choosing the right system can make or break your efficiency. And we all know…time is money, honey. With so many options on the market, we decided to do our due diligence as The Best Accounting Firm ever (self-appointed still counts) and breakdown some options for you to automate your accounting.

Keep in mind that your business is unique and so what works best for you is really up to you, Boss. But we’ll make sure you have enough information to make a well informed decision. 

We’re breaking down the six most popular accounting softwares. Namely — QuickBooks Online, QuickBooks Desktop, Wave, FreshBooks, Xero, and your good old-fashioned spreadsheet. We’ll show you their pros, cons, and best-use scenarios. 

Monthly Cost Breakdown

– QuickBooks Online: $12.50 – $180

– QuickBooks Desktop: $30 – $106

– Wave: $0-$16

– FreshBooks: $6 – $50

– Xero: $12 – $65

– Spreadsheets: $0

While a good ole fashioned spreadsheet comes at no cost, the paid options are still pretty budget-friendly PLUS… let’s dive into some of the other benefits…

Bonus Features

Bank Account Sync

Every system except spreadsheets can sync with your bank accounts, allowing for automatic updates and reconciliation of transactions. This feature alone saves you hoooooours of manual input each month.

Invoice Payments

When it comes to invoicing clients, all the systems listed (again, except spreadsheets) offer this feature. Wave, FreshBooks, and QuickBooks are especially notable for their user-friendly invoicing tools, making it easy to track payments and send reminders.

Third-Party Payment Integrations

If you’re working with a variety of payment processors like PayPal or Stripe, your best bets are FreshBooks and Xero. They both support multiple processors, giving you the flexibility to cater to different client preferences. Wave and QuickBooks also provide solid integration with ACH payments.

Sales Tax Management

For businesses that deal with sales tax, it’s worth noting that Wave lacks a proper sales tax management tool. Meanwhile, the other systems make this a breeze, automating the process of calculating and tracking taxes.

Mobile Account Management

If you’re always on the go, QuickBooks Online, Wave, FreshBooks, and Xero have you covered with strong mobile management capabilities. However, QuickBooks Desktop and spreadsheets will have you tied to your desk.

Ease of Use

Ease of use is subjective, but QuickBooks Online is generally seen as the most user-friendly system. It’s packed with integrations and powerful features, all while being intuitive to navigate. Spreadsheets are also easy but lack many of the advanced functionalities found in other options.

Proper Accounting Reports

If you need clean, professional accounting reports, Wave falls short. Meanwhile, QuickBooks, FreshBooks, and Xero offer detailed, automated reports that can help you stay on top of your financial health.

The Pros & Cons of Each System

QuickBooks Online

– **Pros**: Cloud based, mobile app, aver 50 in-depth financial reports, 750+ app integrations, seamless bank syncing, mileage tracker included for business travel

– **Cons**: Can be pricey, learning curve for new users

QuickBooks Desktop

– **Pros**: Accurate and reliable if you understand it, access to tons of features, the most reliable inventory COGS system 

– **Cons**: Notoriously difficult to learn, no cloud or mobile access

Wave

– **Pros**: Cloud based, mobile app, easy to use, designed with freelancers and solopreneurs in mind, best “free” option on the market (air quotes because most likely, you’ll need to upgrade to the $16/mo plan, which means it’s not exactly free)

– **Cons**: Pretty basic features that don’t give detailed financial insight, not built for larger businesses

FreshBooks

– **Pros**: Cloud based, mobile app, basic inventory tracking, designed with freelancers and solopreneurs in mind

– **Cons**: Not built for larger businesses, few customization options

Xero

– **Pros**: Cloud based, mobile app, easy integrations with payment processors

– **Cons**: Can be pricey, customer service is email-only, learning curve for new users

Spreadsheets

– **Pros**: Free, accessible to everyone, minimal learning curve

– **Cons**: Requires manual data entry, no automation features

Which System Is Right for You?

We get it—choosing the right system can feel like a big decision, but we’re here to make it easy. If we had to pick a favorite, QuickBooks Online would win, hands down.

Why? It’s packed with features. We won’t list them all, but here are our faves: automatic bank syncing, thorough reports, integrations with over 750 apps (seriously, everything from payment processors to inventory tracking), and it’s scalable so you don’t need to find a new software as your business grows. Plus, it’s super user-friendly, making it a great choice no matter what stage your business is at.

Honestly, we love QuickBooks Online so much that it’s what we use in our firm! And because we believe in helping you crush it with your finances, we’ve put together a whole course to guide you through everything QuickBooks has to offer. Whether you’re just getting started or want to level up your skills, we’ll walk you through the ins and outs—no stress, just results.
Ready to feel like a QuickBooks pro?  We’re here to make sure you’re not just a business owner but you’re OWNING your business.