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Table of Contents

Accounting Software Ratings Methodology The Forbes Advisor Philosophy How Forbes Advisor Rates Accounting Software Star Ratings Methodology for Best Accounting Software Lists Meet Our Team Accounting Software Advisory Board

Accounting Software Ratings Methodology

We assess dozens of accounting software to include on our best-of lists. Because each best-of list targets a different use case (small businesses or real estate businesses, for example), the criteria we use to rate each provider may differ depending on the list or lists on which they appear. However, though some criteria may differ, we focus on a common set of broad factors to rate included products for most accounting software lists.

The Forbes Advisor Philosophy

Our goal at Forbes Advisor is to equip businesses with the knowledge they need to grow their businesses. To do so, we work to simplify complex business topics, such as business accounting and its associated technologies, so small business decision-makers can choose the best solutions to meet their unique needs.

As we strive toward this goal, we may make a commission on products when readers click on select links within our reviews. However, this commission potential plays no role in our selection of products, how we rank them or the advice we offer surrounding them. For more information on our editorial policies, read our About Us page.

How Forbes Advisor Rates Accounting Software

General Features
We look for a set of core features all accounting software should have to be equipped to meet small business accounting needs. Among those features, we look for:   
  • Double entry: This functionality shows you both debits and credits so you can ensure debits are equal to your account credits.
  • A mobile app: A mobile app is useful for business owners to create invoices, view reporting, manage their taxes and communicate with their team or clients, among other features, while on the go.
  • Time tracking tools: By tracking hours worked by project or task, time tracking tools allow you to easily bill clients for hours worked on their projects.
  • Payroll functionality: Many accounting software conveniently support or integrate with payroll functionality, allowing you to pay team members for their hours worked while keeping track of payroll expenses.
  • A customer portal: A customer portal gives customers enough access to their account to complete client-side tasks on their own, such as viewing quotes, providing project feedback and making payments.
  • Training materials: We look for software and services that make the learning curve as shallow as possible, offering tutorials, articles, guides and webinars to help you learn the platform and troubleshoot issues. We prefer software providers that offer live training to company staff.
  • Secure document management: A document management function allows you to scan, drag-and-drop or email documents to the accounting software for storage. Many also let you organize your documents as needed and attach documents to client accounts and/or invoices.

Additional Features
In addition to core features that support small business accounting success, we prioritize software that has additional features that add convenience, ease of use and use-case-specific functionality. Here are a few additional features we look for:      
  • Integrations with popular CRMs: This integration offers all the tools a company needs to strengthen relationships with customers and clients.
  • Multi-currency support: Multi-currency support allows companies to work with vendors, contractors, and clients across the globe.
  • A budgeting dashboard: A budgeting dashboard helps companies ensure financial and cash-flow health with real-time reporting and, often, predictive insights.
  • Invoicing tools: Invoicing tools often provide customizable templates, auto calculations and autofill features and document attachment capabilities so you can send branded invoices to clients. These tools also offer invoice reporting and document storage, allowing you to keep records of your receivables for tax and other financial reporting purposes.
  • Mileage tracking: Mileage tracking ensures you can reimburse team members for their work expenses and bill clients for expenses related to their projects.
  • Receipt scanning: Receipt scanning tools allow you to capture all expenses related to your business functions. In turn, you can pay team member reimbursements and bill clients for relevant expenses.
  • Purchase order management tools: These tools allow you to create, send and pay for purchase orders. And most allow you to track ordered items to ensure on-time delivery and the opportunity to pivot operations as necessary due to anticipated delays.
  • Bill pay functionality: An accounting software’s bill pay functionality allows you to pay bills from the platform and keep a record of such expenses for reporting purposes.

Value
We evaluate each accounting software to determine their small-business affordability and whether their features justify their price. Overall, we look for those that offer starting subscription prices of less than $20 per month but prefer those closer to $15 per month. To evaluate a software’s price, we look at the software’s cost per month and year, as yearly prices often offer savings. We also look for free features, such as free demos, a free forever version and a free trial.

Expert Score
Our experts dive deep into each product, using hands-on testing to evaluate each software’s general features, additional features, value for the money and user experience. As they do, they assign star ratings for each of these evaluation categories. They also evaluate it for its learning curve, confirming it is easy to navigate, easy to use and does not require tech knowledge that most small businesses cannot access on staff.

Customer Reviews and Ratings
We gather the thoughts and ratings of real-world users of each software. To do so, we look to user review sites such as G2 and Capterra to understand what pain points the software solves for small businesses and how users struggle when working with the software.

Star Ratings Methodology for Best Accounting Software Lists

When developing a best-of software list, our editors customize how they score included providers based on the needs of the guide’s target use case. This helps us ensure our readers can make the most informed decision about each software we list. For example, when evaluating software to be included on a best free accounting software list, our rating of one product may differ from its rating on a best international accounting software.

Best Accounting Software for Small Business

Read our best accounting software for small business list.

Best Construction Accounting Software

Read our best construction accounting software list.

Best Real Estate Accounting Software

Read our best real estate accounting software list.

Best Accounting Software for Nonprofits

Read our best accounting software for nonprofits guide.

Best Accounting Software for Mac

Read our best accounting software for Mac list.

Meet Our Team

  • Staff Reviewer
  • SMB Editors
Kelly Main

Kelly Main

Staff Reviewer

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

Accounting Software Advisory Board

Our accounting software advisory board members have decades of experience in the small business finance sector. As such, we turn to them for strategic guidance and expertise as we produce each accounting software guide. Doing so ensures we produce highly relevant and valuable content that uniquely meets the needs of our audience members and their businesses.

Jason Cherubini, D.B.A., C.P.A., C.M.A.

Dr. Jason Cherubini, D.B.A., C.P.A., C.M.A., C.G.M.A., serves as executive-in-residence at Loyola University Maryland. He established Seraphim Associates International, a consultancy aiding technology startups in education and creativity. Additionally, he is an entrepreneur and film producer who co-founded Dawn’s Light Media, producing films like Black Water and Money Plane. Cherubini earned a Doctorate in Business Administration from the University of South Florida, alongside M.B.A. and Master of Accounting degrees from Tulane University. His research focus is on investor motivations in startup and early-stage ventures. He further contributes to business and finance education through academic and practitioner articles and holds faculty positions in the United States and Germany.

Marguerita Cheng, CFP®, RICP®, CAP®

Marguerita Cheng is a member of the Board of Directors for the Certified Financial Planner Board of Standards, Inc. She helps educate the public, policymakers and media about the benefits of competent, ethical financial planning. Rita helps people meet their life goals through the proper management of financial resources. She is passionate about helping them navigate some of life’s most difficult issues—divorce, death, career changes, caring for aging relatives—so they can feel confident and in control of their finances.

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