10 Accounting Software for Business and Sole Trader Similar to QuickBooks

QuickBooks is one of the most popular accounting software in the industry. It was developed by Intuit and designed to help small and medium-sized businesses manage their financial and accounting tasks more easily. QuickBooks provides a variety of tools and features for handling tasks such as:

• Bookkeeping: Recording income, expenses, and transactions to track the financial health of a business.
• Invoicing: Creating and sending invoices to clients and customers.
• Payroll Management: Handling employee wages, taxes, and benefits.
• Tax Filing: Calculating and filing taxes, including sales and income taxes.
• Financial Reporting: Generating reports such as profit and loss statements, balance sheets, and cash flow statements to analyse business performance.
• Inventory Management: Tracking inventory levels, orders, and stock across multiple locations.
• Bank Reconciliation: Connecting with bank accounts to automatically download transactions for reconciliation.
• Expense Tracking: Keeping track of business expenses, categorising them, and simplifying the process for tax deductions.

QuickBooks is available in various versions, including:

QuickBooks Online: A cloud-based version that allows users to access their accounting data from anywhere.

QuickBooks Desktop: A version you can install locally on a computer, suitable for businesses that prefer managing their accounting offline.

QuickBooks Self-Employed: A simplified version designed for freelancers and independent contractors.

QuickBooks accounting software is popular, but there are many alternative software for small businesses.

Sage Accounting Software is a suite of accounting and financial management tools designed primarily for small to medium-sized businesses. Sage offers various accounting solutions to help businesses manage their finances efficiently. It includes both cloud-based (Sage Business Cloud Accounting) and desktop-based (Sage 50cloud, formerly known as Sage 50) versions, depending on the needs of the business.

Key features of Sage Accounting Software include:

• Invoicing and Billing
• Expense Tracking
• Bank Reconciliation
• Financial Reporting
• Inventory Management
• Payroll Management (for certain versions)
• Tax Management
• Multi-Currency Support
• Cloud Access and Mobile Apps
• Integrations

Sage Accounting software comes in 3 versions:

Sage Business Cloud Accounting: The cloud version, is ideal for small businesses that need flexible, remote access to their accounting software.

Sage 50cloud: A desktop-based version that combines local accounting software with cloud-connected features. It’s suitable for businesses that prefer an offline solution but want the benefits of cloud access for backup, reporting, and collaboration.

Sage Intacct: A more advanced, cloud-based solution for larger organisations with more complex financial management needs, such as multi-entity operations.

Wave is a free, cloud-based accounting software designed primarily for small businesses, freelancers, and entrepreneurs. It offers a range of tools to manage finances, including invoicing, expense tracking, and financial reporting.

Cost of Wave

Free: Wave offers a free plan that includes core accounting features such as invoicing, expense tracking, and financial reporting.

Paid Features: While the core features are free, Wave charges for additional services like payroll (in specific countries) and payment processing (e.g., credit card processing fees).

Wave is an excellent choice for small businesses, freelancers, and solopreneurs who need basic accounting functionality without the expense of more comprehensive software.

Xero is a cloud-based accounting software designed for small to medium-sized businesses. It is widely known for its user-friendly interface and powerful features, offering an easy way to manage accounting tasks like invoicing, bank reconciliation, payroll, and financial reporting.

Xero Pricing Plans:

Xero offers different pricing tiers depending on the features you need:

Early Plan: Ideal for very small businesses, allowing you to send up to 20 invoices and reconcile 20 bank transactions per month.

Growing Plan: Suitable for businesses that need more invoicing and reconciliation capacity. Includes features like multi-currency support and payroll (where available).

Established Plan: For businesses with more complex accounting needs, offering additional features like advanced reporting, project tracking, and multiple users.

Xero also offers a free trial for new users to explore its features before committing to a paid plan.

Zoho is a comprehensive suite of cloud-based business tools, with applications designed to help businesses manage various operations, including accounting, customer relationship management (CRM), project management, human resources, and more. Zoho Books is the specific product within the Zoho suite that focuses on accounting and financial management.

Zoho Books is an accounting software specifically designed for small and medium-sized businesses. It provides a robust set of features to manage finances, track expenses, create invoices, generate reports, and maintain compliance with tax regulations. It integrates well with other Zoho applications as well as third-party apps, making it a versatile tool for managing business finances.

Pricing Plans

Zoho Books offers multiple pricing tiers based on the size of the business and the features required:

Basic Plan: Includes essential accounting features like invoicing, expense tracking, and basic reports.

Standard Plan: Adds features like recurring billing, project management, and time tracking.

Professional Plan: Provides more advanced features like multi-currency support, inventory management, and more detailed reporting tools.

Premium Plan: Suitable for larger businesses needing multiple users, advanced integrations, and additional customisation options.

Zoho Books also offers a free plan for businesses with less than $50,000 in annual revenue, providing access to basic accounting features.

Kashoo is another cloud accounting tool designed for small business owners. It provides an easy-to-use platform for managing basic accounting tasks like invoicing, expense tracking, and financial reporting.

Pricing Plans:

Kashoo offers straightforward pricing with a free trial available for new users. The paid plans are based on monthly or annual subscriptions, affordable for small businesses. Key aspects of their pricing include:

Free Trial: A 30-day free trial to explore the platform and its features.

Paid Plans: The pricing is tiered based on the features you need (e.g., invoicing, multi-currency support, etc.).

ZipBooks is a modern, feature-rich alternative to Quickbooks that gives you all the classic accounting features plus automated customer engagement features to help you grow your business.

It offers an intuitive interface and a range of tools to manage accounting tasks such as invoicing, expense tracking, and financial reporting.

Pricing Plans

ZipBooks offers several pricing tiers, including a free version, with paid plans for more advanced features.

Free Plan: Includes core features like invoicing, expense tracking, and basic reporting. It's suitable for very small businesses or freelancers who have simple accounting needs.

Starter Plan: Offers features like unlimited invoicing, time tracking, and the ability to accept online payments. This plan is ideal for small businesses that need more functionality than the free plan.

Professional Plan: Adds advanced features like project tracking, advanced reporting, and the ability to work with multiple users. This plan is suitable for businesses that need more in-depth financial insights.

Enterprise Plan: For larger organisations or businesses with more complex needs, offering custom features, team management, and specialised reporting tools.

Clear Books is a ​cloud accounting and payroll software for small businesses in the UK. It is an award-winning, fast-growing cloud accounting for thousands of small businesses in the UK.

Pricing Plans

Clear Books offers a few pricing tiers based on the features required. Pricing is generally competitive and flexible, with options for smaller businesses and larger organisations:

Self-Employed Plan: Aimed at freelancers and sole traders, this plan offers core features like invoicing, expense tracking, and reporting.

Small Business Plan: Includes everything in the self-employed plan, plus additional features like VAT management, payroll, and project tracking.

Large Business Plan: Designed for businesses with more complex needs, this plan provides multi-user access, advanced reporting, and multi-currency support.

Accountants Plan: Specifically designed for accounting firms, offering multiple client management, batch processing, and collaboration tools.

Clear Books offers a free 30-day trial for all plans, allowing users to explore the software and decide whether it meets their needs.

FreeAgent is an excellent choice for freelancers, small business owners, and accountants, particularly in the UK, looking for an intuitive, all-in-one accounting solution. It’s designed to handle everything from invoicing and expense tracking to tax calculations and payroll management, making it especially suitable for service-based businesses or businesses with limited employees.

The software’s strengths lie in its comprehensive tax tools (especially for UK businesses), real-time tax estimates, and mobile access. It’s a great option for those who need an easy-to-use accounting platform without getting overwhelmed by complex accounting features

Pricing Plans

FreeAgent offers a single pricing tier, which includes all the features for a set monthly or annual fee.

Pricing (as of 2024)

Monthly: £24 per month (for freelancers and small businesses)

Annually: £240 per year (which works out to £20 per month)

Free Trial: FreeAgent typically offers a 30-day free trial for users to test the software before committing to a subscription.

Patriot Accounting Software is a US-based cloud accounting and payroll software designed for small businesses and freelancers who need a simple, affordable accounting solution.

Pricing Plans

Patriot Accounting is known for being cost-effective, offering competitive pricing that makes it accessible for small businesses.

Accounting Software:

Basic Plan: $15/month (includes invoicing, expense tracking, bank reconciliation, and financial reporting)

Premium Plan: $25/month (includes all the features of the Basic Plan plus payroll integration, employee management, and tax filing).

Payroll Software:

If you're using the payroll feature separately, Patriot offers it as an add-on service, starting at $17/month for the basic plan. Additional charges apply for tax filing services.

Free Trial: Patriot Accounting offers a 30-day free trial, allowing users to test the platform before committing to a paid plan.

MoneyMonk is a cloud-based accounting and invoicing software designed for freelancers, small businesses, and self-employed professionals. MoneyMonk is particularly focused on businesses and freelancers in Germany, though it also caters to users in other countries with multilingual support.

Pricing

MoneyMonk offers a subscription-based pricing model with different tiers based on the features and number of users:

Basic Plan:

Typically around €8 - €10 per month (price varies based on region and promotion).

Includes basic invoicing, expense tracking, and tax management.

Pro Plan:

Around €15 - €20 per month (depending on the features and region).

Includes all features of the Basic Plan plus more advanced features like project management, time tracking, and multi-currency support.

Custom Plan:

For larger businesses or teams, MoneyMonk may offer custom pricing tailored to specific needs (e.g., for more users or additional integrations).

Free Trial: MoneyMonk offers a free trial for users to test out the platform and explore its features before committing to a paid subscription.