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The Best Business Accounting Software For 2020 Compared Side-By-Side

Income Reports

Keeping good financial records for your business is crucial.

If you’re at the early stages of your business, you might not be in a position to hire an accountant. Then it becomes super important to find the best business accounting software to meet your needs and your budget.

In order to grow your business effectively you need to have your finger on it’s financial pulse. Keeping thorough records makes this so much easier. Not only that, but it also makes submitting your taxes much smoother.

Invariably, as your business grows the financial reporting will get more complex, with more moving parts to keep track of. Creating robust procedures, based on reliable and effective software when your business is in its early days will stand you in good stead in the future.

As of 2020, these are seven of the best business accounting software you have to choose from, compared side-by-side.

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Looking for the best business accounting software?

As with all of our comparison pages, we want to save you hours of online reading and provide you with an overview that you can trust and easily digest. Then you have more free time to do things that will move the needle in your business.

That's why we wanted to put together a list of the best business accounting software based on:

  • Features
  • Pricing
  • User experiences
  • And many more factors

After thorough research and careful testing, this is our list of the best business accounting software. So you can find the perfect tool for your needs.

Best Business Accounting Software For 2020


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Overall rating






Lite $15/month – bill up to 5 active clients
Plus $25/month – bill up to 50 active clients
Premium $50/month – bill up to 500 active clients 
30-day free trial

  • Plenty of useful features
  • User-friendly interface
  • Lots of popular integrations



Basic:  $9/month – 50 contacts
Standard: $19/month – 500 contacts
Professional: $29/month – Unlimited contacts
14-day trial

  • Automatic bank feeds & payment notifications
  • Customer engagement tools
  • Invoice distribution & tracking



Starter: $9/month
Standard: $30/month
Premium 10: $70/month
30-day free trial

  • Bank reconciliation & payroll
  • Receive bills electronically
  • Free, unlimited email support



Self-employed – $5/month
Simple Start – $7/month
Essentials – $17/month
Plus – $25/month
30-day free trial

  • Track bounced cheques
  • Customize email templates
  • Key reports in just one click



Pro – $44.97/month
Premium – $69.62/month
Quantum – $175.87/month

  • Tax management
  • Automate purchase orders & billing
  • Collaboration tools




  • Simple reporting
  • Square, Freshbooks, & Stripe integrations
  • Unlimited support

What Makes Freshbooks The Best?

No matter which business accounting software you choose from the above list, I'm sure you'll be happy. They are all great tools, some are more suited to different tasks/users than others.

We've tested them out and found that there were 3 main benefits to using FreshBooks over the other business accounting software:

  • It's very user-friendly. You don't need any prior accountancy knowledge to get set up and use.
  • The insightful dashboards & reports show you exactly what you need, at‑a‑glance.
  • Vast integrations. If you need a certain function that isn't within FreshBooks. Don't worry, as you'll find FreshBooks integrates with so many other tools.

If you're a freelancer or solopreneur and you need an easy to use tool to create invoices and track your expenses, FreshBooks is a great solution. If you need complex reporting and additional features, such as payroll then Sage50 might be a better solution for you. 

For small business, solopreneurs and freelancers, we wholeheartedly recommend FreshBooks.


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