Investing in the best accounting software for consultants is necessary. It is designed to facilitate the operations of the accounting business. That is a prudent decision. This software helps to cater to consultant firms and accountants. It is unlike generic accounting solutions available in the market. Its functionalities are geared towards managing diverse client portfolios. It ensures adherence to regulatory standards and seamlessly handles payroll. It also ensures expense reporting tasks and other accounting outsourcing services.  

This article deals with top accounting software for consultants. It also explores the best accounting software for consulting firms in 2024. Let's examine it.

Common Qualities of Accounting Software for Consultants

The best accounting software for consultants must provide simple data entry techniques, decreasing human input with qualities. It involves bank feed connection, transaction grouping, etc. It speeds up the process and reduces mistakes. It also frees specialists to focus on their work. After all, the best accounting software for consultants should have updated compliance capabilities. It helps to keep up with changing rules. It involves automatic tax computations, current tax forms, etc. Consultants may prepare accurate statements of finances, balance sheets, etc. It uses comprehensive reporting options. It also assures compliance with accounting standards. 

Accounting Software for Consultants: Picks for 2024

Here is the best accounting software for consultants.

1. QuickBooks 

As the best cloud-based accounting software for Consultants, QuickBooks provides real-time accessibility, elevated precision in reporting, automated invoicing, and the flexibility of customizable invoice templates. This software supports multiple users securely, fostering seamless collaboration among consultants and clients. Beyond these qualities, QuickBooks offers services like live bookkeeping, payroll management, point-of-sale solutions, and time-tracking capabilities, which are essential for outsourced accounting firms. 

Benefits of QuickBooks

• Automated backup service, ensuring the safety and integrity of financial data, with the added flexibility of manual backups 
• Cost-effective pricing plans for various accounting outsourcing services.
• Simplifies invoice generation and monitoring 
• Effortlessly access standard financial statements such as balance sheets, profit and loss (P&L) statements, cash flow reports, and filed taxes 
• Automated expense and bill tracking

 Qualities of QuickBooks

• Insights and reports 
• GST and VAT 
• Security 
• Capture and organize receipts  
• Invoicing 
• Bank Feeds 
• Expenses 
• Inventory 

Recognition of QuickBooks

QuickBooks has garnered recognition as a premier finance solution, earning distinctions as a momentum leader and high performer for midmarket and small businesses according to G2's software and services review platform in 2021. It also secured the "2023 Most Loved Software" and "2023 Top Rated" awards from Trust Radius. 

QuickBooks secured the “2023 Most Loved Software” and “2023 Top Rated” awards from Trust Radius.  

2. Sage 

Being the bestaccounting software for Consultants, Sage offers valuable assistance to accounting firms by automating data entry, optimizing workflows, and enhancing collaboration with clients. Consultants can efficiently oversee their clients' bookkeeping requirements. It can be done with Sage Accounting, a user-friendly online accounting solution. This intuitive platform empowers outsourced accounting firms. It helps to send, monitor, and manage invoices without effort. It also ensures rapid and precise data entry through cloud-based automation. Consultants can expand their businesses and become indispensable partners to their client's expert guidance and varied support options. It can be done by leveraging Sage's comprehensive resources. 

Benefits of Sage  

• Implement measures to safeguard sensitive financial information and protect against unauthorized access.
• Efficiently manage multiple clients' financial data within a single software platform, simplifying client portfolio management.
• Hassle-free integration with other tools Consultants commonly use, thus streamlining workflows. 
• Access accounting data from anywhere with an internet connection 
• Facilitates effective collaboration among team members 
• Advanced reporting, including cash flow management, gives valuable insights into growing the accounting firm

Qualities of Sage

• Multicurrency 
• Project tracking 
• Payments 
• Financial reporting 
• Automatic bank reconciliation  
• Invoicing 
• VAT and Tax 
• Billing 

Recognition for Sage

Across Asia, the Middle East, and Africa, Sage secured the prestigious Masters of Tech Award from CPI Media Group in 2018, affirming its position as the foremost accounting software choice. 

3. Wave 

Wave empowers consultants to effortlessly search through transactions, create tailored accounting reports, and harmonize data across diverse offerings. As the best accounting software for consultants, it even automates sales tax calculations, enables personalized payment term adjustments, and provides clear-cut access to comprehensible cash flow perspectives. The software boasts an uncluttered, intuitively organized dashboard with separate sales, purchases, accounting, banking, payroll, and reports sections. 

Benefits of Wave

• Navigate with ease through a user-friendly interface designed for simplicity.
• Effortlessly handle transaction management
• Simplify reconciliations and bank uploads effortlessly 
• Experience seamless invoice management without any hassle 

Qualities of Wave

• Ability to export fundamental accounting reports and financial statements 
• Tailorable options for sales tax management 
• Limitless linking of bank and credit card accounts 
• Calculation of tax and deductions 
• Profit and loss statements 
• Automatic data backup  
• Dashboard oversight of cash balances and invoice statuses 
• Better and quicker bookkeeping 
• Invoicing 
• Endless monitoring of income and expenses 

Recognitions of Wave  

In 2019, Wave was leading on Trust Radius's top-rated budgeting and accounting software roster. 

4. Xero 

Xero, a distinguished and best accounting software for consultants, delivers a comprehensive suite of bank transactions, payroll processing, inventory management, and invoicing qualities. Its standout attribute is the user-friendly interface that simplifies tasks like invoicing and payroll, instilling confidence in consultants regardless of their accounting proficiency. Accessible from any internet-connected device, Xero ensures seamless connectivity, allowing Consultants to monitor and manage accounting responsibilities effortlessly. 

Benefits of Xero

• Suitable for both Windows and Mac operating systems 
• Prioritize user experience in its design 
• Automate bank feeds for effortless daily reconciliation  
• Manage client accounts from any location with ease 
• Safeguard data by storing it securely online, employing industry-standard encryption 
• Access the latest Xero versions through a product subscription

Qualities of Xero

• Capture data 
• Reporting 
• Sales 
• Online invoicing 
• Accounting dashboard  
• Pay bills 
• Track expenses 
• Track projects 
• Bank reconciliation 

Recognition of Xero 

Xero has received an award from Forbes for Best Invoicing and Billing Software for growing businesses in 2023, a testament to its quality and reliability. This recognition reassures consultants of their choice and instils confidence in the software's capabilities. 

5. NetSuite

NetSuite is the best accounting software for consultants, enhancing operational efficiency through automated core processes and immediate access to clients' financial data. This cloud accounting software streamlines transaction recording, payables and receivables management, tax collection, and book closure, enabling precise, timely reporting and enhanced control over financial resources.

 Benefits of NetSuite

• Uses strong security measures to protect sensitive financial information from possible breaches 
• Assists outsourced accounting firms in staying up to date on evolving accounting standards and tax rules  
• Accounting qualities of all types are combined into one platform 
• Various accounting operations are automated 
• Less manual data entry and error reduction 
• Increases efficiency and saves time 

Qualities of NetSuite

• Accounts payable 
• Accounts receivable 
• Payment management 
• General ledger 
• Cash management 
• Tax management 
• Account reconciliation  

Recognition of NetSuite

Summer 2022 Leader in Accounting, Billing, CRM, and ERP Systems from G2 Crowd 

 2022 Best CRM Software & Systems from I.T. Business Edge 

6. Zoho Books

Zoho Books presents itself as a versatile accounting solution. It addresses the multifaceted financial needs of firms. Zoho Books is the best accounting software for consultants. It streamlines various financial activities. It happens in an industry where accuracy, efficiency, etc. are paramount. Zoho Books offers a centralized platform to manage the intricate web of economic processes. This underpins their clients' operations. 

Benefits of Zoho Books

• CFAs can graphically convey financial facts, which aids in customer presentations and improves communication efficiency.
• Accounts payable, receivable, and transaction recording are automated, allowing CFAs to focus on higher-value analytical work. 
• Streamlines different financial procedures, allowing CFAs to handle their customers’ financial data, transactions, and records more effectively 
• Ensures accurate and well-organized financial data that aligns with the accuracy and attention to detail that CFAs are supposed to have.

Qualities of Zoho Books

• Audit trail 
• Reporting 
• Documents 
• Banking 
• Bills  
• Invoicing 
• Expenses
• E-invoicing 
• GST 

Recognition of Zoho Books

The Editors' Choice award has been given to Zoho from 2019 to 2022.

7. SAP

SAP is one of the best accounting software for consultants, facilitating financial accounting and reporting functions. This software captures transactions, generates periodic operating data reports, and conducts in-depth analysis of financial information. The impact of SAP accounting software on the automation of accounting systems is profound, offering businesses, regardless of their scale or industry, an enhanced capacity for data management and streamlined financial processing. SAP accounting software empowers outsourced accounting firmsto embrace advanced financial management practices.  

Benefits of SAP 

• Accounting operations are streamlined by merging diverse financial activities. 
• SAP, one of the best consultant accounting software, keeps a complete audit record of financial transactions and modifications. It is essential for transparency and fairness. 
• Consultants can handle various financial transactions using a single integrated system.
• Consultants may create up-to-date financial reports and insights because of real-time reporting and analytics capabilities. 

Qualities of SAP 

• Customer management 
• Business intelligence 
• Data visualization  
• General ledger 
• Analytics and Reporting

Winding Up Note

The assistance and training provided by software firms are critical in ensuring the effective use of the best accounting software for consultants. This feature is essential since it immediately affects a company's capacity to fully utilize the software's capabilities, improving efficiency and avoiding mistakes. This best accounting software for consultants in 2024 offers tailored tools to meet the specific needs of firms providing accounting outsourcing services in the USA. From streamlined financial management to advanced reporting and compliance qualities, these software options empower outsourced accounting firms to excel in their roles and drive business success. 

Fino Partners is one of the leading firms that offer Accounting Outsourcing services to consultants. Are you looking for the right partner to manage accounting services? Connect with us today.