Investing in the best accounting software for CPAs and accounting firms is necessary. It is designed to facilitate the operations of the accounting business. That is a prudent decision. This software helps to cater to CPA 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 CPAs. It also explores the best accounting software for accounting firms in the U.S. Let's explore it.
Accounting Software for CPAs & Accounting Firms: Features
Here are the top features of the best accounting software for CPAs and accounting firms in accounting outsourcing services.
Compliance & Reporting
The best accounting software for CPAs and accounting firms should have updated compliance capabilities. It helps to keep up with changing rules. It involves automatic tax computations, current tax forms, etc. CPAs may prepare accurate statements of finances, balance sheets, etc. It uses comprehensive reporting options. It also assures compliance with accounting standards.
Streamlined data entry & integration
The best accounting software for CPAs and accounting firms must provide simple data entry techniques, decreasing human input with features. 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.
CPAs & Accounting Firms: Accounting Software Needed
Here is the best accounting software for CPAs and accounting firms.
Sage
Being the best accounting software for CPAs and accounting firms, Sage offers valuable assistance to accounting firms by automating data entry, optimizing workflows, and enhancing collaboration with clients. CPAs 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. CPAs 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
- 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
- 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 CPAs commonly use, thus streamlining workflows
Features
- Invoicing
- VAT and Tax
- Billing
- Multicurrency
- Project tracking
- Payments
- Financial reporting
- Automatic bank reconciliation
Awards
According to TechRadar Awards, it earned recognition in 2018 as one of the finest accounting software solutions.
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.
Xero
Xero, a distinguished and best accounting software for CPAs and accounting firms, delivers a comprehensive suite of bank transactions, payroll processing, inventory management, and invoicing features. Its standout attribute is the user-friendly interface streamlining tasks like invoicing and payroll. Regardless of the accounting proficiency, Xero's intuitive interface empowers outsourced accounting firms to oversee your business finances efficiently. Accessible from any internet-connected device, Xero ensures seamless connectivity, allowing CPAs to monitor and manage accounting responsibilities effortlessly.
Benefits
- 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
- Suitable for both Windows and Mac operating systems
- Prioritize user experience in its design
- Automate bank feeds for effortless daily reconciliation
Features
- Pay bills
- Track expenses
- Track projects
- Bank reconciliation
- Capture data
- Reporting
- Sales
- Online invoicing
- Accounting dashboard
Awards and recognition
It has received an award from Forbes for Best Invoicing and Billing Software for growing businesses in 2023.
NetSuite
NetSuite is the best accounting software for CPAs and accounting firms, 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
- Accounting features 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
- 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
Features
- General ledger
- Cash management
- Accounts payable
- Accounts receivable
- Payment management
- Tax management
- Account reconciliation
Awards and recognition
Summer 2022 Leader in Accounting, Billing, CRM, and ERP Systems from G2 Crowd
2022 Best CRM Software & Systems from I.T. Business Edge
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 CPAs and accounting firms. 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
- Streamlines different financial procedures, allowing CFAs to handle their customers’ financial data, transactions, and records more effectively
- Ensures accurate and well-organized financial data, in line with the accuracy and attention to detail that CFAs are supposed to have
- 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.
Features
- Invoicing
- Expenses
- E-invoicing
- GST
- Audit trail
- Reporting
- Documents
- Banking
- Bills
The Editors' Choice award has been given to Zoho from 2019 to 2022
SAP
SAP is one of the best accounting software for CPAs and accounting firms, 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 firms to embrace advanced financial management practices.
Benefits
- CPAs can handle various financial transactions using a single integrated system.
- CPAs may create up-to-date financial reports and insights because of real-time reporting and analytics capabilities.
- Accounting operations are streamlined by merging diverse financial activities.
- SAP, one of the best accounting software for CPAs and accounting firms, keeps a complete audit record of financial transactions and modifications. It is essential for transparency and fairness.
Features
- General ledger
- Analytics and Reporting
- Customer management
- Business intelligence
- Data visualization
QuickBooks
As the best cloud-based accounting software for CPAs and accounting firms, 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 CPAs and clients. Beyond these features, QuickBooks offers services like live bookkeeping, payroll management, point-of-sale solutions, and time-tracking capabilities, which are essential for outsourced accounting firms.
Benefits
- 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
- 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
Features
- Invoicing
- Bank Feeds
- Expenses
- Inventory
- Insights and reports
- GST and VAT
- Security
- Capture and organize receipts
Awards and recognition
QuickBooks 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.
QuickBooks secured the “2023 Most Loved Software” and “2023 Top Rated” awards from Trust Radius.
Wave
Wave empowers CPAs and accounting firms to effortlessly search through transactions, create tailored accounting reports, and harmonize data across diverse offerings. As the best accounting software for CPAs and accounting firms, 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
- Simplify reconciliations and bank uploads effortlessly
- Experience seamless invoice management without any hassle
- Navigate with ease through a user-friendly interface designed for simplicity
- Effortlessly handle transaction management
Features
- Endless monitoring of income and expenses
- Tailorable options for sales tax management
- Limitless linking of bank and credit card accounts
- Ability to export fundamental accounting reports and financial statements
- Dashboard oversight of cash balances and invoice statuses
- Better and quicker bookkeeping
- Invoicing
- Calculation of tax and deductions
- Profit and loss statements
- Automatic data backup
Awards and recognitions
In 2019, Wave claimed the leading position on Trust Radius's top-rated budgeting and accounting software roster.
Winding Up Note
The assistance and training provided by software firms are critical in ensuring the effective use of the best accounting software for CPAs and accounting firms. This feature is essential since it immediately affects a company's capacity to fully utilize the software's capabilities, improving efficiency and avoiding mistakes.
Software companies frequently provide various support services, such as technical assistance, troubleshooting, and answering user questions. This assistance assists firms offering accounting outsourcing services in navigating any difficulties they may have while using the program, assuring seamless operations. Furthermore, regular updates and patches for the best accounting software for CPAs and accounting firms are frequently included in the maintenance package, ensuring that the program is always up-to-date and safe. Comprehensive training sessions guide accountants and CPAs with the software's capabilities and functionalities.
This best accounting software for CPAs and accounting firms offers tailored tools to meet the specific needs of firms offering accounting outsourcing services in the USA. From streamlined financial management to advanced reporting and compliance features, 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 CPAs and accounting firms. Are you looking for the right partner to manage accounting services? Connect with us today.
