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Verdict

The best accounting software depends on your business size, budget, and needs. QuickBooks Online is the industry standard with the most features and integrations. Xero offers unlimited users and strong multi-currency support. FreshBooks has the best invoicing experience for freelancers. Wave is free for US and Canada-based sole proprietors.

Select tools:
FeatureQuickBooks OnlineXeroFreshBooks
Starting PriceFrom $35/moFrom $20/moFrom $23/mo
Simple Start$35/mo$20/mo$23/mo
Essentials$65/mo$47/mo$39/mo
Plus$99/mo$80/mo$65/mo
Advanced$235/mo——
Best ForSmall Biz, EnterpriseSmall Biz, EnterpriseFreelancers, Small Biz
RegionsUS, CA, GB, AUUS, CA, GB, AU, NZ, SG, ZA, HKUS, CA, GB, AU, NZ, SG, IE, ZA
PlatformsWeb, Ios, AndroidWeb, Ios, AndroidWeb, Ios, Android
Key Features
  • •Bank reconciliation and transaction auto-categorization
  • •Invoicing with recurring templates and payment reminders
  • •Sales tax tracking and 1099 contractor management
  • •Inventory tracking (Plus and above)
  • •Unlimited user seats on all paid plans
  • •Multi-currency accounting with auto exchange rate updates
  • •Bank reconciliation with AI-suggested matches
  • •Invoicing with online payment links and recurring templates
  • •Professional invoicing with customizable templates, recurring billing, and late payment reminders
  • •Time tracking with billable hours — log time against projects and convert to invoices in one click
  • •Expense tracking with receipt capture via mobile app
  • •Bank reconciliation with auto-import and categorization rules
Pros
  • +Industry-standard — most CPAs and bookkeepers are QuickBooks-certified, making collaboration seamless
  • +Feature-rich with dedicated modules for invoicing, inventory, payroll, and reporting
  • +Vast app marketplace with 500+ integrations covering CRM, payments, e-commerce, and more
  • +Unlimited users at every paid tier — no per-seat fees, making it cost-effective for growing teams
  • +Excellent multi-currency support with automatic exchange rate feeds and cross-currency reconciliation
  • +Clean, modern interface that is significantly easier to navigate than legacy competitors
  • +Best-in-class invoicing UX — creating and sending invoices is faster and more intuitive than any competitor
  • +Excellent time tracking with project-level logging that converts directly to billable invoices
  • +Client self-service portal lets clients view invoices, make payments, and download receipts independently
Cons
  • −Steep learning curve — the depth of features can overwhelm new users, especially sole proprietors
  • −Expensive at scale — the Plus tier ($99/mo) is needed for inventory, and Advanced ($235/mo) for custom reporting
  • −Payroll is a paid add-on rather than included, increasing total cost for businesses with employees
  • −Payroll is a separate add-on in every region, adding $20–$50/mo per country
  • −Smaller integration ecosystem than QuickBooks — some niche apps are Xero-only but most major tools support both
  • −No direct phone support on the Starter plan — only email and chat
  • −Less robust for product-based businesses — no inventory tracking and limited COGS support
  • −Expensive per-seat pricing — adding team members increases cost faster than competitors
  • −Limited reporting depth — custom report builder is basic compared to QuickBooks or Xero
Integrations10+ integrations10+ integrations10+ integrations
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