Cloud-Based accounting applications are used in the management of finances by businesses from anywhere while ensuring data security. Many software products fit this category, with QuickBooks being the most popular accounting software. FreshBooks accounting software is operated by 2ndSite Inc. and offers subscription-based products like purchase orders and accounts payable. Its accounting process starts with the analysis of financial transactions. Furthermore, the software allows adjusting entries, preparation of an adjusted trial balance, financial statements, and finally closing of entries. Over 24 million people use the application in about 160 countries. It targets to serve small and medium-sized enterprises. It has billing plans that cost between $4.5 to $30 per month, depending on an organization’s features and size. It helps in empowering businesses to stay excellent on finances and analyze reports effectively.
NetSuite Inc. is a company that offers software, execution, and support services and provides Oracle NetSuite accounting software; the company is a subsidiary of Oracle Corporation. The process involved is flawlessly combining finance and accounting functions with financial compliance management. It is a choice of more than 24000 users worldwide as it provides higher scalability options for organizations. It focuses on small and medium-sized enterprises facing growth issues. It costs every user about $99 monthly. NetSuite aids improved collaboration and smoothened information exchange.
Compared to QuickBooks, FreshBooks is perfect for time-tracking budgets, while QuickBooks is best for managing and invoicing essential business clients and tracking inventory in retail businesses. NetSuite offers a complete suite beyond accounting and financial needs, whereas QuickBooks focuses on small businesses’ financial management solutions. The problem with NetSuite is its high subscription cost and extra payments for advanced modules. QuickBooks serves as the best accounting software because of its flexibility and ease. In conclusion, although QuickBooks is the most common accounting software, other players such as FreshBooks and NetSuite offer features and flexibility and should be considered by organizations.