The primary objective of double-entry accounting is to help businesses record each transaction in the accounts where the money comes from and the accounts where the money ends up. When the total of all debit entries approximates the sum of all credit entries, each transaction is considered "in balance." This helps businesses create correct financial statements.
Double-entry accounting is more complex than merely moving money from your checking to your savings account, but that's no reason to neglect it. Double-entry accounting makes the process easier despite causing some head scratches at first.
Thankfully, there are robust double-entry accounting web applications that help both individuals and businesses save their time and create an upward balance. Let's look at the top 5 web applications for double-entry accounting.
1. Easy Accountax
Easy Accountax is one of the most convenient ways to manage and operate all accounting transactions. Being a cloud-based accounting application and software, it has many features. From simple accounting to invoicing the consumers, it does it all! An ideal solution for small businesses and accountants!
Whether you are a small business, an individual, or an Accountant, Easy Accountax delivers a one-stop solution from accounting to payroll to invoicing. Online cloud-based accounting software offers bookkeeping, payroll, self-assessment, CRM, HRM, Stock Management, and function. It's all included—no extra charges for any add-ons.
Features of Easy Accountax
- Invoice Tracking: Businesses can easily tally and check their invoices for some time from one database.
- Robust Double Accounting System: The software provided by this application sustains an immaculate data limit to help businesses cater to larger audiences without thinking about storage buying.
- Tax Return System: Their tax return system calculates and sends GSTR1, GSTR2, and GSTR3 level tax invoices to the customers and large corporate clients without any hassle. They also have a support composition scheme for the same.
- Financial Report: Easy Accountax has an accessible reporting system database where businesses can check real-time financial reports and generate their progress accounting reports.
- Secured Data Management: Easy Accountax has a secure network for data management. They have multiple layers of security networks that govern the vast data of different businesses.
- In-Depth Access Control: They have a feature where companies or individuals can decide who can access their database. The main admin can also check and remove people from the secure network.
Pros of using Easy Accountax
- Managing GST, VAT, and other accounting invoices in the double accounting system becomes feasible.
- All at one dashboard system for bookkeeping everything at one time.
- Businesses and accountants can generate invoices from anywhere using the mobile application.
- User-friendly model.
Cons of Using Easy Accountax
- A lot of customization is needed for e-commerce platforms during the initial onboarding.
- They do not have the invoice editor design model.
This cloud-based bookkeeping software focuses on its online accounting software for small businesses owner. Designed to save time and effort, Kashflow has various inbuilt features that eagles faster payments and compliant tax filing, resulting in less time spent on bookkeeping.
A complete business solution with integrated accounting, payroll, and HR, the software offers many features, including contact management, expense tracking, project management, fixed asset management, and much more. As it is a cloud-based application, it is easy to use on any device on the go. You can view your accounts and create quotes and invoices that can directly be emailed to the customers.
Features of KashFlow
KashFlow offers an impressive number of features. Let us look at the overview of the software.
- Dashboard: A well-organized and appealing dashboard with charts that marks the business's current financial state. There are graphs labeled Alerts, Financial overview, Account Status, Sales Growth, and banking. The business plan adds credibility to customizing the dashboard.
- Invoicing: KashFlow offers two invoice templates with very basic customizations. One can easily send recurring invoices, create custom invoice reminders, and record batch invoice payments.
- Estimates: You can create quotes and quickly convert them into invoices. There is no client portal so that customers will receive their estimates and invoices via a pdf.
- Contact Management: The accountants can manage the business income and expenses by manually entering transactions and uploading them via.csv
Pros of Using Kashflow
- One of the most significant advantages of using Kashflow is that it gives access to unlimited users.
- Numerous integrations include Shopify, PayPal, WorldPay, and instant payments and direct debits.
- It also has a VAT Support feature, which adds to its advantage.
Cons of Usig Kashflow
- The user interface is challenging to use, and the software has its learning curve.
- It does not have an intuitive UI; thus, the software has its disadvantage.
Another Cloud-Based Accounting Software explicitly targeting small business owners, Xero, helps provide business owners instant visibility of their financial standing. Another feature that adds to this software is automatically importing all the bank transactions and cash flows.
With Xero, personal expenses can also be managed with the mobile review and the approval of each receipt. It offers unlimited user support and is designed to simplify tasks such as paying bills addressing expense claims, creating invoices, etc. It connects businesses to their banks and various third party applications.
Xero is loaded with many features, including invoicing, expense management, inventory management, project management, and bill payment. Along with that, it also offers the multicurrency option.
- Dashboard: An easily navigable dashboard, Xero has completely customizable; thus, it caters to your needs per your wishlist.
- Business Module: Anything you do while running your business, you can find in the business module, including options for invoicing, preparing quotes for your customers, bills that need to be paid, and various other expenses.
- Project Management: With the help of Xero, you can also work around project management. Xero allows you to see if the project is performing admirably or is in danger of running over.
- Ease of Use: Xero also lets you access the demo company to see the actual working of the data. Setting up the application is very easy, and it has an easy user interface.
Pros of Using Xero
- All the plans support unlimited users.
- All plans include the essential inventory management
- There are automated bill and receipt captures through Hubdoc.
- It has various customizable reports and dashboards.
Cons of Using Xero
- There is no phone support in Xero.
- There is a limit on bills and invoices on entry-level plans.
Sunrise is another cloud-based double-entry accounting software targeted explicitly toward small businesses and freelancers. The primary features include billing, invoice, quote management, contact management, accounting, etc.
It is quite appealing to the businesses that need double-entry accounting.
Features of Sunrise
- Customized Invoices: The software is the feature that enables the accountants and the users to create personalized invoices and allows the customers to pay by credit card.
- Financial Reports: Sunrise Application gives access to various financial reports that help in understanding the financial health of the business with reports like Profit and Loss, Balance sheet, Tax summary, customer statements, and accounts receivables.
- Track expenses automatically: By simply linking the bank accounts, the Sunrise application helps track the costs automatically, and the income gets categorized.
- Effortless Payroll with Gusto: With the integration with gusto, Sunrise App helps in easy payroll tracking and automatic calculation, filing, and payment of the taxes.
- Send Quotes and Estimates: With the help of the sunrise app, you can easily create a quote or estimate and send it to the customers.
- View unpaid invoices: Sunrise app tracks the status of all the invoices: unpaid, overdue, and paid.
Pros of Using Sunrise
- Sunrise has a free version for users to use.
- It has a great user experience and dashboard.
- It supports invoices, quotes, and estimates as well.
- It also has a cash flow details page.
- It can create recurring invoices and accepts short payments.
- It has responsive customer service via email or chat.
Cons of Using Sunrise
- It only provides standard financial reports.
- The application of the software is not mobile-friendly.
- There is no project tracking involved in this.
- There are minimal field in contact and product records.
- It is not possible to print checks from the program.
- There is no bank account reconciliation.
- A free version is limited to only one user.
One of the ideal choices for small business owners, Wave Accounting, is another double-entry cloud accounting software. This financial management platform is very user-friendly and approachable, especially for people who have n prior accounting experience.
The application allows managing the bookkeeping, accounting, and invoicing all in one place through various internal integrations.
Features of Wave
- Wave Accounting: The entire Wave Financial system is divided into various parts, and Wave Accounting is one of them. With the help of the accounting platform, the accountants can customize sales taxes, export accounting reports, and financial statements.
- Transaction Management: The software also helps manage the transaction history and upload the digital receipt.
Dashboard: Dashboard Monitoring for Cash Balances is also present and can be easily achieved through the dashboard feature.
- Automation: The application sends automatic payment reminders.
- Estimation: The application also has the estimation feature that can be easily converted into invoices at the end of the discussion.
- Wave Payment: Through Wave Payments, it is straightforward to accept online credit card and bank payments within the invoices, although there are some fees.
Pros of Using Wave
- Wave doesn't require you to buy expensive add-ons to be fully functional for accounting.
- Wave automatically syncs the invoices and the accounting platform on Wave System, thus, making it easy for the accountants.
- Wave allows you to add and manage customer profiles and send payment reminders, receipts, and follow-up emails.
- Wave Invoicing is free and unlimited, making it one of the leaders in the market.
- Wave Accounting has a simple and easy-to-use user interface.
- No prior knowledge of accounting is required.
Cons of Using Wave
- If the accountants need advanced features, it is not a suitable option.
- Wave Accounting is not scalable.
- Wave doesn't offer multiple plans to increase the software's functionality.
- Wave has a limited customer service.
- It only provides self serve customer support.
- One-on-one support is only available through a paid option.
Factors to consider when choosing accounting software
As there is various software available in the market, multiple factors need to be kept in mind when choosing accounting software. Some of them are as follows:
- Customer Service Reputation
- Software Type