12 Best Accounting Software For Partnerships (2024)

Upfront Conclusion

The best accounting software for partnerships right now is FreshBooks and Patriot.

Accounting software is used to manage the financial affairs of a company, and you must use the right accounting software to do this. The best accounting software for partnerships will help you efficiently track your business finances. It can also be used as a tool to prepare tax returns. Good accounting software should have simple menus, icons with no more than five or six steps involved in each transaction to make it easier for you to navigate through the program. This article gives an account of some of the best and most popular accounting software for partnerships.

Best Accounting Software for Partnerships

Freshbooks – Best used for creating and managing invoices
Patriot – Best used for making financial reports
Xero – Best used for bookkeeping
Bonsai – Best for offering high collaboration
Tally ERP – Best used to integrate sales, and inventory
SAP ERP – Best used to manage business finance
FINSYNC – Best used for cash flow management
Microsoft Excel – Best used for data analysis
QuickBooks Online – Best used for invoicing
AvidXchange – Best used for payment and invoicing.
Rossum – Best used for extracting data from invoice
Trolley – Best used for keeping track of orders

1. Freshbooks – Best used for creating and managing invoices

Best Accounting Software for Partnerships

PRICING: $15 per month

FreshBooks is one of the top accounting tools that is quite popular among business owners. It allows you to manage everything from invoicing to sales reports. It also helps you track expenses and keep a record of your finances.

KEY FEATURES:

Invoicing
Inventory Control
Customer Relationship Management (CRM)
Multi-User Access
Email Marketing
Mobile App
Cloud Storage

REASONS TO BUY:

It is very easy to use.
It has a free trial period.
It is cloud-based.
Integrated with up to 80 applications.
It has a good customer service team.

REASONS TO AVOID:

It doesn’t work well with large companies.
Lacks inventory management

Try Freshbooks

2. Patriot – Best used for making financial reports

PRICING: $20.00 – $30.00 per month

Patriot Accounting is an online tool created to automate the computation of employee salaries and tax deductions. It is perfect for small organizations and partnerships searching for a cost-effective solution due to its basic and premium accounting choices.

KEY FEATURES:

Unlimited pay runs
Contractor payments
An employee portal
Free access to expert support
Payroll setup

REASONS TO BUY:

Transparent costs
Comprehensive resources
Affordable
Ease of use

REASONS TO AVOID:

Additional fees
No benefits administration
No customizable reports

Try Patriot

3. Xero – Best used for bookkeeping

PRICING: $12 per month

Xero is a cloud-based bookkeeping software that allows you to manage all aspects of your company’s finances. It integrates with other accounting software platforms like Quickbooks and Sage.

KEY FEATURES:

Accountant/Bookkeeper
Billing & Invoicing
Cash flow
Financial Statements
Payroll

REASONS TO USE:

It is user-friendly.
It has an intuitive interface.
It is affordable

REASONS TO NOT USE:

Limited functionality

Visit Xero

4. Bonsai – Best for offering high collaboration

PRICING: Bonsai’s pricing starts at $24 per month

Bonsai is an excellent software for partnerships because of its regular updates and features. Signing contracts with new partners is a breeze due to the contract management software. You can create a new contract with partners easily using the pre-built templates.

The best part of using templates is that they will save you time and ensure the document is error-free. This is because all contracts of this software are vetted by reliable attorneys. So you don’t have to worry about legal trouble because of the partnership contract.

This software is also great for tracking the time that your company spends on different partnership projects. It also allows you to bill your multiple partners accurately by calculating the working hours to ensure you don’t overcharge any customer. This is possible because of the built-in automatic and manual timers that this platform offers.

KEY FEATURES:

You can send invoices and payment receipts to your partners easily with the invoicing feature
Collaborate with other teams to complete partnership projects on time
Use forms to get information from your partner about which points to include in the contract
Improve your company operations by using the business reporting feature to analyze different tasks and metrics
Avoid paying late charges by selecting the reminder feature to remember payments on time

REASONS TO BUY:

The simple interface of the software makes it easy to use
You can reduce your workload by automating less important tasks to save time
Sharing information is possible within a few seconds because of the good customer portal system
Hiring agreement templates are great for signing contracts with new workers that you have hired for the partnership project

REASONS TO AVOID:

It is not highly supportive of large enterprises

Visit Bonsai

5. Tally ERP – best used to integrate sales, purchase, and inventory

PRICING: Tally ERP pricing starts at $25 per month.

Tally ERP is another best accounting software for partnerships that offer excellent features. It is designed to provide complete control over your business finance. Tally ERP is used for electronic invoicing and electronic payment.

KEY FEATURES:

Multi-User License
Import/Export Option
Reporting Tools
Integration Capabilities
Backup & Restore
Customer Service

REASONS TO BUY:

Complete Control Over Your Business Finance
Excellent Reporting Tools
Multi-User Licenses
Customization Options
Import/Export Option
Mobile Apps

REASONS TO AVOID:

Limited Customization Options
Expensive
No Data Import
No Simplicity

6.SAP ERP – Best used to manage business finance

PRICING: Starting from $108 per user per month.

SAP ERP is yet another best accounting software for partners. It is a powerful enterprise resource planning (ERP) system ideal for small businesses. It provides you with a detailed analysis of your business performance.

KEY FEATURES:

Enterprise Resource Planning (ERP)
Reports
Customized Reporting
Integration
Import/Export
Data Management

REASONS TO BUY:

Streamlined Business Processes
Multi-User Licensing
Data Import
Scalable
Efficient Data management

REASONS TO AVOID:

Limited Customization Options
Expensive
Poor user interface

7.FINSYNC – Best used for cash flow management

PRICING: $10 starting price

FINSYNC is one of the most popular accounting software for partnerships. FINSYNC is used for invoicing, project tracking, and cash flow management.

KEY FEATURES:

User-Friendly Interface
Easy To Use
Multiple Currency Support
Accounting Software for Partnerships
Real-Time Inventory Tracking
Unlimited Users

REASONS TO BUY.

User Friendly
Ease of use
Advanced billing system
Multiple currency support
Real-time inventory tracking

REASONS TO AVOID:

Limited customization options
No import/export option
No data import

8. Microsoft Excel – best used for budgeting and analysis.

PRICING: $6.99

Microsoft Excel is a popular spreadsheet program that creates invoices, tracks expenses or calculates profits and losses. Microsoft excel is a perfect choice. You can download this program free from Microsoft website.

KEY FEATURES:

Create professional-looking graphs and charts.
Easily enter data into spreadsheets.
Calculate profit margins.
Use formulas to perform complex calculations.
Work with up to 1 million rows of data.
Import and export files.

REASONS TO BUY:

Easy to use.
Free trial version is available.
Has more than 50 built-in functions.
Allows users to customize their worksheets.
Can import and export data.

REASONS TO AVOID:

Not suitable for large companies.
Does not provide any backup facility.
Has a limited number of sheets.

9. QuickBooks Online – Best used for invoicing

PRICING: $25 per month

Quickbooks online is another good option if you want to start managing your own business. With QuickBooks Online, you can easily set up different accounts such as checking, saving, credit cards, inventory management, payroll, billing, and much more.

KEY FEATURES:

Provides detailed reports about your business.
Keeps track of all your transactions.
Generates professional-looking bills.
Let you send invoices to clients.
Supports multi-currency.
Has a web-based application.

REASONS TO BUY:

Has a cloud-based system.
Has a user-friendly interface.
Has a mobile app
Has a web-based interface
Has an inbuilt customer relationship manager (CRM)
Has an employee tracking tool

REASONS TO AVOID:

It is expensive.
It does not have any offline mode.
It does not have many customization options.

10.AvidXchange – best used for payment and invoicing.

PRICING: custom pricing

AvidXchange is a cloud-based accounting system that lets you create professional-looking books and journals. AvidXchange can be used for invoice management.

KEY FEATURES:

Unlimited Transactions
Real-Time Reporting
Multi-Currency Support
Easy Setup
Online Backup
Utility bill management
Data Security

REASONS TO BUY:

It is simple to use.
E-invoice
It has a great customer service team.
It is secure.
Allows invoice tracking

REASONS TO AVOID:

No free trial.
Requires training to use
Expensive

11. Rossum – Best used for extracting data from invoice

PRICING: Quote based

Rossum is another popular accounting software platform. This platform allows you to manage your financials in a single place. You can track your income and expenses. With this platform, you can also generate bills, pay them, and keep track of your payments.

KEY FEATURES:

Invoice Processing
Unlimited transactions.
Data Extraction
Real-time reporting.
Quickbooks integration.
Multi-Language support.
Data security

REASONS TO BUY:

It is easy to use.
It is affordable.
It has a great User Interface (UI).

REASONS TO AVOID:

Unable to handle large files

12.Trolley – Best used for keeping track of orders

PRICING: $49 per month

Trolley is one of the most popular order management systems available today. If you are looking for a solution to help you manage your entire supply chain, then Trolley might be what you need.

KEY FEATURES:

Order Tracking
Product Inventory
Customized Reports
Ticketing System

REASONS TO USE:

It is easy to use.
It has a customizable UI.
It offers multiple integrations.

REASONS TO AVOID:

Doesn’t offer real-time processing

FAQS

How do I know which accounting software is right for me?

Ans. The best way to find out what software suits your business is by trying it out yourself. If you are using a computer, download a trial version of the software you want to try. Install it on your computer and start using it. After some time, you will realize whether this software is suitable for your business or not.

What should I consider before buying an accounting software?

Ans. Before purchasing any accounting software, make sure that you have considered the following things.

Your current system.
Budget.
Time frame.
Number of employees.
Amount of data.
Type of business.
Whether you want to learn new skills.

Is there any free accounting software available?

Ans. Yes, there is plenty of free accounting software available. Some of them include Zoho Books and QuickBooks Online.

What is the difference between desktop and cloud-based accounting software?

Ans. In desktop-based accounting software, you need to install the software on your computer. On the other hand, cloud-based accounting software is accessed via a web browser. You don’t need to install the software. All you need is an internet connection.

How do I choose the best accounting software for my needs?

Ans. To select the best accounting software for your business needs, you need to consider the following factors.

Cost.
Features.
Support.
Security.
Scalability.
User interface.
Customization.
Reporting.
Mobile apps.
Backup.
Multi-currency support.
Real-time reporting.
Licensing.

What is the easiest accounting software?

There are many accounting software platforms available in the market today. However, the most user-friendly one is QuickBooks Online. It is very easy to use.

Resource Links

https://financesonline.com/15-best-accounting-software-systems-business/

partnerships

https://www.businessnewsdaily.com/7543-best-accounting-software.html

https://www.trustradius.com/accounting

Best Accounting Software For Large Businesses & Enterprises

Accounting Software for Large Companies

https://www.trustradius.com/accounting