Netsuite is focused on small to medium-sized firms across industries. Wholesale distribution, manufacturing, e-commerce, nonprofits, and so on: NetSuite says that over 50,000 enterprises worldwide rely on its software.

Advantages

• NetSuite's adaptability and ability to be customized to meet the needs of businesses.
• Furthermore, the available integrations and bundles make it reliable.
• Netsuite is a cloud-based business management platform that greatly simplifies maintenance and support. It is also highly customisable. Inside it, one may write javascript to completely automate many business processes and apply business logic.
• Integrating the entire tech stack into a single point of access and customizing workflows has optimized operations while minimizing human errors.
• The ability to delete and add transactions without causing havoc with the books
• Netsuite can be customized in a variety of ways, including reporting, layout, and filtering.
• Its reporting tools are powerful, allowing us to create financial and detailed reports.
• Automation is useful for reconciling incoming payments, bank reconciliations, internal and external reporting, and even making journal entries that were previously done manually.
• Netsuite's capability to connect to other applications such as Workiva and Floqast makes operations more efficient.
• The product helps revenue recognition streams by reducing work. From a SOX standpoint, the software is deemed an Information Technology General Controls environment, which helps us achieve SOX compliance.
• Simple approach for month-end close and bank reconciliation.
• The major items included consolidation, revenue recognition, and multi currency enabling robust financial and managerial reporting.

Disadvantages

• Pricing can rise as more features are added. Integrations with third-party applications can require a significant amount of effort.
• It does not appear to handle large amounts of data well. There is a lack of flexibility in revenue recognition, and several customizations are required to accommodate it to the existing business processes.
• There are no industry-specific groups. There are no revenue recognition sessions based on contracts that are organized to meet requirements, such as (hardware + software), software solely, and project costing etc.
• Even for someone with vast familiarity with APIs, the APIs are difficult to use and not intuitive.
• Financial operations involving foreign currencies might be difficult at times due to bank account reconciliation and functional currency reconciliation.

Sage Intacct is designed for finance experts working in medium-sized businesses. It covers a wide yet fragmented market.

Advantages

• Great Integrated Accounting System that is simple to use.
• Good for AP, Time and expense, AR, and reconciliation. It is also useful for consolidation. It saves time by eliminating the need to input each and every item.
• Sage continues to develop bank reconciliation automation, which reduces reconciling time and improves cash balance reporting.
• It simplifies month-end reconciliation.
• It is a cloud-based dimensional system with eight pre-configured dimensions: location, department, vendor, customer, employee, project, item, and class.
• Data pulls and reporting are fast, depending on the organization's complexity. Data imports can bring in a large number of transactions, reducing data entering time.
• Since it is a web-based program, we can access it from any location. It is very effective and dependable accounting software. The user interface is user friendly.

Disadvantages

• The product has a high learning curve, and thorough training is required to learn all of its features. It is also challenging to learn how to extract data from other sources.
• The reconciliation automation is a little out of date and may benefit from a few more scripting improvements.
• Payment remittances can only be sent to one email address. It would be beneficial to have the capability to send to multiple addresses.
• Integration with other popular systems, such as bill.com, might be challenging.
• Error notifications are not usually sufficiently detailed.
• If a bank feed is not entirely reconciled, the process must be redone and the date entered previously will erase itself.
• Deferred revenue reports are not functioning properly. It makes auditing deferred revenue difficult and complicated without a good waterfall schedule.

Xero has over 3 million subscribers in more than 180 countries. Their target customers are small business owners.

Advantages:

• It saves time by offering useful features such as report extraction based on user preferences and an import/export option.
• Xero is a good tool for managing financial transactions. We can quickly categorize expenses and track the status of submitted expenses.
• Xero simplifies bank reconciliations and saves time with the 'Cash coding' tool and bank rules that can be defined within the software.
• It enables users to keep track of invoices, account for duties paid on products, and provide reports on month-end turnover, stock, and so on.
• Xero has a good feature for managing cash in and out, outstanding and late bills.

Disadvantages

• It does not allow multi-currency inventories in basic plans.
• It also offers a basic reconciliation feature that does not allow for double-checks or reviews.
• It lacks flexibility in terms of forms and module customisation.
• It is difficult to switch back and forth. For example, if you wish to reconcile but first need to create an invoice to reconcile the payment with, you must return to the dashboard and create it before proceeding to reconcile.
• It is difficult to return to the overview report when you are drilling down into the expenditure category. You must use the browser's back button, which frequently does not work and creates a negative user experience.

QuickBooks is most commonly seen in the United States. QuickBooks is most commonly used by businesses with 10-50 employees and $1M-10M in sales.

Advantages:

• Quickbooks is user-friendly, provides accurate data accounting, and aids in decision making. It allows us to organize spending and create payrolls.
• The team collaboration tools are effective, and it assists businesses stay organized and on track.
• Monthly, quarterly, and annual financial reporting is useful in Quickbooks.
• QuickBooks predicts how typical people think without requiring full-cycle bookkeeping training. The majority of what you want to do is quite simple to figure out. It's also rather simple to correct errors.

• Difficult to consolidate the financial statements of various subsidiaries.
• Customer service
• The annual and monthly costs are quite high.
• Online servers might become overly slow at times, causing a number of problems, particularly during month-end closure.
• It does not integrate as quickly with other applications as others, requiring a lot more manual work than other players. It is also difficult to track and alter products and services at a later period.
• Difficulties in accessing and reporting on past year's transactions It also occasionally crashes, erasing all outstanding data submissions.
• More automatic connectivity with more banks and payment platforms would be beneficial in order to reduce the amount of manual entry required.

Freelancers, Medium Businesses, and Small Businesses make up Zohobooks' customer base.

Advantages:

• It is really simple and straightforward to use.
• Zoho Books has all of the tools required for small business bookkeeping. Invoices can be generated from Zoho books, and journal entries are automatically created when customers pay an invoice. Bank statements are immediately synchronized with Zoho Books, making bookkeeping easy.
• The ability to issue invoices directly from the Zoho Books application is a fantastic method for communicating payments with customers/vendors.
• It integrates well with other applications.
• Zoho's finest features include auto-reconciliation in the banking module, statutory tax compliances, and connectivity with multiple apps such as Zoho analytics to generate dashboards and deliver vital information.

• Zoho Books' customizable reporting is not very versatile to use/view. Complex management reports are not permitted or supported.
• Data exported in Excel has formatting issues and might be difficult to manage at times. The online view of reports such as the Balance Sheet, Profit and Loss Statement, and Trial
• Balance is out of date and could be improved.
• The multi currency feature in reports is less effective.
• It becomes more complicated when one switches from another accounting program. While using modules such as sales orders and invoices, we encountered various restrictions.
• The app is ideal for small and medium-sized businesses. It is incapable of managing complex company processes.
• Some modules have a steep learning curve.
• The software does not support importing contacts from social media sites. It allows you to build your customer information using the built-in mail function.

Wave's target market consists of small business owners (1-9 employees), freelancers, and solo entrepreneurs. Wave has users in 200 countries and a 4 million-strong ecosystem.

Advantages

• It's free and really simple to use. Provides a small business with all of the options needed to get started. Keep track of revenue and costs, as well as take credit card payments, all in one place.
• Mobile applications with a minimal learning curve are also available. It also lets you send recurring invoices with many reminders.
• It sequentially numbers invoices, maintains track of paid and outstanding bills, and is simple to set up to handle credit cards and bank payments.
• It is simple to cooperate with another professional (an accountant), and it is simple to share information with them.
• The ability to connect via tools such as Zapier makes invoice automation simple.

Disadvantages:

• When it comes to receipt posting and tracking Each receipt must be manually uploaded.
• One cannot establish personalized custom reminders. I have to use the pre-set times that are programmed into the system.
• More forms, such as packing slips/pick lists, inventory management sheets, and CRM reports, are needed.
• It does not retain track of customer emails between functions, so you have to enter them manually when issuing receipts.
• Expense management requires a significant amount of manual effort.

A solid accounting system provides you with a full overview of your business's financial performance, including a comparison of current results with prior year's activities as well as against budgeted outcomes, which will provide helpful information to help with decision making. It also integrates with your company's asset and inventory management systems, allowing you to manage both assets and real-time inventories. It assists you in determining which sectors require funds and when it will be required. For example, cash may be required to pay routine trading bills, finance debts, perform major improvements, or place an order for new stocks. Even though most operations, such as recording and reporting, are automated, human support is still required.