Accounting software has been of great benefit to this century due to the fact that accounting is no doubt one of the most crucial, highly sensitive and inevitable aspect of life. Are you a business owner or accountant? If yes, it is important you know the success of a business is determined by how well the finance of the business is managed. That is, if your business account is not accurately done and in the right timing, it slows down the growth and development of your business. So, you should know your numbers correctly.
Irrespective of the size of your business, there is a need to manage your finances accurately, especially if you are running a growing business.
Yes, the preparation of financial statements and periodic reports can be really exhausting and somewhat boring. That is why you need an accounting software to get your job done in limited time and also enjoy numerous benefits especially when the software is Cloud-based. 6 Benefits of using a Cloud-based Accounting Software.
20 Most Used Accounting Software in Nigeria
Across all sectors of the economy, these softwares are used in all kinds of business scale : small, medium and large.
1. CarrotSuite
This is an easy-to-use, user friendly, cloud-based and holistic ERP business software which in one central location, digitizes and automates all business operations such as Finance accounting, Team and Project Management, CRM, HRM, Asset, Expense, Inventory, and much more.
With Carrotsuite, you can receive online payments on your invoices, your customers can log in to their portal to view their invoices, receipts, documents, make payments online and more.
Your customers receive an automated payment acknowledgement via SMS and email after every payment is recorded. Automated payment reminders are sent out to customers who are paying in installments or who are owing your company.
You can also create custom forms or add custom fields to your client registration forms and other forms like inventory, Add staff form, etc.
As one of the few business softwares designed to meet diverse needs and unique styles of businesses including Real Estates, agencies, building and construction firms no matter the scale, it can be used to manage multiple businesses, branches and companies on the same platform. It is built and maintained by very competent Nigerians.
2. SageBusiness Cloud
Sage Business Cloud Accounting which is an upgraded version of sage 50 previously known as Sage One, is designed specifically for small businesses. Sage Business Cloud has a platform for accounting, payroll enterprise management, customer sales history, expense management, project accounting, compliance management capabilities and much more.
Moreover, sage contains a payment documentation and tax management tool, which help integrate it with programs. For example, Bank accounts can be managed with sage by integration. It is a British owned.
3. Freshbooks
There is no way Freshbooks can be excluded from this list. This award-winning finance & accounting software is built with small and growing businesses in mind. It is simple, easy- to- use and user friendly. It helps in daily accounting activities such as invoice creation, payment acceptance, expenses tracking, billable time tracking and financial reporting. With freshbooks collaboration feature, the problem of miscommunication between a company’s accounting and sales units is solved and insightful tax summaries and reports is generated after all data is processed. FreshBooks is considerably good at managing bill history.
4. Xero
This software was initially used in New Zealand only. But recently, it got expanded over the world, Nigeria included. This software have a good interface, strong set of features and offer exclusive accounting solutions and is helpful for easy maximizingof accounting operations such as inventory, invoicing, creation and emailing of custom purchase orders, time tracking and copy to bills for payment.
Furthermore, Banking transactions such as Credit card, PayPal, Real-time currency and Multiple currencies exchange updates can be imported and categorized with Xero. You can also use this software to send online invoices to customers – and get update. Xero is also good for complex multi-entity corporate structure.
5. Quickbooks
Quickbooks just as the name implies helps you balance your book quick. QuickBooks is one really popular accounting software solution. This accounting software does well for your business in area of sending online payment receipts, payment reminders, tracking receivables, as well as bank reconciliation, tracking expenses, drafting invoices and monitoring financial reports, among others.
Moreover, One notable benefit QuickBooks offers is automatically syncing business profiles to a single dashboard, where multiple users can view reports and corporate account.
Also, QuickBooks is ideal for businesses, professional and field services, product sellers and nonprofit organizations. It allow users to easily generate gain/loss statements and also offer a vast insight into organizational capabilities, overdue items, payable bills and accounting notes which help businesses keep their accounting data organized. However, All this services depends on the package you choose such as online, self-employed, premier, online advanced, pro or enterprise.
6. Accounteer
This is one of the Fast growing Accounting Software providers in Nigeria. It is also Nigerian owned. It manages the finances of your business as you can create invoices, keep track of expenses, recurring invoice, monitor the profit performance of your business etc.
Although accounteer is basically an accounting software, it can be integrated into other apps such as HR, CRM etc.
7. Sap ERP
System, Application and Products aka SAP is referred to as a one-size-fits-all solution that can cater for any business size in the areas of supply chain management, product lifecycle management, human capital management, financial management and customer relationship management solution.
Furthermore, In the area of Accounting, it helps in general ledger, journal entries, project cost accounting, budget management, financial reporting, multi-currency support, and other functions. It is highly-scalable so that as your business grows it can still meet your accounting needs. The data recorded on the platform is being utilized for real time financial reporting and analytics.
8. Wave
Wave is partially free cloud-based accounting software designed for small businesses. Even though it is somewhat free it has some really solid and competitive features such as invoicing, billing, receipt scanning, payroll, income and expense tracking. Wave offers free services in that you can make unlimited Bank and Credit Card Connections, unlimited income and expense tracking, run multiple businesses in one account and more.
Though the payroll services comes at a customized price and are restricted only to U.S. and Canada resident users. Users can also use wave to accept online payments for a 2.9% + 30¢ fee for credit cards and a 1% fee for bank-to-bank transactions. Wave supports traditional double-entry accounting and it is user friendly.
9. Zoho Invoice
Zoho invoice has a lot of features to make Accounting process a breeze. It is a billing and invoicing software it is good for small and medium business. Some of its features include Expense Tracking, Credit Notes, Track Payments, Online Payment, Multi-Currency, Reporting and more.
You can also customize your invoice to suit your taste and brand it is also very helpful with taxation processes. It is used in many part of the world. Zoho invoice is not a complete accounting software, but you can integrate it with Zoho books or Zoho expense which is not so much used in Nigeria compared to Zoho invoice.
10. Tally
Tally is Indian made. It provides you with great error detection and correction capabilities. Other functionalities provided by tally includes accounting, finance, inventory, sales, purchase, point-of-sales, manufacturing, payroll, Inventory control, discount, collection reports generated and branch management.
Tally contain a platform which carries out accounting aspect support task such as voucher management, bank account integration and payment reminder letters. It also have a sales module platform that records receivables, payables, billing, Invoicing etc. This software is also made up of Shortcut Keys.
11. Busy Accounting
Busy Accounting software helps your accounting team to work with great precision and order. It is best suited for small and medium businesses especially those into FMCG, Retail, Trading, Manufacturing, Distribution and Service as it helps them manage their business efficiently. It also supports accounting processes such configurable Invoicing, Financial Accounting (Multi-Currency), multi-Company Accounting, Payroll Management Sales / Purchase Quotations, multi-branch management and more. Tax management is one of its key functionalities.
12. Probitybooks
Probity books is a Nigerian made Software that specializes in Retail POS, invoicing and CRM Services .it is simple and user friendly as it is made for non-accountants that want to manage and get insights into their business. It is suitable for retail business that wants to maximize productivity and profit by leveraging on the pros of technology. It can be used for Expense and Inventory Management.
13. Intacct
Intacct is one good cloud-based accounting software solution from Sage, good for small and medium businesses.
Sage Intacct has the ability to automate critical accounting processes as well as give real-time financial and operational insights. It also offers solution in the area of as revenue management, financial consolidation, general ledger, accounts payable/receivable, subscription billing, tax management, expense management, project accounting, and multi-entity consolidations. It can also be integrated with other business applications like CRM, payroll or POS. The flexibility of this software is the one edge it has in the software industry.
14. Invoice.ng
This is a simple and easy to use Invoicing software, that is suitable for small businesses and freelancers. it accepts online payment, record expenses, sends payment reminders and receipts etc. as well as Financial report.
Although Invoice.ng is strictly an invoicing platform and not a full fleshed accounting software, you can easily integrate it to other applications. It also contain a free package where you get to send 5 invoices per month. This lovely software is Nigerian Owned.
15. AccountEdge
AccountEdge is designed for small businesses. It serves as a platform for setting up e-commerce business and enables business owners keep track of assets, liabilities, equities, income and expenses. This software is made up of banking tools which allow users to send and receive money, prepare bank deposits as well as make electronic payments, print checks and reconcile accounts.
Other features of Account Edge are invoicing, purchase orders, time billing, payroll, inventory, recurring transactions, company mileage, tax management and charts.
16. Netsuite ERP
Although NetSuite ERP is primarily a customer relationship management (CRM) solution, notwithstanding, it delivers comprehensive financial management capabilities by streamlining operations across organization. Some businesses also utilize their services with this software, as it is like killing two birds with one stone.
Some of the accounting functionalities of Netsuite are financial management, general ledger, revenue management, fixed assets, inventory management and billing. It can also be used to generate financial reports.
17. CYMA
CYMA Financial Management System (FMS) is two faced. That is, it is straightforward and fit for companies with complex accounting needs. It is made up of key functionalities like general ledger, accounts payable, accounts receivable, bank reconciliation, billing, expense tracking, inventory control, payroll and much more.
CYMA Accounting Software can be customized to better suit your organization needs and has a Gantt tracking module that is useful for Non-profit Organization.
18. LessAccounting
LessAccounting is truly a suitable name for this software. As it has a reputation of being one of the most easy and simple to use accounting software. You don’t need to love math or bookkeeping to use this software, it is suitable for small businesses and entrepreneurs whose accounting needs are not complex. Some of its key features include taxation management, cash flow, online banking integration, invoicing, and payments. It also helps in generating reports for financial statement.
19. SQL Ledger
SQL Ledger is a double entry accounting system. That is, when recording transactions, the amounts entered as debits must be equal to the amounts entered as credits. SQL Database Server stores accounting data and can have a standard web browser as its user interface. The platform provided by SQL is Email integration, inventory management, invoicing, multi-currency, banking integration, recurring invoice and much more.
It is important to note that everything in SQL revolves around its Chart of Accounts. They are also POS service providers.
20. Gusto
Although Gusto specializes in providing HR solutions to businesses, some Nigeria business leverages on their automatic payroll and tax processing features that helps in the calculation, payment, and submission of your business federal, state, and local payroll taxes automatically. It also helps in detailed payroll reports, digital signature, hourly and salary-based computations and so on.
Gusto saves your business from spending timeless hours trying to figure out how to quickly go about payroll taxes. You can integrate gusto into other applications your business apps.
In conclusion, using a trusted and reliable accounting software cost nothing but saves you everything. Every dime you spend in utilizing the service of accounting softwares is not a cost but a profitable Investment. Because, a business using the software always have a balanced account, which brings about productivity due to the time and energy saved through using the software to focus on other operations which enhances business growth and revenue.