Are you looking for the best on-line accounting solution for your business?

A number of Web-based tools are available, offering the convenience of accessing key information from any Internet-connected device. They are Cloud based and use both Web and mobile technology. You can connect them to your financial institutions and credit card transactions, and the follow standard double-entry accounting rules.

Use these tools to:

  • Create customer, vendor and employee records.
  • Manage income and expenses via transaction forms such as invoices and bills.
  • Process payroll.

Here’s a brief look at some of the best options available:

QuickBooks Online Plus

This is the original and one of the largest players in the on-line accounting realm. Priced at $39.95 a month, QuickBooks offers an effective combination of double-entry tools, customization and usability.

  • For starters, you may already have QuickBooks installed on your computer. This is an immediate advantage. On the down side, it does not offer time tracking, although an app is available.
  • QuickBooks is very fast in importing transactions. It takes just seconds – versus several hours. In addition, it automatically checks for new transactions. It delivers great reports and offers an excellent dashboard.
  • This is the only tool that lets you list your vendors. You can even filter them based on the status of your owed or completed payment.

Wave Accounting

This option also does not offer time tracking, but it does have an impressive receipt feature. Best of all, it’s free. Wave Accounting is ad supported, but at least the ads generally are business relevant.

  • There is an additional charge for payroll and payment options.
  • Wave Accounting is very user-friendly. For instance, you can turn estimates into invoices and set up recurring invoices. It’s a great option for smaller businesses.


At a price of $19.95 per month, FreshBooks is similar to Wave Accounting, but transactions must be manually imported. It is the only available tool with a full-feature mobile app with which you can track time and take pictures of your invoices, as well as do full accounting.

  • The FreshBooks app syncs perfectly with the desktop version. You can use a timer on both. After a task is finished, you can attach it to a specific project or client. When it’s time to pay, you can make up an invoice with detailed time recordings. You can even buy good old-fashioned stamps and envelopes directly from FreshBooks for clients who required printed invoices.

Xero Premium 10

Xero Premium 10 has a different but equally effective user interface and navigational scheme, compared to QuickBooks. It offers excellent user support and is priced from $70 a month for up to 10 seats. It may be a good option for you if you don’t need highly customizable reporting or forms, time tracking, running tallies of item levels, or state tax support.

Paychex Accounting Online

Priced from $27 per month, plus fees, this site can be integrated with Paychex payroll solutions. Users must import payroll data at processing time. This is a solid double-entry tool, but it lacks some of its competitors more advanced bookkeeping features.

As you and your accounting team make your final decision, contact the experts at Magellan Search & Staffing with any questions you may have. We can help develop the best tools, processes and strategies for your business growth and success.