Tax season is just around the corner (or maybe it’s already here, depending on where you live). If you don’t like doing your own taxes or are just a little overwhelmed this year, accounting software for tax preparation might be the answer for you. We’ve put together a list of some of the better accounting software out there today that can help make filing easier and more efficient this tax season.
Our 5 Accounting Software For Tax Preparation
Best Accounting Software For Tax Preparation Reviews
1. Best Overall: Quickbooks
One of the most important aspects of business is your bookkeeping – it’s where you maintain your records, payroll, and financial statements. Many software programs are available to help you with this process, and QuickBooks is one of the most popular in the United States. The best way to determine which program will work best for your needs is to make a list of what you want from a bookkeeping software program.
QuickBooks is an accounting software program offered by Intuit that provides a feature-rich yet straightforward solution intended to be a comprehensive bookkeeping package. It is suitable for very small businesses, individuals, or semi-professional small businesses and professional firms.
One of the biggest benefits of QuickBooks is its ease of use. The software is very intuitive and straightforward, with a help menu available for any unclear sections. It is designed to allow users to work with the functionality from within their most comfortable view, whether online, on your desktop, or using an app.
QuickBooks automatically imports information such as customer balances from other popular programs such as Excel. This helps to save a lot of time and makes the process seamless. It also generates business reports for you, so you can get an overall view of your finances, making managing your bookkeeping a whole lot easier.
2. Best User-friendly Customization Options: Freshbooks
If you’re a freelancer, contractor, or small business owner who needs to keep track of your time and manage expenses, FreshBooks is a good option.
FreshBooks is online accounting software that assists with invoicing, billing & collecting payments for freelancers and small businesses. You can also use it to keep track of your time and expenses. It has an intuitive dashboard that makes it easy to navigate complex tasks.
This program simplifies many parts of the traditional accounting system by automating calculations and workflows—making them more manageable for people without training in bookkeeping. It is powered by a cloud-based platform, which means it runs on the Internet and does not require installation on a computer.
FreshBooks works with most web browsers to build your website or use a site you already have.
It also works on mobile devices like tablets and smartphones. It’s more convenient than mailing invoices and tracking payments because all the information about your business is available everywhere you go.
3. Best For Process Automation: Sage Intacct
Sage Intacct is the perfect solution for small businesses that are looking to step into the 21st century. With a three-tier support system, you’ll be able to conquer your small business needs and deployments with ease and have excellent customer service at your fingertips.
Intacct offers budgeting tools, expense management, forecasting capabilities, and much more. Sage also has an intuitive user interface that’s easy to navigate to help make any necessary edits or changes. Intacct has a plethora of tools that will help you to run your business, including:
Business intelligence tool tracks the progress of your company and helps you to manage your expenses and income. Additionally, it can track results by category or department and even gives you as much information on each employee’s activities as possible.
4. Best For Unlimited Users: XERO
XERO is a software company that makes accounting software that helps you take your business, personal, and taxes all in one online. They only offer products for the United States, but they’re always expanding their range and offering new features. XERO takes the anxiety out of accounting because everything is done digitally.
You can even scan your checks and receipts into your bank account, and it will categorize everything for you. XERO has many features that you can use to help your business grow. Through XERO’s “Payment Manager,” you can assign payments to invoices and even customize forms and statements.
This accounting software helps you expand your business through an online marketing dashboard, which allows you to track how your advertisements are performing. XERO also offers a CRM (Customer Relationship Management) system, which provides email functionality so that you can stay in contact with clients.
Xero has many outstanding security features. With two-factor authentication, your accounts are secured at all times. They offer a fraud detection program where the system detects suspicious activity to ensure that personal information is safe on the system.
5. Best Free: Wave Accounting
Wave Accounting is a cloud-based accounting package designed to help small businesses, freelancers, and entrepreneurs do their taxes with ease. Aside from the usual features, including accounting software for tax preparation, this software is also equipped with financial insight tools. The software runs as an online service, which means that clients can pay for it using credit cards.
Wave Accounting Features
The specialized tools, detailed reports, and comprehensive training are there to help you with your finances. Wave Accounting has all of these features, and more of them, the software has over 100 different modules.
The most noteworthy ones are listed below:
- Automatic calculation of taxes (including social security), expenses, and refunds for income tax, sales tax, and consumption tax.
- In-depth analysis of your finances. The software helps you to ensure that your bookkeeping is accurate.
- Invoicing tools. You can send out invoices while keeping track of your payments and expenses.
- Appointment scheduling for both business and personal use. This feature allows clients to schedule meetings, conference calls, lectures, and even weddings from within the software. This product is perfect for freelancers who have a lot of discussions all year round.
Wave Accounting provides accurate accounting results in just a few clicks of the mouse. This accounting software for tax preparation has been used by many different professionals across the globe, including entrepreneurs, accountants, and financial experts from Canada, Europe, and Asia.
Buyer’s Guide
Whether you’re a business owner or an individual, tax preparation can be a time-consuming and stressful process. It can take weeks to gather all of the right papers and information together to file your return correctly, and if you get even one number wrong, it could mean big trouble come tax day.
That’s where accounting software comes in. It gathers all of your financial records together into a database, calculates the correct numbers, and helps reduce the risk of human errors so your taxes will be correct on the first try. Accounting software also allows you to print out copies of your returns for reference or submission to auditors when necessary.
FAQ
What Is Accounting Software For Tax Preparation?
If you are looking for accounting software to take care of your tax preparation, there are many different options to consider. Accounting software helps you stay organized and make sure all of your deductions and credits are properly noted.
What Is The Best Accounting Software For Tax Preparation?
When it comes to preparing your taxes, choosing the best accounting software can make a big difference. Most companies use Quickbooks or Freshbooks for tax preparation.
Is Quickbooks Ok For Tax Preparation?
The answer is yes, as long as you know how to do your taxes in the first place. Quickbooks is a computerized tool, and it serves a lot of purposes, including tax preparation.
