#14 Best Accounting Software in Canada (Free + Paid)

Choosing the right accounting software can be a real headache, eh?

As a small business owner in Canada, you’ve got enough on your plate without having to wade through a sea of software options.

But this detailed comparison of top accounting software solutions will have you saying “out of sight” to your accounting woes in no time.

Top Accounting Software Options for Small Businesses in Canada

To kick things off, let’s take a look at some of the leading contenders vying for your attention in the Canadian market:

• Wave Accounting: A popular choice for freelancers and small businesses due to its free plan and user-friendly interface. Perfect for those just starting out or with simple accounting needs.  
• Sage Intacct: A robust cloud-based solution with a wide range of features, ideal for growing businesses with more complex needs and a desire for in-depth reporting and automation.  
• Xero: Known for its strong bank reconciliation features and excellent integration with Gusto for payroll. A great option for businesses that want to streamline their financial processes and manage payroll efficiently.  
• QuickBooks Online Advanced: A comprehensive solution with advanced features like custom user roles and batch invoicing. Suitable for larger businesses with a dedicated finance team and complex operational needs.  
• QuickBooks Online: A popular cloud-based accounting software that offers a wide range of features and integrates with other business tools. A versatile option for businesses of all sizes.  
• Sage 50 Accounting: A desktop-based software with cloud connectivity, suitable for businesses with experience in accounting software and a preference for a traditional desktop environment.  
• Odoo Accounting: A free, modern cloud accounting software with a wide range of features, including dashboards, asset management, and AI-based invoice digitization. A highly customizable solution for businesses that want a flexible and affordable option.  
• SAP Business One: A comprehensive ERP solution with robust features for managing various business operations, including accounting. Ideal for larger businesses that require a complete suite of integrated tools.  
• Melio: A software that streamlines vendor payments and optimizes cash flow. This can be a valuable tool for businesses looking to improve their accounts payable processes.  
• NetSuite: A cloud-based accounting software that offers a variety of solutions to help small businesses thrive. It provides a comprehensive suite of features, including financial management, inventory management, and customer relationship management (CRM).  
• Float: A Canadian-based accounting software that offers a variety of features, including bank reconciliation and invoice automation. A good option for businesses looking for a local solution with strong automation capabilities.  
• Kashoo: A straightforward and customizable financial solution for small to medium-sized business owners. It’s known for its ease of use and focus on simplifying accounting tasks.  
• ZarMoney: An all-in-one accounting, invoicing, and inventory solution. It’s a powerful tool that simplifies tasks like creating invoices and tracking expenses.  
• Invoice Meister: An online invoicing solution for freelancers and small businesses. It helps automate invoicing and expense tracking, allowing for faster payments and accurate reporting.  

How We Picked The Best Accounting Software in Canada for Small Businesses

To ensure this comparison is as comprehensive and accurate as possible, we conducted thorough research using a multi-step approach:

1. Identify Top Contenders: We scoured reputable software review websites and industry publications to identify the most popular and highly-rated accounting software options available in Canada.  
2. Gather User Feedback: We delved into user reviews on platforms like Capterra, G2, and TrustRadius to understand the real-world experiences of small business owners using these software solutions.  
3. Analyze Features and Pricing: We carefully examined the features and pricing plans offered by each software to provide a clear and concise comparison.  
4. Identify Canada-Specific Features: We paid close attention to features that are particularly relevant to Canadian small businesses, such as GST/HST tracking, compliance with Canadian payroll regulations, and French-language support.  

Now, let’s dive deeper into each software option:

1. Wave Accounting

Wave Accounting is a breath of fresh air for budget-conscious entrepreneurs.

With its free plan, it’s a no-brainer for freelancers and small businesses just starting their accounting journey. Wave makes managing your finances a breeze, allowing you to effortlessly track income and expenses, create polished invoices, and connect your bank accounts for seamless transaction categorization.

You can even access your financial data from the comfort of your Muskoka cottage, thanks to its cloud-based accessibility.  

Features

Wave Accounting is packed with features to simplify your accounting tasks:

• Unlimited invoicing: Send invoices to all your clients without worrying about limits.  
• Expense tracking: Keep tabs on your spending and categorize expenses for easy reporting.  
• Bank reconciliation: Connect your bank accounts and watch Wave automatically import and categorize your transactions. Talk about a time saver!  
• Financial reports: Generate essential reports like sales tax reports, balance sheets, and profit/loss statements to gain insights into your financial health.  
• Receipt scanning: Snap photos of your receipts and let Wave’s OCR technology magically transform them into digital records.  

Pricing

Wave Accounting offers a free Starter plan that covers the essentials. If you need more advanced features like automated bank reconciliation and multi-user access, the Pro plan is available for $20CAD/month.  

User Reviews

Wave Accounting generally receives rave reviews from users who appreciate its user-friendly interface and affordability. However, some users have reported occasional hiccups with bank connections and limitations in the reporting features.  

2. Sage Intacct

Sage Intacct is like the Swiss Army knife of accounting software in Canada.

This cloud-based solution is a powerhouse of features, perfect for growing businesses that need a robust system to manage their finances.

With Sage Intacct, you can automate core processes, gain real-time visibility into your financial performance, and generate in-depth reports to make informed decisions.

Plus, their customer support team is always ready to lend a helping hand.  

Features

Sage Intacct offers a comprehensive suite of features to meet the needs of growing businesses:

• Core financials: Manage your general ledger, accounts payable, and accounts receivable with ease.  
• Project accounting: Keep your projects on track and within budget by tracking costs, budgets, and profitability.  
• Inventory management: Say goodbye to inventory headaches with Sage Intacct’s robust inventory tracking and management tools.  
• Multi-entity management: Consolidate financial data from multiple entities, making it a breeze to manage complex organizational structures.  
• Time and expense management: Track employee time and expenses, simplifying payroll and expense reimbursement processes.  

Pricing

Sage Intacct’s pricing is tailored to your specific needs, based on the number of users, modules, and entities required. A typical configuration for a small company starts around $20,000 for an annual subscription.  

User Reviews

Sage Intacct consistently receives positive feedback from users who praise its robust functionality and user-friendly interface. However, some users have noted that the software can be complex and may require a learning curve, especially for those new to accounting software.  

3. Xero

Xero is the accounting software that’s as friendly as a Tim Hortons cashier.

Designed with small businesses and accountants in mind, Xero offers a user-friendly interface and a comprehensive set of features to manage your finances effectively.

From invoicing and expense tracking to bank reconciliation and reporting, Xero has you covered. And with its seamless integration with Gusto, managing payroll is a piece of cake.  

Features

Xero is packed with features to streamline your accounting processes:

• Invoicing: Create and send professional invoices that will make your clients say “wow.”  
• Expense tracking: Keep track of every penny with Xero’s easy-to-use expense tracking tools.  
• Bank reconciliation: Connect your bank accounts and let Xero automatically import and categorize your transactions, saving you time and reducing errors.  
• Reporting: Generate detailed financial reports, including profit and loss statements and balance sheets, to gain a clear understanding of your financial performance.  
• Inventory management: Keep track of your inventory levels and ensure you always have the right products in stock.  

Pricing

Xero offers three pricing plans to suit different needs and budgets: Early ($20/month), Growing ($47/month), and Established ($80/month).  

User Reviews

Xero consistently receives positive reviews from users who appreciate its user-friendly interface and comprehensive features. However, some users have reported that customer support can be slow at times, and the mobile app has limited functionality compared to the desktop version.  

4. QuickBooks Online Advanced

QuickBooks Online Advanced is the big brother of QuickBooks Online, offering a comprehensive suite of features for growing businesses with more complex needs.

It’s like having a dedicated accounting team at your fingertips, helping you streamline complex processes and gain deeper insights into your financial performance.

With advanced features like custom user roles and batch invoicing, QuickBooks Online Advanced is a powerful tool for managing your finances.  

Features

QuickBooks Online Advanced is loaded with features to simplify your accounting tasks:

• Invoices & Payments: Create and send invoices, track payments, and manage expenses with ease.  
• Tax Deductions: Track and categorize your business expenses for tax purposes, making tax time less stressful.  
• In-depth Reports: Generate a wide range of financial reports, including income statements and balance sheets, to gain a comprehensive understanding of your financial health.  
• Income & Expenses: Track your business income and expenses, ensuring you always have a clear picture of your financial situation.  
• Cash Flow: Monitor your cash flow and make informed financial decisions to keep your business thriving.  
• Mileage Tracker: Track your business mileage for tax purposes, making it easy to claim deductions and maximize your returns.  
• Fixed Asset Management: Manage your fixed assets, such as equipment and property, and track their depreciation over time.  

Pricing

QuickBooks Online Advanced costs $235/month, making it a more premium option for businesses with advanced accounting needs.  

User Reviews

QuickBooks Online Advanced generally receives positive reviews from users who appreciate its comprehensive features and user-friendly interface. However, some users have reported occasional glitches in the software and challenges with customer support.  

5. QuickBooks Online

QuickBooks Online is a popular cloud-based accounting software that offers a wide range of features to help small businesses manage their finances.

It’s a versatile solution that can be adapted to various business needs, from invoicing and expense tracking to bank reconciliation and reporting.

QuickBooks Online also integrates with other business tools, such as payroll and CRM systems, making it a central hub for managing your business operations.  

Features

QuickBooks Online offers a comprehensive suite of features, including:

• Income and expense tracking: Keep track of your business income and expenses, ensuring you always have a clear picture of your financial situation.
• Invoicing and payments: Create and send professional invoices, track payments, and manage expenses with ease.
• Bank reconciliation: Connect your bank accounts and let QuickBooks Online automatically import and categorize your transactions, saving you time and reducing errors.
• Reporting: Generate various financial reports, including profit and loss statements and balance sheets, to gain a comprehensive understanding of your financial health.
• Inventory management: Track and manage your inventory levels, ensuring you always have the right products in stock. (Available with Plus and Advanced plans)  

Pricing

QuickBooks Online offers several pricing plans to suit different needs and budgets: Simple Start ($35/month), Essentials ($65/month), Plus ($99/month), and Advanced ($235/month).  

User Reviews

QuickBooks Online is widely regarded as one of the best accounting software solutions for small businesses. It receives positive reviews for its user-friendly interface, comprehensive features, and strong customer support.  

6. Sage 50 Accounting

Sage 50 Accounting is a reliable workhorse in the world of accounting software.

This desktop-based software with cloud connectivity offers a familiar environment for those who prefer a traditional approach. Sage 50 Accounting provides a wide range of features, including invoicing, expense tracking, bank reconciliation, and robust reporting capabilities.

It’s also known for its seamless integration with Microsoft products, making it a good choice for businesses that rely heavily on the Microsoft Office suite.  

Features

Sage 50 Accounting offers a comprehensive set of features to manage your finances:

• Invoicing: Create and send professional invoices to your clients.  
• Expense tracking: Keep track of your business expenses and categorize them for easy reporting.  
• Bank reconciliation: Connect your bank accounts to automatically import and categorize transactions.  
• Reporting: Generate various financial reports, including profit and loss statements and balance sheets.  
• Inventory management: Track and manage your inventory levels.  

Pricing

Sage 50 Accounting offers three pricing plans: Pro Accounting ($625/year), Premium Accounting ($1,043/year), and Quantum Accounting ($1,780/year).  

User Reviews

Sage 50 Accounting receives mixed reviews from users. While some appreciate its robust reporting capabilities and integration with Microsoft products, others find the interface outdated and the software less user-friendly compared to cloud-based alternatives.  

7. Odoo Accounting

Odoo Accounting is the free spirit of the accounting software world. This modern, cloud-based solution offers a wide range of features and a high level of customization, making it a great choice for businesses that want a flexible and affordable option. Odoo Accounting is known for its modularity, allowing you to add or remove features as your business needs evolve.  

Features

Odoo Accounting is packed with features to simplify your accounting tasks:

• Dashboards: Get a clear overview of your financial health with customizable dashboards.  
• Asset Management: Track and manage your business assets, ensuring you have a clear record of your valuable resources.  
• Intelligent Reconciliation Tool: Reconcile your bank accounts quickly and easily, reducing the risk of errors.  
• AI-based Invoice Digitization: Let Odoo automatically extract data from invoices, saving you time and effort.  
• Dynamic Reporting: Create custom reports to gain deeper insights into your financial performance.  

Pricing

One of the best things about Odoo Accounting? It’s free to use!  

User Reviews

Odoo Accounting generally receives positive reviews from users who appreciate its flexibility and affordability. However, some users have reported occasional system crashes and a learning curve associated with the software’s complexity.  

8. SAP Business One

SAP Business One is the all-star player in the ERP world. This comprehensive solution offers a robust set of features to manage various business operations, including accounting. It’s a great choice for small to medium-sized businesses that want a complete suite of integrated tools to manage their entire operation. With SAP Business One, you can automate core processes, gain real-time visibility into your financial performance, and customize the software to fit your specific needs.  

Features

SAP Business One is a powerhouse of features, including:

• Financial Management: Manage your general ledger, accounts payable, and accounts receivable with ease.  
• Sales: Manage your sales orders, quotations, and deliveries, ensuring a smooth sales process.  
• Customer Relationship Management (CRM): Build strong customer relationships and manage your interactions effectively.  
• Purchasing: Manage your purchase orders and supplier relationships, ensuring a streamlined procurement process.  
• Inventory Control: Track and manage your inventory levels, ensuring you always have the right products in stock.  

Pricing

SAP Business One offers two main licensing options: Professional and Limited. The Professional license costs $108 per user per month, while the Limited license costs $56 per user per month.  

User Reviews

SAP Business One receives mixed reviews from users. While some appreciate its comprehensive functionality and customization capabilities, others find the software complex and expensive.  

9. Melio

Melio is a software solution that focuses on streamlining vendor payments and optimizing cash flow. It allows businesses to pay vendors through bank transfers or credit/debit cards and seamlessly integrates with QuickBooks and Xero to keep your accounting records up to date. With Melio, you can easily add vendor details, schedule payments, and track payment status, giving you better control over your accounts payable process.  

Features

Melio offers a range of features to simplify vendor payments:

• Multiple payment options: Pay vendors via bank transfer or credit/debit card.
• Payment scheduling: Schedule payments in advance to ensure timely payments and avoid late fees.
• Automated reconciliation: Integrates with QuickBooks and Xero to automatically update your accounting records.
• Payment tracking: Track payment status and receive notifications when payments are processed.
• Mobile app: Manage payments on the go with Melio’s mobile app.

Pricing

Melio offers a free plan for basic features. Paid plans with advanced features and higher transaction limits are also available.

User Reviews

Melio generally receives positive reviews from users who appreciate its ease of use and time-saving features. It’s particularly well-suited for businesses that want to simplify their accounts payable process and improve cash flow management.

10. NetSuite

NetSuite is a cloud-based accounting software that offers a comprehensive suite of features to help small businesses thrive. It provides a centralized platform for managing your finances, inventory, and customer relationships. NetSuite is known for its robust functionality, scalability, and ability to adapt to the needs of growing businesses.  

Features

NetSuite offers a wide range of features, including:

• Financial management: Manage your general ledger, accounts payable, and accounts receivable with ease.
• Inventory management: Track and manage your inventory levels, ensuring you always have the right products in stock.
• Customer relationship management (CRM): Build strong customer relationships and manage your interactions effectively.
• Order management: Process orders, track shipments, and manage customer interactions.
• Reporting and analytics: Generate detailed financial reports and gain insights into your business performance.

Pricing

NetSuite’s pricing is based on the number of users, modules, and features required. It’s a more premium option, typically suitable for larger businesses with complex needs.

User Reviews

NetSuite generally receives positive reviews from users who appreciate its comprehensive functionality and scalability. However, some users have noted that the software can be complex and may require a learning curve.

11. Float

Float is a Canadian-based accounting software that offers a variety of features to help small businesses manage their finances. It’s a good option for businesses looking for a local solution with strong automation capabilities. Float is known for its bank reconciliation features, invoice automation, and user-friendly interface.  

Features

Float offers a range of features, including:

• Bank reconciliation: Connect your bank accounts and let Float automatically import and categorize your transactions.
• Invoice automation: Automate your invoicing process, saving you time and reducing errors.
• Expense tracking: Track and categorize your business expenses.
• Reporting: Generate various financial reports to gain insights into your business performance.
• Integrations: Integrates with other business tools, such as payroll and CRM systems.

Pricing

Float offers several pricing plans to suit different needs and budgets.

User Reviews

Float generally receives positive reviews from users who appreciate its ease of use and automation features. It’s a good option for businesses looking for a streamlined accounting solution.

12. Kashoo

Kashoo is a straightforward and customizable financial solution for small to medium-sized business owners. It’s known for its ease of use and focus on simplifying accounting tasks. Kashoo offers a user-friendly interface and a range of features to help you manage your finances effectively, including invoicing, expense tracking, and bank reconciliation.  

Features

Kashoo offers a range of features to simplify your accounting tasks:

• Fast invoice creation: Create and send invoices quickly and easily.
• Pre-defined templates: Use pre-defined templates to create professional invoices.
• Expense tracking: Track and categorize your business expenses.
• Accounting automation: Automate tasks like bank reconciliation and reporting.

Pricing

Kashoo offers affordable pricing plans to suit different needs and budgets.

User Reviews

Kashoo generally receives positive reviews from users who appreciate its ease of use and focus on simplifying accounting tasks. It’s a good option for businesses looking for a straightforward accounting solution.

13. ZarMoney

ZarMoney is an all-in-one accounting, invoicing, and inventory solution. It’s a powerful tool that simplifies tasks like creating invoices, tracking expenses, and managing inventory. ZarMoney offers a user-friendly interface and a comprehensive set of features to help you manage your finances effectively.  

Features

ZarMoney offers a wide range of features, including:

• Invoicing: Create and send professional invoices to your clients.
• Expense tracking: Track and categorize your business expenses.
• Inventory management: Track and manage your inventory levels.
• Payroll: Manage your payroll and employee information.
• Reporting: Generate various financial reports to gain insights into your business performance.

Pricing

ZarMoney offers affordable pricing plans to suit different needs and budgets.

User Reviews

ZarMoney generally receives positive reviews from users who appreciate its comprehensive functionality and ease of use. It’s a good option for businesses looking for an all-in-one accounting solution.

14. Invoice Meister

Invoice Meister is an online invoicing solution designed for freelancers and small businesses. It helps automate invoicing and expense tracking, allowing for faster payments and accurate reporting. Invoice Meister offers a user-friendly interface and a range of features to simplify your invoicing process.  

Features

Invoice Meister offers a range of features to simplify your invoicing process:

• Create quotes and invoices: Create professional quotes that can be easily converted to invoices.
• Track expenses: Track and categorize your business expenses.
• Get paid faster: Accept online payments and automate payment reminders.
• Generate reports: Generate accurate reports on your company’s profit and costs.

Pricing

Invoice Meister offers affordable pricing plans to suit different needs and budgets.

User Reviews

Invoice Meister generally receives positive reviews from users who appreciate its ease of use and automation features. It’s a good option for businesses looking to streamline their invoicing process.

Specific Features Relevant to Canadian Small Businesses

When choosing accounting software in Canada, it’s important to consider features that are specifically relevant to Canadian businesses. These include:

• GST/HST tracking: The software should be able to track and calculate GST/HST for your transactions. QuickBooks Online Advanced, for example, offers robust GST/HST tracking capabilities.  
• Payroll compliant with Canadian regulations: If you have employees, the software should be able to handle payroll calculations and remittances in compliance with Canadian regulations. Xero, with its deep integration with Gusto, is a great option for managing payroll in compliance with Canadian regulations.  
• French-language support: If you operate in a French-speaking region, it’s helpful to have software that offers French-language support.  

Security in Accounting Software

Protecting your financial data is paramount. When choosing accounting software, look for features like data encryption, two-factor authentication, and regular backups to ensure your information is safe and secure. Sage 50 Accounting, for example, is known for its strong security features, utilizing encryption and other security measures to protect your data.  

Comparing Pricing Plans

To help you make an informed decision, here’s a table comparing the pricing plans of some of the popular accounting software options:

Final Thoughts

Choosing the best accounting software for your Canadian small business is like finding the perfect pair of skates – it needs to fit your needs and budget perfectly.

Consider the features, pricing, and user reviews of each option before making a decision.

Don’t be afraid to try out free trials or demos to get a feel for the software before committing.

Here’s a quick recap to help you choose:

• For freelancers and micro-businesses: Wave Accounting is a great starting point with its free plan and user-friendly interface.
• For growing businesses: Sage Intacct offers a robust solution with advanced features and strong customer support.
• For businesses that value strong bank reconciliation and payroll integration: Xero is a solid choice.
• For larger businesses with complex needs: QuickBooks Online Advanced provides a comprehensive suite of features and customization options.

No matter which software you choose, make sure it meets your specific needs and helps you manage your finances effectively.

With the right accounting software, you can focus on what you do best – growing your business and contributing to the Canadian economy.

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