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Small Business

2016 Review of AccountingSuite

AccountingSuite is an all-in-one accounting software application that combines accounting, sales and purchasing, project and time management, and inventory capability. Users can begin to use the system, utilizing only the features they need, and ...

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From the 2016 Review of Accounting Systems for Small Businesses.

Best Fit: AccountingSuite is a good fit for sole proprietors, freelances, and other small businesses that are looking for a solid accounting product that that is mobile, flexible and easily accessible from anywhere.

Product Strengths:

  • Product offers excellent time tracking capability
  • Product offers easy import/export capability
  • All versions of the product offer the same level of functionality
  • Offers solid help, including a user guide, videos, and training sessions

Potential Weaknesses

  • Some businesses may outgrow the product

AccountingSuite is an all-in-one accounting software application that combines accounting, sales and purchasing, project and time management, and inventory capability. Users can begin to use the system, utilizing only the features they need, and implement the others when necessary.

Basic System Functions: 5 Stars

AccountingSuite’s setup screen appears after logging into the product. 100% cloud-based, the product requires no installation. Users can enter company information, list detail, which includes classes, payment terms, shipping carriers, and other details. Posting accounts includes a basic chart of accounts that contains drop down arrows where users can choose to display all of the accounts in each category. Users can choose to calculate sales tax using only AccountingSuite, or by integrating with AvaTax for more in-depth sales tax tracking.

A variety of Getting Started videos are on the setup page, and a demo company is available for users to explore prior to going live. A menu bar at the top of the page features Quick Menu, Sales, Purchases, Inventory, Bank, Accounting, Project/Time, Sales Tax, and Reports options. Clicking on one of the categories updates the options directly below. Data entry screens are easily navigated and offer look up options throughout. The use of tabs throughout make it easy to perform multiple tasks, with all open functions displayed at the bottom of the navigation screen, so users can toggle back and forth as needed.

Time tracking functionality is included in AccountingSuite and have a timer that can be utilized if desired. Users can also indicate billable status, attach related files, and enter a standard hourly rate, or override the standard rate if desired. Users can automatically download bank transactions using the Cloud Banking module, and a Purchasing module is also included in the product.  

Core Accounting Capabilities: 4.5 Stars

AccountingSuite contains solid accounting functionality, with users able to connect selected bank accounts directly to AccountingSuite for easy bank reconciliation and transaction posting. Transactions will appear each day, until accepted by the user, which will then move the transaction to the accepted list and prepare journal entries as needed.

The Chart of Accounts allows users to easily create sub-accounts, and users can also set up recurring journal entries for regular processing. Though an integrated system, users can choose to close a period by module, and the system also contains a solid audit log which records all system transactions and contains drill-down capability. Users can easily create customer quotes and later convert the quote to a sales invoice, and bill payments can be quickly posted against a vendor account from the invoice screen or the vendor screen.

Users can choose to pay vendors with a check or with a credit card, recording the transaction in AccountingSuite, or can opt to use Dwolla, an online payment network that integrates with AccountingSuite and allows businesses to pay vendors electronically, with the funds automatically moved from a connected bank account, while the payment is recorded in the system as well. Credit memos can be entered in the system and can be attached to an exisiting invoice if desired. Sales tax functionality is also available in AccountingSuite, with users able to configure taxes at the time a sale occurs, or by setting up the appropriate tax rates accordingly. For those with more complex sales tax needs, AccountingSuite integrates with Avalara Sales Tax. AccountingSuite offers employee time tracking, but does not include payroll functionality.

Day to Day Operations: 4.5 Stars

AccountingSuite offers excellent Inventory management capability, with the product handling multiple products and services. Though the product comes with a single default location to manage inventory, users can opt to turn on the multi-location feature, so inventory levels can be tracked form multiple locations. This feature also allows users to easily transfer products from one warehouse to another. AccountingSuite also handles both product assemblies and bill of materials, making it an excellent choice for small manufacturing businesses. The system also support multiple pricing levels, with users able to build a tiered pricing structure if desired.

The Customer/Vendor Central feature allows users to manage and view all customer and vendor transactions from a single screen, with users able to create new customer orders, create invoices, view account balances, add a customer or vendor, create a purchase order, and view any related transactions from the Customer/Vendor Central screen.

Management Features: 5 Stars

AccountingSuite offers a good selection of system reports, with reports categorized for easy access. Clicking on the appropriate tab will display a list of reports available in that module. All reports offer a Page Setup option, where users can choose the paper size, margins, orientation and scaling for each report. Clicking on the ‘More’ option provides an opportunity for more in-depth report customization, with users able to choose periods, accounts, account types, groups, customers, and other filters. The Projects Report provides details on each active job in the system, including current income, expenses, and profit levels for each.   Customer/Vendor Central offers users a look at all customers and vendors, as well as any corresponding balances. All reports can be exported to Excel for further customization if desired.

Creating a new user is easy, with the ability to define if the user is an administrator, and which modules each user can access, as well as the level of access; Full, View Only, or No Access.

Integration and Import/Export: 5 Stars

AccountingSuite is a complete accounting system, with all modules working together. The product integrates with Stripe for processing credit cards, and Zoho CRM, as well as Dwolla, for users that wish to pay vendors electronically. The Hightail Uplink page allows users to easily import customer, chart of accounts, vendors and product data from third-party applications, and users can easily export all transactions and other data directly into Excel as needed.

Help & Support: 5 Stars

The Start page of AccountingSuite offers a good selection of Getting Started Videos that can assist new users with common tasks. A sandbox account is available for new users to utilize to become familiar with the product, and AccountingSuite personnel recommend a short demo with a company representative prior to going live. Users can also access the Support/Live Chat option directly from this screen, as well as the User Guide, which is a comprehensive reference tool designed for both new users and those already using the product. Training is offered for all of the modules included in AccountingSuite, and users also have access to the AccountingSuite Knowledgebase as well as the Feedback and Forums, where questions, announcements, problems, and solutions are shared with other users.

Summary & Pricing

AccountingSuite is a good solution for smaller businesses with up to 10 system users that desire easy accessibility and product scalability. AccountingSuite is available in three versions; Entrepreneur – which is a single user system, with one outside accountant/bookkeeper seat, and is $15.00 per month. Small Business is $29.00 per month, and includes 5 active users and one accountant/bookkeeper, and Premium, which is $49.00 per month, and supports up to 10 users and 1 accountant/bookkeeping seat. All functionality is the same across all versions.


2016 Star Rating – 4.75 Stars