The 8 Best ERP Accounting Software for 2024

The best Enterprise Resource Planning (ERP) software for accounting in 2024 is Oracle NetSuite. It’s a full-featured business management platform that offers everything you need to run your business and can be fully customized according to your needs. With NetSuite, you get invoicing, accounting, performance management, inventory and warehouse management, project planning and budgeting, time tracking, and a myriad of other key functionalities.

However, every business is unique, so a complex, robust solution like Oracle NetSuite might not be the perfect fit for you. That’s why we’ve reviewed and compared the top 8 ERP accounting tools on the market, so you can see how they stack up and choose the one that’s best for your business.

The Best ERP Accounting Software Ranked

  1. Oracle NetSuite — The best ERP tool for inventory and supply chain management
  2. FreshBooks — A great option for project management and client collaboration
  3. Zoho Books — Ideal for custom workflows and complex automation options
  4. QuickBooks — A feature-rich platform that connects with your sales channels
  5. Xero — A solid option for retailers, thanks to advanced inventory management
  6. Sage — Perfect for managing the finances of multiple business entities
  7. Bonsai — A one-stop shop for finance, project, and client management
  8. Wave — Free invoicing and accounting with optional accounting & payroll coaching

The Best ERP Accounting Software Reviews

Here are our in-depth reviews of the best ERP accounting software so you can see what each platform offers and how they compare, and choose the one that’s the best for your business:

1. Oracle NetSuite — The Best ERP tool for inventory and supply chain management

A screenshot of Oracle NetSuite's dashboard

Starting Price Free Plan Top Features Supply Chain Management Reporting
Custom quote – Inventory and warehouse management
– Supply chain management
– Planning, budgeting, and cash flow forecasting

Oracle NetSuite is the most robust business management platform on the market. It offers dozens of modules that can help you streamline virtually every aspect of your business, and you can pick and choose which modules you’d like to have access to on your account.

The NetSuite ERP is the perfect choice for large companies that need to accelerate financial processes, track every transaction, facilitate enterprise performance management, and effectively manage large inventories or even multiple warehouses.

NetSuite ERP can also help you streamline order and supply chain management, effectively plan your budget, accurately forecast cash flow, and generate invaluable financial reports to make data-driven business decisions.

Read the full Oracle NetSuite review.

Oracle NetSuite Pricing

To get accurate pricing you have to contact the company to get a custom quote. One thing to keep in mind is that the total price includes the initial setup cost, the yearly licensing fee, and the monthly price which will vary based on the functionalities you need.

prosPros

  • An excellent all-in-one solution for large enterprises
  • Streamlined global business management
  • Inventory, warehouse, order, and supply chain management
  • Budgeting, project planning, and cash flow forecasting
  • Advanced, customizable financial reports

consCons 

  • Initial setup and licensing fee on top of the monthly subscription
  • Steep learning curve due to the sheer amount of features and functionalities

2. FreshBooks — Great for Project Management and Client Collaboration

A screenshot of FreshBooks' dashboard

Starting Price Free Plan Top Features Supply Chain Management Reporting
$7.60/month – Time tracking
– Team management
– Project management

FreshBooks is a feature-rich platform designed for business owners and accountants. In addition to invoicing, accounting, and expense tracking, FreshBooks greatly facilitates project planning and budgeting, lets you track time and boost your team’s productivity, and makes it easy to communicate and collaborate with clients.

You can also leverage FreshBooks to run payroll, track project profitability, and send unlimited estimates and proposals to potential clients.

That said, the app lacks inventory and vendor management capabilities, so alternatives like Xero and Oracle NetSuite are better options for retailers and businesses that sell physical goods.

Read the full FreshBooks review.

FreshBooks Pricing Plans

FreshBooks offers flexible pricing options, with four different tiers to choose from. You also get 60% off for the first six months, which is a great deal. One thing to note is that the platform limits the number of users on each plan, with the option to add new team members for $11/month per user.

  • Lite — $7.60/month for the first six months (renews at $19.00 thereafter)
  • Plus — $13.20/month for the first six months (renews at $33.00 thereafter)
  • Premium — $24.00/month for the first six months (renews at $60.00 thereafter)
  • Select — Custom quote

prosPros

  • Intuitive and easy to use
  • Built-in time-tracking and project management
  • An excellent mobile app
  • Automates receipt and bill data capturing
  • Facilitates client communication and collaboration

consCons 

  • No inventory or vendor management
  • Extra monthly cost to add additional members to your account

3. Zoho Books — Ideal for Creating Custom Workflows and Building Complex Automations

A screenshot of Zoho Books' dashboard

Starting Price Free Plan Top Features Supply Chain Management Reporting
$15/month – Custom workflows and complex automations
– Customer and vendor portals
– Advanced project management with time tracking

Zoho Books is a robust accounting software with a free plan for a single user plus an accountant. The free plan covers all the accounting essentials, but what’s unique about it is that you also get a customer portal and the ability to manage your contractors. The paid plans add even more functionality, including vendor credits, recurring bills, sales and purchase orders, stock trading, project profitability, warehouse management, etc.

Zoho also offers a separate, custom ERP solution with the Zoho Creator. It enables complex customization and automations, facilitates data migration, and can help streamline everything from retail and supply chain management to manufacturing and logistics.

In other words, Zoho offers excellent solutions for both SMBs and large enterprises and gives you plenty of flexibility and customization options, so it easily adapts to the unique needs of your business.

Read the full Zoho Books review.

Zoho Books Pricing

Zoho offers six different pricing tiers, including a free forever plan, so you’ll have plenty of options to choose from, depending on your needs. Notably, all plans limit the number of users, with the possibility to surpass that limit and add new users at $2.5/month per team member.

  • Free — Free forever; 1 user + 1 accountant
  • Standard — $15/month; 3 users
  • Professional — $40/month; 5 users
  • Premium — $60/month; 10 users
  • Elite — $120/month; 10 users
  • Ultimate — $240/month; 15 users

prosPros

  • Custom workflows and automations
  • Approval workflows with custom rules
  • Dedicated customer portal
  • Multiple bank and credit card accounts with multi-currency support
  • Seamless integration with other Zoho apps

consCons 

  • Limited users on each pricing plan
  • Advanced inventory management and analytics available only on the two most expensive pricing plans

4. QuickBooks — Feature-Rich Accounting Platform That Connects With Your Sales Channels

A screenshot of QuickBooks' dashboard

Starting Price Free Plan Top Features Supply Chain Management Reporting
$15/month for the first 3 months – Advanced financial reporting
– Automated tax deductions
– Project profitability and financial planning

QuickBooks is another vendor that offers accounting platforms for both SMBs and large enterprises. The standard version of the software includes all accounting essentials, tax deductions, advanced reporting, mileage tracking, inventory management, project profitability, and financial planning.

What’s unique about QuickBooks is that it lets you connect your online sales channels to the accounting software, so it can automatically pull all sales data and properly categorize it.

The ERP version of the software includes advanced reporting (sales graphs, profit & loss by job, inventory valuation, etc.), inventory and warehouse management, assisted payroll, e-commerce integration, and a variety of other functionalities your business can benefit from.

Read the full QuickBooks review.

QuickBooks Pricing

QuickBooks offers four different pricing plans for the base platform, all of which provide immense value for money. You can also start a 30-day free trial to test out the app in practice before you commit to one of these subscriptions.

  • Simple Start — $15/month for the first 3 months (renews at $30 thereafter)
  • Essentials — $30/month for the first 3 months (renews at $60 thereafter)
  • Plus — $45/month for the first 3 months (renews at $90 thereafter)
  • Advanced — $100/month for the first 3 months (renews at $200 thereafter)

prosPros

  • Easy to learn and utilize the platform’s full potential
  • Comprehensive record keeping and advanced reporting
  • Automatic sales tax calculation
  • The ability to connect your sales channels to the accounting platform
  • Excellent inventory and fixed asset management capabilities

consCons 

  • Limited number of users on each pricing plan
  • File size issues and limitations

5. Xero — A Solid Option for Retailers, Thanks to Advanced Inventory Management Capabilities

A screenshot of Xero's dashboard

Starting Price Free Plan Top Features Supply Chain Management Reporting
$29/month – Project tracking
– Inventory management
– Multi-currency accounting

Xero isn’t an ERP tool, strictly speaking, but it does offer quite a few useful features that can help you streamline accounting, expense tracking, project tracking, payroll, contact management, and tax calculations.

With Xero, you’ll be able to track the time spent on each project, monitor project costs, convert time sheets into invoices, and plan projects and budgets based on accurate data. While not as advanced as FreshBooks in the project management department, Xero is still a decent option for consultancies, professional services, and low-complexity construction businesses.

Xero is also an excellent choice for retailers due to its advanced inventory management capabilities. The platform lets you track stock levels, monitor sales trends, add items to invoices in one click, create and send digital purchase orders, and monitor cash flow in real-time.

Read the full Xero accounting review.

Xero Pricing

Xero offers three pricing plans for users to choose from, all of which are a bit on the expensive side compared to other alternatives we’ve reviewed in this article. Additionally, core functionalities that most other solutions include with the base platform, such as expense claiming and time tracking, are paid add-ons.

  • Starter — $29/month; limited to 20 invoices and 5 bills
  • Standard — $46/month
  • Premium — $62/month

prosPros

  • Intuitive and easy to use
  • Advanced inventory management capabilities
  • Fixed asset management
  • Purchase order customization and tracking
  • Short-term cash flow and business snapshots

consCons 

  • Payroll is a standalone product handled by a different company (Gusto)
  • Expense claims, project tracking, and advanced analytics are paid add-ons

6. Sage — Perfect for Managing the Finances of Multiple Business Entities

A screenshot of Sage's dashboard

Starting Price Free Plan Top Features Supply Chain Management Reporting
Quote-based – AI-powered automation
– Multi-entity reporting and analytics
– Order management and purchasing

Sage offers a feature-rich ERP accounting software, Sage Intacct, which is perfect for managing the finances of multiple business entities.

The platform features an AI-powered General Ledger that saves you valuable time, streamlines your accounting processes, and ensures complete data accuracy. Sage’s AI automatically extracts details and creates a draft for you to approve, as well as helps you generate recurring invoices and attach customer documents to transactions for enhanced record keeping.

Sage Intacct also features advanced multi-entity reporting and analytics, so you’ll be able to easily monitor the performance of each individual location, as well as see the profitability of your business as a whole in real time.

There are a bunch of other apps in Sage’s repertoire, including Sage 300 for inventory management, Sage 100 for manufacturing and distribution, Sage X3 for operational and financial management, and plenty of other tools geared toward businesses in different industries.

Read the full Sage review.

Sage Pricing

Sage operates on a quote-based model, meaning you’ll have to contact the platform’s sales team to request pricing. The cost of the app will heavily depend on the size of your organization and your unique business needs.

prosPros

  • A fully customizable platform with native Salesforce integration
  • AI-powered AR and AP automations
  • In-depth analytics and reporting for multiple business entities
  • Built-in tools for financial planning and budgeting

consCons 

  • Sage offers a dozen different products, so it can be quite confusing which one to get
  • Sage Intacct doesn’t include inventory management

7. Bonsai — A One-Stop Shop for Finance, Project, and Client Management

A screenshot of Bonsai's dashboard

Starting Price Free Plan Top Features Supply Chain Management Reporting
$21/month – Automatic income and expense tracking
– Project management with time tracking
– Client portal

Bonsai is a robust business management platform that combines accounting, customer relationship management, time tracking, and project management in one tool. It’s an excellent option for businesses looking to streamline and automate financial management, facilitate client communication and collaboration, and improve the performance of their team.

You can leverage Bonsai to create and send custom invoices, automatically track all expenses and income, and ensure data accuracy by connecting the platform to your bank and credit card account. Notably, the platform doesn’t offer any inventory or supply management, so it’s only viable for digital services, SaaS (Software as a Service), and creative industries.

What makes Bonsai truly stand out from the other tools on our list are its project organization and client management capabilities. You can build a comprehensive client list with all the key information, notes, rates, and custom tags, organize all your to-dos, files, and documents, and track billable hours for each project and task individually.

Bonsai also lets you add collaborators to your account, which greatly facilitates communication and collaboration with contractors, business partners, and clients, helping you reliably meet project deadlines.

Read the full Bonsai review.

Bonsai Pricing

Bonsai offers three pricing plans, all of which provide excellent value for money. That said, each team member you add to the account is an additional $10/month, so the platform can get quite expensive. Additionally, if you want to leverage Bonsai to handle taxes, you’ll have to set aside an additional $10/month on top.

  • Starter — $21/month
  • Professional — $32/month
  • Business — $66/month

prosPros

  • Finance, CRM, and project management functionalities in a single platform
  • Automatic expense and income tracking
  • Advanced file organization and project management capabilities
  • A built-in time-tracking functionality
  • Hundreds of form templates for businesses in all industries

consCons 

  • Can get quite expensive with additional users
  • The Bonsai Tax module is a paid add-on
  • No inventory management

8. Wave — Free Invoicing and Accounting With Optional Coaching

A screenshot of Wave's dashboard

Starting Price Free Plan Top Features Supply Chain Management Reporting
Free invoicing and accounting – Customizable invoices with late payment reminders
– Unlimited partners, collaborators, and accountants
– Streamlined payroll

Wave is a decent option if you’re looking for free software to handle invoicing and accounting for your business. It’s significantly less complex than platforms like Oracle NetSuite, FreshBooks, and QuickBooks, but it can still help you digitize and streamline invoicing, income and expense tracking, bank reconciliation, and even payroll.

The platform doesn’t have any budgeting or project planning capabilities, however, so it’s not exactly an ERP tool in the traditional sense of the word. It does, however, help you offer a variety of payment options to clients, so it can be a decent option for growing businesses in the service industry.

The main reason to opt for Wave over any other solution we’ve reviewed here is that the company offers professional bookkeeping support, as well as accounting and payroll coaching. Again, this is better suited for smaller businesses that are just starting out or expanding rapidly and want to learn how to utilize Wave to handle their finances.

Read the full Wave review.

Wave Pricing

Wave’s invoicing and accounting functionalities are completely free to use, but you’re required to pay a small fee for each payment received. Additionally, mobile receipts, payroll, and coaching are paid add-ons, so Wave can often end up costing as much as its more feature-rich alternatives.

  • Accounting — Free
  • Invoicing — Free
  • Payroll — $40/month + $6/month per employee
  • Payments — From 1% for ACH bank transfers up to 2.9% + $0.60 for credit card payments
  • Mobile receipts — $8/month
  • Bookkeeping support — $149/month
  • Accounting & payroll coaching — $379 one-time fee

prosPros

  • Free invoicing and accounting functionalities
  • Automated late payment reminders
  • The ability to add unlimited partners, collaborators, and accountants
  • A pay-per-use model for transactions
  • Mobile receipt scanning

consCons 

  • Designed for small businesses
  • Can get quite expensive if you invoice dozens of clients

The Best ERP Accounting Software Compared

Accounting Software Best For Standout Features Supply Chain Management Payroll Multi-Currency Reporting
Oracle NetSuite Inventory and supply chain management – Inventory and warehouse management
– Supply chain management
– Planning, budgeting, and cash flow forecasting
FreshBooks Project management and collaboration – Time tracking
– Team management
– Project management
Zoho Books Building complex automations – Custom workflows and automations
– Customer and vendor portals
– Advanced project management with time tracking
QuickBooks Inventory and warehouse management – Advanced financial reporting
– E-commerce integration
– Project profitability and financial planning
Xero Retailers and e-commerce businesses – Project tracking
– Inventory management
– Multi-currency accounting
Sage Financial management of multiple business entities – AI-powered automation
– Multi-entity reporting and analytics
– Order management and purchasing
Bonsai Finance, project, and client management – Automatic income and expense tracking
– Project management with time tracking
– Client portal
Wave Free invoicing and accounting – Customizable invoices with late payment reminders
– Unlimited partners, collaborators, and accountants
– Streamlined payroll

What is an ERP System in Accounting?

An ERP (Enterprise Resource Planning) system in accounting refers to software that’s designed to help streamline and automate various aspects of running a business, such as invoicing and accounting, project planning, budgeting, time tracking, inventory management, procurement, and supply chain management.

ERP systems are critical for storing and managing business data, effectively planning projects, managing cash flow, and obtaining valuable insights regarding the financial position and overall performance (profit & loss) of any business.

For more information, read our detailed ERP software guide and learn how to choose the right ERP system for your business.

Conclusion — What is the Best ERP Accounting Software?

The best ERP accounting software in 2024 is, without a doubt, Oracle NetSuite. It’s one of the most feature-rich business management platforms on the market, with excellent budgeting, project planning, and supply chain management capabilities, and it can be fully customized according to your unique business needs.

NetSuite also provides you with a wealth of valuable business data, thanks to its advanced reports, so you’ll be able to keep a finger on the pulse of your business at all times and make strategic, data-driven decisions to grow your business and maximize revenue.

Click the button below to get started with Oracle NetSuite and see first-hand why it’s the undisputed #1 ERP accounting solution.

How We Test Free Accounting Software

When testing, reviewing, and comparing accounting solutions, we focus on the following parameters:

  • Pricing — The available pricing plans, discounts, free plans, and free trial, as well as the overall value for money the software provides.
  • Features — All the key features and functionalities of the software, together with optional paid add-ons.
  • Integrations — Integrations with other bookkeeping, project management, time-tracking, CRM, and communication & collaboration tools and apps.
  • Automation — The available automations and their customization options.
  • Ease of use — The UI (User Interface) and navigation of the software, plus the required technical knowledge to utilize all of its features and functionalities to their full extent.
  • Third-Party Reviews — User feedback on reputable third-party review sites, with an emphasis on the most commonly cited benefits and disadvantages.

How to Choose the Best Free Accounting Software

If you’re not sure which of the eight tools we’ve reviewed in this guide is the best fit for your business, here are a few factors you should consider, which should help you make the right decisions:

  • Budget — Consider your available budget, as well as how the different pricing plans align with the needs of your business. Don’t overpay for a tool with functionalities you won’t ever use, but don’t choose a cheap platform that lacks the key features you need either.
  • Ease of Use — Depending on your technical knowledge and previous experience with accounting software, opt for a platform that you won’t have difficulties using. Otherwise, you might need to spend weeks learning the ins and outs of the platforms and/or hosting training workshops for your team.
  • Integrations — Make sure your chosen accounting software integrates with the tools and apps you’re using in day-to-day business. If not, it’s best to opt for one with an Application Programming Interface (API), so you can create custom integrations.
  • Key Features — The most important factor when choosing accounting software is to opt for one that has all the features and functionalities you need on a pricing plan that you can afford.
  • Scalability — Pay close attention to any limits regarding contract duration or the number of users. Ideally, you want a platform that lets you add unlimited team members and upscale to a more feature-rich pricing plan as you grow and expand your business.
  • Customer Support — Check the available options for contacting customer support and their working hours. Also, pay attention to what other users have to say about the quality of custom support, their technical knowledge, and average response times.

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Aleksandar Stevanovic
Software Reviews Expert
Aleksandar Stevanovic
Software Reviews Expert

Aleksandar Stevanovic spent 10 years honing his craft as a freelance content writer. He has a degree in Economics, and extensive experience in software, crypto, and cybersecurity industries. He covers a multitude of topics, writing factual and informative articles, helping individuals better understand the intricacies of the online world. Over the last two years, his research focus shifted more towards tech and software content, as evidenced by his publications on CEX.IO, Business2Community, and Techopedia. He believes in simplifying complex topics and bringing them closer to like-minded individuals. His work is as detail-oriented as it is creative, and is designed to…