If you’re on the prowl for the ideal accounting platform, you want one that meets all of your business needs—not one that leaves you without important features and forces you to cobble together third-party applications to achieve the functionality you need.

An all-in-one accounting platform is one that delivers the most common features a small- and medium-sized business uses. Here’s what to know about choosing the best all-in-one accounting platform for your business, as well as details on a few programs we recommend.

What is an all-in-one accounting platform?

As a business owner looking for a simple solution to handling your company finances, you’ve probably seen advertisements for “all-in-one” accounting platforms. What does that mean, exactly?

There’s no strict definition of “all-in-one” accounting software, but it typically refers to a platform that lets you oversee core bookkeeping tasks, like tracking income and expenses, invoicing customers, managing bills, and creating financial reports, all in one ecosystem. Some also include payroll and inventory features.

That’s a big deal. Many accounting tools don’t offer such comprehensive features and instead force you to link separate programs to cover all your needs. That may work for a while, but it can be a pain to frequently jump between a handful of different applications. A true all-in-one platform makes juggling these functions seamless—instead of a Frankenstein’s monster of bolt-on workarounds.

What to look for in an all-in-one platform

Again, just because an accounting platform says it’s “all-in-one” doesn’t mean it offers everything you need. Look for the below capabilities when searching for the best solution.

Core accounting features

There are a few bare-minimum functions that should be your absolute floor when looking for business accounting software. This includes:

• Automatic syncing with your bank and credit card.
• The capability to track expenses and send invoices directly from within the program.
• Easy-to-create financial reports that show you metrics like profit and loss and cash flow.

Ideally, you’ll also have the capability to submit pictures of receipts, which can cut down on manual data entry errors.

Inventory and order management

Businesses that sell physical products will want the ability to track stock in real time, automate purchase orders, and sync inventory across multiple sales platforms (think Shopify, Amazon, your storefront and website, etc.). If you sell from multiple locations, you’ll want the ability to manage multiple warehouses and perhaps need a program that supports barcode scanning. This is not standard among accounting software.

Payroll and HR integration

Look for an option that automatically adds payroll information to your books. It’ll save you the time and effort of entering employee wages by hand, and it’ll cut down on the potential for user errors.

To boot, it can give your employees access to their pay details, help you handle payroll taxes, even keep benefits details updated across your accounting and HR records.

Scalability and add-ons

Many accounting platforms limit your number of users, transactions, and stock you can track. The complexity of your specific business will dictate which program (and which tier) you choose. You want an accounting platform that can grow with your business.

While the idea is to have as many features live inside your software ecosystem as possible, it’s still beneficial if the program is amenable to add-ons if you need them. Check to see if it connects with your customer-management software, preferred payment apps, and other business programs.

Editor’s Picks: Top all-in-one accounting platforms

There’s no shortage of available accounting platforms. The following are some of the most popular options—and for good reason.

QuickBooks Online / QuickBooks Enterprise

QuickBooks Online helps automate common tasks that are otherwise a time suck, such as categorizing transactions, matching receipts, and reconciling your accounts. This means your books stay up to date, and you’ve got the bandwidth to spend elsewhere. Its “Advanced” plan lets you add up to 25 users and gives you tools that can forecast your cash flow and process bulk invoices and batch transactions.

If you need something more, QuickBooks Enterprise is a considerable step up—offering up to 40 users and improved inventory features (such as true multi-warehouse tracking and support for multiple sales channels). It’s better for a company running a more complex operation than a coffee shop or an Etsy storefront.

Xero

One of the more affordable options among all-in-one accounting platforms, Xero’s “Established” plan can do most of the same things you’d expect from QuickBooks Online, including sending invoices and receiving payment, tracking bills, and connecting your bank feed, bills, and invoices to give you a clear view of your cash flow.

You’ll also benefit from “Xero Coaches” to help onboard you and give you ongoing support for the first 90 days after you subscribe. You can learn how to maximize its key features and get help customizing the tools for your needs. This isn’t altogether unique, but it’s an impressive offering for such a reasonable price point.

Zoho Books

No real surprises when it comes to Zoho Books—it covers the day-to-day functionality of invoicing, tracking bills and expenses, reconciling bank transactions, monitoring cash flow, and keeping an eye on inventory.

Zoho Books does stand out when it comes to its built-in customer portal. This gives your clients a secure place to do things like pay invoices, examine and accept estimates, upload documents, even leave comments without the need for back-and-forth email exchanges. If you’re in an industry that typically requires frequent approvals, deposits, and files (think a contractor or consultant), this function of Zoho Books may win your heart.

Choosing the right platform for your business size

The best platform for your business will come down to its size and complexity. Small businesses with a single sales location (e.g. a simple storefront) will likely get everything they could possibly want from a program like QuickBooks Online. Its bookkeeping, invoicing, and payroll functions are intuitive without a steep learning curve.

A business that finds itself outgrowing basic inventory tools may require a higher-octane option, such as QuickBooks Enterprise. It offers more detailed tracking, features like barcode scanning, and support for more users—ideal for those with a variety of sales channels (website, storefront, online marketplaces, etc.) and multiple warehouses.

The short answer is to start with the program that matches your current business size—not what you suspect you’ll need in five years. Accounting platforms can vary widely in price—by thousands of dollars per year, even. It’s best to cross that bridge when you come to it and avoid overpaying.

The takeaway

When it comes to accounting platforms, “all-in-one” is more of a marketing label than a universal definition. But it should at least include the ability to track income and expenses, invoice customers and track payments, record and pay bills, produce financial reports, and connect to your bank accounts and match transactions. Your business needs more complex features, but those are the minimum functions the software should achieve.

Frequently asked questions

Can an all-in-one accounting platform replace a bookkeeper?

An all-in-one accounting platform can handle a lot of the routine work of a bookkeeper, but it likely won’t completely replace one. A bookkeeper can still make sure that all records are accurate and do things that software simply can’t—such as spotting mistakes that could throw off your entire financial report.

Do all-in-one accounting platforms help with tax time?

Yes, all-in-one accounting platforms should be able to help you with tax time. The right platform goes a long way toward keeping your income and expenses organized and can create reports that make handing your data over to a tax preparer a cinch. Just note that they don’t replace a tax professional.

What features should an all-in-one accounting platform include?

At a minimum, an all-in-one accounting platform should include expense and bill tracking, invoicing, financial reports, and reconciliation. It should connect with your bank and cards to give you a picture of your cash flow. Many also offer inventory tracking, payroll, and tax tools—all of which can be critical, depending on your industry.

Can accounting software connect to my business bank account?

Yes, accounting software can (and should) connect to your business bank account. You’ll ideally quarantine all your business finances from your personal finances to give you a clearer idea of how your business is doing and make tax time far less messy.

Is QuickBooks Online an all-in-one accounting platform?

QuickBooks Online is considered an all-in-one accounting platform. It may not perfectly serve more complex businesses with needs like barcode scanning and true multi-warehouse tracking, but for most small- and medium-sized businesses, it’s a great solution.