Running a business means keeping your finances in order. But let’s be honest, no one wants to spend hours buried in spreadsheets. That’s where accounting software comes in.
Whether you’re a solo entrepreneur, a growing startup, or an established company, the right software can save you time, reduce errors, and make tax season a whole lot easier. You might find that it can even help you save some hard-earned cash.
The challenge? There are lots of options out there and they’re not created equal. What works for one business might be overkill for another. There is no one-size-fits-all solution here, so you’ll need to know the best options out there and what sets each apart so you can make an informed choice.
Here’s a look at the top 10 accounting software options in Canada to help you stay on top of your business finances.
1. QuickBooks Online
QuickBooks is the go-to accounting software for many Canadian businesses (and international companies, too), and for good reason. It’s user-friendly, packed with features, and integrates with hundreds of apps, so it’ll play nice with your current tech stack.
- Best for: Small to medium-sized businesses
- Key features: Invoicing, expense tracking, payroll, tax filing, and real-time financial reporting
- Why it’s great: Cloud-based with mobile access and strong automation tools
2. Xero
Xero is another top contender, offering a clean interface and powerful features for managing business finances. You’ll also find different pricing plans to fit your needs today, as well as down the road as your business grows.
- Best for: Small businesses and startups
- Key features: Bank reconciliation, invoicing, expense tracking, and multi-currency support
- Why it’s great: Seamless integration with Canadian banks and third-party apps
3. Sage 50cloud
Sage 50cloud is a solid choice for businesses that need robust accounting features with cloud flexibility. However, it might be overkill for SMBs and sole proprietors.
- Best for: Growing businesses and those with complex accounting needs
- Key features: Inventory management, payroll processing, invoicing, and financial forecasting
- Why it’s great: Strong security, desktop functionality with cloud access, and compliance with Canadian tax laws
4. Wave Accounting
If you’re looking for free accounting software, Wave is one of the best options available, and it’s free. Wave is based in Canada (Toronto) and specializes in providing tools for small businesses. That said, larger businesses with complex needs may find that Wave isn’t right for them.
- Best for: Freelancers and small businesses on a budget
- Key features: Invoicing, expense tracking, financial reports, and basic payroll (paid feature)
- Why it’s great: No cost for core accounting features, making it perfect for startups
5. FreshBooks
FreshBooks started as an invoicing tool but has grown into a full accounting platform tailored for small businesses. It’s also been around for a long time and has a lot of name recognition, so chances are good that you’re at least familiar with the brand.
- Best for: Service-based businesses and freelancers
- Key features: Automated invoicing, time tracking, expense management, and project tracking
- Why it’s great: Simple interface and great for businesses that bill clients frequently
6. Zoho Books
Zoho Books is part of the larger Zoho ecosystem, making it a great choice if you already use Zoho’s business tools. There’s a free trial to get started, but Zoho offers pretty affordable tools, so even when the trial’s done, you don’t have to worry that you’ll break the bank here.
- Best for: Small to mid-sized businesses
- Key features: Automated workflows, invoicing, tax management, and multi-user access
- Why it’s great: Affordable with strong customization options
7. Kashoo
Kashoo is a Canadian-made accounting software designed for business owners who want simplicity and ease of use. It’s pretty much tailor-made for SMBs, sole proprietors, gig workers, and others who need to track their finances but don’t want to spend a lot of time doing it.
- Best for: Small business owners and freelancers
- Key features: Automated bookkeeping, bank reconciliation, and real-time tax tracking
- Why it’s great: Simple setup, Canadian tax compliance, and great customer support
8. NetSuite ERP
NetSuite is a high-end accounting solution designed for businesses that need enterprise-level financial management. Note that NetSuite’s designed mostly for large businesses, so SMBs and sole proprietors would be better off looking elsewhere.
- Best for: Large businesses and enterprises
- Key features: Advanced financial reporting, global tax compliance, and real-time dashboards
- Why it’s great: Scalable, cloud-based, and packed with automation tools
9. Sage Intacct
Sage Intacct is built for businesses that need more than just basic accounting. It’s a complete financial management solution, which means medium to large companies and enterprise-level firms will benefit the most. However, SMBs with complex accounting needs will find plenty to love here, too.
- Best for: Mid-sized to large businesses
- Key features: Real-time financial insights, automated billing, and advanced reporting
- Why it’s great: Powerful automation features and compliance with Canadian accounting standards
10. Wave Payroll (For Payroll-Specific Needs)
While Wave Accounting is free, its payroll feature is a paid add-on—and it’s specifically designed for Canadian businesses.
- Best for: Small businesses that need payroll management
- Key features: Automated tax calculations, direct deposit, and year-end tax forms
- Why it’s great: Affordable and built specifically for Canadian payroll compliance
Which Accounting Software Is Right for You?
The best accounting software for your business depends on your needs. Here’s a quick guide:
- Best for freelancers & small businesses: Wave, FreshBooks, Kashoo
- Best for growing businesses: QuickBooks Online, Xero, Zoho Books
- Best for enterprises: NetSuite ERP, Sage Intacct
- Best for payroll management: Wave Payroll, Sage 50cloud
Nail Your Financials for Consistent Business Growth
Good accounting software isn’t just a convenience. It’s a requirement if you want accurate financials. Choosing the right one can save you time, reduce costly mistakes, and help you make smarter financial decisions. Whether you’re just starting out or running a large company, there’s an option that fits your needs. And if you ever need funding to scale your business, Bizfund can help with fast, hassle-free financing based on your future earnings, so you can focus on growth, not just bookkeeping.
