Accounting software is no exception. Despite the fact that there are hundreds of accounting software solutions on the market today, only a handful cater to the Mac OS X. For buyers looking to run accounting software on their Macs, there are two options: web-based accounting software and traditionally installed Mac-based accounting software. We created this guide to help buyers in their research process.

Web-based Accounting Software

Web-based accounting software, as the name implies, is designed to be delivered via the web. A web-based system does not rely on any particular operating system. Rather, the vendor hosts and manages the software, and users can access the application with an Internet connection and a web browser. In the table below, we’ve limited products to those that support Safari, the browser of Mac OS X.

Mac-based Accounting Software

For buyers not interested in going the subscription, web-based route, investing in a traditional Mac-based accounting system is the best option. Currently, the number of accounting software options built from the ground up for OS X is limited in number and functionality. While these solutions are engineered for OS X, they aren’t functionally robust enough to handle the accounting requirements of large, complex businesses. As such, they are best-suited for small businesses.

In the table below, we’ve listed Mac-based accounting products along with pricing specifications and a brief description of the product.

Despite Apple’s resurgence in the consumer market, business environments are still largely PC based – as they have been historically. Therefore, much of today’s software is still created for Windows-based operating systems. As Macs become more common in the enterprise, however, we expect the availability of Mac-based accounting solutions to grow as well.

If you’ve had any experience with a Mac accounting solution, please leave your thoughts below. Also, if we’ve left a Mac OS X accounting software solution off the list, feel free to share your knowledge with us.

To gain insight into where the industry is today – and where it’s headed – I reached out to the CEOs of three companies that provide online accounting software solutions: ePartners, Intacct and Kashoo. Before we start with the Q&A, here’s a little background on the three chief executives that participated in our roundtable discussion.

Michael McCarthy, CEO of ePartners
At ePartners, Michael McCarthy leads a team of one of the largest consulting and VAR providers of Microsoft Dynamics GP. Before joining ePartners, he was SVP at Presstek and EVP at Level 3 Communications. McCarthy emphasizes a client-centered focus, along with creating a clear roadmap to keep his team on track.

Robert Reid, CEO of Intacct
Robert Reid brings over 30 years of industry experience and a focus on cloud computing for business applications to the team that created the web-based Intacct Accounting Software. Prior to working with Intacct, Reid worked for several software-as-a-service application leaders, including LucidEra and Siebel CRM.

Jim Secord, CEO of Kashoo
Jim Secord brings 20 years of SaaS software and mobile application experience to Kashoo. His previous ventures were in mobile applications with real estate brokers and agents, including work at Kurio and MLXchange. Secord and his team at Kashoo are one of the leading providers of online accounting solutions.

Q: What are the current trends in online accounting software?

McCarthy: Most cloud-based, accounting-focused ERP transactions are for companies with less than $2 million in annual revenue, with typically fewer than 15 users. As you move up the value chain you need more vertically integrated industry solutions. What we find is that – although the cloud is mature when it comes to storage, infrastructure and platform as a service – online software has seen its heyday mostly in the lower end of the market, the consumer side and the CRM software side. More traditional ERP apps with accounting features aren’t as ready for prime-time with the more sophisticated, integrated clients, but they’ll get there.

Reid: The biggest trend is clearly cloud computing. What we’re seeing today is a repeat of what happened in the 1990s – in the same way that DOS and minicomputer-based applications were replaced 25 years ago with Windows-based systems. In 2011, modern cloud computing-based applications are rapidly replacing those aging Windows-based applications. The functionality is better, costs are lower and return on investment (ROI) is higher. The anywhere/anytime access enabled by the Internet delivers breakthrough productivity.

Secord: More are definitely moving toward the model of storing records in the cloud. Not too long ago – maybe as short as a year or two ago – security was a much larger concern than it is now. Today, small businesses don’t have the same fear and uncertainty. It’s largely been negated, and it’s not something exclusive to accounting. The adoption of Google Apps and other SaaS products has helped alleviate this fear. There’s a lot of comfort in knowing you have a constant backup that someone else is worried about, and that there’s a version that your coworkers can always access.

Q: What’s surprised you about the direction of the industry?

McCarthy: Online accounting software isn’t really a new concept. However, Microsoft has been working with channel partners like ourselves to really focus on the cloud, and organizations now have the ability to adopt integrated cloud solutions. Users are beginning to see the value of the cloud in the platform side of their businesses. But, nobody has really gotten the true cloud-based ERP solution down. It requires a lot of integration – it’s not as simple as flicking on virtualization software on a computer and downloading your storage. It’s a whole different application, and I still think we’re in its infancy.

Reid: The rapid adoption of cloud computing by key finance influencers and advocates from organizations like the American Institute of Certified Public Accountants (AICPA), CPA firms and other experts like value added resellers has been nothing short of amazing. These are all conservative organizations, but they all identified early on that cloud computing would be transformative for finance – offering improved transparency, better and faster decision making, increased productivity and substantial cost savings. As the market has matured these expectations have been proven true, driving more advocacy for cloud-based computing.

Secord: The consumer acceptance of online deployment. Again, a few years ago people weren’t willing to trust putting their business records on someone else’s servers. Now it’s become a non-issue. The small business person is also commonly mobile. Their workspace is largely virtual – it’s the passenger seat of one’s truck or in a music studio. The concept of a bookkeeper and an office is rapidly changing, and it’s altering how people use software and what they expect from a solution. Add the huge demand for mobile applications, and the idea of a “software suite” is really changing. A good majority of people today like the ability to manage their contacts, calendars and such from an iPad. It mirrors the convenience and speed that they expect and helps them manage their business.

Q: Who is choosing to adopt online accounting software?

McCarthy: Most companies that have approached us for cloud-based accounting solutions have been under $10 million in revenue. We find that organizations looking for this type of solution have fewer than 10 users and are making a strategic choice for their business based on cash flow preferences; available personnel; customization requirements; and control and ownership preferences. Making the decision to move accounting operations online offers companies the ability to experience a faster time to value for their investment, as implementations typically take less time in the cloud.

Reid: The fastest adoption rate are with small and mid-sized companies – those up to 1,000 or so employees. Large global enterprises are adopting cloud financials for specific divisions and operating entities, but not yet replacing their core ERP systems. Industry adoption is being led by firms in business services, technology, nonprofit, CPA firms, financial services, healthcare, retail, and distribution. The only industry that I see as a late adopter is manufacturing. The most common characteristic of companies adopting cloud financials is that the company has adopted cloud computing somewhere in their business. Once they get a taste, they want to move off of old on-premise software and on to the cloud for financials too.

Secord: I think much like other companies moving to the cloud, it tends to be smaller organizations or individuals who don't have a dedicated accountant or IT person on staff. Our clients tend to be companies of 1 – 5 employees and are primarily in the services industry – not retail or manufacturing. I also am seeing a trend of international companies adopting online. We have customers in over 80 countries using our product and 20 percent of our sales are outside the US and Canada.

Q: What are the benefits in switching to online accounting?

McCarthy: A company that chooses to implement an accounting solution in the cloud is typically interested in focusing on what they do best, which is run their business rather than spending their time maintaining an on-premise software solution. There is value in not having to hire, train and retain specific technical resources if they have a cloud-based solution in place. One other key element is the guarantee of “up time.” In the cloud, these solutions are typically guaranteed to be available more than 99.9 percent of the time.

Reid: There are four immediate benefits. The first is better decision making through improved financial visibility. An interesting extension to this benefit is our customers also providing system access to people outside the company, such as to their auditors, to board members, to loan officers, etc. The second is improved process automation. This frees the finance team to work on more strategic work. The third is revenue generation. It’s not uncommon to see immediate 10 percent revenue increases from eliminating billable expense leakage, automating billing and renewals, etc. The last major benefit is cash preservation, since you don’t need to pay for software licenses up-front. You also don’t need to make any up-front capital expenditures for servers, hardware or ongoing IT personnel costs.

Secord: Often it's the company owner that is setting up and configuring the accounting system. SaaS is inherently easier to handle because there is no software to install; networking or sharing is not an issue; and you don't need to be concerned about backups. Beyond that you can select best-of-breed solutions. Many of our clients use one product for invoicing and electronic payments and our product for their financial reports and cash flow management. Sharing is also a big factor, so many people can share their financials with a business partner, banker or accountant with an email invitation. This type of convenience is great for small business.

Q: What's next for online accounting software?

McCarthy: Online isn’t really a new technology, but rather just an alternative delivery mechanism where pricing and ease of implementation are key deciding factors. Some people think about it just as, “something in the cloud.” Software as a service is really application access. Today, the cloud is not as mature of a platform for obvious reasons for large scale, more complex accounting solutions – but it’ll get there. Confidence, security and regulatory compliance remain issues, and yet while some of these issues are real, some are a lack of knowledge. In the future, the cloud will allow more secure, cost-effective ERP deployments. It’s really beyond accounting – it reaches all levels of the enterprise.

Reid: Think of all of the ways that the Internet is impacting your life as a consumer – and now extend these ideas to your financial systems. As with Google Apps, anyone in your organization – or connected to your organization – will be able to securely access the information they need to make better business decisions. You’ll be able to use your smartphone and tablet to access the system – the idea that anyone needs to come into the office to work on your financials will seem ridiculous. And all of your systems will work together, connected over the Internet. At the end of the day, it’s about becoming a real-time enterprise – where all of the parts of your business are always instantaneously visible to each other.

Secord: The reduction of data entry. A big problem with accounting software is how do you get transactions into the system – it’s why businesses have a bookkeeper, or business owners just put off inputting transactions until the last minute. Today, automatic feeds come from the bank. With mobile technologies, you can take a snapshot of a receipt from a purchase, or travel expense, or just an entertainment expense. Being able to capture, automate, organize, and consolidate this process is huge. So much more of it is now “real time.”

All farms and ranches conduct some form of accounting (at least all those compliant with the IRS), but many do not utilize contemporary accounting methods or software to help make this an efficient part of their farming business. According to a Federal Reserve Bank report, in the 50-year period starting from 1948, agricultural productivity increased by more than 80 percent. This impressive growth required optimal land usage and smart crop management.

According to the report, “Today, productivity increases center on rising yield per acre and per animal.” In the same way that innovations in equipment technology have helped farmers improve productivity in the field, it’s critical that they harness technology to gain better efficiency in the office too.

Investing in Technology But Not Software

Farms are now cutting-edge mechanized outfits, regularly using tools like tractor-mounted GPS devices and multi-spectral imagery. Farmers often invest hundreds of thousands of dollars squeezing every drop of profit out of a field with the latest technology. This is why agriculture machinery company John Deere is on the Fortune 100 list.

However this implementation of technology is narrow, and it often comes at the expense of management and accounting software. In a conversation with Texas Agrilife Extension Economist DeDe Jones, she explained that many farmers she works often fail to see the benefit in using technology to track business metrics – until they see the results. “Many producers are so surprised when I show them that their wheat crop doesn’t cash flow,” she said, “or that a particular farm is underperforming.”

Jones’ colleague and fellow ag economist Jay Yates further explained how this situation can be understood in light of short-term investment priorities, saying that “it is because it [management software] is not as direct a connection with producing a crop.”

Across the pond, the United Kingdom’s National Farm Research Unit polled farmers last year about Internet usage. They found that a little over half of the individuals polled use the Internet in some capacity. Survey results showed that only “around two in five use this technology [Internet] to purchase farm inputs.”

While Internet usage does not directly correspond with farmers’ willingness to use software, it does give us an idea about the likelihood of farmers adopting new practices – such as shopping online to find a cheaper source than their local feed mill. Additionally, as Yates explained, the reason most people farm in the first place “is because they don’t want to sit in an office doing book work.”

Harvesting ROI Means Doing Smart Business

While farmers might prefer spending time in the pasture, the truth is that they still want to make money. Their farms are still businesses with sources of profits and losses that need tools to help ensure efficiency and maximize return. Many farmers are not just ignoring software, but they are also forgoing accounting best practices altogether.

In fact, Certified Public Accountant Paul Neiffer, in Farm CPA Today, estimates roughly 90 percent of farmers rely on the cash basis of accounting. He writes: “Most of these farmers use this method for their management of the farm business which does not accurately reflect the net income of the business.”

There is increasing recognition by many in the agricultural community, however, that successful farm management incorporates financial and technological considerations into operational decisions. For example, many of agricultural education programs, such as those at Texas A&M University and Cornell University, are producing graduates with a deeper understanding of how both business strategy and technology, such as software, impact farming operations.

“Farmers have invested all of their energy in the production side but at the expense of the financial side. They need to be paying attention to risks and input costs just as much as they pay attention to production.”   – August Floerke, Texas A&M Graduate Student in Agribusiness

For many, migrating to a software-based farm management system might seem like a daunting task. But even if the transition to accounting software is not easy, it is worth the effort. In talking with Jones, she indicated that farmers and ranchers who took the Texas Agrilife Extension’s two-day course on QuickBooks – and implemented what they learned – saved an average of $1,600 annually.

Ag-specific Software Better for Farm Accounting

For those looking to adopt software, there are plenty of options available that can help manage a farm’s finances. But before farmers go out and give up their hard-earned cash for these programs, they should be aware of the specific agriculture accounting software solutions that cater to their unique needs.

Stephanie Elsen, in Agriculture.com, writes that agriculture accounting software is a better choice for most people in the industry – as opposed to a general off-the-shelf program for all types of small businesses. That’s because it comes customized for the exact needs of a farm or ranching operation. The software can also be set up to perform tasks, such as tailored production analyses using different standards of measurement (i.e., per bushel, per acre, etc.). This type of information can provide farmers with insight into which aspects of an operation provide profit and which are more work than they’re worth.

From the standpoint of farmers’ financial well-being, making informed operational decisions is a key step to increasing revenue streams and maximizing profit. At the same time, it can also be smart insurance – the difference between weathering out a rough year and losing the family land. With the right management practices and accounting tools in place, farmers can do more to get ahead and definitely plan ahead for a rainy, er, dry day.

Thumbnail image created by Mostly Dans.

And that would be the end of the story if not for a little (or rather big) thing called the cloud. Software as a service (SaaS) is revolutionizing the way people use accounting software. While QuickBooks was quick to offer an online version, a number of new vendors are using the cloud to innovate rapidly and address the perennial challenges of ease-of-use and affordability in the small business accounting software market.

Ironically, while Quickbooks has succeeded due to its low price point and ease of use, these new online accounting vendors are demonstrating that small business accounting software can never be cheap enough or easy enough to use.

Pushing the Limits of Ease, Affordability & Functionality

QuickBooks’ main offering, its on-premise line of software, is a bit on the pricey side for many small business owners. Also, to access the latest features of on-premise software usually requires an annual reinvestment to upgrade to the newest version – another added expense. Contrast this with the offerings of a company like Outright, which may not provide all the bells and whistles of a QuickBooks, but the core functionality is there – and at a price point that small businesses can handle (a flat $9.99 per month).

Moreover there are plenty of people who have tried QuickBooks or other traditional accounting programs and found them to be hard to use. For very small businesses, freelancers and self-employed professionals, Quickbooks can be more complex and time-consuming to learn for their accounting needs. In fact, in a discussion with Kashoo CEO Jim Secord about his client-base, he explained that, approximately

“50 percent of our existing customers have used Quickbooks before and switched to Kashoo because it was easier to setup and use.”

Helen Matterson, Communications Manager at another online accounting vendor, Xero, agrees: “The small business segment is crying out for functional software that is easy to use.” And web-based accounting software vendors are poised to deliver the best technology in ways that support the needs of an increasingly global workforce. For example, in many of these SaaS-based accounting applications features like multi-currency support are the norm, not the exception.

Other vendors, like Yendo for instance, are looking to target non-English speaking businesses in the United States – filling the gap in a way that many of the bigger players have overlooked. One of the more novel, but logical features that many web-based accounting apps offer is unlimited user access, allowing multi-party collaboration. Even with their online software, QuickBooks still limits the maximum user number to five.

Outright makes small business management easy with clear visuals

Beyond features, the web-based accounting companies are aggressively using social media to advertise and connect with customers. These channels give the developers dynamic data and user feedback, which companies, like Xero for instance, then use to perform software updates every three to six weeks.

How Does QuickBooks Online Measure Up?

While these agile web-based vendors are certainly putting pressure on Intuit, don’t count QuickBooks out – as their online version offers a competitive range of features and functionality. Recently, Intuit demonstrated that they are taking cloud-based accounting seriously when they rolled out a QuickBooks Online version for the United Kingdom this spring. Although, by comparison, Kashoo is used in 60 different countries with 100 different currencies.

When it comes to price, QuickBooks Online offers five packages – ranging from $12.95 to $78.95 a month. QuickBooks Online has some of the cool features that its hipper, newer rivals have, and even some they don’t – like iPhone and Android apps – while still providing roughly 80 percent of the functionality found in the traditional on-premise QuickBooks product.

However, some have accused Intuit of more or less porting over their old on-premise QuickBooks system, and making few, if any, innovations based on the cloud. In fact, industry expert Dennis Howlett described some of the QuickBooks Online features as being “so 1990s”. Intuit has also had a lot of trouble with outages in its QuickBooks Online servers.

While firms like Outright or Clear Books might offer an innovative take on accounting software, QuickBooks still has something many of these new web-based rivals don’t – a big brand. And honestly it is the QuickBooks name, which buyer’s have come to know and trust, that will most likely help QuickBooks withstand the pressure from this newest wave of competitors.

Plus, as Kashoo’s Secord explained, accountants and bookkeepers usually put pressure on small business owners to use a system that they know their way around – systems with names like Peachtree, Simply Accounting and QuickBooks, not Yendo or Xero.

Cloud Apps Keep Accounting Software Interesting

Despite the increasing traction in the cloud, there are still plenty of reasons why accounting software heavyweights will remain focused on the on-premise world. Wide-scale migration to the cloud isn’t happening at a pace that will create a large enough market to justify a massive shift to focus on the cloud yet. So, according to Yendo’s managing director Morgan Lynch:

“It doesn't make sense for them [Intuit] to embrace cloud accounting as it is a high-volume, low-margin business.”

It will be a long time before any one company can threaten QuickBooks’ position in the small business accounting market. Not only that, but on-premise versions of QuickBooks are still wildly popular with small business owners and accountants. Even still, cloud application vendors are still carving out niches for themselves – and making enough waves to shake up the market and keep on-premise vendors on their toes. In fact, just last week Sage announced greater investment in cloud services and a major re-branding of their products, including renaming their Peachtree accounting line.

This is a move that some analysts view as a way for Sage to stay relevant with increasing competition. At the end of the day, however, when venerable names like Peachtree – one of the oldest brand names in accounting software – are being retired, it makes clear that change is underway.

How do you think newer web-based applications will impact traditional on-premise accounting programs in the years to come? Share you thoughts below.

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We decided to profile five systems that are designed – and priced – to meet the needs of small businesses: Sage Simply Accounting, NetSuite Financials, Sage Peachtree, CMS Professional 2011, and of course QuickBooks.

A Comparison of Functionality

All these accounting systems offer core accounting functionality, including a general ledger with accounts payable (AP) and accounts receivable (AR). Some include additional functions such as project accounting, fund accounting, inventory management, and others. Below is a side-by-side comparison.    

	CMS Professional Demo	NetSuite Financials Demo	QuickBooks Accounting	Sage Peachtree Demo	Simply Accounting
Project Accounting
Fund Accounting
Inventory Management
Billing & Invoicing
Work Order Management
Budgeting & Forecasting
Fixed Asset Accounting
Corporate Compliance
Purchasing
Financial Reporting
Performance Management
Expense Reporting
Payroll Management
Human Resources

Sage Simply Accounting, available in five versions, is currently being used by over 500,000 organizations. 10,000 consultant partners help users get the most out of it. The five versions available, in order of lightest to most extensive functionality, are First Step, Pro, Premium, Enterprise, and Accountants’ Edition. Pricing starts at $69.99 per user for First Step, increasing with each heavier version. All versions support both English and Spanish languages.

Used by over 10,000 organizations, NetSuite Financials is a web-based ERP system. Its capabilities include accounting, budgeting, financial reporting, and built-in dashboards. The system is completely cloud-based; it can be accessed over the web with a browser or mobile device. NetSuite’s cloud architecture reduces IT costs and allows for automatic upgrades. The lower upfront cost of cloud-based solutions in general is an asset to small businesses, which usually have lower budgets.

Do you use NetSuite? Write a review »

Sage provides accounting solutions to over 3.2 million customers in the U.S. and Canada. Peachtree is their small business product, available in five versions (First, Pro, Complete, Premium, and Quantum), which vary by the number of users and extent of functionality. The Premium offering contains specialized functionality for construction, distribution, manufacturing, and nonprofit organizations. Peachtree First and Pro support one user, while Complete and Premium can support up to five. The Quantum offering supports between five and forty users.

Do you use Sage Peachtree? Write a review »

CMS Professional 2011 is the latest accounting release from Cougar Mountain. It is comprised of integrated modules for business, fund, and point of sale accounting and emphasizes dashboards as a key component. Cougar Dtails, A Sales Dashboard, is a visual display that shows the status of overall sales within your business, pulling data from the Point of Sale and/or Order Entry, Inventory and Accounts Receivable modules. It is organized into tabs, including the Sales Summary tab, the Sales by Product tab, and the Sales by Customer tab.

Do you use CMS Professional 2011? Write a review »

Intuit has been providing financial and tax software since 1983. QuickBooks is perhaps the most well-known name in small business accounting software. QuickBooks is available in five versions – Online, Pro, Mac, Premier, and Enterprise Solutions. QuickBooks Online is available for $12.95 per month after a trial period. Mac and Pro start at $229.95, Premier starts at $399.95, and Enterprise Solutions runs at $600 per user. QuickBooks supports specialized functionality for several vertical industries, including contractors, manufacturing and wholesale companies, nonprofits, professional services, and retail companies.

Sage Peachtree and Intuit QuickBooks own the lion’s share of the small business accounting software market. They both provide excellent solutions to many, if not all of a small business’s bookkeeping conundrums. QuickBooks is usually considered the easiest accounting software to implement for someone without an accounting background. Since many of you probably wake with nightmares about double-entry bookkeeping or cringe at words like ledger, you might assume that this is the best product for you.

But with the recently released Sage Peachtree Pro Accounting 2012, Sage has taken major strides in usability. They now offer intuitive features like Setup Advisor and Sage Advisor, a tool that follows user activity while explaining how the software can handle different tasks (sort of like Microsoft Word’s Clippy, but without those irritating questions).

Single-User Products

Product Features	Peachtree Pro	QuickBooks Pro
List Price	$229	$229
Max Number of Users	1	1
Accounts Receivable
Accounts Payable
Automated Purchase Orders	-	-
Fixed Asset Management	-	-
Automatic Check Signing	-
General Ledger
Job Costing and Forecasting		-
Multiple Customizable Dashboards		-
Industry Specific Features	-	-
Serial Number Inventory Management	-	-

Multi-User Products

Product Features	Peachtree Complete	Peachtree Premium	QuickBooks Premier
List Price	$699	$1199	$749/two; $999/three
Max Number of Users	5	5	3
Accounts Receivable
Accounts Payable
Automated Purchase Orders
Fixed Asset Management
Automatic Check Signing	-	-
General Ledger
Job Costing and Forecasting
Multiple Customizable Dashboards
Industry Specific Features	-
Serial Number Inventory Management	-		-

Head-to-Head: A Cost Comparison

At the Pro level both products come in at the same price: $229. The difference in cost comes another rung up the ladder. Peachtree Complete for a single user is $299, whereas QuickBooks Premier is $399. When multiple users are added to Peachtree Complete (up to 5) the price jumps to $699. On the other hand, QuickBooks Premier’s multiple-user pricing increases per person. Add a second user, and it is $749; add a third and it hits $999.

The problem with this price comparison is that these products aren’t offering the exact same tool set. For example, Intuit has wrapped a wide array of features around its QuickBooks Premier software product, including six industry-exclusive variants that Peachtree only offers in its Premium software line (and they offer just four at that). As you might imagine, Peachtree Premium comes at a premium price, running at $499 for a single user and $1,199 for users 2 through 5. Saying that though, it packs in even more features than QuickBooks Premier.

An Overview of Essential Features

When it comes to tracking financials, there are simply no substitutes for accuracy, usability or quality reporting. While you can certainly find basic accounting and financial management solutions for little or no cost online, these bare-bones programs typically offer few if any real capabilities. And it’s in usability and depth that QuickBooks and Peachtree both really shine.

Both versions of QuickBooks boast a well-developed and easy to use invoicing system dubbed the Collections Center. QuickBooks Premier includes the ability to track data from different departments, locations or funds, all in one report. Batch invoicing is another new feature that QuickBooks offers, allowing one invoice to be created and applied to everyone in a group.

From top to bottom, QuickBooks has updated their offerings to keep pace with software and technology trends enabling easier online integration. For example, all versions of QuickBooks can be used in conjunction with your online banking and web-based email account (e.g., Gmail, Hotmail, Yahoo! Mail). They can also be connected via QuickBooks Sync to Intuit’s online servers, making information seamlessly available.

Peachtree, on the other hand, is great for loads of specific small business tasks and offers a very customizable tool set. Each version of Peachtree 2012 can deftly manage workflow analysis, volume pricing, complicated inventory concerns (e.g., multiple warehouses) and vendor reports. Peachtree has also teamed up with business intelligence firm Alchemex to provide Excel-based business intelligence summaries for Complete and Premium users.

With Peachtree you can keep an eye on cash flow with preset alerts that send email notifications when inventory amounts get too low or an account’s balance passes a predetermined threshold. Perhaps the most valuable tool that Peachtree offers is its Internal Accounting Review that audits your data to detect common accounting mistakes. This makes sure that your hard earned money doesn’t slip through the cracks.

These are slightly different products being catered to slightly different crowds, and they aren’t cheap, but they are well worth the investment in terms of both dollars and hours saved. In fact they will allow you to get back to the really fun tasks of running a small business…like complaint resolution.

Demo

Price

But you can be an informed buyer. It is important to understand that the total cost of an on-premise accounting software project will include three components: software licenses, implementation services, and hardware. In this article we will focus on software licenses. Here are nine questions that every accounting software buyer should ask before signing on the dotted line.

1. Is the system priced per user or per module?
Software that is sold under a user based pricing model will require you to pay one license fee per user. This includes access to all the modules of the system which you can turn on or offer to each user based on security. On the other hand, software that is sold as a module based pricing model will require you to buy the specific modules that you need (such as general ledger) on an a la carte basis.

If you only need a limited amount of functionally now and in the future, buying a module based system will usually save you money. However, module based pricing will limit the scalability of your ERP system. For many companies, user-based pricing is often a better value and a better investment – you get more for your money and room to grow.

2. Can you buy full user and light user licenses?
Once you’ve decided on the pricing module, you’ll need to decide how to define user. Let’s say you have 20 people in your company. Five of those people work in the finance department and need full time access to your ERP system. The rest of the company just needs to view data and run reports. If the software you choose gives you an option to purchase full user licenses and light user licenses, this can be a substantial cost savings for those additional 15 users.

3. Is the system priced by concurrent users or named users?
Following the scenario above, if you have 20 people in your company that need some type of access to the software, do they each need their own license? If you buy a system based on concurrent users, you can set everyone up in the system. However, you only need to buy licenses for the maximum number of people who will access the system at the same time. Often this is less than the total number of users and will save you money. If you pay by named user, however, you’ll have to buy a license for each user.

4. How easy is it to upgrade your ERP system?
If you have the option to buy the basic edition and easily migrate to the advanced version later, then it makes sense to buy only the functionality you need right away. This way your system list cost will be lower. You will also pay a lower annual maintenance fee until the time comes to add features to your system.

5. What are the required annual maintenance fees?
Just about every software vendor will require you to pay an annual fee based on a percentage of the software list price. You need to ask how these fees are calculated and how long you will be required to pay them. Negotiating your maintenance contract can be tricky business and is too complicated to go into depth here. Instead, we’ll refer you to this post on maintenance contracts.

6. What is included in the annual maintenance fees?
Equally as important is what is included in the maintenance fees. The main value of a maintenance plan is the ability to get new versions of the software as it is released. But there are also be other benefits such as included support calls and free online training which you can factor into your budget as savings. For example, if you have someone in your company who can research fixes on a customer portal or knowledge base, you can save money on simple support requests. Customers who are active on a maintenance plan are also often eligible for promotions, investment credits and other perks.

7. What are the rules for lapsed maintenance fees?
After a major update is released and installed you may feel tempted to let your maintenance plan lapse until the next release. However, you should consider the repercussions this could have later. Will you still be eligible for promotions? Will you still be able to receive technical support? Will you receive needed patches and updates (such as payroll and tax updates)? Maintenance plans are like insurance, we all wish we didn’t have to pay for it, but when we need it we’re glad we have it.

8. Is there a strong ISV/Add-On community?
Many products, especially from the large established software vendors, are supported by a network of independent software vendors that offer add on features to the core system. Often these add on products can help save you money by eliminating the need for costly customization. Or you may be able to purchase the Basic edition of the software and supplement any missing functionality with lower priced add-on modules.

9. Is there a strong user community?
Again, this is a point in favor of buying from an established vendor with a large install base. When users get together, either at events or in online communities, they bring together a wealth of information. A strong user community offers an opportunity to share ideas and learn best practices. Additionally, you can get free support advice, training tips, and more.

If you know the answers to these questions then you are an informed ERP/accounting software buyer. You can more easily compare quotes between vendors and feel confident that you understand what you will get for your money.

What’s your experience with software licenses? Please feel free to leave a comment below.

I’ve spent more hours than I’d care to admit going through the iTunes app store, sifting through buggy and pointless apps to round up the useful ones. These all scored relatively well through user reviews; those that tanked were axed from the list. From standard expense tracking to debt payment plan management, here’s our list of the best finance apps for Apple mobile devices.

Our list includes the rating, number of reviews, price, and compatibility of each app. Make sure to leave a comment if we left out your favorite.

TurboTax SnapTax – 4.5 stars with 1,960 ratings | Free
Developed for iPhone, iPod touch, and iPad. Take a photo of your W-2 and answer a few questions. Then you can use this app to review taxes, pay, and file them securely. Start the process for free, and pay upon completion. The new version comes with updated government information.

XpenseTracker – Expense Tracker & Mileage Log – 3 stars with 729 ratings | $4.99
Developed for iPhone, iPod touch, and iPad. Tracks and reports on your mileage and expenses. It can also export photo receipts and expense files to your desktop. Includes customization options for categories and sub-categories.

iXpenseIt (Expense + Income = Cashflow with Budget) – 3.5 stars with 5647 ratings | $4.99
Developed for iPhone, iPod touch, and iPad. Performs daily expense tracking and monthly budgeting. Allows storage of photo receipts. Other features include basic mileage tracking, .CSV and HTML data import/export, and multi-currency support.

Daily Expenses – 4 stars with 234 ratings | $1.99
Developed for iPhone, iPod touch, and iPad. Exports daily expense data into a spreadsheet, through email. Supports receipt photo export, multiple currency symbols, and quick transaction entry. Also delivers summaries with pie charts.

iReconcile – Checkbook, Budgeting, & Reporting – 3.5 stars with 646 ratings | $2.99
Developed for iPhone and iPad. Based on Checkbook app. Reports on spending, income, and profit & loss. Can save and schedule routine transactions for easy routine payment recording. Can also transfer between accounts.

MoneyWell – 4 stars with 369 ratings | $9.99
Developed for iPhone, iPod touch, and iPad. Based on the envelope budgeting system, this app shows available spending funds in a quick glance. Can be used in conjunction with MoneyWell for Mac via local WiFi. User can add new transactions quickly, and can review spending history.

Accounts – Checkbook – 3.5 stars with 3315 ratings | $0.99
Developed for iPhone, iPod touch, and iPad. Performs transaction scheduling, creation of recurring payee lists, data export, reporting, and other functions. Supports multiple accounts with passcode security.

ExpenSense (Expenses + Income + Accounts + Budget) – 4 stars with 120 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. With a user-friendly interface, this app records personal expenses, income, and budget. Supports recurring expenses by week, month, year, and other periods. Includes calendar, calculator, graphical reports, and other features.

Checkbook HD – 4 stars with 780 ratings | $1.99
Developed for iPhone, iPod touch, and iPad. Can import bank records in an OFX file. Can sync data between other iPads or iPhones. Depicts account activity with colorful charts. Transaction types can be sorted by different-colored “sticky notes” in the interface.

BillMinder 3 – 4 stars with 719 ratings | $1.99
Developed for iPhone, iPod touch, and iPad. Centralizes bill management; produces charts and graphs for expense tracking. Automatic backup makes data retrieval possible in the event of a lost or stolen mobile device. AirPrint allows printing of charts.

Debt Snowball Pro – 3 stars with 407 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. Input debt balance, interest rate, and monthly payment. This app will then help in choosing the best payoff method. It also shows you how much money you save in comparing different debt payoff strategies.

MoneyBook – Finance with Flair – 3.5 stars with 606 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. Displays all transactions in animated statistics. Backs up and restores data, and allows for .CSV export via email. Allows you to switch between budget and salary mode.

Pay Off Debt – 4 stars with 903 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. Uses the debt snowball method to help the user pay off debts in the easiest possible way. Displays the planned debt-free date and allows comparison of time to pay off debt with and without the snowball method.

iDonatedIt – 3.5 stars with 30 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. Tracks your item donations to charity, which charity received the donation, and the market value of donated items. This app builds a list of these donations, serving as a permanent record that complies with requirements of the IRS.

iMoneyTracker – Account, Budget, Income & Expense Tracker – 4.5 stars with 21 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. Tracks income, expense, accounts, and budget. Provides income and expense summary weekly, monthly, and yearly. Can support management of multiple accounts.

Money Smart – Accounts, Budgets and Bills – 3.5 stars with 230 ratings | $0.99
Developed for iPhone, iPod touch, and iPad. Tracks income, expenses, budgets, and bills. Search, email, categorize, and report on your expenses. Supports multiple accounts and budgets.

iAllowance (Allowance and Chore Tracker w/Sync) – 4 stars with 63 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. This app helps parents track children’s finances and teach them about money. Helps set up a weekly allowance and track chores. It can even integrate with your Dropbox.

Trip Boss Travel Manager – 4.5 stars with 19 ratings | $4.99
Developed for iPhone, iPod touch, and iPad. Splits the cost of meals, calculates tips, converts currencies, tracks expenses, and sets budgets. Also tracks fuel economy dates and creates customizable expense reports.

Money 5 – 4 stars with 139 ratings | $4.99
Developed for iPhone, iPod touch, and iPad. Tracks cash, debit and credit cards, and savings accounts. Also manages non-monetary assets. Depicts budgets graphically with bars, and shows budget progress.

Money Engine – 4 stars with 25 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. Tracks your spending habits and reveals specific opportunities to increase savings. The app focuses on non-recurring payments to save time, acknowledging that some routine payments are unavoidable and need not be analyzed.

Expenditure – 3.5 stars with 206 ratings | $1.99
Developed for iPhone, iPod touch, and iPad. Tracks your expenses, while allowing you to attach notes and photos to mark special ones. Converts currency when necessary, and allows data to be sent between Expenditure users.

Paper Finance – 4 stars with 54 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. Tracks expenses and income. Sports a swipe interface, rather than a tapping one. Supports data backup and restore, allows transactions searching, and multiple currencies.

Tip Sheet – 4 stars with 67 ratings | $1.99
Developed for iPhone, iPod touch, and iPad. Tracks your earnings – including hourly pay, cash tips, credit card tips, and others. Supports multiple jobs, displays earnings in calendar view, differentiates between cash and credit, and supports email data export.

Loan Calculator – What If? – 3.5 stars with 453 ratings | $0.99
Developed for iPhone, iPod touch, and iPad. Calculates the monthly payment for any fixed rate loan, including credit card and other types. Displays amortization and payment schedules, along with how much principle and interest will be paid each month.

Account Tracker – 3.5 stars with 31 ratings | $2.99
Developed for iPhone, iPod touch, and iPad. Allows creation and tracking of multiple accounts, imports historical transactions, and allows you to enter each transaction as it happens. Also supports automatic recurring transactions on a calendar basis.

Envelopes – 4 stars with 21 ratings | $0.99
Developed for iPhone, iPod touch, and iPad. Groups expenses into labeled envelopes according to how the money is spent. You can set an intended spending cap for each pay check and each envelope.