5 Best Accounting Workflow Software for 2023

By
Afifa Shafi
July 5, 2023
min read
Updated
September 19, 2023
Photo credit
Streamline your financial processes with the best accounting workflow software. Learn about must-have features and find the perfect software for your business.
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Introduction

xIn today's business landscape, the efficiency of your business operations is critical for organizational success. 

Every department, including accounting, uses automated and organized processes to guarantee smooth daily activities and ensure effectiveness and efficiency.

According to research, 65 percent of accountants state that the automation of processes, workflows and payments were among the first or second most important considerations for accountants in the next five years.

So, to help you with your organizational success, we've examined the 5 best accounting workflow software that you can use to simplify your accounting processes.

Here are 5 of the most popular accounting workflow tools to explore in 2023:

TL;DR: top accounting workflow software for 2023 

  1. Scribe: Ideal solution for all-size businesses 
  2. QuickBooks Self-Employed: Suitable for freelancers and micro-businesses
  3. Quicken: Best for individuals 
  4. Jetpack: Made for small-to-mid-size businesses 
  5. XCMworkflow: Precisely for mid-to-large size businesses 

Let's learn more about accounting workflow software to help you keep your financial data and processes organized.

What is an accounting workflow? 

Accounting workflow refers to the sequence of operations and processes involved in managing and recording financial transactions within an organization. It includes the activities and procedures used to ensure accurate financial reporting. 

Accounting workflows often includes tasks like:

  • Invoice processing.
  • Journal entries.
  • Financial statement creation.
  • Budgeting.
  • Reconciliation.
  • Regulatory compliance.

A well-defined accounting process creates consistency, efficiency and proper controls for your financial operations, as well as accurate financial information and decision-making.

Using accounting workflow software to manage the accounts payable process:

  • Provides a consolidated platform for electronic receipt, review, approval and processing of invoices. 
  • Automates bill routing for inspection and approval, eliminating human handoffs and reducing errors or delays.
  • Integrates with your financial systems, automatically recording accepted invoices and updating the accounts payable ledger.
  • Offers visibility into invoice status, allowing users to watch their progress in real-time and generate warnings for any delayed or pending payments.
  • Creates reports and analytics to gain insights into the accounts payable process, such as average processing time, bottlenecks and vendor performance.
  • Identifies areas for improvement and optimizes accounting operations.

6 types of accounting workflow software you should know

Since there are so many choices out there, we've broken down the major types of accounting workflow software for you into six categories:

1. General accounting software

General accounting software helps with general ledger administration, accounts payable and receivable, financial reporting and budgeting, making it an important tool for financial management.

2. Process documentation software

Accounting process documentation software maps accounting processes and establishes standard procedures for accuracy.

Accounting teams can collaborate and communicate more easily, allowing for workflow efficiency and development. Integration with accounting systems empowers the real-time exchange of information, making sure the proper procedures are followed.

3. ERP software 

Enterprise Resource Planning (ERP) software combines different corporate processes into one system, including accounting.

ERP software increases productivity and streamlines operations by providing seamless data exchange and collaboration across departments.

4. Inventory management software

Inventory management software streamlines the process of maintaining stock levels, managing purchase orders and sales, producing invoices and optimizing inventory control. 

Automating these processes leads to more accurate stock management.

5. Payroll software

Payroll software manages employee salaries, tax deductions and payroll processing. You can also use it to automate payroll calculations, produce pay stubs and ensure tax compliance.

6. Invoicing software 

Invoicing software makes it easier to prepare and manage invoices for organizations. It makes creating invoices faster, tracks payment status and helps with managing cash flow.

5 "must-have" accounting workflow software features

1. Security 

Accounting workflow software helps you comply with financial legislation and security standards. It has features like audit trails, user rights, data encryption, and backup and recovery processes to keep data safe and secure and protect sensitive financial information.

2. Workflow automation

Automating repetitive procedures and processes reduces manual errors and saves time. Workflow automation offers automatic data entry, invoice processing, approval routing and alerts, providing a smooth flow of financial operations. 

3. Document management

Document management creates a centralized location for storing and organizing financial documents like invoices, receipts and statements. Users can easily access and retrieve documents, boosting collaboration and audit trails.

4. Integrating capabilities 

Accounting workflow software often integrates with corporate systems like ERP or CRM software, bank accounts and payment gateways, reducing duplicate data entry and providing a comprehensive overview of financial data.

5. Reporting and analytics

Users can generate financial reports, track key performance indicators (KPIs) and gain insights into firm finances with the software's reporting and analytics capabilities. 

Customized dashboards and visualizations make it easy to monitor financial health.

5 Best accounting workflow software for 2023

1.‎ Scribe 

G2 rating: 4.8 out of 5 stars

Capterra Rating: 4.9 out of 5 stars

Scribe Pricing: Free plan available; Pro Plan starts at $23 for individuals and $12 for teams.

Scribe Overview:

Scribe is a great option for accounting process documentation, making it more efficient, easier to collaborate, and streamlining workflows due to its user-friendly design, complete features, and wide integration capabilities which change how your financial processes are documented and shared.

Scribe combines documentation, communication and knowledge base functions into a single centralized platform—making it an excellent choice for employee training and process management.

Users can easily document any workflow with Scribe in a matter of seconds. Scribe automatically develops a thorough step-by-step guide, complete with annotated screenshots and text, by following along as you work. 

Customization features allow for fast editing to special needs and the created Scribe can be easily shared or added to any information database. Scribe Pages expands your options even more—including videos, pictures and other media.

Scribe has a ton of integrations into with other third-party platforms like:

  • Notion.
  • Confluence.
  • Zendesk.
  • Sharepoint.
  • Airtable.
  • ClickUp.
  • Help Scout.
  • HubSpot. 
  • Monday.com.
  • WordPress

... and many more.

Scribe is a helpful tool for:

  • Visual mapping of accounting operations.
  • Developing standardized procedures.
  • Ensuring consistency and accuracy. 

Here's a Scribe one of our users made demonstrating how to download and print invoices:

Whether you're an accounting professional, CPA or bookkeeper, Scribe can help you streamline your procedures.

2.‎ QuickBooks Self Employed

G2 rating: 4 out of 5 stars

Capterra Rating: 3.9 out of 5 stars

QuickBooks Self-Employed Pricing: Starts at $7.50/mo

QuickBooks Self-Employed Overview:

QuickBooks Self-Employed is perfect for independent contractors who need a spending tracking and invoice-sending solution all year long. This program can be great for micro-businesses and freelancers since it is straightforward and provides basic financial reports.

Some of the key features are:

  • Tracking mileage.
  • Categorizing company spending.
  • Excluding personal expenses.
  • Full integration with TurboTax.
  • Anticipated quarterly tax payment calculations.

3.‎ Quicken 

Quicken Accounting Workflow Software
(Source: Quicken)

G2 rating: 4.2 out of 5 stars

Capterra Rating: 3.9 out of 5 stars

Quicken Pricing: Starts at $2.39/mo 

Quicken Overview:

Considering all its features, Quicken is the best choice for individuals. The flexibility of this program allows it to meet a household's changing financial needs.

Using Quicken, a household can:

  • Keep track of investments and retirement accounts.
  • Manage and pay bills.
  • Create personalized budgets.

Quicken also offers a tool for managing rental properties, helping you track income and expenses.

4.‎ Jetpack 

Jetpack Accounting Workflow Software
(Source: Jetpack)

G2 rating: 4.4 out of 5 stars
Capterra Rating: 4.8 out of 5 stars
Jetpack Pricing: Starts at $11/mo
Jetpack Overview:

Jetpack helps modern accounting firms keep track of regular customer work so that deadlines don't get missed. It's well known for being simple and easy to use.

This software helps you with:

  • Easy client data import.
  • Project management with custom recurrences and duplicates.
  • Effective search capability.
  • Visibility into staff activities and task deadlines.
  • Easy job reassignment.
  • Automated summary emails for task tracking and updates.

5.‎ XCMworkflow  

XCMworkflow Accounting Workflow Software
(Source: XCMworkflow)

G2 rating: 3.5 out of 5 stars
Capterra Rating: 3.5 out of 5 stars
XCMworkflow Pricing: Custom
XCMworkflow Overview:

XCMworkflow is a comprehensive solution for mid-to-large accounting organizations. With a solid track record of 10+ years, this software has become a staple for many accounting companies.

XCMworkflow prioritizes resource efficiency and utilization, offering project tracking for teams to manage and deploy resources well and exceed clients' expectations.

The software improves uniformity, reduces mistakes and simplifies processes. Actionable intelligence helps you make data-driven decisions, pinpoint areas for development and streamline processes. 

XCMworkflow also offers outsourcing services for managing heavy workloads and preserving deliverable quality.

Ready to get started with accounting workflow software?

In today's fast-paced world, technology is essential for keeping a competitive and effective accounting department.

If your company is fighting with manual interventions that cause delays, mistakes and slow processes, it's time to start using accounting workflow software.

Scribe is the best choice for streamlining your accounting processes.

Revolutionize the way you create and manage accounting documentation with our free Accounting Manual Generator.

From financial procedures to internal controls and reporting guidelines, Scribe helps you build professional, standardized manuals—fast!

Ready to try Scribe?

Scribe automatically generates how-to guides and serves them to your team when they need them most. Save time, stay focused, help others.