Quick Overview
- 1#1: QuickBooks Online - Cloud-based accounting software offering time tracking, project profitability analysis, invoicing, and expense management tailored for consulting firms.
- 2#2: Xero - Intuitive cloud accounting platform with bank feeds, multi-currency support, and project tracking ideal for small to medium consulting businesses.
- 3#3: FreshBooks - User-friendly invoicing and accounting tool designed for service-based consultants with time tracking and client retainers.
- 4#4: Sage Intacct - Scalable financial management software providing advanced reporting, multi-entity support, and project accounting for growing consultancies.
- 5#5: Zoho Books - Affordable online accounting with automation, project billing, and CRM integration suited for consulting teams.
- 6#6: Wave - Free accounting software with unlimited invoicing and receipt scanning perfect for solo consultants and small practices.
- 7#7: ZipBooks - Modern accounting app featuring time tracking, automated invoicing, and cash flow forecasting for service professionals.
- 8#8: Harvest - Time tracking and invoicing software that helps consultants manage billable hours and expenses with easy accounting integrations.
- 9#9: Bonsai - All-in-one platform for consultants offering contracts, proposals, invoicing, and basic accounting in one workflow.
- 10#10: Avaza - Integrated project management and accounting tool with time tracking, expenses, and invoicing for consulting projects.
We prioritized tools that balance consulting-specific capabilities—such as time tracking, project profitability, and client invoicing—with user experience, quality, and value, ensuring relevance across small practices to growing enterprises.
Comparison Table
For consulting firms seeking reliable accounting software, this comparison table examines key tools like QuickBooks Online, Xero, FreshBooks, Sage Intacct, Zoho Books, and more, highlighting features, pricing, and benefits to guide informed decisions.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | QuickBooks Online Cloud-based accounting software offering time tracking, project profitability analysis, invoicing, and expense management tailored for consulting firms. | enterprise | 9.5/10 | 9.7/10 | 9.2/10 | 8.9/10 |
| 2 | Xero Intuitive cloud accounting platform with bank feeds, multi-currency support, and project tracking ideal for small to medium consulting businesses. | enterprise | 9.1/10 | 8.9/10 | 9.4/10 | 8.7/10 |
| 3 | FreshBooks User-friendly invoicing and accounting tool designed for service-based consultants with time tracking and client retainers. | specialized | 8.6/10 | 8.4/10 | 9.4/10 | 8.2/10 |
| 4 | Sage Intacct Scalable financial management software providing advanced reporting, multi-entity support, and project accounting for growing consultancies. | enterprise | 8.5/10 | 9.2/10 | 7.8/10 | 8.0/10 |
| 5 | Zoho Books Affordable online accounting with automation, project billing, and CRM integration suited for consulting teams. | specialized | 8.7/10 | 8.8/10 | 9.2/10 | 9.1/10 |
| 6 | Wave Free accounting software with unlimited invoicing and receipt scanning perfect for solo consultants and small practices. | other | 8.1/10 | 7.5/10 | 9.6/10 | 9.7/10 |
| 7 | ZipBooks Modern accounting app featuring time tracking, automated invoicing, and cash flow forecasting for service professionals. | specialized | 8.1/10 | 7.7/10 | 9.2/10 | 9.0/10 |
| 8 | Harvest Time tracking and invoicing software that helps consultants manage billable hours and expenses with easy accounting integrations. | specialized | 7.8/10 | 7.2/10 | 9.2/10 | 8.1/10 |
| 9 | Bonsai All-in-one platform for consultants offering contracts, proposals, invoicing, and basic accounting in one workflow. | specialized | 7.6/10 | 7.2/10 | 9.1/10 | 8.0/10 |
| 10 | Avaza Integrated project management and accounting tool with time tracking, expenses, and invoicing for consulting projects. | specialized | 8.1/10 | 7.9/10 | 8.8/10 | 8.5/10 |
Cloud-based accounting software offering time tracking, project profitability analysis, invoicing, and expense management tailored for consulting firms.
Intuitive cloud accounting platform with bank feeds, multi-currency support, and project tracking ideal for small to medium consulting businesses.
User-friendly invoicing and accounting tool designed for service-based consultants with time tracking and client retainers.
Scalable financial management software providing advanced reporting, multi-entity support, and project accounting for growing consultancies.
Affordable online accounting with automation, project billing, and CRM integration suited for consulting teams.
Free accounting software with unlimited invoicing and receipt scanning perfect for solo consultants and small practices.
Modern accounting app featuring time tracking, automated invoicing, and cash flow forecasting for service professionals.
Time tracking and invoicing software that helps consultants manage billable hours and expenses with easy accounting integrations.
All-in-one platform for consultants offering contracts, proposals, invoicing, and basic accounting in one workflow.
Integrated project management and accounting tool with time tracking, expenses, and invoicing for consulting projects.
QuickBooks Online
enterpriseCloud-based accounting software offering time tracking, project profitability analysis, invoicing, and expense management tailored for consulting firms.
Project Profitability tracking that automatically calculates costs, revenue, and margins per client project
QuickBooks Online is a cloud-based accounting software from Intuit, widely used by small to medium-sized businesses, including consulting firms, for managing finances on the go. It provides essential tools like invoicing, expense tracking, bill pay, payroll, and bank reconciliation, with specialized features for project tracking, time logging, and profitability analysis tailored to billable-hour services. Its robust reporting and customizable dashboards help consultants monitor cash flow, client profitability, and tax compliance in real-time.
Pros
- Comprehensive project tracking and time tracking for billable hours and profitability analysis
- Seamless integrations with over 750 apps, including CRM and project management tools
- Mobile app and real-time cloud access for on-the-go consulting work
Cons
- Advanced features require higher-tier plans, increasing costs
- Steep learning curve for complex custom reports and automation
- Occasional customer support delays during peak times
Best For
Consulting firms and independent consultants needing scalable project-based accounting, time tracking, and client invoicing with professional reporting.
Pricing
Starts at $30/month (Simple Start) up to $200/month (Advanced), with payroll add-ons from $45/month + $6/employee.
Xero
enterpriseIntuitive cloud accounting platform with bank feeds, multi-currency support, and project tracking ideal for small to medium consulting businesses.
Unlimited users with granular permissions for effortless client and team collaboration
Xero is a cloud-based accounting software tailored for small to medium-sized businesses, including consulting firms, providing tools for invoicing, bank reconciliation, expense tracking, payroll, and financial reporting. It supports multi-currency transactions and offers unlimited users with role-based permissions for seamless team and client collaboration. With over 1,000 integrations, it connects effortlessly with time-tracking and project management apps essential for consultants.
Pros
- Unlimited users and real-time collaboration
- Seamless bank feeds and auto-reconciliation
- Extensive app marketplace for custom workflows
Cons
- No built-in time tracking (requires integrations)
- Advanced reporting needs customization or add-ons
- Payroll functionality limited to select countries
Best For
Small to mid-sized consulting firms needing scalable cloud accounting with strong integrations for project billing and client access.
Pricing
Plans start at $15/month (Early) up to $78/month (Established) for US users, billed annually; varies by region with add-ons extra.
FreshBooks
specializedUser-friendly invoicing and accounting tool designed for service-based consultants with time tracking and client retainers.
Seamless proposals-to-invoices conversion with built-in recurring billing and automated late payment reminders
FreshBooks is a user-friendly cloud-based accounting platform tailored for small businesses, freelancers, and service-based professionals like consultants. It specializes in invoicing, time tracking, expense management, project billing, and automated payments to streamline financial workflows. While it offers solid reporting and client portals, it focuses more on simplicity than deep accounting complexity.
Pros
- Intuitive interface with drag-and-drop invoicing and automation
- Integrated time tracking and project management for billable hours
- Excellent mobile app and client portal for approvals and payments
Cons
- Limited advanced accounting and reporting depth
- No inventory or double-entry bookkeeping support
- Pricing increases significantly with client volume
Best For
Freelance consultants and small consulting firms needing simple, automated invoicing and time tracking without complex enterprise accounting.
Pricing
Starts at $19/month (Lite, 5 clients), $33/month (Plus, 50 clients), $60/month (Premium, unlimited); annual billing discounts apply; custom Select plan available.
Sage Intacct
enterpriseScalable financial management software providing advanced reporting, multi-entity support, and project accounting for growing consultancies.
Dimensional accounting for multi-dimensional profitability analysis by project, client, service line, or geography in real-time
Sage Intacct is a robust cloud-based financial management platform designed for mid-market businesses, providing core accounting functions like GL, AP/AR, and advanced project accounting tailored for service-based firms such as consultancies. It supports multi-entity management, revenue recognition, and dimensional reporting to track profitability by project, client, or department. With strong automation and real-time dashboards, it scales with growing consulting operations while integrating seamlessly with CRM and PSA tools.
Pros
- Advanced project accounting with time/expense tracking and WIP management
- Multi-entity consolidation and dimensional reporting for complex consulting structures
- Extensive marketplace integrations with over 250 apps including Salesforce and QuickBooks
Cons
- Steep learning curve and implementation often requires certified partners
- Pricing can escalate quickly with additional modules and entities
- Limited native time-tracking compared to dedicated PSA tools
Best For
Mid-sized consulting firms with multiple projects, entities, or locations needing scalable, real-time financial insights and project profitability tracking.
Pricing
Quote-based subscription starting at ~$15,000/year for base package; scales with users, entities, and modules (typically $400-$1,000/user/month).
Zoho Books
specializedAffordable online accounting with automation, project billing, and CRM integration suited for consulting teams.
Project profitability tracking with time logs and expense allocation directly tied to client invoicing
Zoho Books is a cloud-based accounting platform tailored for small to medium-sized businesses, offering invoicing, expense tracking, bank reconciliation, and financial reporting. For consulting firms, it excels in project management with time tracking, task assignments, retainer billing, and profitability analysis per project or client. It integrates seamlessly with the Zoho ecosystem for CRM and other tools, supporting multi-currency and automation workflows.
Pros
- Robust project and time tracking ideal for billable hours in consulting
- Affordable pricing with a free tier for startups
- Strong automation rules and Zoho suite integrations
Cons
- Advanced reporting requires higher plans or add-ons
- Customer support lacks phone option and can be slow
- Limited scalability for very large consulting firms
Best For
Small to mid-sized consulting firms needing integrated project accounting and time tracking without breaking the bank.
Pricing
Free for businesses under $50K revenue (limited features); paid plans start at $20/org/mo (Early, 3 users), up to $275/org/mo (Ultimate, unlimited users), billed annually.
Wave
otherFree accounting software with unlimited invoicing and receipt scanning perfect for solo consultants and small practices.
Unlimited free professional invoicing with custom branding and automated reminders
Wave is a cloud-based accounting platform tailored for small businesses, freelancers, and solopreneurs, offering core features like invoicing, expense tracking, bank reconciliation, and basic financial reporting. It includes receipt scanning via mobile app and integrates payment processing for seamless client billing. While suitable for basic consulting needs, it lacks advanced time tracking, project management, or CRM integrations essential for larger consulting firms.
Pros
- Completely free core accounting, invoicing, and reporting with no limits on customers or transactions
- Intuitive interface with mobile app for on-the-go receipt scanning and expense management
- Seamless payment processing with low fees and automatic bank feeds
Cons
- No native time tracking or project billing tools critical for consultants
- Limited advanced reporting and customization options
- Payroll and advanced payments restricted to US/Canada; transaction fees apply
Best For
Solo consultants or very small consulting practices seeking simple, no-cost accounting for invoicing and basic bookkeeping.
Pricing
Accounting and invoicing free forever; payments 2.9% + 30¢ per credit card transaction; payroll $20 base + $6/active employee monthly (US/Canada only).
ZipBooks
specializedModern accounting app featuring time tracking, automated invoicing, and cash flow forecasting for service professionals.
Seamless time tracking with automatic invoice generation from billable hours
ZipBooks is a cloud-based accounting platform tailored for small businesses, freelancers, and consultants, providing tools for invoicing, time tracking, expense management, and basic bookkeeping. It excels in simplifying billable hour tracking and generating professional invoices, with features like cash flow forecasting and client profitability reports. While it offers a free starter plan with core functionalities, higher tiers unlock automation and advanced insights, making it suitable for service-based professionals.
Pros
- Free starter plan with unlimited invoicing and time tracking
- Intuitive, modern interface that's quick to learn
- Integrated time tracking that auto-populates invoices for consultants
Cons
- Limited advanced reporting and analytics compared to enterprise tools
- No native payroll processing
- Fewer third-party integrations than competitors like QuickBooks
Best For
Freelance consultants and small firms needing simple, affordable time tracking and invoicing without complex accounting needs.
Pricing
Free Starter plan; Smarter plan $15/user/month; Sophisticated plan $35/user/month (billed annually).
Harvest
specializedTime tracking and invoicing software that helps consultants manage billable hours and expenses with easy accounting integrations.
One-click time tracking with desktop widgets, mobile GPS, and automated reminders for accurate billable hours
Harvest is a user-friendly time tracking and invoicing platform tailored for freelancers, consultants, and agencies. It excels in capturing billable hours across projects, logging expenses, generating invoices directly from time entries, and providing basic reporting. While not a full-fledged accounting suite, it integrates well with tools like QuickBooks for comprehensive financial management.
Pros
- Intuitive time tracking with mobile apps and one-click timers
- Seamless invoicing and expense management from tracked data
- Strong integrations with accounting software like QuickBooks and Xero
Cons
- Lacks advanced accounting features like full ledger or payroll
- Reporting is solid but not as customizable as enterprise tools
- Per-user pricing can become costly for larger consulting teams
Best For
Freelance consultants and small agencies relying on hourly billing who need simple, mobile-first time tracking and invoicing.
Pricing
Free for solo users; Pro plan at $12/user/month (billed annually); Elite plan at $18/user/month with advanced scheduling.
Bonsai
specializedAll-in-one platform for consultants offering contracts, proposals, invoicing, and basic accounting in one workflow.
End-to-end workflow from contract signing to automated payments and reminders
Bonsai is an all-in-one freelance management platform tailored for consultants, offering tools for proposals, contracts, invoicing, time tracking, expense management, and payments. It simplifies billing for hourly or project-based consulting work with features like automated invoicing from tracked time and Stripe integration for quick payments. While it provides basic accounting functionalities such as profit/loss reports and tax prep tools, it lacks the depth of dedicated accounting software like double-entry bookkeeping or advanced financial forecasting.
Pros
- Intuitive interface with seamless proposal-to-invoice workflow
- Built-in time tracking and automated recurring invoices for consultants
- Strong payment processing with low fees and client portal access
Cons
- Limited advanced accounting like general ledger or payroll integration
- Reporting capabilities are basic, lacking customizable financial dashboards
- Team features require higher-tier plans, less ideal for larger firms
Best For
Solo consultants or small freelance teams needing simple, integrated invoicing and payment tools without complex bookkeeping.
Pricing
Essentials at $17/mo, Professional $32/mo, Business $55/mo (billed annually); 14-day free trial.
Avaza
specializedIntegrated project management and accounting tool with time tracking, expenses, and invoicing for consulting projects.
Automated timesheet-to-invoice generation with built-in profitability insights per project
Avaza is an all-in-one platform tailored for service-based businesses like consulting firms, combining project management, time tracking, invoicing, and expense management into a single tool. It enables consultants to track billable hours, manage client projects, generate invoices from timesheets, and monitor profitability with ease. Supporting multi-currency billing, recurring invoices, and integrations with QuickBooks and Xero, Avaza simplifies financial workflows for project-based accounting.
Pros
- Seamless integration of time tracking, projects, and invoicing for quick billing
- Intuitive interface with mobile app and customizable dashboards
- Affordable pricing including a free plan for small teams
Cons
- Lacks advanced accounting features like full general ledger or payroll
- Reporting customization is somewhat limited compared to specialized tools
- Integrations are solid but fewer than enterprise-level competitors
Best For
Small to mid-sized consulting firms needing an integrated, user-friendly solution for project-based time tracking and billing.
Pricing
Free for 1 user/15 clients; paid plans from $11.95/user/month (annual) for Freelancer, $23.95 for Startup, up to custom Enterprise.
Conclusion
The reviewed tools provide strong options for consulting firms, with QuickBooks Online leading as the top choice, thanks to its tailored features for consulting needs. Xero shines as a user-friendly intuitive platform, perfect for small to medium businesses, while FreshBooks impresses with its simplicity and client retainer management, making it a top alternative for various needs.
Begin with QuickBooks Online to streamline your consulting operations and maximize efficiency—its tailored features make it a standout for professionals in the field.
Tools Reviewed
All tools were independently evaluated for this comparison