SoftLedger is a cloud-based accounting solution that helps you manage accounts payable (A/P) and accounts receivable (A/R), cash, and financial reporting. It supports cryptocurrency accounting and features a multidimensional general ledger (GL) that allows you to manage multiple companies and locations. It offers an application programming interface (API), making it a great option for companies with in-house developers.
The prices of SoftLedger start at $750 per month, so it’s not for most small businesses. Be sure you need its advanced features, like consolidations and cryptocurrency accounting, before buying. Read our SoftLedger review to learn if your small business needs its advanced features.
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SoftLedger Alternatives & Comparison
SoftLedger Reviews From Users
Users Like | Users Dislike |
---|---|
One of the most flexible GL systems | No mobile app |
API connection for customization | Expensive compared to competitors |
Easy accounting of digital assets transactions | Sometimes slow |
SoftLedger reviews from users highlight that the software is easily customizable and doesn’t have the barriers other software have, such as the need to adjust procurement policies and procedures. Reviewers also praised the cryptocurrency cost basis tracking and the bulk upload function, which allows for large batches of entries to be posted.
Its biggest drawbacks are the lack of a mobile app and the inability to contact customer support via telephone. Other users felt that the price was expensive compared to other similar small business accounting software. Moreover, the limited number of reviews provides only a small glimpse into what users are saying about the software.
SoftLedger earned the following average scores on popular review sites:
- Software Advice[1]: 4.7 out of 5 based on about 15 reviews
- G2.com[2]: 4.5 out of 5 based on around 25 reviews
- Crozdesk[3]: 4.6 out of 5 based on about 20 reviews
SoftLedger Pricing
SoftLedger offers three pricing plans.
- Standard: $750 per month for three users, 10 operating entities, and 10,000 journal lines per month
- Enterprise: $975 per month; everything in Standard, plus currency management for multiple currencies
- Enterprise with Digital Assets: $1,375 per month; everything in Enterprise, plus digital asset management for 5,000 digital transactions per month
SoftLedger Features
SoftLedger offers a wide range of features that eliminate manual accounting processes, consolidate multiple entities, let you view real-time financial reports, ensure tax compliance, and automate crypto transactions. Below is a list of some of its most notable features.
SoftLedger lets you create a new bill from cost centers or ledger accounts, request approval for the bill, and track your bills until they’re paid. You can set up new vendors ad hoc and manage and track vendor details and the amounts you owe per vendor, giving you insights into how you’re managing your expenses.
You can also monitor your spending by department, which can further help in making realistic financial projections. SoftLedger generates notifications automatically for payment to ensure that invoices don’t go overdue. You can pay your bills directly within the software through its integration with SoftLedger Pay.
You can create and customize invoices and send them to your customers via email. You can also create recurring invoices and set up follow-up emails to send on a scheduled date automatically to help avoid delays in payment collections. You can even monitor invoices and their status from the Invoices tab on one page or segregate them according to status for easy tracking.
If you’re operating through a group of parent and subsidiary corporations, SoftLedger allows you to merge all your transactions and generate a single set of consolidated reports across subsidiaries and segments. Not all accounting software allows you to consolidate reports within a single platform. Dealing with consolidations is a good reason to upgrade from small business accounting software to SoftLedger.
SoftLedger has an inventory management feature that lets you set up and track sales orders and inventory costs. You can track your stock in real time, adjust quantities and costs as needed, sort items by whether they’re taxable or nontaxable, and send purchase orders to vendors. Plus, you can create production costs for light manufacturing companies and create finished goods from various items, such as raw materials and overhead costs.
The GL page displays two sections: summary and detail:
- The Summary page shows the complete list of your ledger accounts, including starting and ending balance and activity for a certain period.
- The Detail page shows a running balance for a single ledger account.
SoftLedger automates cash reconciliation and bank feed processes. You can add your bank or credit card account for fast bank account reconciliation. However, you also have the option to upload your transactions manually if you don’t wish to connect your bank account.
What makes SoftLedger unique is its cryptocurrency accounting module. This module creates a separate book of accounts for your cryptocurrency assets, including bitcoin and ethereum. It can monitor the value of your cryptocurrency assets and can provide integration with major cryptocurrency exchanges.
Generate reports using multiple metrics, such as product, cost centers, and locations. SoftLedger lets you produce reports, such as a balance sheet, income statement accounts, a chart of accounts, cash flows, and inventory reports.
SoftLedger Customer Service & Ease of Use
SoftLedger has a sophisticated GL, and it’s not as easy to use as other accounting systems like Wave and QuickBooks Online, which are designed to be used by business owners. It uses accounting terms, so it can be quite overwhelming for nonbookkeeping users. You also need to have some developer skills to customize the features or add integrations, making it a bit frustrating for non-tech-savvy users or businesses with no in-house developers.
While SoftLedger provides email and chat support, there’s no option to talk to an agent over the phone, which would be extremely helpful with sophisticated accounting software. However, you can check out its user guides and “how-to” resources on its website to help you familiarize yourself with the software.
Integrations
Software integrations within SoftLedger are possible through its accounting API. There are no plug-and-play integrations available, and you might need an IT professional to create custom codes in the API to establish a connection with other software.
Frequently Asked Questions (FAQs)
No, SoftLedger doesn’t currently offer a mobile app.
Pricing is $750, $975, and $1,375 per month. Each plan comes with three users.
Yes, SoftLedger supports cryptocurrencies like Bitcoin and Ethereum. It allows you to seamlessly integrate with crypto exchanges and blockchains, calculate realized and unrealized gains and losses automatically, and access a fully programmable API for custom integrations.
Bottom Line
SoftLedger works best if you’re managing multiple operations, locations, and companies with the help of a professional bookkeeper. If you’re dealing with cryptocurrency transactions or contemplating accepting digital currencies, you can use your digital wallet to act as a bank feed to help you easily manage and track your profit and loss (P&L). It might not be as easy to use as other accounting software, but if you can afford it, SoftLedger will bring value to your business.
User review sources:
1Software Advice
2G2.com
3Crozdesk