SoftLedger Review: Features & Pricing in 2023
Tim is a Certified QuickBooks Time (formerly TSheets) Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content.
Danielle is a writer for the Finance division of Fit Small Business. She has owned a bookkeeping and payroll service that specializes in small business, for over twenty years.
This article is part of a larger series on Accounting Software.
SoftLedger is a cloud-based accounting solution that helps you manage various business processes, such as accounts payable (A/P) and accounts receivable (A/R), cash management, and financial reporting. It supports cryptocurrency accounting and features a multidimensional general ledger 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 $979 per month, so it’s not for most small businesses. Be sure you need its advanced features, like consolidations and cryptocurrency accounting, before buying.
SoftLedger
Pros
- Consolidate reports across multiple companies
- Fully customizable software via REST API
- Includes a unique cryptocurrency accounting module
- Track inventory across multiple warehouses
Cons
- Requires developer skills to customize the software
- A bit expensive compared to other popular accounting software
- Lacks a mobile app
- Customer support is available online only
When To Use SoftLedger
- Businesses with multiple entities and locations: SoftLedger lets you run separate or combined reports for multiple companies, offices, properties, or locations within a single platform. It is one of our choices for the best multicompany accounting software.
- Manufacturing and other inventory-intensive businesses: SoftLedger allows you to track your inventory in real time, increase or decrease the quantity on hand, and transfer stock between locations. You can also track inventory by warehouses. Light manufacturing companies can also use SoftLedger to track the inventory of goods in multiple stages of production.
- Businesses that need accounting for crypto assets: SoftLedger has a cryptocurrency accounting feature that enables you to manage and track crypto-related transactions, such as crypto gains and losses, live market rates, and tax and reporting requirements. Connect your crypto wallet directly to the software like a bank feed. We selected SoftLedger as the top cryptocurrency accounting software.
When To Use an Alternative
- Businesses that need to collect sales taxes from multiple states: If you sell products or services in multiple states, you can’t count on SoftLedger to help you collect sales taxes from each state. A good alternative is QuickBooks Online, which calculates sales taxes on your receipts and invoice automatically based on the location of your customer.
- Businesses that want low-cost inventory accounting: While SoftLedger tracks inventory, it’s a bit expensive, especially for very small businesses. You can consider a more affordable alternative, such as Xero, or explore our list of best ecommerce accounting software.
- Users seeking do-it-yourself (DIY) software: SoftLedger is too complicated for a non-bookkeeper. If you prefer accounting software that doesn’t require a full-time bookkeeper, you may want to consider FreshBooks instead.
SoftLedger Deciding Factors
Intended Users | Businesses with multiple entities |
Communication | Email and live chat |
Pricing | Starting at $979 per month |
Free Trial of SoftLedger | ✕ |
Multicompany Accounting | ✓ |
Inventory Tracking | ✓ |
Mobile App | ✕ |
Cryptocurrency Support | ✓ |
Sales Tax Tracking | ✕ |
Financial Reports | ✓ |
SoftLedger Alternatives
 |  |  |
|---|---|---|
Best for: Collecting sales taxes from multiple states | Best for: Small businesses that need low-cost inventory accounting | Best for: Users seeking do-it-yourself (DIY) software |
Starts at: $30 per month | Starts at: $13 per month | Starts at: $15 per month |
SoftLedger Pricing
SoftLedger doesn’t provide a full breakdown of its pricing, but its website indicates that prices start at $979 per month. Obtain detailed pricing information or request a customized quote by directly contacting the provider. You can also book a demo before buying.
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.
A/P
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.
“Add Bill” Form in SoftLedger (Source: SoftLedger)
A/R
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.
Tracking Invoices in SoftLedger (Source: SoftLedger)
Consolidated Accounting
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. It usually requires multiple software to create consolidated financial statements for multiple companies.
Inventory Management
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.
Adding a Production Cost in SoftLedger’s Inventory Module (Source: SoftLedger)
General Ledger
The general ledger 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.
Cash Management
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.
Crypto Accounting
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.
Reporting
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 general ledger, 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 need to have some developer skills to customize the features or add integrations, making it a bit frustrating for nontech-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 user guides and “how-to” resources to help you familiarize yourself with the software.
SoftLedger User Reviews
Users said that they appreciate 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 accounting software.
SoftLedger earned the following average scores on popular review sites:
- Software Advice: 4.73 out of 5 based on about 15 reviews
- G2: 4.5 out of 5 based on around 25 reviews
- Crozdesk: 4.6 out of 5 based on about 20 reviews
Frequently Asked Questions (FAQs)
Does SoftLedger have a mobile app?
No, SoftLedger doesn’t currently offer a mobile app.
How much does SoftLedger cost?
According to SoftLedger’s website, prices start at $979 per month. We suggest contacting the provider directly to obtain detailed pricing information or request a customized quote.
Does SoftLedger handle cryptocurrency accounting?
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 the price, SoftLedger will bring value to your business.
