Best 10 Accounting Software for Small Businesses

Best 10 Accounting Software for Small Businesses

You will find a list of the best accounting software for small businesses here. However, the flow will not stop there. You will also see the product that is considered to be the best small business accounting software for various convincing reasons. Surely, it will not be hard to make a quick decision by the time you reach the end.

Small business software packages help companies in a variety of ways. They make operations easier and timely. They can be applicable to most corporate processes. What about small business accounting software? They have brought about an improvement in every aspect of financial management.

Bookkeeping software for small businesses record and automate financial transactions. They can function as accounting systems. Companies of all sizes will surely find them to be relevant in many areas of financial management. Their usage can be extended to other departments in a commercial establishment.

Entrepreneurs and freelancers need to think about how small business software can be adapted to their line of work. These products can be useful in managing one’s personal and business financials efficiently. It does not matter if you are self-employed.

How to Select Accounting and Bookkeeping Software

Some companies prefer to develop their own in-house small business financial software. However; that may be expensive and time-consuming for many freelancers, entrepreneurs, and micro-sized establishments. Instead of doing that, you can simply start shopping for the best online accounting software that your money can buy.

Thankfully, there is a wide range of accounting software for small businesses that you can choose from. Check the following key criteria to make an informed choice:

  • Think About Your Desired Specs

When shopping for anything, it is only normal for you to check for desirable features. Apart from knowing what your company needs, you should also know some of the important features that the best accounting software for small businesses should have. For example; web-based features, back-up functions, high security, etc.

Your search should be based on your financial management objectives. List your requirements in order of priority. Many bookkeeping software for small businesses can perform numerous functions. Do not let that distract you. Focus on what is relevant.

  • Think About How Much You Are Willing to Spend

Ask yourself this question: Can the company’s budget support the need for a small business accounting software? If yes, then you should proceed to start browsing for them right away. If no, then the best thing would be to wait until the money is available.

If your corporate budget cannot cover such expenses, then you can decide to be proactive by continuing the search for affordable options. Still, you need to be cautious about buying substandard products. It will be a regrettable decision and a waste of resources. You should go for the best bookkeeping software for small businesses that will give you value for your money.

  • Know The Long-term Benefits

Avoid buying a product that will outlive its usefulness in less than a year. Go for a web-based small business bookkeeping software that can be upgraded via internet connection at affordable rates. You should also consider your company’s projections for growth and expansion while making a choice.

Top 10 Accounting Software for Small Businesses

You will find affordable options here. Check out this list of top-rated small business financial software. It will help you narrow down your search and save time.

  1. Sunrise by Lendio (free)
  2. Wave (free)
  3. FreshBooks
  4. Intuit QuickBooks Online
  5. Intuit QuickBooks Self-Employed
  6. Sage 50cloud
  7. Zoho
  8. Xero
  9. Pabbly
  10. Kashoo

Sunrise by Lendio (Free)

You can get Sunrise by Lendio free of charge, but there are premium packages of the product which you can obtain in order to have access to features like online professional support. Sunrise by Lendio is on the list of the best small business accounting software because of the following free specs:

  1. Provision of better tax options
  2. Branded invoices
  3. Automated bank reconciliation
  4. Creation of revenue reports
  5. Automated payments
  6. Acceptance of credit cards

Wave (Free)

Wave is on this list because it is an entrepreneur-friendly small business bookkeeping software that simplifies the management of income and expenses through automated operations. Although the product is free to obtain, it has some additional features that require payment. For example, the payroll in tax service is not free.

Bookkeeping with Wave is well-organized because the application links with your information. You will enjoy managing your transactions and invoicing free of charge. It is most suitable for freelancers or a small workforce.

FreshBooks (From $15 monthly)

FreshBooks helps you with timeliness through automated processes that involve tasks such as setting reminders for invoices. With this application, you can make use of your precious time to focus on other important duties.

FreshBooks provides in-depth reports for you to track your financials better and make informed decisions. It also facilitates online payments. You are seeing this small business bookkeeping software on the list because you will surely get value for your money with its all-in-one package.

Intuit QuickBooks Online (From $12.50 monthly)

This is one of the best accounting software for small businesses due to obvious reasons. First, Intuit QuickBooks Online is cheap in relation to its wide range of functions. Second, there are several functions that are available on any plan that you subscribe to. Some of them are listed below:

  1. Capturing and organizing of receipts
  2. Collecting payments
  3. Tracking Income, expenses, sales, and taxes
  4. Sending estimates and invoices
  5. Running reports

Another reason is that Intuit QuickBooks Online integrates with other apps for a smoother working experience. It also connects to your accounts (bank and credit cards). Talk about enjoying many advantages for so little.

Intuit QuickBooks Self-Employed (From $7.50 monthly)

Intuit QuickBooks Self-Employed is on the list because you can use it to record personal transactions. This makes it an ideal small business financial software for freelancers who use one bank account for business and personal purposes.

Apart from keeping every transaction record up to date, it also helps with tax returns. It is best suited for the following categories of users:

  1. Entrepreneurs that file a schedule C on their tax returns
  2. Contractors
  3. Freelancers

If you fall into any of the above categories, you can be sure to get a great service that features well-organized receipts, invoicing, and easy filing of taxes. Enjoy the application’s automated cloud-based system, and discover tax deductions that you were not aware of.

Sage 50 Cloud (From $50.58 monthly)

This product is recommended for small-sized companies and medium-sized companies. Sage 50cloud is a small business accounting software that reduces the time spent on administrative duties. It handles the following functions:

  1. Invoicing
  2. Tracking payments and expenses
  3. Tax calculations
  4. Sales optimization through inventory serialization

Sage is a company that has been in the business of accounting solutions for almost four decades. It is the same enterprise that created Peachtree Accounting. With that much experience and its brand reputation in mind, you should not be surprised to find on the list of the best bookkeeping software for small businesses. It has over 3 million users.

Zoho Books (From $9 monthly)

Zoho Books has a very simple interface that serves as one of the reasons for adding it to the list. To test how good the interface is, you can opt for the application’s 14-day free trial version. Other reasons for listing it among the top 10 best accounting software for small businesses are given below:

  1. Online support
  2. Balance sheet creation
  3. Real-time team work with personnel from other departments
  4. Raising sale orders
  5. Accepting online payments online
  6. Calculating sales tax liability
  7. Audit report preparation
  8. App integration

Xero (From $9 monthly)

If you are an entrepreneur that is always on the move, then you may consider this to be the best online accounting software for you. That is the major reason it is on the list. Xero performs the following functions:

  • Branded invoicing
  • Purchase order creation
  • Reporting financials
  • Connecting to your bank
  • Tracking inventory
  • Cloud automation

Xero also ensures quicker payments due to its web-based invoicing feature. The advancements that the developer has made in terms of project management and reporting is also a boost to its status. Just enough reasons for it to be listed as one of the best online accounting software, right?

Pabbly (From $9 monthly)

This is one of the best financial software for small businesses because it will still be relevant to your company in times of expansion. Pabbly produces information about your revenue, customers, payments, and other aspects on the go. With this application, you can be sure that invoicing and communication with customers will be automated.

This means that you will have more time for other tasks. One special thing that makes it right for Pabbly to be on the list of the best small business accounting software is this: customers will not incur extra charges based on the revenue they generate every month. In fact, it is the only small business accounting software that has this advantage.

Another merit is that users can make transactions through many payment companies in more than 20 currencies. It is an ideal financial software for small businesses that handle international transactions.

Kashoo (From $19.95 monthly)

As one of the best bookkeeping software for small businesses, Kashoo has an AI that learns your recording processes in order to improve automation. It also enables you to give permission to two or more users.

Kashoo is well-suited for any company that has a very small workforce. Entrepreneurs and freelancers are not left out. The application also handles the following functions:

  1. Connection to bank accounts and credit cards
  2. Monitoring income and expenses

Best Accounting Software for Small Businesses

What is the best software for small business bookkeeping? It is none other than Intuit QuickBooks. It is the most suitable for both desktop and online application because of the following reasons:

  • Scalability

Intuit QuickBooks Online can be used for a vast range of basic and complex operations. In other words; it can be adopted by small businesses that are experiencing expansion, medium-sized companies, and big-sized companies. You can upgrade your subscription based on the growth of your business.

  • All-Round Web Features

Intuit QuickBooks Online is cloud-based, and it integrates with third-party applications seamlessly. It also has a downloadable mobile app for convenience.

  • Long Free trial period

The time frame is 30 days, so there is enough time to see if Intuit QuickBooks Online is the right accounting software for small business you should adopt. It is advisable to use the period to get used to the application’s interface or undergo training. Tutorial videos can help.

  • Multiple Plans

Potential subscribers have four options that they can choose from. Below are the available plans in order of the biggest to the smallest:

  1. Advanced
  2. Plus
  3. Essentials
  4. Simple Start
  • Trusted by Many

If you are looking for financial software for small businesses, it is only right that you find out which product most people use. Intuit QuickBooks Online has over 4.5 million users. Since this is the case, it is only right to say that a significantly great number of people consider it to be the choicest.

The above reasons should be enough to answer the question: What is the best software for small business bookkeeping? It is clear to see that the Intuit brand has proved itself as a worthy developer of desktop and online accounting programs.

Conclusion

You should select an accounting software for small businesses that is simple to use. Keep in mind that there are products which are specifically tailored for specific company sizes. Look for packages with this in mind, so as not to spend on unnecessarily complex and expensive applications.

To play safe, test the free trial version of the application that you are thinking of purchasing. Try to understand why a particular package is suited for your enterprise. Is it worth your budget? What is the best software for small business bookkeeping in a company that has an international market?

Companies should see how these products can ease their workload and fast-track operations. Seek to understand the advantages that each subscription package offers.

By Kalpataru Biswas

Kalpataru is software sales and product marketing professional. He writes on entrepreneurship, sales, marketing, customer success, and personal development.

2 comments

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.