Accurate Bookkeeping Is Invaluable
If you have a small business or are a freelancer, then keeping a good grip on finances is critical for your success. A firm grasp on the numbers keeps you in business during the downtimes and helps you grow during better times. Accurate bookkeeping is one of the most valuable assets of any successful small business. Let’s go over the best of the best accounting software for small businesses.
Top 8 Best Accounting Software For Small Businesses
QuickBooks is an incredibly popular accounting solution. 5.6 million people worldwide trust Quickbooks for bookkeeping—for excellent reasons.
They offer dynamic software for enterprises, accountants, small business owners, and self-employed individuals.
Where they really shine is QuickBooks Online. It gives you the flexibility to access your accounting information from anywhere.
Just login on any internet browser or access your account from the QuickBooks app.
It’s easy to be organized with the QuickBooks dashboard. You’ll always have a real-time visual of your expenses, profits and losses, sales, income, and bank accounts.
Sync QuickBooks Online together with your bank. The software will automatically import and organize transactions accordingly. To manage receipts and expenses, simply take an image of your bill using the mobile app.
All small business plans allow you to maximise tax deductions, track miles, manage 1099 contractors, run general reports, send estimates, and invoice customers. sign on for the Essentials conceive to manage bills, track time, inventory, and profitability.
QuickBooks Online integrates with many popular apps that may already be using to run your business, like Square, PayPal, and Shopify.
You can try QuickBooks free for 30 days or get 50% off your first three months. Since there are not any long-term contracts or commitments, you’ll cancel or switch plans at any time.
Each QuickBooks plan includes a certain number of users who can access the system. So just keep all of this in mind before you decide which plan to choose.
Plans And Pricing
Simple Start- $12.50/ month
Plus- $35/ month
Advanced $75/ month
Self Employed $7.50/ month
FreshBooks focuses on accounting software for entrepreneurs and agencies. They’re also an excellent solution for small-business owners.
That’s because they’re highly scalable. If your company has room to grow and you’re growing your list of shoppers, FreshBooks should be a top option for you to think about.
FreshBooks stands out as the best SMB accounting software for invoicing. But it also has tools for managing expenses, tracking time, managing projects, tracking payments, and generating reports.
It’s intuitive, powerful, and very easy to use. Starting and running your FreshBooks account will be a breeze, whether or not you don’t have any experience with small business accounting tools.
What I really like about FreshBooks is their mobile app. It’s a perfect solution for managing your small business bookkeeping and invoicing on the go.
While the list of app integrations isn’t as extensive as a few of the other solutions in this guide, FreshBooks continues to be compatible with all of the foremost popular ones, like G Suite, Stripe, Shopify, and Gusto.
The Lite, Plus, and Premium plans include 5, 50, and 500 billable clients, respectively. So your choice of plan will depend on your client list. It’s an additional $10 per month for every team member that has access to the software.
Even if you’re a freelancer or simply working part-time, I’d still start with the Plus plan. You don’t want to be restricted to only five billable clients in any given month. You’ll be able to sign on for a free trial to determine what plan is best for your business.
FreshBooks has outstanding customer support and many types of educationable resources, like links to training videos directly from your dashboard.
There are downsides though. The invoices are a touch limited in terms of what you’ll customize, and it doesn’t prepare quarterly tax estimates.
Plans And Pricing
Lite- $4.50/ month
Plus- $7.50/ month
Premium- $15/ month
3. Sage 50cloud
For nearly four decades, the Sage brand has been providing enterprise-grade accounting solutions to companies across the world. Sage 50cloud is a perfect solution for both small and medium-sized businesses.
The software is strong and complex. It’s desktop software with remote access from anywhere.Sage 50cloud has inventory management, assets functionality, report generation, and integrated payroll features. It’s great for small to mid-size businesses that require multi-user access.
The security capabilities allow you to limit access or limit functions to users in your company supported by their clearance level or task description.Sage has been around for a long time, and it shows. The user dashboard looks dated compared to other solutions on the market today.
It doesn’t have any features for time tracking and plenty of links open new windows, which isn’t very user-friendly. Prices will increase depending on the number of users you add. You’ll may also include Microsoft Office 365 for a further $150 yearly
These prices aren’t as appealing for entrepreneurs, sole proprietors, and startups. I’d only consider Sage 50cloud as a medium-sized business that needs the resources and assistance of a corporation like Sage. I’d also recommend an annual contract to save some money on the already high prices.
Plans And Pricing
Pro Accounting- Discounted Price $340/ yearly
Premium Accounting- Discounted Price $510/ yearly
Quantum Accounting- Discounted Price $842/ yearly
The FREE accounting solution for entrepreneurs. That’s right—free. There aren’t any founded fees, hidden costs, or monthly charges.
Here’s a listing of everything you get at no cost using Wave:
- Income and expense tracking
- Bank and credit account connections
- Unlimited guest collaborators
- Invoicing in any currency
- Send estimates and switch them into invoices once approved
- Receipt scanning
- Automatic receipt recording
- Use the Wave mobile app to manage everything you wish on the go. you’ll be able to even capture receipts when you’re offline, and they’ll upload after you connect.
You can manage multiple businesses with one Wave account, which is ideal for any entrepreneur. Personalize your invoices with customizable and professional templates.
The usability, features, and mobile app rival a number of the simplest paid accounting solutions on the market today. The very fact that Wave is free is incredible. You’ll only need to pay if you enable online payments or payroll with Wave.
Online payments are billed per use, at industry-competitive rates. ACH transfers are 1% per transaction with a $1 minimum fee. Charge card processing is 2.9% plus $0.30 per transaction. Payroll starts at $20 or $30 per month, depending on location. You’ll be charged an extra $4 per active employee and $4 per contractor paid as well.
Overall, Wave is ideal for entrepreneurs trying to find a basic accounting solution. Both the app and payroll integrations aren’t as useful as other solutions on our list.
Accounting Software- Free
Payments- Pay per use
Credit card processing
2.9% + 30¢ per transaction for Visa, Mastercard, Discover
3.4% + 30¢ per transaction for American Express
Bank payments (ACH) 1% per transaction ($1 minimum fee)
Tax service states- $35 monthly base fee+ $6 per active employee+ $6 per independent contractor paid
Self service states- $20 monthly base fee+ $6 per active employee+ $6 per independent contractor paid
5. Zoho Books
Zoho Books is an end-to-end accounting solution. This means it assists you with everything from daily transactions to negotiating deals and invoicing. That means it gives you a lot of bang for your buck in terms of accounting software.
This small business software also ensures tax compliance. Zoho Books makes it easy for you to comprehend your tax liabilities.
I like the Zoho Books dashboard because it’s straightforward and simple to use. Navigate through common accounting needs like:
Zoho integrates with 40+ apps right out of the box. The number of apps may be a bit low compared to the competition, but the essentials are available. All plans include bank reconciliation, expense tracking, customer invoicing, recurring transactions, sales approval, and timesheets
The Basic plan is solid since it goes up to 50 contacts, Other beginner plans that we’ve seen during this guide start as low as five. Plans are easily scalable which means if your business grows, the software grows with you.
Plans And Pricing
Basic- $9/ month
Standard- $19/ month
Professional- $29/ month
SlickPie is an easy-to-use, cloud-based software for all of your accounting needs. It’s a comprehensive tool that allows you to satisfy your tax requirements and ensure regulatory compliance.
MagicBot – It’s an in-built, automated receipt data entry tool that permits businesses to streamline accounting by automatically pulling details from bills and converting them to digital data
Track nuisance tax – With this software, you’ll be able to manage business taxes with inputs like municipal, state, regional, federal, provincial, and pool them into one platform
Late Payment Reminders – In-built, automated due and overdue reminders that may facilitate faster payments, and avoid late payment related issues
Financial Management and Reports – Measure, track, and access all the insights associated with the finances of your business. It helps you create well-informed, data-driven decisions.
Plans And Pricing
Professional- $39.95/ month
Xero does a good job of simplifying the accounting process for small to mid-size business owners.
It supports all of the fundamental features that you simply would expect in an SMB accounting solution, like sales, expenses, inventory, and payroll. You’ll be able to manage purchase orders, quotes, and invoices for your customers and suppliers.
For those of you who are using Microsoft Excel or another tool to manage your books, there’s an honest chance that you’ve created tons of data. Xero makes it easy for you to import those transactions and other data into the program.
Asset management – Track every business asset like vehicles, machinery, hardware, and office equipment for real-time accounting purposes
Project management – This software helps you to complete all of your project management tasks like capturing time and costs, sending invoices, and monitoring progress on one platform
Sales tax – excise-related features make it easy to file taxes online, prepare, and submit excise tax reports. It also calculates taxes for your sales and purchases with the most recent rates
Business performance dashboard – Make use of the dashboard, which has charts and graphs for actionable insights to create data-driven business reports
Inventory management – Excellent inventory management tools help you keep track of the numbers and inventory.
Plans And Pricing
Early- $5.50/ month
Growing- $16/ month
Established- $31/ month
In 2011, small business accounting website Billy launched within the Danish market. Five years later, a version debuted within the US market. Earlier last year, US-based Lendio, an organization that helps small businesses research and procure loans, bought and relaunched Billy as Sunrise, a free accounting site.
Housed in an exceedingly double-entry accounting framework. Sunrise supports contact and merchandise records; quotes and estimates; invoices, recurring invoices, expenses, and data imports from financial institutions (including recently with Plaid).
It works with PayPal, Square, and Stripe Business Payments for payment processing. Other additions since our last review include integration with Zapier and Gusto.
Plans And Pricing
Free Self-Service Software
Early Plan- $149/ month
Growing- $299/ month
Corporate- $499/ month