As a small business owner, one thing you need to stay on top of in your business are your finances and related paperwork. This becomes even more important as your business grows. In this article, I will share some of the top accounting software for small businesses.
How to Choose Accounting Software for Small Businesses
With so many options to choose from, it can get a bit tricky to zero in on the best accounting software for your business. Below are some of the features you should look for when selecting the accounting software.
Accounting Features
It is important the accounting software you select comes with all the accounting features your business needs. This may include expense tracking, multiple user support, tax calculations, time tracking and more. So, the starting point is to write down all the features you need and then look an accounting software that offer these features.
Scalability
As your business grows, your online bookkeeping and accounting needs will also grow. A solution with only basic tools may work today, but it may not be able to support your future needs. So, look for an accounting software that you can scale with you.
Budget
Before you start looking for the right solution, consider how much you are willing to invest in an accounting software. A clear idea will help you eliminate some options and provide clarity on the solution you can afford.
Top Accounting Software for Small Businesses
Xero
Xero stands out with its intuitive dashboard that makes inventory management easy. It is immensely popular with small businesses and bookkeepers. Apart from its cloud version, Xero also has iPhone and Android versions.
Some of its keys features include:
- Two-step authentication for data security
- Updated financial reports
- Real-time cash position
- Easy collaboration
Zoho Books
If you are looking for a simple solution to manage your business cash flow and finances, you should consider Zoho Books. With Zoho Books, you can automate your workflows across departments. Also, it includes several other products such as customer relationship management (CRM), human resource management and inventory control.
Some of its key features are:
- Invoicing
- Automatic tax calculations
- Client portal
- End-to-end accounting
- Tax compliance and audit reports
QuickBooks
Quickbooks has both desktop and online versions. The desktop version is an installed solution that allows businesses to make deposits, payments, run payroll, and send invoices. It features an advanced reporting tool. This desktop tool works especially well for businesses with an in-house bookkeeper. The Quickbooks Online is a preferred option for many small and medium businesses because of its simplicity. It is easy to set up and it has plenty of features which make it the perfect solution for businesses that do not have accounting experts.
Some of its key features include:
- Advanced processing power
- Customized billing
- Integrated with third-party apps such as Square, Shopify and PayPal
- Customized reports
- All expenses in one place
- Sales tax calculations and returns tracking
AccountEdge Pro
AccountEdge Pro’s features make accounting easier for small businesses. What is unique about AccountEdge Pro is that it is available for a one-time fee that can save businesses a lot of money.
Below are some of its key features:
- Billing and invoicing software
- Customizable invoices
- Budgeting and forecasting
- Document management
Sage Business Cloud Accounting
Sage is one of the top accounting software for small businesses. With its user-friendly interface, businesses without accounting expertise will be able to manage their finances with ease.
Below are some of its key features:
- Available on all devices
- Tax compliance tools
- Integrated with other apps such as Zync and AutoEntry
- Inventory management
Freshbooks Accounting Software
Freshbooks is a simple-to-use accounting and bookkeeping software solution and it is cloud-based. So, you can access it from any device.
Some of its keys features are:
- Multi-currency support
- Time tracking
- Payment reminders
- Online credit card payments
- Automatic tax calculations
- Recurring invoices
Bill.com
If you are looking for simple, standalone accounting software that can help you manage invoices and bills, Bill.com should be on the top of your list.
Some of its key features are:
- Supports a variety of payment methods
- Multiple approval levels
- Intuitive user interface
Neat
Neat is popular with freelancers, contractors and small enterprise owners. It has a mobile app that makes it more accessible to business owners.
Here are some of its key features:
- Transaction filters
- Automatic accounting reports
- Secure payments
Kashoo
Kashoo is designed for small businesses looking for simple accounting software. It is a straightforward tool with basic features you need to automate your accounting process. It uses machine learning to categorize expenses for credit card and bank transactions.
Here are some of its key features:
- Invoicing feature
- OCR and receipt-matching functionalities
- Free phone, email and chat support
- iOS app
- Income and expense management
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