Are you searching for the best accounting software for small businesses? If yes, then you get a plethora of choices in this post. But what an accounting software actually is and how does it help your business?
Before we share some suggestions for accounting software with you, let us give you a brief introduction to the role of accounting software in small businesses.
What Is The Role Of the Best Accounting Software For Small Businesses?
Accounting software can be a game-changer for your small business. It can help you in a cornucopia of ways. You and your accountant can effortlessly understand the cash flow, revenues, and expenses of the business using it. Of course, no software can replace your accountant but can surely streamline your entire accounting operations. Consequently, this makes your accountant’s job easier. Here are a few more advantages of accounting software:
- Data Accuracy
- Smooth Data Export
- Security of the Data Files
- Scalability To Work
- The convenience of Report Generation
Let us now tell you the best accounting software for small businesses you can pick from.
7 Best Accounting Software For Small Businesses You Must Know
1. Intuit QuickBooks
Developed and marketed by Intuit, QuickBooks is excellent accounting software that fulfills the accounting needs of small and medium-sized businesses. The QuickBooks products come in a bundle of on-premises as well as cloud-based versions. Additionally, can be the best accounting software for self employed or freelancers. So, it’s always up to you what is your requirement. A few of its features are as follow:
- Accepts business payments
- Handles Payroll Functions
- Manages bills and inventories
- Helps in filing taxes
- Comes with free unlimited support
- Integrated with online banking options
Pricing: Starts from $12 per month
Products Available: QuickBooks offers a huge range of products like QuickBooks Desktop, QuickBooks Online, QuickBooks Enterprise, QuickBooks Point of Sales, etc.
2. AccountEdge Pro
AccountEdge Pro is another accounting software that is helpful for small businesses. It features on-premise solutions that get connected to the cloud for data storage and perform all its key functions. Therefore, this makes it one of the best cloud accounting software for small businesses. It has an invoicing and quotes feature allowing easy billing for e-commerce or related businesses. Another good thing about this software is its payroll feature. Therefore, you can effortlessly create payrolls for your employees. Enlisted below are a few more features of this software:
- Gateway for sending and receiving money
- Accounts reconciliation
- Creating sales
- Tracking and building inventory
Pricing: $399 is the starting price
Products Available: The products and versions of AccountEdge vary for Mac and Windows users.
One of the top-notch online accounting software applications, Freshbooks works flawlessly for sole proprietors and freelancers. It can help your accountant for analyzing and managing expenses with ease. The FreshBooks software was introduced in 2003 and was only accessible through a desktop. Now, it is more scalable with its mobile-friendly features and integrations. Enlisted are some features of this software:
- Easy Invoicing
- Expense Management
- Time-tracking options
- Mileage Tracking options
- Multi-currency Billing
Pricing: Its premium version begins from $15 per month.
Products Available: FreshBooks is available in different products for various work-based requirements like Freshbooks Lite, Freshbooks Plus, Freshbooks Premium, etc.
4. Sage 50cloud Accounting
Sage 50cloud (formerly known as Peachtree Software) provides small business owners with comprehensive accounting services. It offers functions such as customer management, accounts receivable and payable, and financial reporting. Besides that, it has accounting and compliance controls, ensuring accuracy and common errors prevention. The security functions of this software include suspicious transaction flagging, audit trails, and user access. Here are some more advantages of this software:
- Profitability tracking system
- Cashflow forecasting options
- Custom reporting benefits
- Digital invoicing and online payment
Pricing: Charges for its basic version are $340 per annum.
Products Available: The various products available in Sage 50cloud accounting software are Pro Accounting, Premium Accounting, Quantum Accounting, etc.
5. Zoho Books
The next online accounting software for your small business needs is Zoho Books. It lets you manage the cash flow of your business effortlessly. Other than that, you can manage your customers and invoices, reconcile your bank accounts, and collaborate with your accountant in real-time using this ultimate accounting software. Let’s have a look at some of the other benefits of this software:
- Contract/License Management
- Data Import/Export
- Expense Tracking
- Compliance Management
- Contact Database
Pricing: Standard pricing begins from $15 per month per organization
Products Available: Zoho Books comes with a cornucopia of products like Zoho SalesIQ, Zoho Analytics, Zoho Desk, etc.
Xero is easy-to-use accounting software specifically designed to smoothen the workflow of your small business. Using it, you can run your business from anywhere and anytime. Thanks to the scalability and convenience offered by this amazing accounting software. It works perfectly for a variety of niche markets like retail, IT, e-commerce, startups, etc. Following are some other features of Xero:
- Auto Import of Bank Accounts
- Easy Integration of Bank Accounts
- Recurring Journal Entries Available
- Availability of Time-tracking options
Pricing: Its plans start from $20 per month.
Products Available: Some of the products of Xero are Xero Workpapers, Xero Practice Manager, Xero HQ, etc.
7. Oracle Netsuite
Oracle NetSuite is a fully-featured accounting and ERP (Enterprise Resource Planning) software geared toward small businesses with complex requirements. This easy-to-handle software focuses on automation. As a result, you can easily send and collect invoices. Highlighted are a few more features of this impeccable accounting software:
- ERP tools for Facilitating Finances
- Production and Supply Tool Management
- Bank Reconciliation Options
- Integration with Mobile Apps
Pricing: Begins from $499 per month
Products Available: Oracle Netsuite comes with products like Oracle Business Management, Oracle Analytics, Oracle Business Intelligence, etc.
Wrapping it up:
We hope the above information will help you in choosing the best accounting software for small businesses. Choose the one that falls within your budget and business needs. Do you need some guidance in selecting the right accounting software for your business? Our technical experts are always there to help you. Feel free to get in touch with us via phone call.