As a small business owner, you are responsible for proper bookkeeping. Failure to properly manage your books could not only land you in legal hot water, but it could also cause you to lose money.
Fortunately, the progression of technology has made it easy for small business owners to manage their finances. It has done this in the way of affordable and user-friendly accounting software.
Looking for new accounting software for your business? You’re in the right place. These are the 7 best small business accounting software on the market today.
The Best Small Business Accounting Software
There are both open source and proprietary business accounting software available. However, if you’re looking for a software that’s easy to use, your best bet is to go the proprietary route.
In the case of this article, we’ll be reviewing only proprietary software. Let’s begin!
1. QuickBooks by Intuit
One of the most popular account software for small businesses is QuickBooks by Intuit. It costs $7.00 a month for one user, $17.00 a month for up to 3 users, and $30.00 a month for five or more users.
The real upside to QuickBooks is its user-interface. This software is exceedingly easy to use, allowing you to send invoices, send receipts, track income, gauge taxes, and draw up reports with just a few touches of a screen. It also allows you to track employee time and manage contractors.
QuickBooks is available on both iPhone and Android OS and comes with 24/7 customer support. If you’re looking for the absolute best accounting software for small business, you’ve found it in QuickBooks.
Another top-notch accounting software is Freshbooks. Available for both iPhone and Android, it’s extremely user-friendly. Prices for Freshbooks are $15.00 a month for up to 5 clients, $25.00 a month for up to 50 clients, and $50 a month for up to 500 clients.
Where Freshbooks really thrives is in its invoicing and time tracking capabilities. However, in addition to these things, it also does a superb job of tracking your spending and income. In other words, it’s capable of handling all necessary accounting tasks.
Available in a mobile app, Freshbooks can be used essentially anywhere. This makes it an exceedingly convenient app to have on your side. Equipped with automatic backup capabilities, it will preserve your books through any and all types of damage.
3. Zoho Books
While not quite as popular as Freshbooks or QuickBooks, Zoho Books is right up there with the best in terms of functionality and user-friendliness. Available for both iPhone and Android OS, it can be used either on your computer or on your mobile device.
As it pertains to small business accounting, there really isn’t anything that Zoho Books can’t do. Not only does it track your spending and income, but it also accommodates online customer payments and financial analysis.
There are three versions of Zoho Books: Basic, Standard, and Professional. While the Basic plan is available for $9.00 a month, the Standard plan is available for $19.00 a month and the Professional plan is available for $29.00 a month.
Next up is Xero, an iPhone and Android-compatible app that’s easy to use and which thrives in mobile situations. This software has three different plans, including a Starter plan, a Standard plan, and a Premium plan. These plans are available for $9.00 a month, $30.00 a month, and $70.00 a month, respectively.
Xero makes everything easy, including invoices, income tracking, and expense tracking. It also helps with in-depth financial analysis, providing you with monthly reports so that you can understand your spending.
More than anything, Xero is a financial analysis tool. In and of itself, it can’t be used to receive payments. However, it does contain add-ons which will allow you to do so.
5. Sage 50cloud
Another great small business management software is Sage 50cloud. This software is exceedingly easy to use and offers the same level of functionality that you’ll find in programs like Freshbooks and QuickBooks. In fact, in some areas (such as automation), it might even be considered better.
Unfortunately, it’s fairly expensive. Its cheapest package costs around $50 while its more expensive packages cost around $75 and $180, respectively. Available for both iPhone and Android, it can be used on the go or in the office.
There’s really no accounting task that Sage 50cloud can’t handle. Not only is it a payment software solution, but an expense tracker and tax preparer as well.
Wave is a great option for very small businesses as most of its functions cost absolutely nothing at all. That’s right, it’s accounting, invoicing, and receipt scanning functions can all be used free of charge. If you don’t have the money to spare for a more powerful software, this is a great fallback option.
However, note that if you’re also looking for payroll and payment capabilities, you’ll need to pay extra. Online payments cost 2.9% of the total transaction plus a 30-cent service fee. On the other hand, payroll fees range between $20 and $35 a month.
In conclusion, Wave certainly isn’t the best small business management software, but it’s good enough to get the job done.
The last software we’re going to discuss is OnPay. This software is available at $36.00 a month plus $4 a month for each person who’s using it. Ideal for small and medium-sized businesses, it can handle all necessary bookkeeping tasks.
OnPay not only simplifies payroll and helps you to file your taxes, but it also helps you to manage employee benefits. Everything from health insurance to 401ks to workers compensation will be easily handled by OnPay.
If you run a small business, there’s no reason not to give this software a shot. It will automate all of your financial bookkeeping, allowing you to focus on other pertinent matters.
In Search of Other Useful Software for Your Small Business?
And there they are, the best small business accounting software on the market today. While they’re all slightly different, they will all help you to properly manage your finances.
Looking for other useful software for your small business? If so, you can find them here at Designs Rock. Check out our other software-related posts right now!