A solid accounting foundation is essential for the operation and growth of a business. It means practicing good financial cleansing and using the right tool now, not tomorrow. This is especially true as the COVID-19 pandemic has brought more complex scenarios, such as managing remote workers, possibly fewer clients, a tighter advertising budget, as well as headaches. usual to balance the balance sheet. When planning to grow your business, one of them should be getting the right accounting software that you can start with inexpensively, but with advanced tools.
In this article, we’ll introduce the 20 best small business accounting programs as determined by our experts. Its features, advantages and prices will be discussed. Many of these solutions are more similar than different and incorporate standard functionality such as general ledger management, invoicing, and payment processing. But it’s the little things that can be a deciding factor (eg, scalability, support, reliability), so be extra careful.
Before the COVID-19 pandemic, we saw an increase in the adoption of accounting applications. Yet at the same time, it was found that only 37% of accountants use cloud-based accounting solutions. This was seen as a significant disparity, especially with increasing demands from businesses to be more agile. Cloud-based accounting solutions provide businesses and accounting professionals with the perfect platform to do this. This statistic, however, showed that during this time, many are not as excited about moving to the cloud.
So COVID-19 forced them to change. When the pandemic hit, a record 13% increase in IT workload was placed in the cloud. With social distancing protocols and remote working setups, many businesses and professionals have started to see cloud accounting tools giving accountants a technological edge.
Not only do they allow users to react to issues and opportunities in real time, but they also provide them with a support team that does too. Indeed, many cloud accounting software vendors are proactive in providing their clients with highly personalized tools tailored to their particular needs.
Buying web-based software solutions isn’t just a one-stop-shop for everything you pay for and get what you want. Cloud software vendors are typically more interested in the success of their customers than their strictly local counterparts. This is because they know that their success also depends on yours. It’s really great to have them on your team.
Best Accounting Software for Small & Medium Business in 2022
First on our list of the 20 best small business accounting software is an accounting solution known to make financial management easier. FreshBooks helps users easily process subscriptions and recurring invoices. Supports collection of online payments by credit cards, PayPal, and Google Checkout. This software integrates seamlessly with common business applications, helping to streamline processes. As it is a complete suite, the need for additional software is eliminated, giving users full control over their financial operations from a single dashboard.
To further improve the application, the vendor has ensured that its latest version has advanced features to further enhance the financial management capabilities of users. Its control panel makes it easy to customize, while data security is not an issue, as secure backups are regularly implemented to protect user information at all times. There is a specific fee required when using the system, which also allows the use of Android and iOS apps for after-hours tracking.
FreshBooks can be purchased in a variety of pricing models starting at $ 15 / month.
How is FreshBooks unique?
- Simpler but powerful solution. The latest version of FreshBooks is designed to be simpler, but advanced features have been built into the platform. An elegant interface is now provided to the software and collaboration between team members is now encouraged, resulting in a better quality of work.
- Optimized for mobiles. FreshBooks comes with mobile add-ons for Android and iOS devices, allowing users to access information anytime, anywhere.
- Pay online. The tool’s time tracking capability is designed for use in invoicing, allowing businesses to receive payments online through a variety of payment gateways.
- Impeccable invoice upon payment. For small businesses, FreshBooks offers billing functionality. Users can identify the exact location where a customer opened an invoice email, which is very useful in detecting customers who say the invoice never reached them.
- Management of billing history. The platform houses features that allow the tracking of past and current invoices. Unpaid invoices can be withdrawn instantly using this feature.
2. NetSuite ERP
NetSuite ERP integrates general ledger and other financial tools with e-commerce, sales, and marketing to grow your business. The sales tool includes a contact manager that allows you to manage leads, automate communication, track your sales channel, generate quotes, and sync calendars with your teams to improve collaboration. The e-commerce component integrates order management with order processing and fulfillment. An inventory management tool takes care of your inventory and a shipping module gives you the flexibility of features that you can add as your needs change.
A powerful and elegant dashboard gives you access to KPIs. Everything is accessible through any mobile device. There’s a file manager that makes it easy to share and work on any task, a powerful reporting tool, and a tool that lets you export or import recordings as appropriate. The intuitive dashboard lets you see everything at a glance. It’s easy to use, even for non-experts, so you and your staff can worry about your business instead of your software.
What Makes NetSuite ERP Unique?
- Designed for your business. NetSuite ERP for Small Business is an affordable set of powerful solutions that you can easily adapt to your needs and quickly implement. It is easy to configure and has an interface that eliminates complex configuration.
- One tool to manage everything. With a strong financial core, modules for sales, marketing and commerce with order management, as well as a host of other essential capabilities, your first job order is not looking for a third-party application to integrate, but everything related to the real thing. needs of your customers.
- Know instantly if your business is missing something. The app generates all the crucial business metrics at your fingertips, so you don’t have to guess your next move.
- Modern and fully mobile. If you have an internet connection and a fully functional smartphone or tablet, then NetSuite is with you anywhere on the planet.
- Configure once and run it. Once you’ve set up NetSuite ERP, all you need to do is let it run its course instead of trying to troubleshoot software. Cloud access eliminates substantial cost of ownership
3. QuickBooks Online
Most user-friendly software
QuickBooks Online is an accounting solution specifically for small businesses and freelancers because it simplifies even the most complex accounting processes. It has become a popular tool among accountants, bookkeepers, small business owners, and financial officials. For up to five users, all functions of the application are accessible. However, the features are limited for plans with an unlimited number of users.
A notable benefit is the way it automatically syncs company profiles into a single dashboard, where multiple users can view company accounts and reports. It is capable of generating business and profit and loss records, invoices and invoices, all accessible through mobile devices. Custom feeds and reports can also be created from the dashboard. Popular integrations include Quickbooks Online Payroll and Intuit GoPayment.
The app comes in a variety of pricing systems, starting at $ 18 a month. A free trial is available for those who wish to test the software’s features first.
What’s so special about QuickBooks Online?
- Accounts administration. The application provides users with access to accounting information and allows its creation, editing, sharing and duplication with the relevant parties.
- Online accessibility. Users can log into the system anywhere there is Internet access without the need for additional software. You can also create customizable feeds and charts.
- Security and safeguards. All accounting information is safely stored in the cloud. These can be viewed and exported to Excel spreadsheets.
- Support and updates. All subscription plans come with support out of the box. Regular updates and improvements are also provided.
Best overall accounting software
We love Xero for its robust features and low starting price. For just $ 11 per month, Xero lets you send personalized invoices, reconcile bank transactions, capture receipts for easier record keeping, and track inventory.
But as an accounting tool for small businesses, Xero really stands out in terms of collaboration. Unlike almost all other accounting solutions (including QuickBooks and FreshBooks), all Xero inventory and accounting software plans include an unlimited number of users. You don’t have to pay extra to delegate responsibilities like bank reconciliation or expense tracking to another team member – time-saving collaboration is built into your price.
However, Xero’s $ 11 / month plan limits you to entering just five invoices and submitting only 20 invoices per month. You can send an unlimited number of invoices and quotes with only the Growth and Established plans, which start at $ 32 and $ 62 per month, respectively. Plus, you can only track expenses with the more expensive plan – QuickBooks and FreshBooks offer small business upfront expense tracking.
For exactly $ 0, Wave presents you with a sleek, easy-to-use dashboard and a host of features that rivals its paid competitors. For example, Wave Accounting includes support for multiple currencies, expense tracking, unlimited billing, and double-entry accounting, a more accurate accounting method that is notably lacking in the basic FreshBooks business chart of accounts.
Wave also allows you to juggle multiple companies on the same account. If you are an Amazon or eBay seller who also manages a small team of entrepreneurs, you can track both sets of finances without paying anything.
Although Wave has a useful payroll tool, its accounting software is not necessarily suitable for companies with several dozen employees. Since Wave only offers one chart of accounts, businesses cannot scale to plans with more features as they grow. And Wave’s lack of inventory tracking makes it better suited for freelancers and service-based freelancers who don’t need both accounting and inventory software.
6. Zoho Books
Zoho Books easily automates the most common (and, let’s face it, boring) accounting tasks, which means you can spend more time with your business and customers, and less time on the tedious task of entering data. In particular, it allows you to set up automatic payment reminders for customers, create recurring expense profiles, and manage 1099 subcontractors.
Additionally, Zoho Books is just one piece of software in Zoho’s larger suite of products. Each Zoho product integrates easily with the others, which means you can start by using Zoho for accounting, project management, and customer relationship management (CRM). Zoho Books costs $ 15 per month if you pay annually or $ 20 if you pay month to month. The cheapest plan has three users, but you can also pay an additional $ 2.50 per month for each additional user. This is an exceptional bargain, especially compared to FreshBooks’ extra $ 10 per user per month.
Unfortunately, despite being a solid accounting tool, Zoho Books has one major flaw: Zoho doesn’t offer a payroll plan unless you live in California, Texas, or India. And it doesn’t integrate with third-party payroll providers, either. Instead, you have to manually update the payroll aspects of your books, which greatly undermines Zoho’s main benefit of automation.
Likewise, the cheapest Zoho Books plan does not include automatic creation of journal entries. Instead, each time you debit or credit an account, you will need to create an entry manually. If you record more than a few transactions per month, the lack of automation adds a lot of time and hassle; instead, you’ll want the Professional plan at $ 40 / month (or $ 50, billed monthly).
7. Sage Business Cloud Accounting
The Sage Business Cloud Accounting cloud-based accounting and billing management platform is designed for small businesses. Its main functionalities include accounting, compliance and expense management. What sets Sage Business Cloud Accounting apart from its sister application Sage 50c is that the former is a complementary service that allows the latter to be integrated into the cloud, enabling cloud storage and accessibility for all your data. This combination makes Sage Business Cloud Accounting better than ever.
System charts, dashboards, and transaction overviews give users a clear picture of where their business is heading anytime, anywhere. It can generate purchase and sale histories and bank statement imports, which are very useful in managing cash flow. The application can be accessed via smartphones, giving users a real-time view of customer data and allowing them to record notes at any time.
Sage Business Cloud Accounting is offered in two pricing models, starting at $ 30 / month.
What Makes Sage Business Cloud Accounting Unique?
- Small business accounting tool. Sage Business Cloud Accounting is aimed at small businesses, allowing them to manage all accounting-related tasks. Helps users manage payment processes such as quotes, billing, and quotes. It’s also offered at flexible pricing, making it ideal for businesses on a tight budget.
- Accessibility and cloud storage. The application integration with Sage 50c gives you cloud storage capacity and gives users access to all accounting data.
- Robust functionality from a single dash. The platform makes the accounting information of all users available from its dashboard, keeping them informed of accounts receivable and cash flows.
- Fiscal management. Sage Business Cloud Accounting also serves as a tax management tool, capable of accurately calculating taxes based on transaction information. You can forecast cash flow, allowing users to estimate cash flow requirements.
- Mobile optimization. The platform comes with Android and iOS applications, which can be used to create invoices, record expenses, and view graphs that reflect business performance. Integration with third-party applications is also possible.
Tipalti is cloud-based payment automation and management software known for helping businesses meet deadlines accurately. The solution helps solve problems such as non-compliance, late payments, administrative expenses and complications derived from human errors. The time spent on financial management is drastically reduced, solving one of the biggest problems accounting teams face.
In addition to those mentioned, the software can automate the payment transactions of any business in the world, which can range from tasks such as integration to tax compliance. It is capable of streamlining payment processing in approximately 190 countries. By using the product, companies can be assured of complying with all existing tax and regulatory requirements, minus excessive human intervention. The payment experiences of customers and suppliers are also improved, as well as the quality of the service.
Tipalti is available on a budget. Interested parties can contact the seller for a personalized quote.
What is the particularity of Tipalti?
- Automated payment. The system automates approximately 50% of all payment processes in 190 countries. It is a state-of-the-art solution for reconciling payments, financial reports, and accounts payable. Standardize data across a wide variety of payment gateways.
- Facilitation of payments. The software makes payment easier than you might think. Users can pay in 190 countries, 120 currencies, and 6 payment methods. It has an advanced payment configuration, which offers a wide variety of financial controls.
- Tax compliance. The application collects the W-9 and W-8 tax forms in order to withhold payment from non-compliant payees. This helps prevent paying for illegal parties. Additionally, the software easily creates forms while calculating the correct tax.
- Advanced reports. The product has an excellent payment reporting system, generating accurate payment reconciliation reports. This is done with minimal intervention from managers.
Finding the best online accounting software for your small business can seriously transform your working life. With less time spent entering data, you have more time for the things you love most about owning a small business, whether it’s meeting customers or creating products you are proud.
Most of our best accounting software options include a free trial, so feel free to try a few different brands if you can’t find your favorite right away.
Why do we need accounting software?
Accounting software makes the process efficient. You can complete your bookkeeping with a few steps. As you enter the transactions in the Vyapar app, it computes all totals itself.
What are the benefits of accounting software?
Accounting software allows simple data entry and generates comprehensive financial reports. It will enable automated record keeping. Using Vyapar improves efficiency and increases accuracy by eliminating manual procedures.
What is the easiest accounting software to learn?
Wave, Zoho Books, and ZipBooks are the easiest accounting programs to learn. With all three you can get your company data up and running in minutes.
What is the best accounting software for small businesses?
QuickBooks Online is the best small business accounting software overall. QuickBooks hits all of the marks, including features, price, integrations, ease of use, and scalability.
However, QuickBooks Online isn’t the only option. Several other competitors, such as Wave, Zoho Books, and Sage Business Cloud Accounting, give QuickBooks a run for its money.