As a small business owner, having to manage your own finances and accounting can be difficult. However, in today’s modern world, there is accounting software that you can use to help run your business easily and efficiently. There are numerous options on the market, which can make it difficult to choose the right one.
When you are looking at accounting software for a small business there are certain aspects you will need to consider. You will need to know how the software backs up and protects your data, what the customer support structure is like, and what the monthly and additional charges will be. Be sure to find out if any businesses similar to yours have experienced any issues with the software.
Below we give some advice on the best accounting software for small businesses.
Intuit QuickBooks Online
Intuit QuickBooks Online is one of the more popular and recognised accounting software options for small businesses. It offers easy receipt capture features, 24/7 chat and phone support for businesses, as well as simple integrations with PayPal, Shopify, and Square. Whether you choose a free plan or a paid plan, you will have access to income and expenses tracking, sales and taxes tracking, as well as payroll options.
Sage 50cloud is a robust and unique small business accounting software platform. It has an extensive list of features and tools that allow for customisation. You can easily integrate it with Microsoft Office 365 for a hybrid solution of hard drive-based software that can share data via the cloud. The inventory management and payment tracking tools are sophisticated, making it an ideal choice for a small business that is growing each month and that needs to monitor their inventory and expenses.
FreshBooks is a popular accounting software choice for small businesses due to its ease-of-use and integration. You can use it to track your staff’s time and create invoices, run a subscription service without needing another tool, and see the exact location a customer opened your invoice. You can integrate it with several other business applications and manage everything from one dashboard, making your accounting more efficient and easier to perform. There is also a mobile app you can use on your device.
Wave is one of the most popular accounting software options for small businesses on the market. It is the best choice for businesses with 10 or fewer employees or for freelancers. Almost all of the services are free but you can upgrade for a small fee if you feel you need access to all of them. All of your information syncs with Wave’s software, making it easy for you to access it on any device from one account. There is no time or inventory tracking, however, which can be limiting.
GoDaddy Bookkeeping offers direct integration with Amazon, eBay and Etsy, making it one of the best accounting software choices for small businesses that want to sell to an international audience. It has a robust bookkeeping depth and flexibility and it is easy-to-use. You can create customised invoices, calculate quarterly tax estimates, and make time entries. However, it does lack some of the features many of the major competitors, so be sure to look into this if you need more for your business.
While this list is by no means exhaustive, it does provide some ideas as to what software is on the market. You should be sure to look at all of the features on offer and compare them to your needs. You might find that some of the features are unnecessary, such as integrating with online stores, while other features are vital, such as tracking time for invoices.
Once you know exactly what you are looking for in accounting software for your business, you can make your final decision. Take a look at our business categories to find the accounting help you need.