Accounting, in its most basic form, comprises summarizing, evaluating, and reporting all business transactions, large and small. It’s an essential function for every organization to understand profits and losses, tax obligations, and the overall health of the company.
Accounting usually entails the following tasks:
- Making decisions and budgeting
- Evaluating A business’s economic performance
- In addition, most organizations employ professional personnel known as accountants to handle the firm’s accounting needs.
If you’re self-employed today, though, you have access to a variety of accounting tools that can assist you in managing your finances on your own.
These technologies aid in the creation of invoices, the tracking and management of inventories, the administration of payroll services, the management of corporate finances, and the management of client relationships, among other tasks.
However, with so many options on the market, selecting the best one for your company can be difficult.
What is the Best Accounting Software for Small Businesses?
Here are 11 of the greatest small business accounting software programs to check out:
#1 – FreshBooks is the first option
FreshBooks is one of the most user friendly accounting software programs out there. It can help you manage all of your accounting tasks, including invoicing, time tracking, and payment processing. The best aspect is that it is quick, safe, and simple to operate – on top of that, the customer support is top notch and has won many awards!
What can it do?
- Invoicing – You can customize your emails and generate your own invoice with your brand and signature.
- Expense Tracking Software – Simply connect your bank account to the app and receive automated spending updates at predetermined intervals.
- Track Your Time — Keep track of how much time you spend doing things like meeting with clients, finishing a project, and so on.
- Accounting — Provides double-entry accounting tools that are simple to use.
- Project Management – Enables cooperation and provides a holistic approach to project management.
Pros:
- It’s a mobile-friendly software that allows you to keep in touch with customers via a mobile app.
- An easy-to-use and intuitive user interface
- Compatibility with multiple languages and currencies
- Because it is cloud-based software, it is both economical and simple to use.
- Customer service is excellent by phone, email, live chat, and ticketing.
- Exceptional customizability
- Accepts credit cards and commercial credit cards online, as well as ACH bank transfers.
- Creates project budgets on a regular basis to keep your team informed.
- Produces actionable and rich insights
- Free 30-day trial period
- To ensure increased data security and maintain the integrity of the data, each transaction is SSL certified encrypted.
- Unlimited expense tracking, time tracking, expense entries, and bespoke invoicing are all available.
- Dashboards that are simple to use and browse for better efficiency
Cons:
- It is not possible to deploy on-premise.
- There isn’t a free plan available.
- Metrics, goal-setting, and reporting functions all need to be improved.
Freshbooks has four pricing options.
Pricing for FreshBooks
The first three plans cost $6, $10, and $20 a month, respectively (billed annually). The final plan is a customized plan that is tailored to an individual’s needs, and you must contact a sales representative for a quote.
Zoho Books is the second option.
Zoho Books is a cloud-based accounting program.
Zoho Books is an all-in-one online accounting software that can help you manage your money, automate business procedures, and collaborate across departments.
What can it do?
- Inventory management – It manages all aspects of inventory, from stock levels to replenishment.
- Project management — With capabilities like time logging, role-based access to track time, documenting project expenses, and raising direct invoices, you can undertake complete project management.
- Estimation management – Create estimates in seconds and convert them to invoices with a single click once they’ve been approved.
- Automation — Use the program to automate time-consuming, error-prone, and high-volume processes.
Pros:
- Offers a 14-day free trial and a number of third-party integrations, including G Suite, PayPal, Razorpay, Office 365, and others.
- Mobile platforms are fully supported.
- Because it is cloud-based, it is both economical and simple to set up.
- Customer service is available 24 hours a day, 7 days a week via phone, email, and tickets.
- It’s highly adaptable thanks to the RESTful API.
- An easy-to-use and straightforward interface
- Customers’ credit status may be tracked, and new orders can be created, thanks to the Zoho CRM integration. as well as others
- Choose from a variety of invoice templates that may be highly personalized with a logo and sent to clients individually.
- Multi-currency and multi-language capabilities
- Bills can be created, sent, and managed online, and stock levels can be automatically adjusted.
- Create recurring bills for purchases that you make on a regular basis.
- Provides a client interface for fast estimate approval, bulk payments, and more.
- With real-time information access, you can confirm sales orders, keep teams informed, and eliminate delivery problems.
- View dashboards, charts, and reports for all receivables, payables, and inventory with ease.
- To scan receipts, invoices, and bills and extract information, use the auto-scan tool.
Cons:
- No on-premise deployment is available.
- There is no live chat assistance available.
- Zoho Books charges a fee. Pricing
- The monthly rates start at $9 and go up to $29 per organization.
- QuickBooks.
Intuit QuickBooks Online is a new accounting software for small businesses that comes in cloud and on-premise editions. It offers a comprehensive solution for all accounting processes, including accepting business payments, bill administration, and payment, as well as payroll.
Characteristics:
Invoicing – in minutes, create personalized, professional invoices, sales receipts, and estimations.
Accounting reports – with customisable reports and dashboards, you can monitor how your firm is functioning in real time.
Cash flow management – Enter vendor bills and pay them only when they are due. You can also set up recurring payments to save time.
Expense tracking – keep track of all of your expenses for the month in which you must pay your taxes. With the QuickBooks Online mobile app, you can also photograph and save receipts.
Inventory management — With real-time updates, you can see how much inventory you have on hand when you buy or sell it. You can also get real-time inventory valuation, which is updated throughout the day and helps you keep track of what you’ve ordered from each vendor.
Pros:
- Offers a free 30-day trial period.
- Provides both on-premise and cloud deployment options.
- Customer service is available 24/7 via phone, email, tickets, and live chat.
- Every day, it does automatic backups to ensure that you are always up to date.
- For security and integrity, provides bank-level data security (128-bit SSL encryption).
- Accountants are available 24 hours a day, 7 days a week, on any device.
- By giving limitless access, it enables efficient, real-time cooperation between diverse team members and teams.
- Software for bookkeeping is available for Windows, Mac, Android, and other operating systems.
Cons:
- There isn’t a free plan available.
- Only English is supported.
- On weekends, customer service is unavailable.
- Price: QuickBooks Price
- Intuit QuickBooks Online offers five subscription tiers that start at $4 per month and go up to $45 per month. A 30-day free trial period is included with all Quickbooks Online subscription plans.
Accounting Seed
Accounting Seed is a highly customized software solution that assists you in managing all areas of your business’s accounting. It’s extremely adaptable, simple to use, and offers a collaborative environment in which you can make important business decisions.
Their open architecture, which is powered by the Salesforce Platform, enables for both open customization and reliable integrations with technologies on and off Salesforce. In one spot, our streamlined database offers best-in-class security, collaboration, and automation.
What can it do?
- Accounting Seed provides a comprehensive range of common financial reports, including profit and loss, balance sheets, cash flow statements, budget to actual, budget to budget, and many others. Custom reporting with customized style and computations specific to any business is also available.
- Accounting Seed includes a lot of customization features to set any business process, which is great because every firm is different. Customization of custom objects and fields, document management, security, and much more are all included.
- Cost-effective — Their software is simple to install, and their sales team provides possible incentives for new customers.
- Automation – Automation can be used to automate everything that can be placed into logic. Event automation, batch automation, scheduled job automation, and full automation of internal control procedures are all examples of this.
- Inventories and order management – Manage your inventory and orders from order placement through replenishment.
- Sales order management – It produces a streamlined, integrated sales order process. You can instantly make buy orders after creating a sales order, allocating inventory to reserve products, recording packing and shipping details, and creating sales orders.
- Purchase order management – Completely personalize purchase order management by tracking purchase order generation and approval, as well as receiving products in warehouses.
Pros:
- An easy-to-use and straightforward interface
- As needed, create subscription billing and automated recurring billing.
- Stripe is integrated to process credit cards, ACH payments, and other add-ons.
- Analysis of previous, current, and future activities to aid in billing management
- Purchase orders can be easily integrated with sales orders and accounts payable.
- Cloud-based and thus simple to set up
- Customer service is provided via phone, email, and tickets.
- Your account can be linked to various banks and clients.
- Easily create bank reconciliation statements
- Features that allow for powerful automation obviate the need for time-consuming, error-prone data entry
- Configurable and customizable to the max
- Pricing: Their website does not provide pricing information. You can contact their sales staff for a customized quote depending on your company’s demands.
