Accounting is an integral part of running a business. It’s more than just recording what’s coming into your bank account and what’s going out. It’s about understanding your company’s financial health, so you can make better business decisions. For small businesses, managing accounts need not be arduous with the right business accounting software. This article will delve into some of the top business accounting software that is specifically tailored for small businesses.
1. QuickBooks Online: Perhaps one of the most recognized names in the accounting software business, QuickBooks is a comprehensive solution that offers a wide range of features even in their most basic plans. Along with handling all your accounting needs, it also handles payroll and payment processing. The software allows for integration with various apps and also offers mobile apps for iOS and Android devices.
2. Xero: This New Zealand-based company was founded in 2006 and has grown gigantically to cater to small businesses in over 180 countries. Xero offers a simple yet powerful accounting solution where you can invite your advisors to collaborate with you on your financial data in real-time. It allows integration with over 800 business apps, includes inventory management, and even handles multi-currency.
3. FreshBooks: Highly popular among freelancers and micro-business owners, FreshBooks offers user-friendly software with an intuitive interface. Its prime features include invoicing, expense tracking, time tracking, and a built-in project management tool. FreshBooks leverages cloud-based software to make accounting accessible from anywhere.
4. Wave: If you’re working with a tight budget, Wave can be an amazing option. It’s completely free and delivers a fantastic suite of accounting tools designed for small businesses. Its features include invoicing, expense tracking, and receipt scanning. However, if you need payroll services, those come with an added fee.
5. Zoho Books: This software is part of the larger Zoho suite of business applications. Zoho Books offers a range of accounting services, including invoicing, expense tracking, project time tracking, inventory management, and more. Its dashboard displays your financial overview visually, making it easy to understand.
6. Sage Business Cloud Accounting: It offers two plans with a wide range of features, including invoicing, expense tracking, cash flow forecasting, and project tracking. It also supports multi-currency, making it ideal for businesses dealing with multiple currencies.
Choosing the right accounting software will depend on your business needs. Small businesses would do well to consider features like easy invoicing, receipt scanning, expense tracking, integration with other business software, basic report generation, tax preparation, and good customer support.
A trial period should ideally be availed before making a commitment to any software. You should be able to get a sense of its functionality and if it’s the right tool for your accounting needs.
Managing your accounting needs is no small feat, but with the right business accounting software, you’re well on your way to maintaining your company’s financial health. Now is a great time to invest in software that can grow with your business, allowing you to focus on what you do best – running your business rather than managing your accounts.