4 accounting software ideal for small businesses
Many businesses use accounting software for accurate bookkeeping, understanding their profitability, preparing for the tax season, and managing invoices. Opting for good software can help you save considerable time by automating tasks and keeping track of accounts payable and receivables. If you are looking for such tools to manage your business accounts and assist with day-to-day accounting operations, here are a few accounting software options that are ideal for small businesses:
Intuit QuickBooks Online
Intuit QuickBooks Online is one of the best accounting programs used by small businesses to manage and operate their accounts. It is a cloud-based software that can be accessed through the mobile app or the web browser. So, you can access your accounting operations and manage your business anytime, anywhere. It also supports online banking integration. After a free 30-day trial, you can choose from four subscription plans: Simple Start at $25/ month, Essentials at $50/ month, Plus at $80/ month, and Advanced at $180/ month. You can also upgrade the monthly subscriptions as your business grows. The software offers various customization and integration services like QuickBooks Payroll can be fully integrated with QuickBooks Online for those looking for payroll solutions.
Xero is one of the best accounting software programs for micro or small businesses. It is a straightforward platform with a clean interface and can be entirely integrated with a third-party payroll service. Founded in New Zealand in 2006, the brand has three million subscribers worldwide. This software also offers a free 30-day trial, following which you can choose from monthly plans—Early for $12/ month, Growing for $34/month, and Established for $65/month. The key highlight of this app is that it can process transactions in various currencies. With the online payment options, you can also create online invoices. You can check your business performance on the accounting dashboard and monitor financial reports.
FreshBooks was incorporated in Toronto in 2003 and now has over 30 million users. It began as invoicing software but has now been upgraded with features to take care of the bookkeeping needs of a business. The company offers four different plans: Lite at $15/ month, Plus at $25/ month, Premium at $50/ month, and Select with custom pricing. The distinctive feature of FreshBooks is that invoices can be stylized and created with a professional look. With this software, you can budget your projects, send proposals and estimates, and collect payments from customers. It can also be integrated with various third-party apps like G Suite and Gusto.
Wave Accounting is one of the best free accounting software for small businesses. This accounting software is a straightforward and easy-to-use option for those new to accounting. You can manage accounting, bookkeeping, and invoicing with a single platform. There are no limits on transactions. However, some premium services such as payroll and customer payment processing are offered at an additional cost. As an add-on service, two payroll plans are offered by Wave Accounting: $20/ month and $35/ month, and each option charges an additional $6 per employee or contractor.
Before opting for accounting software, you should check its pros and cons, pricing, and your business requirements to pick the best option. Small businesses may not require highly customized software and can choose from the above-mentioned options for an efficient accounting experience.