10 Best Bookkeeping Software

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Bookkeeping software is a vital part of any small business. It can help you keep track of your finances, manage your inventory, and more. But what if you don’t have the time to learn how to use the software? That’s where our bookkeeping software for small business owners comes in. We’ve designed our platform to make it easy for you to get up and running quickly, so you can focus on your business goals.

10 Best Bookkeeping Software

What is Bookkeeping Software?

Bookkeeping software can help small businesses keep track of their finances, inventory, and more. These software tools can save you time and money while helping to ensure your business is organized and functioning properly.

What are the different types of bookkeeping software

There are a number of bookkeeping software options available, including spreadsheets, word processors, and even desktop accounting applications. Each option has its own set of benefits and drawbacks. To find the right tool for your business, consult with a professional bookkeeper to get started on your financial planning journey.

How to use bookkeeping software

To use any type of bookkeeping software effectively, it’s important to be familiar with the various features and functions available within it. This section will give you a brief overview of each type of software and how to use it in order to better manage your business finances.

The Best Accounting Software

  1. FreshBooks

Bottom Line: FreshBooks offers invoicing, time and expense tracking, simple project management and a wide range of general accounting applications all in one easy-to-use desktop and mobile interface. 

FreshBooks is an online accounting software application that works well for sole proprietors and freelancers.

The Retainers feature in FreshBooks also makes it ideal for attorneys, accountants, or any professional that charges their clients a retainer fee.

Offering a solo version and a team version, you can easily connect with other employees or contractors you work with.

One of the latest additions to FreshBooks is double-entry accounting, a must for a growing business. Other features found in FreshBooks include ACH payment acceptance, solid invoicing capability, the ability to track time, and the ability to create and manage projects.

FreshBooks lets you handle projects, track time, and create and monitor project budgets. Image source: Author

You can also create estimates and proposals in FreshBooks, and connect the application to your bank accounts for easy expense management.

Payroll is not offered in FreshBooks, though it does integrate with Gusto Payroll, if you have employees to pay. FreshBooks also offers a mobile app for both iOS and Android devices.

FreshBooks offers four plans: Lite, Plus, Premium, and Select. The Lite plan is suitable if you’re self-employed, while the Premium plan is a good fit for small businesses. FreshBooks Lite runs $13.50/month, Plus is $22.50/month, and Premium is $45/month. Select custom pricing is available from the company.

Perhaps the biggest benefit of using FreshBooks is that you’ll actually use it. A lot of freelancers and self-employed folks can remain stubbornly attached to using a spreadsheet to manage their business finances, but FreshBooks is so easy to use, that you’ll actually use it.

Offering just enough features for small businesses without saddling you with a bunch you’ll never use, but have to pay for, FreshBooks is worth the minimal investment.

2. QuickBooks Online

QuickBooks Online is an accounting solution for small businesses, freelancers, and independent accounting firms. This cloud-based application combines all essential accounting tools in a single platform to help small businesses streamline accounting and financial management tasks.

Among its features are automated tax calculations, expense tracking, invoice management, balance sheet reporting, bill management, sales monitoring, and more. QuickBooks Online supports multiple devices and is equipped with auto-syncing options so your data will be up to date no matter what device you are using.

In terms of integrations, you can integrate QuickBooks Online with other Intuit applications, including QuickBooks Payments and QuickBooks Payroll. As for third-party applications, QuickBooks integrate seamlessly with Bill.com, Jobber, Mavenlink, Method CRM, Shoeboxed, and Time Tracking by TSheets. QuickBooks Online’s subscription plans start at $10.00/month for one user.

3.  Zoho Books

Best for business owners who want to track expenses and automate workflows.

Zoho Books is comprehensive accounting software for businesses. The software has a lot of features that will meet the needs of different sizes of businesses and individuals. It supports multiple contacts, users, and workflows. Additionally, the software application can integrate with dozens of popular CRM and eCommerce apps.

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Features:

  • Invoicing and expenses
  • Estimates
  • Inventory
  • Projects
  • Tax payments

Cons: No multi-currency support

Verdict: ZohoBooks is one of the best value business accounting tools. The basic version of the software is affordable and packaged with features. Businesses with advanced accounting features can select the professional version.

Price: Zoho Books is available in three packages. The Basic package is $9 per month and comes with features such as 50 contacts, 2 users, 5 automated workflows, bank reconciliation, custom invoices, expense, recurring transactions, sales approval, and budgeting.

The Standard version costs $19 per month that supports 500 contacts, 3 users, 10 workflows, and has additional features like bills management, vendor credits, reporting tags, purchase approval, and Twillo integration.

The Premium package costs $29 per month that supports 500+ contacts, 3 users, 10 workflows, and comes with advanced features like purchase orders, sales orders, stock tracking, custom domain, and vendor portal. You can also try the software for 14-days.

4. AccountEdge Pro

Bottom Line: AccountEdge Pro has all the accounting features a growing business needs, combining the reliability of a desktop application with the flexibility of a mobile app for those needing on-the-go access. 

AccountEdge Pro has the honor of being our top-rated accounting application and with good reason.

A good fit for small and growing businesses, AccountEdge Pro is an on-premise application that also offers the convenience of remote access, taking you easily through the entire accounting cycle.

Easy integration with Shopify and UPS Shipping makes AccountEdge Pro a particularly good fit for online retailers.

AccountEdge Pro offers solid invoicing capability, along with excellent time and billing functionality that can track both billable and non-billable hours. Self-service and full-service payroll is also available, and a solid inventory module lets you easily manage your stock. AccountEdge Pro recently added an automatic bank feed option, allowing you to connect both bank and credit card accounts to the application. A $5 subscription fee is required to use the bank feed option.

AccountEdge Pro offers top-notch invoicing capability for small and growing businesses. Image source: Author

As an added bonus, AccountEdge Pro also includes a Contacts feature for tracking customers, vendors, and employees using a single database.

Reporting options are excellent in AccountEdge Pro, including an audit trail report. A mobile app for both iOS and Android devices is also available.

Perhaps one of the biggest benefits of using AccountEdge Pro is its pricing structure. Scalable, with four plans available, the Basic plan has a one-time fee of $149, while the Pro plan is $399. Additional licenses are extra, as is the Payroll subscription. If you’re looking for complete online access to all features and functions, check out AccountEdge Pro Hosted. A subscription to AccountEdge Connect currently runs $25/month for up to five users, while AccountEdge Pro Hosted is available for $40/user per month.

If you wish to access the application remotely, AccountEdge Connect will run $25/month. You’ll also pay extra for phone support.

Another benefit to using AccountEdge Pro is the stability it brings as an on-premise application that also offers remote access. With plans suitable for a one-person operation to an enterprise-level business, you will never outgrow AccountEdge Pro.

5. NetSuite ERP

NetSuite ERP is essentially a customer relationship management (CRM) solution, but the platform can be used for sales and marketing automation, as well as order management and customer support. It offers a myriad of tools and features to make financial management simple.

Standard features include pre-configured dashboards that can be customized by users for their specific needs. NetSuite ERP also offers robust automation and scalability features. It can grow with your company and automate processes such as financial management, order management, revenue management, fixed assets, inventory management, and billing.

The vendor offers a great demo of the product that will introduce you to all key features.

Another great thing about NetSuite ERP is that it comes with great reporting features. For starters, users can easily customize their view of key performance indicators and generate reports that are specific to their role in the company. They can also track vendor performance and monitor inventory levels, allowing them to further improve the customer experience.

6. Bill.com

Best for smart AP and AR automation and new bill payment capabilities.

Bill.com offers a cloud-based solution to automate Accounts Payable and Accounts Receivable. It contains new bill payment capabilities. It provides an integrated platform that will let you connect your payment accounts and accounting tools for automating payments from start to finish.

Features:

  • Bill.com offers smart features like automatic data entry.
  • It can detect duplicate invoices.
  • It supports new payment options like ACH, virtual cards, international wire transfers.
  • It logs the payment-related activity.
  • It provides features to set up approval workflows and custom roles.
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Cons:

  • As per the reviews, the reports features need improvement.

Verdict: This cloud-based software is the best fit for small to medium-sized businesses. It will simplify international payments. It can automate your payments from the start to finish. It will increase efficiency and give you more control.

Price: For businesses, Bill.com offers four pricing plans i.e. Essentials ($39 per user per month), Team ($49 per user per month), Corporate ($69 per user per month), and Enterprise (Get a quote). For Accounting Firms, the solution is available at $49 per month. A free trial is available to try the software.

7. Sage 50cloud Accounting

Bottom Line: Sage 50cloud is a feature-rich accounting platform with tools for sales tracking, reporting, invoicing and payment processing and vendor, customer and employee management. 

Previously known as Peachtree Software, Sage 50cloud Accounting is a hybrid solution that is installed on-premise, but also includes an option to connect to the application remotely if necessary.

Sage 50cloud Accounting is a good choice for small and growing businesses, with multiple plans available. Sage 50cloud Accounting includes a solid inventory module and offers integration with multiple point-of-sale (POS) applications, which makes it particularly suitable for retailers.

Sage 50cloud Accounting offers excellent vendor management capability. Image source: Author

Sage 50cloud Accounting allows you to connect your bank accounts or track your business expenses in a more traditional fashion. The application also includes excellent customer management and sales management, including the ability to accept online payments. You also have the option to pay your vendors electronically, or by printing checks for mailing.

The Inventory module in Sage 50cloud Accounting includes multiple pricing levels along with user-defined fields for tracking additional information. Two payroll options, Essentials and Full-Service, are available, and reporting options are top-notch.

Sage 50cloud Accounting also includes a mobile app for both iOS and Android devices.

Sage 50cloud Accounting offers three plans: Pro, Premium, and Quantum, with yearly pricing starting at $340 for the Pro plan. The Premium plan, which most small businesses would likely benefit from, costs $510/year, while Quantum pricing runs $842/year.

With three plans available, Sage 50cloud Accounting can be beneficial to growing businesses.

Integration with Microsoft 365 offers easy online accessibility, and access to POS and inventory features makes this application particularly useful for both brick-and-mortar retailers as well as those who sell products online.

8. Tipalti Approve

Tipalti Approve is a cloud payment automation and management software that helps simplify global mass payments. This makes the software suitable for companies with offices worldwide. Notably, you can accept payments in more than 190 countries, use 120 currency options, and rely on six payment methods, including PayPal, wire, local bank transfer, and debit cards. Moreover, the software simplifies the daily task of ensuring that your company’s financial data and processes are timely, accurate, and easy to understand.

The software helps businesses avoid late payments, noncompliance, and over-tasking of the accounting team. It also has flexible payment reconciliation, AP, and financial reporting features that work with a myriad of payment gateways and ERP systems.

The vendor also offers an appealing test drive of all software features through its free trial.

With it, you can minimize, if not eliminate, downstream issues and human error, by letting suppliers input tax data directly in the Supplier Management portal. A Remittance Validation Engine, which monitors over 26,000 national and international standards, guarantees the integrity of supplier data.

9. Wave

Best for invoice, accounts, and cash flow management for free.

Wave is free accounting software for businesses and individuals. The software can be used for basic accounts management. You can use the application to track expenses, cash flow management, and sales and purchase management.

Features:

  • Invoice management
  • Cash flow management
  • Payroll
  • Purchases

Cons: Lack of advanced features.

Verdict: Wave is a simple accounting package that is completely free. It has features that will meet the needs of most business owners and self-employed individuals. You won’t have much to complain about the accounting software since it is free.

Price: Free.

Website: Wave

10. AccountingSuite

Bottom Line: AccountingSuite is an excellent accounting software application best suited for small businesses looking for good inventory management capability. 

AccountingSuite offers the features that small businesses have come to expect from any software application, including cloud accessibility and solid accounting capability. Bank connectivity is also offered in AccountingSuite, with the application able to connect to over 9,000 financial institutions.

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You can manage your invoicing in the Sales module, and process and pay bills in the Purchases module. Both project and time tracking capability are offered in the application as well, so you can track projects and profitability, while the time-tracking feature allows you to record the time spent on each individual project.

But AccountingSuite also has some outstanding features not always available in small business accounting software.

Budgeting

Not all small businesses need a budget tool, but if you can get one with your software application, why not take advantage of it? AccountingSuite offers a surprisingly robust budget tool that lets you create budgets for each account in your general ledger.

The budget tool lets you create budgets for the current fiscal year or for any year in the future, and you can choose the account types you wish to include in the budget.

AccountingSuite offers easy budget creation, with quick access to your chart of accounts. Image source: Author

There is also a pre-fill option, which can be used to automatically pre-fill the budget with actual data from the application or from an imported file. If you want to see how close you come to budget, run the Budget Report, which calculates actual income and expenses and compares the actual to budgeted totals.

Be sure to read the full review for a full discussion of all of AccountingSuite’s features.

What are the Different Types of Businesses that Use Bookkeeping Software?

Small businesses, or businesses with fewer than five employees, are the most common type of business to use bookkeeping software. They typically use accounting software to track and report financial information.

Mediumsized businesses, which have between five and 100 employees, are also a popular type of business to use bookkeeping software. They may be using accounting software to track and report financial information as well as to prepare tax returns.

Large businesses, which have more than 100 employees, are not typically considered small or medium sized businesses. Instead, they may be using different accounting software programs to track and report their finances.

How to Use Bookkeeping Software for Your Small Business.

The first step in bookkeeping software for your small business is setting it up. You need to choose the right software and configure it to work well for your business. After you have set up your software, you will manage your financial data and keep your books accurate. In addition, you will need to track profits and losses so that you can understand your progress over time. Finally, you will want to keep your books accurate so that you can accurately reflect your business’s performance.

manage your financial information

Your bookkeeping software must be able to store and manage your financial data. This data should include everything from invoices and sales receipts to bank statements and tax returns. To store this data, use a hard drive or a cloud-based storage service like iCloud or Google Drive. You can also use an online banking platform like Online Banking for Small Businesses or QuickBooks for Small Businesses to store all of this data.

keep your books accurate

One of the most important aspects of good bookkeeping is accuracy. Your records must be consistent across different ledger systems, which means that the dates and times used in your records must be correct. Use a timestamping service like Time Machine or Windows Live Timestamps to ensure that every record is correctly kept track of timestamps- something that may not be possible with traditional bookkeeping software.

track your profits and losses

When it comes to tracking profits and losses, you need to be sure that your books are accurate and reflect what actually happened in your business. Use a Profit & Loss Statement (P&L) software like QuickBooks for Small Businesses or Online Banking for Small Businesses to create this report. This data will help you understand how your business is performing and identify any areas in which you can improve.

Conclusion

Bookkeeping software can be a great tool for small businesses and large businesses. By using the different types of bookkeeping software, you can keep your books accurate, track your profits and losses, and make necessary adjustments to your business operations. With bookkeeping software, you can run a successful business.

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