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5 Best Accounting Software for Small Businesses

Software can greatly simplify accounting for small businesses. You can avoid the hassle of sorting through invoices and receipts by using a cloud-based accounting service. Don’t let anyone sway your opinion that the best accounting software for small businesses is unattainable or prohibitively expensive. In this post, I’ll tell you about the accounting software for small businesses that I’ve found to be the most helpful.

Find the right accounting software for your small business among the sea of options on the web. Learning something new on your own can be a daunting and time-consuming process. The article below will explain the top 5 accounting programs for small businesses.

NetSuite ERP

NetSuite ERP dashboard

Essentially, NetSuite ERP is a customer relationship management (CRM) system, but the platform can also be used as an order management system and a customer support system, as well as a solution for sales and marketing automation. The software offers a wide range of tools and features that make it easy to manage your financial resources.

There are a number of standard features included with the software, including pre-configured dashboards that can be customized by users to suit their own needs. As well as offering robust automation features and scalability functions, NetSuite ERP is also very easy to use. Whether your company is large or small, it can grow with your company and automate processes such as financial management, order management, revenue management, fixed assets, inventory management, and billing for your company.

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

QuickBooks

One of the biggest names in the accounting SaaS industry is this company. Even if you haven’t tried it out yet, you have surely heard about it if you haven’t already.

It is particularly well known that Intuit’s QuickBooks is particularly renowned for its extensive array of flexible features that are suited for merchants as well as online businesses. With several third-party integrations, you will be able to leverage it across a wide range of ecommerce platforms, including eBay, Amazon, as well as your online store, enabling you to maximize sales.

You should be able to keep track of all of the critical financial data that you need to know if you successfully embed QuickBooks into your business. As a result of its powerful inventory tracking and expense monitoring features, it is able to generate accurate reports about the status of your inventory. Further, it also connects to payment processing platforms like PayPal and Square that allow you to take payments online.

Unfortunately, it is possible that you will have a hard time learning how to use this software. In both QuickBooks Online and QuickBooks Desktop, you’ll find a number of advanced features that will require you to spend some time learning how to use. Until a typical business owner gets the hang of everything, he or she might need a few lessons before they can start to make progress.

Primary Features:

  • Management of payrolls
  • Syncing bank accounts
  • Third-party data export
  • Multi-source order tracking
  • Inventory management

Pricing:

  • Online versions start at $10.

FreshBooks

Freshbooks is another popular accounting software that has managed to attract a large number of users over the past few years due to its unique features. As a result, it targets freelancers, startups, and small businesses with functionalities that are user-friendly and are designed specifically for them.

In spite of this, make no mistake about it. As a result of its user-friendliness, it is not necessary to assume that the corresponding functionalities are quite limited as well. Using its powerful tracking and invoicing features, you will be able to manage recurring payments and upfront deposits, as well as issue automated invoices, all through the platform.

There won’t be any steep learning curves here, so you won’t need to worry about that. In terms of the user interface on Freshbooks, it has been designed to provide its users with a simple and streamlined way to manage their finances. As a result, even a beginner will have no problem reconciling the numbers with this accounting tool since it is easy and intuitive.

However, it should be noted that FreshBooks competes with other smart small business accounting tools, such as Harvest. The following is a comprehensive comparison review of each product to help you make an informed decision.

Primary Features:

  • Expense tracking
  • Online invoicing
  • Tax support
  • In-depth accounting reports
  • Recurring payments support

Pricing:

  • For the cheapest plan, you will have to pay $15 a month for five billable clients.

Xero

It is true that Xero can also be compared to Freshbooks when it comes to small businesses, but it competes directly with tools such as QuickBooks when it comes to larger businesses. The software provides advanced accounting features along with a beautifully designed user interface that increases the usability of the software in general.

Having said that, there is more to this than just attractiveness. With Xero, you are going to be able to calculate sales tax calculated by sales tax calculations, track orders, track inventory, manage payroll, submit expense claims, and secure your data.

The primary reason for the popularity of Xero among bookkeepers and accountants is the fact that it provides a favorable balance between user-friendliness and advanced accounting capabilities. From small online shops to large, well-established brands, they continue to use it across a wide range of business types.

Primary Features:

  • Calculation of sales automatically
  • Mobile app power
  • Track orders
  • Keeping inventory

Pricing:

  • Xero subscription plans start from $9 a month.

Tipalti

Tipalti dashboard

TIPALTI is a cloud-based payment management and automation system that simplifies global mass payments in an automated manner. In this way, the software can be used by companies that have offices all over the world. I would like to point out that you can accept payments in more than 190 countries, use 120 currencies, and choose from 6 different payment methods, including PayPal, wire transfer, local bank transfer, and debit card. As a result, the software simplifies the daily task of maintaining your company’s financial data and processes in a timely, accurate, and easy-to-understand manner.

With the software, businesses can avoid late payments, noncompliance, and overworked accounting teams by avoiding late payments and noncompliance. Additionally, it includes a flexible payment reconciliation, accounts payable, and financial reporting feature that can be integrated with a wide range of payment gateways and enterprise resource planning systems.

Additionally, the vendor offers an attractive test drive which allows you to see all the features of the software before purchasing it.

By allowing suppliers to input their tax data directly into the Supplier Management portal, you will be able to minimize, if not eliminate, downstream issues and human error. A Remittance Validation Engine, which monitors over 26,000 national and international standards, guarantees the integrity of supplier data.

Other Accounting Software:

Sage Business Cloud Accounting

Sage Business Cloud Accounting dashboard

There is no doubt that Sage Business Cloud Accounting is one of the best accounting solutions available for small businesses. Taking this into consideration, it offers two affordable plans for small businesses, which are designed to meet their needs and budgets. If you are a sole trader or a small or micro business, you can take advantage of its entry-level accounting solution for $10 a month if you are a sole trader. Those who wish to take advantage of the app’s higher plan that costs $25 a month will be able to do so if they require invoicing and cash flow management features. 

By using this product, you will be able to streamline paperwork, minimize spreadsheets, and stay on top of your finances at the same time. As a result, it simplifies business payroll and ensures that it complies with the Affordable Care Act. Through the consolidation of data and automation of complex financial processes, it facilitates the management of financial resources. Payments and banking are also handled by this system.

For you to get a feel for the features of the product, the vendor offers a comprehensive free trial to get you started.

There are an array of intuitive apps available for your mobile device that integrate with the software and connect with other apps. As a result of this, you are able to manage your invoicing, banking, and cash flow on the go. Additionally, Sage regularly fixes and updates its features, such as bank reconciliation, CSV imports, and journal functionality.

AccountEdge Pro

AccountEdge Pro software is desktop accounting software for small businesses that was first released in 1989 and has been continually improved over the years.3 If you need to access your finances on the go or from your smartphone, you can access them via the cloud-based app or by using their hosting platform. A comprehensive accounting solution, with extensive customizations, is available in both a basic and a pro version, and is geared toward small to medium-sized businesses.

Our team chose AccountEdge Pro as the best accounting software for experienced accountants because of its robust features and its ability to produce a wide variety of reports. Due to its complexity, this software works best if you’re already familiar with accounting terminology, because it’s a bit more complex than some of the other software we’ve reviewed. 

AccountEdge Pro’s features include:

  • Full-service payroll
  • Free accountant copy
  • Unique sales tax code per line item on a single invoice
  • Data sync with company files
  • Bank feeds with integration
  • Direct deposit 
  • Inventory management 
  • Payment processing
  • Turn quotes into invoices
  • Customer and vendor management
  • Email support

Pricing for AccountEdge Pro is as follows:

Basic AccountEdge (Windows only): There is a one-time fee for one user, and a fee for phone support of $199

The cost of AccountEdge Pro (Windows or Mac) is a $499 one-time fee or $15 a month for multiple users. There is a $199 fee for phone support, and additional fees for licenses, payroll services, and so on.

It is best to contact the company directly if you want to know more about the features that are included and how much add-ons will cost or if you would like to add custom features to the system.

GoDaddy

There is no doubt that GoDaddy is a big name in the world of web hosting and website creation, but it also provides accounting software for small businesses. It was established in Baltimore, Maryland, in 1997. No prior accounting experience is necessary to use it because it has tools to automate and organize your bookkeeping and accounting solutions. Invoices can be created and sent automatically, online payments can be accepted, and business reports can be viewed.

It is no coincidence that we selected GoDaddy as our best accounting software for an e-commerce business since this is exactly what the software is designed to do. As it’s made for e-commerce sellers, you can get started in minutes, and it syncs with Amazon, Etsy, eBay, PayPal, and a lot more e-commerce platforms as well. It is important to keep in mind that GoDaddy is a great choice for online sellers, but may not be suitable for small businesses looking for comprehensive accounting solutions that include payroll, tax forms, and automation.

GoDaddy’s features include:

  • Recurring invoices
  • View business reports including profit and loss
  • Syncing with online retailers
  • Online payment processing
  • Track sales and expenses
  • Create and send invoices

GoDaddy’s pricing is tiered as follows:

  • With Get Paid, you will be able to generate invoices and estimates, accept payments from your smartphone, track mileage and time, and create reports for the current year of your business annually.
  • As a part of Get Paid, you will have access to unlimited business reports, automatic credit card imports, and sales data imports. The Essentials tier starts at $9.99 per month and includes all the features from Get Paid as well.
  • As part of the Premium tier, you get everything that is in the Essentials tier plus recurring invoices and support services.

AvidXchange

avidxchange dashboard

Designed with businesses of all sizes in mind, AvidXchange is a comprehensive system for managing invoices and automating payments. In addition to paperless invoicing, purchase order automation, and payment processing capabilities that will help streamline accounting operations, this software is equipped with features that will help you save time and money. In addition to that, the system is equipped with a highly configurable interface and intelligent approval workflows to ensure efficiency and reinforce visibility across all your accounts payable processes. The platform also features search and filter tools that make it easy to keep track of invoices as well as to review transactions that have been made.

By using AvidXchange, businesses are able to reduce the cost of accounts payable processes as well as increase their operational productivity. Moreover, it allows companies to pay their suppliers faster because payments can be made securely through the platform, making it simpler for them to pay their suppliers. It is also worth noting that AvidXchange is equipped with advanced security and fraud detection capabilities that allow users to prevent unauthorized transactions and payments from taking place.

Conclusion:

Do you ever wonder which is the best enterprise accounting software for your business? Accounting software for small businesses is available in a wide range of options. You will not be able to find all of them to offer you a good deal. It is extremely important that you do not just look at what drives large corporations, but instead take a closer look at what small businesses need in order to be successful.

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