The best home accounting software will help you devise a saving plan and get ahead of your expenses, or even give you guidelines on how to invest. There’s no need to hire a home accountant to manage home expenses. All you need to do is acquire one of this accounting software and see yourself saving that cost.
Medium Business Accounting Software
No 1: FreshBooks
The appealing thing about FreshBooks is its intuition, polished web service. It’s a top home business accounting software. It offers improved UX or user experience. Also, it provides an easy-to-navigate platform, improved collaboration and deliver product enhancements swiftly. It’s also very pocket friendly; only at $15 monthly.
The upcoming version will offer other add-ons, for instance, non-invoice revenue recordings, extra partner integrations, bank reconciliation including the expanded reporting. Users can choose the modern or classic versions. It provides great invoicing tools.
It’s a challenge using latest versions, especially if you are a newbie. Even though the new FreshBooks is loaded with instinctive navigation tools and has unique design, there are a lot of cool stuff that are missing, for example, service products, product records just to mention a few.
Pros
- Enhanced user-experience
- Up-to-date collaboration estimates/projects/tools.
- Suitable for various businesses.
- The settings are entirely context-sensitive
Cons
- Service records/product records are missing
- Does not offer options for tracking inventory
- The customers’ records are never expansive
No 2: YNAB
This is an exceptional accounting software for home use. It has been designed for budget creation based on ones’ specific goals. In addition, it’s highly flexible which makes it suitable when emergencies strike. Moreover, it synchronizes ones’ bank accounts and gives accurate and real-time financial details. Importantly, it generates graphs including charts automatically. That said, keeping track of your financial progress is completely hassle free.
Specifically, it’s a budgeting tool, and it does not perform functions such as investment and taxation.
Pros
- This accounting software is easy to operate at home.
- The customer care services responsiveness is commendable.
- The user interface of this software is great.
- It offers a variety of features, all in one package
Cons
- It might not be of high relevance to someone who does not have some accounting skills.
- Requires internet connections which is not readily available in some areas.
- Contains a lot of ads which are sometimes irritating.
No 3: KeepSoft
KeepSoft is accounting software for home used to assess personal finances, manage debts as well as track expenses or income. Thus, it’s expressly essential for planning forthcoming expenses. Moreover, you really do not need to be a computer guru to use it. Its interface’s simple to use.
The software comes full with helpful features. For instance:
- Calculator: For calculating the money entered.
- Labeled graphs: Displaying the amount of money saved and used.
Users can create password to protect their sensitive details.
Pros
- It’s easy to use and operate.
- Has a mobile application which makes it relevant even to those who do not have access to a computer device.
- Has a great user interface.
- The customer care of this software is very responsive.
Cons
- Does not support format of many financial applications, for example Microsoft Money. It supports HTML, Excel, MS Access, Lotus and XML, though.
- No latest versions
- The pricing structure isn’t listed making it hard to know if it meets the budget needs.
No 4: MINT
This home based accounting software has been designed in such a way that it helps the users to easily track their bills. Through this accounting software, one can set up automatic bills payment from within. Additionally, it is straightforward to create budget. Besides that, it provides budgeting and cash management suggestions.
Better yet, the software is entirely free. In case you’re using the Mint mobile application; you get credit score free of charge.
Pros
- It has a great user interface which allows easy navigation.
- It is easy to operate.
- The cost of acquiring this home-based accounting software is relatively low.
- It has a range of feature hence very convenient.
Cons
- Cannot perform complex calculations.
- Lacks some features to perform other home accounting related functions.
- Contains ads or links which can be very irritating and annoying at times.
No 5: Wave
As its name suggests, wave have taken the accounting field with a storm since 2010. Of late, it has more than 2.5 million users and the number is increasing incredibly fast. It has been raked by many agencies as exceptional free home accounting software.
The reason the software is ‘exploding’ is that it’s totally free. In addition, it offers classy invoicing tools for expense tracking, contact management and estimates. What’s more, the tools are vital for billing and sales tax settings. The latest iPhone including Android apps were launched recently and the software upgrades are done regularly to address the specific needs of the users.
Pros
- Excellent customer support
- Loaded with numerous useful features
- Very simple to use
- Accrual accounting
- Frees
- Stunningly beautiful invoice templates
Cons
- Tax support’s unavailable
- Not ideal for big businesses
QuickBooks Online
QuickBooks Online is a cloud-based accounting solution created for small businesses, independent firms, and freelancers. By combining all essential accounting tools in a single platform, this application helps small businesses simplify tedious and time-consuming accounting and financial management routines, thus saving more time to prioritize more urgent tasks. Its features include automated data collection, tax calculations, invoice management, expense tracking, balance sheet reporting, sales monitoring, bill management, and more. Quickbooks Online is also available in multiple devices, which allows for more mobility.
Best Accounting Software for Small Business
FreshBooks
The appealing thing about FreshBooks is its intuitive including polished web service. It’s a top home business accounting software. It offers improved UX or user experience. Also, it provides easy-to-navigate platform, improved collaboration and deliver product enhancements swiftly. It’s also very pocket friendly; only at $15 monthly.
The upcoming version will offer other add-ons, for instance, non-invoice revenue recordings, extra partner integrations, bank reconciliation including the expanded reporting. Users can choose the modern or classic versions. It provides great invoicing tools.
It’s a challenge using latest versions, especially if you are a newbie. Even though the new FreshBooks is loaded with instinctive navigation tools and has unique design, there are a lot of cool stuff that are missing, for example, service products, product records just to mention a few.
SlickPie
SlickPie is an online accounting software program that is tailored for smaller businesses. The software is completely online, making it accessible from almost anywhere. It offers online invoices, allowing the user to either use one of the pre-set themes or offering a program that allows users to customize the look of their invoices. Along with online invoicing, the program offers online billing and document management. Through SlickPie, users can produce financial reports to monitor business growth. The software also offers tax management services. Another plus is cost, as it is completely free.
SlickPie relies on automation, offering features that allow companies to send out automatic payment reminders and auto-invoices. SlickPie is also the only no-cost accounting program to offer automated data entry, through its tool, MagicBot.
QuickBooks Online
A product of Intuit, QuickBooks has long been heralded as the go-to accounting software for small businesses. Two different versions of QuickBooks exist, including an online format, as well as a licensed version. The program offers easy, online access to all of your customers, vendors, and employee records.
Any user who purchases the online version of QuickBooks has access to free customer service as well. You can test out the program through a 30-day free trial and, after the trial expires, at a minimal monthly cost.
QuickBooks offers accounts payable and accounts receivable services. Users can also send out billing and invoicing to customers online. Unlike other accounting software programs, collections and fixed asset management are also offered. Additionally, QuickBooks also provides cash management.
Sage 50
Formally known as Sage Peachtree, Sage 50 is an accounting program commonly used by small to mid-sized businesses. The program offers accounts payable and accounts receivable services, bank reconciliation, and cash management. Users can also bill and invoice directly to customers through online services. Payroll and employee management is another feature of the program and is widely used by smaller and mid-sized businesses.
The program also allows the users to create and maintain a general business ledger. Sage comes at a monthly cost of $29.95 per month, with customer service being a part of this cost.
Kashoo
Kashoo is an accounting software program offered through the Apple App Store for iPad, iPhone, and web use. The format of this program is through the cloud and is widely used by smaller businesses already using any Apple product. The program allows small business owners to send invoices, manage finances, enter in expenses, and generate reports from the comfort of their own mobile device.
Accounts receivable and accounts payable are available through Kashoo, as well as cash management, CPA firms, and bank reconciliation. Users will be able to track expenses and income, and they will also be able to bill and invoice customers directly online. Payroll services are available, as well as spend and tax management services. One especially unique feature is Kashoo’s ability to enter handle multi-currency expenses.
Apple does offer a free trial for this program, with the starting monthly cost of $12.95 per month. Training is offered live online as well as through webinar format. Support is available online during business hours.
Xero
Xero is a program that both small business owners and accountants utilize. This online program can be utilized through mobile devices, like Kashoo, as well as via computer.
Users can process invoices and send out billing statements directly online. These can be done through pre-set templates or custom creation. You can handle payroll, including payroll taxes through the program. Xero does also have the capability to convert data directly from QuickBooks. Over 500 tools are available to allow the user to customize the program to their company’s specific needs.
Users can also reconcile multiple bank or credit accounts. Data is offered through a single ledger, which is a feature that makes it easy for users and accountants to collaborate and work together. Xero also supports multiple currencies.
Wave
As its name suggests, wave have taken the accounting field with a storm since 2010. Of late, it has more than 2.5 million users and the number is increasing incredibly fast. It has been raked by many agencies as exceptional free home accounting software.
The reason the software is ‘exploding’ is that it’s totally free. In addition, it offers classy invoicing tools for expense tracking, contact management and estimates. What’s more, the tools are vital for billing and sales tax settings. The latest iPhone including Android apps were launched recently and the software upgrades are done regularly to address the specific needs of the users.
Top 10 Accounting Software
1 FreshBooks
FreshBooks has all it takes to make invoicing and accounting a breeze for your business. Regarded as one of the best accounting solutions, it can suit your distinct business accounting needs through its impressive and relatively simpler customization functions. Whether you work on your own, with contractual employees or a full-time workforce, it cannot just track but also handle your books and transactions both online and offline.
In addition to that, FreshBooks simplifies cash flow management and supports a double-entry accounting system, taking the hassles out of your everyday bookkeeping. And since it includes time tracking as well, you can easily turn the hours you’ve worked into an actionable invoice!
Who Is It For:
FreshBooks has been designed to suit the accounting needs of businesses owners and entrepreneurs. It particularly fits in the ideal accounting software for small businesses’ definition, irrespective of their industry. Whether you are a self-employed professional, freelancer, or a business with employees and contract workers, it makes managing every penny coming in and going out more effectively. In other words, you can track your supplies and pay for them as swiftly as you can manage projects using the software.
2 Zoho Books
If you are finding it tough to wrap your head around your business finances, Zoho Books is all you need. It is comprehensive accounting software with powerful yet easy-to-use features to streamline your varying accounting requirements. Whether you want to keep track of your payables & receivables, manage your inventory and timesheet, or need simplified banking operations, Zoho Books can offer it all.
Other than the core accounting functions, this software helps you automate your workflows as per your distinct business needs. It also simplifies managing multiple projects, along with their diverse financial stats. What’s more? This accounting system ensures you stay tax-compliant by filing your taxes right on time, every time, with its efficient tools.
Who Is It For:
Zoho Books is designed to cater to the business accounting requirements of small businesses as well as mid-sized businesses. Moreover, it is also useful for individual professionals, self-employed people and start-ups looking to get hold of their finances. Since the software also offers a free plan, it immensely benefits solopreneurs and small businesses with limited revenues. After all, you can not only track every penny coming in or going out but can also make a wise plan for future expenses and gains.
If you are looking to carry out your accounting operations on the go, then Zoho Books is something you must check out. The solution offers dedicated Android and iOS apps for you to never miss a beat about your finances, regardless of where you are.
3 QuickBooks Online
As an entrepreneur, you need a reliable, stable software system to handle your accounts, and QuickBooks Online fits this definition perfectly. It is one of the few accounting software for small businesses that have been around for years. It is loaded with premium accounting functions with an easy to use interface, encouraging you to take the reigns in your hands. And if you hire a seasoned accountant, QuickBooks Online makes the process all the more simpler.
Wondering what if you get stuck in the middle? There is a proactive team of experts to resolve your doubts and problems. In fact, you can also watch from its plenty of demo videos on YouTube to navigate smoothly. Who Is It For:
QuickBooks Online is an ideal choice for new businesses, nonprofits and small businesses that require a premium business accounting system. It also works well for online sellers, in-store sellers, wholesalers and independent professionals, such as architects and wedding planners. Besides, this accounting software is a boon for businesses requiring anytime, anywhere access with multi-device compatibility. If you want an effective on-the-go version, it is available as an app on both the Play Store and App Store.
4 Synder
Why You Should Buy This:
At a time when organizations are moving their operations online, Synder makes accounting simpler for businesses that have one or more online payment systems in place. From automating sales reconciliations with accounting from e-commerce systems to making you ready for tax-filing and reporting, it is not wrong to term Synder as your all-in-one ecommerce business accounting software.
It makes payments and receipts super smooth with its intuitive, flexible interface. At the same time, it monitors your inventory, shipping, locations, multi-currency transactions and discounts, bringing everything together in one place. With its robust security mechanisms in place, you no longer need to worry about the protection of your sensitive information.
Who Is It For:
Synder is ideal for those businesses that categorize themselves as an e-commerce business. For business owners with multiple online payment systems, who need a detailed record of their transactions and reports and sync those with accounting systems.
Even if you are a professional who relies on online transactions for your services, this accounting software can simplify things for you to a great extent.
5 Xero
Why You Should Buy This:
Xero is all-inclusive online accounting software with an uncomplicated and robust set of features. The software brings together every critical aspect of your business in one place, be it accounts, contacts or invoices, letting you be in control all the time. That way, it becomes an ideal option to go with when it comes to handling your books of accounts in the most effortless yet accurate manner.
And that’s not all. Xero easily syncs with your bank accounts and provides a clear picture of your financial standings whenever you need it. It also automates repetitive tasks, such as reporting and invoicing, to accelerate things further.
Who Is It For:
As a cloud accounting software solution, Xero fits perfectly well with the accounting needs of small businesses, bookkeepers and accountants. It also streamlines operations for self-employed individuals and start-ups that have less complex accounting requirements. If you are someone who is just starting out to take hold of your books, this can be your go-to system. In other words, it can simplify things for, let’s say, a local cafe and a fashion retailer with as much accuracy and efficacy.
6 Sage
Why You Should Buy This:
With Sage Online Accounting Software, you can automate your invoicing and billing without any fuss. The software is designed to seamlessly sync with your bank accounts, streamlining all your financial operations. That empowers you to always be on top of each transaction, enhancing the decisions you make as a business owner.
What’s more? Sage offers fast set-up functions so that your accounting duties don’t have to wait long. The solution is simple enough to use by a newcomer and a pro accountant. You should go for it if tax and compliance is something that bothers you a lot since this software handles it both for you.
Who Is It For:
Sage Accounting system is ideal for small businesses as well as sole traders, irrespective of whether they have a workforce. You can belong to any industry – from retail to professional services – and still make the most out of this cloud-based accounting system.
The software also fits well with the needs of individuals who need to collaborate with others, accountants or teammates, for example. You can grant access to them (multiple users at a time) without breaking the system. And the best part? It doesn’t matter at all even if none of them, or even you, have any experience working with any such system before.
7 Patriot Accounting
With Patriot’s Affordable Accounting Software, you cannot just save your precious time but also a lot of money. The software allows uncomplicated imports of your trial balance, customer and vendor data while making it super easy for you to generate invoices and pay bills. The system is easy enough to comprehend and use by individuals who are not tech-savvy. However, it is also competent to handle the complex accounting needs of businesses.
With Patriot Accounting, you can accept payments via credit cards and set rules for transactions. To give you a precise stature of your financial standings, the system offers reports that are simple to understand.
Who Is It For:
Patriot Accounting Software is perfect to use by both startups and established entities. Whether it is monthly accounts processing or invoice tracking, the software caters to even the smallest of accounting requirements of small business owners tactfully. It also suits well for those who are keen to take their accounts into their own hands. Since it is easy to use, there is no extensive training needed to get up and running.
8 Wave Accounting
Wave Accounting provides you with complete control of your finances, leaving no gaps for powerful business decisions. The system is designed in such a way that it easily connects with your bank accounts, brings a balance to your books, syncs all your expenses, and much more. It is also compatible with tax and compliance laws, saving you the usual hustles of the tax season.
Getting started with Wave Accounting is utterly simple and secure. You get instant updates on your payments, invoices and payroll data, along with invoicing reminders. Things get even smoother as you can manage all your books belonging to multiple businesses through its single account.
Who Is It For:
Wave Accounting ideally falls into the bracket of free accounting software for small businesses, regardless of the industry. In other words, you can be a retailer with a store-front or a self-employed individual offering professional services, and still rely on this solution as your go-to accounting tool. If you are looking for a bookkeeping system that also makes you tax-ready, this one fits the bill perfectly.
9 FreeAgent
Why You Should Buy This:
FreeAgent, the online accounting software, can centralize your entire accounting process. From expense management to invoices to sales tax to project management, everything gets streamlined, enabling your business to reach greater heights. With a user base of over 100,000 customers, FreeAgent makes for a reliable system that is simple to operate by even a first-time accounting software user.
The software is meant to easily connect to your bank accounts so that you can get automatic imports of all your transactions every single day. It also consists of a real-time view of your cash flow, taking the haste out of your money management and decisions. If that wasn’t all, it prepares you for the tax season with its crystal clear books of accounts.
Who Is It For:
FreeAgent’s cloud accounting solution is designed keeping in mind the accounting requirements of small businesses. No matter which industry you are in, you can take advantage of this system’s impeccable accounting functions without any technical background.
Apart from that, the software also helps freelancers and self-employed professionals to align their books without running from pillar to post. If you have hired professional accountants to do the job for you, this software helps them glide through every process without the worries of accuracy.
10 Deskera Books
Why You Should Buy This:
Deskera Books is an all-in-one solution that can change the way you operate your business, making it more organized. It is not only an online accounting system but also doubles up as your go-to invoicing and inventory software. It includes every possible feature that you may need to streamline your accounts as a business owner.
With Deskera Books, you can manage your orders and sales, as well as monitor the inventory levels in real-time. The software makes it easy to create quotations, invoices, manage receipts and payments, and still adhere to all the compliance needs. You may rely on its accurate reporting functions to refrain from making any decision that does not seem viable financially.
Who Is It For:
Deskera Books serves a variety of users with its robust features and different plans. It suits the distinct needs of start-ups, small to medium-sized and growing businesses, as well as established professionals. Thus, no matter if your accounting needs are limited or complex, the system has a piece to offer to every kind of user bracket.
The software is especially helpful for businesses that are just starting out or are small businesses. It automates and systematizes your books without you having to hire an accountant.
What is Enterprise Accounting Software
Enterprise accounting software covers general ledger capabilities, the management of payables, receivables, taxes and payroll, asset and inventory accounting, automated invoicing and reconciliation, and more. The solution is aimed at large organizations with complex operations and accounting needs.
An enterprise accounting solution should integrate with CRM, HRMS, asset management software, treasury software, financial planning and analysis solution, etc.
The implementation of custom enterprise accounting software takes 10+ months. Building the enterprise accounting solution requires $400,000–$600,000, depending on the solution complexity. Despite the substantial investments, the annual ROI for custom enterprise accounting software may reach up to 290%.
Enterprise Accounting Software: Key Features
Based on ScienceSoft’s experience in enterprise accounting software projects, we have summarized features that form the core of the solution. However, as each real-life use case for such software is unique, functionality should be elaborated on and tailored to the business specifics accordingly.
Conclusion
Basing your budget on important financial items can help you save money on your everyday expenses and secure financial security in the long run. By making a list of your important financial items and tracking their status every month, you can keep track of your progress and make necessary changes as needed. Thanks to a well-budgeted lifestyle, you can be content with little extra income or space to save.