The best accounting software for small to medium business? Or, what is the best accounting software for medium sized businesses? These are popular questions, with many small business owners looking for the right accounting software solutions to meet their needs and help them do their job effectively. But which is best?
Have you already decided what accounting software is best for your small or medium sized business? If not, this article is for you. This article will introduce some accounting software products which are considered to be the best in terms of usability, design, ease of use, form functionality and many others.
Intuit QuickBooks
When you think of the term “accounting software,” QuickBooks is likely one of the first to pop into your mind. And for good reason – QuickBooks has so many features and tools that will help you stay on top of your accounting and invoicing.
QuickBooks has different plans ranging from self-employed to small business or enterprise, which is the end of the spectrum you’ll want to aim for when you aren’t an independent contractor.
The software does everything you’d expect it to do – from tracking income and expenses to running payroll to generating helpful reports so that you can get a better grasp on how the company is performing financially.
Yes, QuickBooks is chock-full of features that you’ll find useful. But, arguably one of the best things this software has going for it is its level of user-friendliness. The tool is comprehensive, but not bloated, cluttered, or difficult to navigate. Everything is intuitive, which means nobody on your team will be wondering about where and how to get the information they need.
Additionally, with solutions like a mobile app and QuickBooks online, you can have access to your important accounting information wherever you are – and not just on your desktop.
Price: Small business plans begin at $24 per month.
Xero
Xero is another popular accounting option for many businesses. It offers many of the same features as QuickBooks and places a high value on mobility and accessibility – meaning you can download the Xero app for both iOS and Android.
Much like any other accounting software, you’ll find the functions, reports, and tools that you would expect to see to keep your business running.
One great advantage of Xero is that it provides functionality to have numerous different users access your account at no additional charge, which is great if you have several different people (such as a CPA and different employees) who would need to get their hands on that software.
When comparing Xero to QuickBooks, it’s important to note that – since Xero isn’t quite as well-established as QuickBooks – there aren’t nearly as many advisors who can help you. That’s an important consideration to make, particularly if you’re hoping for a lot of help in getting up and running.
While Xero plans begin at a cheaper price point than QuickBooks, you’ll need to pay extra to have access to features like payroll. Xero does offer a 30-day free trial for those who are interested in trying it out.
Price: Plans begin at $9 per month.
Sage Business Cloud Accounting Software
Sage Business Cloud Accounting formerly known as Sage One tops our list of best accounting software for SME’s in Nigeria. It is a cloud-based software that helps you manage all your small business finances. It can be set up for use by multiple people in different locations, either on your laptop, desktop or mobile phones.
It’s easy to use and offers support for more than one user. This accounting system helps you keep your business details in one place. It also manages your company’s cash flow from invoicing to issuing of receipts and from payments to tracking of expenses.
Sage Business Cloud Accounting software offers three subscription plans;
- Invoicing
- Accounting and
- Payroll
Invoicing
Invoicing Package offers unlimited and customized invoices, supports single user and updates automatically. It costs N 3,190 per month.
Accounting
Accounting Package supports 2 or more users, different mode of payment and many more. It costs N6,050 per month and N50,000 for a year.
Payroll
Payroll Package is the cheapest and costs N600 per month.
Wave
Wave is the best free accounting software for businesses. It is designed mainly for businesses with less than 9 employees and comes with a good selection of accounting features. Just like other accounting softwares, Wave software is cloud-based making it easily accessible.
With this software, you can track your expenses, customize your invoices and receipts as well as automate your payment transactions. Also, Wave allows you to run multiple businesses in one account and generate accounting statements.
Wave offers additional services such as online credit card processing for invoices, payroll and outsourced bookkeeping. Wave’s additional services are paid for.
Zoho Books
Zoho Books is a great software choice for companies that work remotely, mostly through cloud-based systems. They offer great tracking for time management and projects, The only downfall to Zoho Books is that they are incredibly limited when it comes to payroll integration. If you have a different setup for this specific task then it’s fine, but if you wanted software that could do it all, you may need to look elsewhere. Aside from that, the system is incredibly easy to use, and they offer great customer service and support.
Zoho offers a free 14-day trial, and then payment plans after that start at $9. It does have different levels, so there is room for your business to grow, but you also don’t have to pay for more expensive features and options if your company is not there just yet.
SlickPie
SlickPie is another software system that works via the cloud, for those who don’t necessarily operate out of a single office. It can be used on both desktops and mobile devices, and its mobile app is far more useful than most other accounting software options. It can be used to send invoices to customers, bank reconciliation, generate reports, and tax management. This software is not designed to be able to offer payroll or employee management. For some businesses, this may not be an issue, and they may receive that support from different software. But for those who are trying to streamline their programs, SlickPie may not be the most efficient choice.
SlickPie offers a free trial of their services, and then after that, it costs $39.95 per month. They do not offer different plans, everyone has immediate access to all services.
MYOB
MYOB (which cleverly stands for “Mind Your Own Business”) is a solution that you might not be as familiar with. Based in Australia, it’s another viable accounting option for many small to medium-sized businesses, particularly those who also operate out of Australia.
This is because MYOB offers features that ensure tax compliance in-hand with the Australian Taxation Office.
Even for businesses who don’t call Australia home, MYOB has plenty of other features that are worthy of appreciation – including the convenience of linking your bank accounts or sending invoices and managing contacts directly from your phone.
Plans are reasonably priced. And, stepping up to the AccountRight level plan even gives you the option to manage two separate businesses from one account.
Price: Plans begin at $25 per month.
FreshBooks
One thing that makes FreshBooks stand out is the fact that it lives in the cloud (regardless of which plan level you choose!) – meaning you can access your information conveniently and securely from anywhere that you are.
A few FreshBooks features you’re sure to find helpful? You can set-up automatic late payment reminders and fees if you’d like. Additionally, you have the option to see when a client has viewed an invoice – meaning you don’t have to worry about whether or not it’s floating off in cyberspace.
With a variety of different plans to choose from, you’re sure to be able to find one to help you streamline accounting and free up more time.
Price: Plans begin at $15 per month.
Conclusion:
Every business needs to stay organized especially when it comes to the finances of the company. A good accounting software takes care of this. There are many different ones out there that would be suitable for your company. The best accounting software for small businesses is one that you can depend on to keep all your finances organized. You should make sure that it can be used by more than one person without any major issues. A good accounting system will help your business grow and make sure that everything is in order. There are some free accounts software out there, but they usually come with limitations, which might not suit your business needs.