Choosing an accounting software for your small business can seem like a daunting task. Hundreds of accounting software providers are available, each with their own unique features.
The best accounting software for small business is the one you can afford and maintain. In this article, I will highlight the top 10 accounting software in Canada that is available at no cost. These software help small businesses manage their finances without spending an arm and a leg on costly subscriptions.
usiness well. So here are few accounting software that will offer you a wide functionality option and also reduce the stress on the human resources of your firm.
Sage 50 cloud
Sage 50 cloud software is apt for all medium and small-size business who need accounting software for managing their business. One can efficiently manage their taxes, invoices, data management, e-commerce, budget, inventories, etc. using this software which is compatible with mobile phones making it an easy option for you to choose for your financial management. Another advantage of using this software is that it can combine desktop features with cloud enabling you to store data in the cloud simultaneously while performing other tasks.
Read more about Sage 50 Cloud Canada
Xero
Suppose you’re looking for cloud-based software to aid you in managing your business accounts. In that case, Xero is the accounting software for you. Xero software revolutionizes the daunting process of accounting by designing a super simple and easy tool to use.
Perfect for micro-businesses, the software has a straightforward interface making it easy to set up and navigate. Headquartered in New Zealand, Xero has become a favoured accounting software in the UK, US, Australia, and Canada.
Xero quickly gained ground by offering reliability, ease to use, and powerful features at a reasonable price. The company targets small business owners or companies that require critical accounting functions and doesn’t include many advanced features; for example, the payroll feature is minimal. As a result, Xero can be great if you need an accounting package that works well on its own without any extra bells and whistles.
Pros:
- Flexible pricing plans make this software accessible for businesses with smaller budgets.
- Xero has received numerous awards and an “A+” rating from the Better Business Bureau, so you can be sure that it’s reliable and safe to use.
- Its simple interface is handy for both novice and experienced users.
- Designed for users without an accounting background, so it is one of the most user-friendly software.
Cons:
- Xero isn’t the best package if you’re looking for a comprehensive accounting system.
Freshbooks
Founded in Toronto, Canada, in 2003, Freshbooks has successfully become a vital accounting tool for service-based businesses. This Canadian accounting software offers a more customized invoicing feature compared with other accounting SaaS (software as a service).
Although it mainly facilitates quick and easy invoicing, the software is also great for basic bookkeeping, billing, expense tracking, and time tracking. In addition, it has a user-friendly interface and is relatively affordable too.
Freshbooks has three different plans you can choose from depending on the size of your business and its accounting needs.
Freshbooks’ unique feature is that you can customize your invoices to complement the look and feel of your branding, and it is one of the software’s best-selling points. In addition, Freshbooks integrates with a massive number of 3rd party software, such as Shopify and Stripe, so if you have a sizeable online presence, it makes sense to look into Freshbooks offerings.
However, it’s not the most comprehensive accounting package, so don’t expect to perform payroll or taxes directly from FreshBooks.
Pros:
- Easy to set up and affordable;
- FreshBooks is very user-friendly.
- Best software for creating invoices
Cons:
- Accounting features are pretty limited.
Free Agent
Free agent software is designed for the small business firm accounting and fledges them with all the essential accounting tools that they may be in need of. Using the intuitive navigation commonly known as the ’overview’ option, one can have the display of all their projects and time slips stored in the software. Another feature of this software that you would love to use it is its categorization functionality which helps you to segregate your expenses based on the different categories. You can also track all your expenses and facilitate payments using this accounting tool.
Read more about Free Agent
Zoho Books
If you have a small business and are in search of accounting software that can manage your finances and cash flow, then Zoho Books can serve you at its best. They are hassle-free and easy to use and helps the user to make easy business decisions. Apart from this they are safe to use and offers highs security to the data and can help you to keep track of all your expenses on a project. This accounting software provides proper support and facilitates payments and invoice management through the online mode giving the user full control over the financial management errand. It also offers automatic bank feeds and payment notifications which enables the user to never miss out an important message from their client.
Read more about Zoho Books
Quickbooks Online
Quickbooks are one of the most popular accounting software that business people use to simplify their accounting and financial management. It serves as a great tool for business owners, bookkeeper’s, finance officers, etc. and helps in synchronizing the business on to a single dashboard. You can easily track all the profits, losses, invoices, bills, etc. using this software even on your mobile due to its ability to of being compatible with your cell phones. It offers you online access and is a secure tool that you can use for accounting.
Read more about Quickbooks Online
Xero
Looking for revolutionized accounting? If you are also in search of the same, then Xero accounting software is solely designed for you to make your accounting experience super easy and simple. May it be book accounting or managing your spreadsheets or even your bills, Xero can work out the magic for you with its specific features that you would not like to miss out in any case. Xero software is easy to set up and can efficiently manage your stocks and inventories for you to own all your records and transactions.
Read more about Xero
OnPay
If you are looking out for options to ease your payroll management task, then there could be no other better software than the Onpay accounting software. From small-scale business to medium size business, all can use this software to ease up their payroll solutions. Apart from managing your payrolls, it also helps you in payments and tax filing. The finance managers can keep an account of the streamlined payroll of the company and directly make the salary transfers to their respective account of the employees using the direct deposit option. OnPay offers improved payroll compliance and also provides health insurance benefits which you can acquire by seeking assistance of the insurance brokers.
Read more about OnPay
Sage Intacct
Sage Intacct incorporates the cloud storage platform and makes accounting simple and easy for business. Cash management, accounting, billing, etc. are few of the functionalities that you can benefit while choosing Sage Intacct software. This software helps in minimizing the errors and can effectively manage the costs and control margins. It has robust accounting capability and provides a speedy way of processing payments through a secure channel.
Read more about Sage Intacct
Tipalti
Another Cloud-based accounting software is the Tipalti management software that can be of great help in managing your business accounts. This helps you by providing automated payment options through a streamlined payment process and makes your payments easier more than one can even think of.
This software is a complete package that helps you to stick with the deadlines and non-compliance with any sorts of errors and late payments.
Conclusion
If you decide to use accounting software, make sure your small business can capitalize on the opportunities it presents. Keeping good financial records is valuable in the long term, even if you plan to use a virtual assistant in the short term. At the end of the day, it all comes back to time management; having good accounting software in place will allow you to manage yours effectively. And when all’s said and done, that’s the goal for any successful small business owner—to do more with less time.