Small business accounting software is necessary to keep track of business income and expenses. FinditPro is a free accounting software in which you can do your small business accounting, QuickBooks Online has become the
Small Business Accounting Software that is easy to use and affordable. Includes Inventory and Barcode tracking, sales tax calculations, employee time clock, invoicing, and viewing of daily transactions on the iPhone. Ideal for simple businesses with up to five employees.
Wave accounting
Wave is a cloud-based accounting software tool for non-accountants – the aim was to create a free tool that is easy to use even by those who have no accounting experience.
- Connect your bank account and credit cards to automatically see all of your transactions
- Built-in invoicing so you can easily get paid; all paid invoices are then automatically updated in your books
- Keep track of expenses by taking pictures of your receipts and adding them to your account
- Automatic reports for P&L, sales tax, balance sheets, and more
- Business dashboards for a quick view of your businesses’ state
- Billing and invoice reminders, so you don’t forget about them
Plus, Wave also includes some nifty little personal finance tools.
Avaza
Avaza is a bit different to the other tools in this list; it’s an all-in-one business management tool, which includes powerful accounting features as well:
- Manage business projects easily and collaborate with team members and clients: set and manage project tasks, project budgeting, and billing methods
- Time tracking for different tasks, projects, and clients
- Keep track of all your teams’ expenses, as everyone can easily email photos of their receipts to Avaza, or upload them directly
- Create professional invoices, including timesheets and expenses. Plus, set up recurring invoices to save time, convert estimates into invoices, and customize your invoice branding and its format
- Real-time reporting on business insights: project progress, profitability, team time tracking and expenses, discover any time or expenses that weren’t invoiced, and more.
Additionally, Avaza can be connected to about 500 different apps, such as Dropbox, Xero, Quickbooks, all kinds of Google apps, and Slack.
Indy Invoice Tool
The Indy Invoice Tool uses the industry’s most trusted online payment solutions, and clients are one click away from paying using the method of their choice. Indy is an all-in-one management software that helps self-employed people and small businesses easily manage their invoices. Invoice templates include all the info your clients need and give you the ability to add your personal branding. You can link working hours directly to an invoice using the Time Tracker tool and save yourself time.
Using Indy, you can:
- Prepare professional Proposals in moments.
- Create Contracts and send them instantly to your new clients.
- Link contracts to projects to keep your records organized.
- Make Tasks and connect them to projects to manage your progress.
- Chat with your clients and team to build momentum.
- Bill your clients using Indy’s Invoices tool.
When you bring all your information into a single platform, Indy can help you move seamlessly through every aspect of your freelancing business management.
FreshBooks
FreshBooks is a fast and robust accounting solution that can make complex financial management more enjoyable without compromising accuracy and compliance. This means that tasks such as the creation of professional-looking invoices can be done even without prior accounting experience since it’s only a few clicks away. There are online payment features as well that will help you and your team get paid faster. Moreover, its seamless integration with a series of external applications means that you can enjoy not only the system’s core functionalities but the extended ones as well.
Try out FreshBooks with their free trialGET 60% OFFFREE TRIAL
Why is FreshBooks suitable for medium-sized businesses?
It has a host of accounting functions. FreshBooks is equipped with more than enough accounting functions for mid-sized businesses. This includes time tracking, billing history, invoice-to-payment, automated billing, and reporting capabilities.
Its pricing plan is SMB-friendly. One look at its pricing scheme and it’s quite obvious that FreshBooks targets small and mid-sized businesses. Packages offered are flexible, full-featured, and only differ in the number of clients. Plus, they have a 30-day free trial that will allow you to thoroughly test the system’s compatibility with your business.
It offers rich integration support. FreshBooks can integrate with a myriad of third-party solutions for a more streamlined workflow. This includes payment solutions, CRM systems, and live chat applications. This lessens the chance of needing to switch to other solutions that the system can work well with.
It’s available on mobile. The system’s mobile app for iOS and Android will ensure that you can do your finance-related activities even on the go. This means that even if you’re away, you can still communicate with your clients or personnel, be on the loop of important things, manage expenses, and more.
It’s easy to deploy and rebrand. The system won’t demand a dedicated IT team to be set up properly as it’s an easy-to-deploy solution that even freelancers can handle. It also allows you to modify various aspects of its design including the colors and logos so that the app could truly reflect your brand.
How much does FreshBooks cost?
FreshBooks is available in three pricing schemes that start at $15 per month. Each plan provides an identical range of functionalities with the main difference being the number of active clients to bill. There’s a free trial included as well.
NetSuite ERP
NetSuite ERP is the leading app on our list of best accounting software for medium-sized businesses, and the current frontrunner of this category. It’s an all-in-one enterprise resource planning solution that offers value to businesses of all sizes. Finance-wise, it provides a plethora of tools including order management, fixed assets, revenue management, and billing. It also gives all users reports and KPIs that are specifically tailored to their role in the company.
Try out NetSuite ERP with their free trialVISIT WEBSITEFREE DEMO
Why is NetSuite ERP suitable for medium-sized businesses?
It offers a host of ERP management functionality. This application offers a host of features that support the needs of various departments, including operations, sales, HR, finance, etc. It also helps improve employee productivity through automation and cross-departmental system.
More efficient financial workflows. NetSuite removes the need for the slow and error-prone manual data input. Instead, through its order and billing management tool, you can streamline operations such as fulfillment, finance, and sales. This results in a more accurate quoting process and fewer billing mistakes.
It helps reduce the instances of time- and money-consuming errors. NetSuite ERP is equipped with a series of tools that increase the accuracy of data operations in order to prevent, if not eliminate, the incurrence of hefty penalties. For instance, the platform centralizes shipping, invoice, order, and customer information to ensure that all details are accurate and up-to-date.
It helps with financial planning. The system aids your company in achieving your goals through its robust financial planning module. This tool allows you to easily execute advanced project accounting thanks to its powerful database capabilities. Customizable reports and templates also provide real-time access to data needed for budgeting, forecasting, and others.
It will scale with your company’s growth. As a mid-sized business, your company has a lot of room for improvement and growth. With its fully expandable and customizable functionality, you can tweak the system to adapt to your changing requirements. This will also remove the need for you to switch software or invest in other third-party applications in order to support your growth.
How much does NetSuite ERP cost?
To avail of NetSuite ERP’s service, you can contact the vendor to get a quote that’s ideal for your company’s size and requirements.
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.
Try out QuickBooks Online with their free trialVISIT WEBSITEFREE TRIAL
Why is QuickBooks Online suitable for medium-sized businesses?
All-in-one platform. QuickBooks Online is designed to offer all essential accounting tools in a single platform, including profit and loss reporting, invoice customization, bill payments, and more.
Automated data collection. This accounting solution allows you to automate your data collection process, which ensures that your financial information is always up to date.
Auto-sync with your devices. QuickBooks Online supports multiple devices and is equipped with automatic data synchronization capabilities, which allows you to access your accounting and finance related data, tasks, reports, and more from your preferred device.
Customized reporting. This application allows you to generate reports based on your preferred data visualizations in order to make it easier for you to get insights into your financial data.
Enhanced data protection. With QuickBooks Online, all confidential data that enters your accounting system on a daily basis will be protected by your choice of intuitive data security feature.
How much does QuickBooks Online cost?
Built for small businesses, QuickBooks Online offers affordable pricing plans, which starts at $10.00/month.
Wave
Wave is an ideal accounting software platform for a service-based small business that sends simple invoices and doesn’t need to track inventory or run payroll. For many freelancers or service-based businesses, Wave’s free features will cover all of their accounting needs and is the best free software in our review. At year-end, accountants can pull the necessary reports from Wave to prepare a business’ tax return.Pros
- Free accounting, invoicing, and receipt scanning
- No transaction or billing limits
- Run multiple businesses in one account
- Unlimited number of users
- Mobile app
Cons
- Limited third-party app integrations
- Higher fees for credit cards and ACH payments
- Full-service payroll is limited to only 14 states
- No inventory management
Wave was founded in 2010 and is based in Toronto. The company has over 250 employees and was purchased by H&R Block in 2019. The foundational accounting features that most small businesses need, such as income and expense tracking, financial reporting, invoicing, and scanning receipts, are all included with this free software. These features can be accessed online or on the mobile app. Customer payment processing and payroll are considered premium services that cost extra, but all of the bookkeeping, invoicing, and reporting features are completely free.
Wave makes its money on its payment gateway. To process payment from a customer, Wave charges 2.9% plus 30¢ per transaction for Visa, Mastercard, and Discover, and 3.4% plus 30¢ per transaction for American Express. These fees are slightly higher than other accounting software. Additionally, to process an ACH payment, rather than a credit card, Wave charges 1% per transaction with a $1 minimum fee. This is unique to Wave, as the majority of accounting software does not charge a fee for ACH payment processing.
Wave offers two payroll plans as an add-on service. The first plan is $20 per month plus $6 per employee or contractor. In this plan, Wave will process payroll and prepare payroll tax calculations, but the user is responsible for manually completing payroll tax forms and submitting tax payments. The second plan is $35 per month plus $6 per employee or contractor. In this plan, payroll is full-service, which means that all tax filings and payments are completely managed by Wave. This full-service payroll option is only available in 14 states.
Conclusion
Business owners and accounting firms who are looking for a small business accounting software should be able to find what they need here, just take a look at the list of free and paid software.