Personal financial software has come a long way in recent years. If you’re looking for the best finance software to help you manage your bills and get organized with personal finances, there are several options available on the market. Enterprise-level accounting software is necessary for the needs of most business owners. But not you. That’s why we’ve gathered the best accounting software for personal and small businesses. We’ll show you how easy it is to manage your finances on the go with affordable, yet feature-rich personal finance software.
The internet is full of articles for big corporate companies and thus it can be difficult to find information about accounting software for small businesses. If you are in a similar situation then do not worry because I have the answers you need. When I started my own personal business I was confused at what accounting software I should get. Fortunately, a friend advised me which I now want to share with you. The importance of taking care of your finances cannot be overstated. At the end of the day, it is the money you make and keep which can set the course for the future. But one of the greatest challenges faced by many small business owners is that they do not have access to proper accounting software to handle their accounting needs. In fact, most small businesses use spreadsheets and DIY methods, while more complex organizations rely on their accountants to do all this work because they lack appropriate tools.
Accounting software isn’t a topic people typically enjoy talking about. But it is necessary for any small business to stay on top of the money side of things. From the bills and revenue coming into the business to tracking employee hours and expenses to ensure you stay in the black, accounting software is a must for every business owner. But what type of accounting software is best? Running a small business is hard enough, let alone running it properly. It seems like there are piles of paperwork and receipts, and not nearly enough time to go over them all. Plus, you need to make payroll, make sure all your taxes are filed appropriately and you have to look at your income vs. expenses every month to make sure you’re staying in the black and you know where your money is going.
It’s true that sometimes small businesses have to start with manual accounting, but sooner or later, the time will come when you’ll need to upgrade and adopt accounting software. You’ll be glad you did. The best software packages automate your day-to-day processes, reduce errors, and make it faster to produce required documents such as invoices or profit and loss statements. Here’s a guide for finding the right accounting software for your business.
How Does Accounting Software Work?
Once a business’ bank accounts and credit cards are synced with the accounting software, transactions will appear in a queue and can be classified into the categories found on the business’ chart of accounts. After selecting the proper category, transactions begin to populate the business’ financial statements. Business owners can run a financial report in seconds to review profitability, compare revenue and costs, check bank and loan balances, and predict tax liabilities. Having quick access to this financial information gives business owners the power to make important decisions.
Additionally, many accounting software allows third-party application integrations. For example, if a business owner uses a point of sale (POS) system to capture sales transactions, the POS system could potentially integrate with the accounting software to record specific transactions, sales tax liabilities, sales by subcategories, and more. In a service-based business, a time tracking application could integrate with the accounting software to add labor to a client invoice.
FreshBooks
FreshBooks is online accounting software that is easy to use and offers great customer support. It has great integration with other apps, integrates with many payment gateways, can be used on any device, and has a free version.
The paid version comes at $19/month or $179/year and includes unlimited clients, 1099s, time tracking & invoicing history.
QuickBooks Online
QuickBooks Online is one of the most popular accounting software out there. It’s cloud-based, which means you can access it from anywhere, anytime and on any device. Once you start using QuickBooks Online, it won’t take long before you realize how easy and intuitive it is to use.
It’s also suitable for small business owners who want a simple and easy-to-understand solution without paying an arm and a leg for it. In addition to its ease of use and affordability, this accounting software allows you to track your business finances from anywhere at any time—including when you’re on the go using its mobile app!
The best part? You can use QuickBooks Online free of charge up to 5 users!
ZipBooks
Another top free accounting software for small businesses to consider is ZipBooks. ZipBooks offers all the crucial features of accounting software—reports, bank syncing, billing, expense management, and invoicing—in one free account.
If you want to offer online payments to your invoiced customers via ZipBooks, you’ll need to do so via Square or PayPal. You’ll pay the standard PayPal rates and Square rates for those transactions.
ZipBooks offers an integrated payroll add-on option with Gusto. Gusto starts at $39 per month, plus $6 per person per month. For a limited time, you can get the Core plan for a discounted price of a monthly $19 base cost for the first six months. Gusto also has a new option for contractor-only employers, who simply pay the $6 per employee rate and no base price.
Akaunting
You should also consider a free accounting software called Akaunting. This option offers many of the most necessary features that a small business accounting software should. Within this technology, you’ll be able to invoice, sync accounts, track expenses, set up recurring bills, manage customers, and manage vendors. However, to access more advanced features like online payments, for example, you’ll have to download third-party apps that will cost you a yearly fee on top of whatever fees you have to pay for this third-party account.
Long story short, creating an Akaunting account won’t cost you anything, but as you navigate this software, you’ll realize that all the capabilities that you might expect to be ready-to-use will rely on your purchasing these third-party apps.
SlickPie
The free accounting software SlickPie is also worth looking into for your small business finances. The free version of this accounting software allows for unlimited automated receipt entries, 10 different companies on one account, and email support. It also allows you to create quotes and estimates that can easily become professional invoices. SlickPie also allows you to connect your PayPal and Stripe accounts for free. That means customers will be able to fulfill their invoices with card or PayPal payments online—and you’ll simply have to pay the standard transaction fees that PayPal and Stripe charge.
One feature that this free accounting software seems to be lacking is reports—the SlickPie website doesn’t highlight any built-in reporting capabilities. If you’re hoping to extract valuable, high-level insights from your accounting software, then you might want to consider options other than SlickPie.
Xero
Xero is accounting software that is designed to help small businesses manage their finances. The company has a free version and a paid version, which come with additional features including full accounting integration, payroll management and invoicing support.
Xero’s cloud-based accounting software is designed to be easy to use, so even beginners can set it up within minutes. You don’t need any special training or prior experience in accounting; all you have to do is enter your bank account information into the program and Xero will automatically import bank transactions from there on out (unless you choose not too).
Other features include mobile apps for Android devices or iPhones/iPads so that you can access your financial data from any place at any time—even if there’s no internet connection available!
Zoho Books
Zoho Books is cloud-based accounting software for small businesses and individuals. The platform helps you manage your business finances, organize expenses, track income etc. You can also use it to create invoices for your clients. This app is great for freelancers as well as startups because it offers many features that are required by these kinds of businesses.
Zoho Books has an intuitive user interface with lots of customizable settings so that you can get the most out of this app without any hassle at all!
Wave Accounting
Wave Accounting is one of the best accounting software for personal and small business users. It is cloud-based accounting software that helps you to track your finances and manage all your transactions easily. In addition, Wave Accounting offers multi-currency support, multi-user support and web-based management of finances.
The best thing about Wave Accounting is it provides all these features without charging any money from its users!
FreeAgent Accounting Software
FreeAgent is a cloud accounting service that provides accounting software and financial management tools to individuals and small businesses. The platform allows users to manage their transactions, record expenses, pay bills and invoices, reconcile accounts and produce financial reports.
FreeAgent offers both a free plan as well as paid plans which are tailored to meet the needs of small businesses. The free plan is suited for freelancers who want an easy-to-use solution but don’t require advanced features such as invoicing or payroll services.
Kashoo Accounting
Kashoo is a cloud-based accounting software solution that offers a fully-featured set of tools for personal and small business use. It is available in both desktop and cloud versions, with its subscription-based pricing model allowing you to pay for the services you need rather than having to pay more than you need.
While Kashoo’s core functionality includes many features found in other accounting solutions, it also comes packed with additional functionality designed specifically for freelancers, contractors and other small businesses that may not have full-time staff to handle certain tasks.
Sage 50cloud Accounting
Sage 50cloud Accounting is cloud-based accounting software for small businesses and individuals. It is available for Windows, Mac, Android and iOS devices. You can use this software to manage your accounts receivable, invoices and payments.
Sage 50cloud Accounting has many features that make it easy to use. The software allows you to create bills for your customers or suppliers in just three steps: add items, enter amounts and choose payment terms. It also supports multiple currencies so you can invoice clients in their native currency without having to convert it first into your own currency — which saves time!
AccountEdge Pro
AccountEdge Pro is cloud-based accounting software that allows you to track your business finances, create invoices, and manage your employees. It is ideal for small businesses that need to track their finances, create invoices, and manage their employees.
With this software, you can connect with clients through email or phone calls to send invoices and track payments in real-time. You’ll also be able to see what vendors are owed money by whom so there are no hard feelings when it’s time for payment. With this feature alone I was able to save hours of trying to collect overdue invoices myself!
Manager.io
Manager.io is cloud-based accounting software that allows you to get your financials done with just a few clicks. This free accounting software has been designed to be simple, intuitive and easy to use so that even non-accountants can manage their finances effortlessly with it. Feature highlights include automatic bank feeds, real-time invoices, expense tracking and reporting.
Manager.io comes with some additional features such as email notifications when there’s an outstanding invoice due soon or when it’s time to pay taxes on your company revenues etc., making managing your finances super easy!
There are many accounting software packages to choose from, each with different features and price points.
There are many accounting software packages to choose from, each with different features and price points.
You can find good accounting software for your business, personal finances, or small business.
Conclusion
The term accounting software can refer to financial accounting, which includes recording, organizing and analyzing data about a company’s finances. Finance software helps businesses manage their finances more efficiently by providing tools for tracking cash flow, generating invoices, paying bills and managing payrolls.
In summary, accounting software will help you manage your business finances with ease. You can keep track of your expenses, bills and bank accounts in real-time while staying organized throughout the year. Your accountant will appreciate having access to accurate data when it comes time for tax season! These days, there is a ton of accounting software to choose from. The market is flooded with various options and providers that offer a wide range of applications. As a result, it can be a daunting task to narrow down your list and decide which ones are relevant for you. It’s not just about finding the most affordable accounting software for small businesses; it’s about finding the right one. Luckily, there is hope as you’ve come to the right place. We’ve done all the legwork for you and researched every accounting software provider available on the market today so that you don’t have to do any of the hard work!