Keep track of everything from money coming in and going out with accounting software. There are a variety of options that can help you manage your small business finances. These programs can be used for a variety of businesses, from restaurants to non-profits to attorneys’ offices. Depending on what type of accounting information you need to keep track of, the level of detail, and the number of people involved in making or checking transactions, you can find a solution that is right for your needs.
As businesses are growing every day, the number of challenges for business owners are increasing. One of the foremost challenges is to manage finances effectively. Since early accounting methods are sometimes complicated to use, there are many software solutions available today. ZipBooks is one of them. Here are some other varieties that can come in handy:
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.
TurboCash
TurboCash 4 provides free accounting software that is recommended for people earning less than $10 an hour. TurboCash 5 is recommended for small businesses, with cash book, general ledger, stock, debtors, creditors and invoicing features. TurboCash 5 is now available as a Cloud Service. Unlike TurboCash which is free, TurboCash 5 costs $60 a year.
Inveezy
Inveezy is a free invoicing tool for small businesses. Users can customize their invoices with their own logos and use the service to send repeated invoices. Businesses can get paid with PayPal or credit cards with the Inveezy system. Businesses also have the option to send an invoice as a quote as opposed to an actual bill.
GnuCash
If you’re looking for a free desktop accounting software for your small business, then GnuCash is a solid contender. To access this free accounting software option, all you have to do is go to the GnuCash site and download it for free—simple as that. Though GnuCash doubles as a personal and small business accounting software, it offers small business-specific features customer and vendor tracking, job costing, and invoicing.
GnuCash: no-frills but plenty of features
GnuCash is an open-source accounting program that offers many features to help you manage your small business accounting. Volunteer developers update the software regularly, which means the program is always kept up-to-date.
GnuCash pros
GnuCash’s strength is that it contains advanced features such as customer and vendor tracking, job assignments, invoicing, bill pay, sales tax management, payroll management, and budget creation and management.
The checkbook-style register is an easy-to-use interface for entering all of your checking and credit card transactions. You can also enter income, stock, and currency transactions.
You can split transactions, mark transactions as canceled or reconciled, autofill entered transactions, and display multiple accounts in a single register window.
GnuCash cons
Since GnuCash is not cloud-based and only locally installed on a desktop computer, access to your financial data is limited to only one machine and one user. While GnuCash offers a mobile app, it is only for Android-based devices and requires you to manually import the data, which can be a pretty tedious process.
The interface of the program is also a bit dated and requires some time to get used to. Many users report problems with manually importing their transactions.
GnuCash’s customer support is through a public email-based discussion board, so it may take a while before you get a response to your question. Their chat support uses an obsolete IRC channel system, which can be tedious to set up.
Wave Accounting: powerful and cloud-based for anywhere, anytime access
Wave Accounting checks all the boxes for many powerful features that are well-suited for your small business.
Wave Accounting pros
One of Wave’s most powerful features is that it’s cloud-based, which means real-time access and instant updates from anywhere. Your information is stored and backed up on highly secured servers.
Wave also includes unlimited and customizable income and expense tracking, receipt scanning, invoicing, and a smart dashboard for easy viewing.
Wave offers unlimited bank and credit card account connections, and there’s no charge if you want guests to sign in and collaborate on the financials with you. If you need someone else, like your accountant or another member of your financial team, to log in and check the numbers, relax: there’s no limit to the number of users you can add.
Wave has a robust Help Center for self-service support, and they also provide email support for all invoicing and accounting questions related to their free features.
Wave Accounting cons
While Wave allows you to track accounts receivable (aka any money your customers owe you), it doesn’t allow you to track accounts payable (meaning the money you owe your suppliers or creditors). Wave also does not offer inventory management.
And while all of Wave’s basic features are free, there is a per-transaction credit card processing fee of 2.9% plus .30 for Visa, Mastercard, and Discover and 3.4% plus .30 for American Express.
Wave’s payroll application is available at $20 or $35 a month, depending on which state your business is located in.
Live chat support is only available for paid features. If you’d like to speak to an expert about your bookkeeping questions, you’ll have to purchase it from their Wave Advisors.
ZipBooks: one of the best options if you’re new to accounting
ZipBooks is a powerful yet simple web-based program that is useful for streamlining your small business accounting.
ZipBooks pros
ZipBooks allows you to send unlimited invoices in multiple currencies. The software’s vendor tracking and expense management capabilities are right up there with several other free competitors. The free starter plan comes with multi-currency payment acceptance, separate records for 1099 expenses and payments, receipt tracking, and a chart of accounts.
ZipBooks is cloud-based, so you can use it on the go from any mobile device. An app is currently unavailable as new features are in development. However, you can use your device’s browser to access ZipBooks. The program uses 256-bit SSL encryption to keep your data secure.
ZipBooks allows you to toggle between cash and accrual accounting, while most other programs only let you choose one or the other.
ZipBooks cons
The free version only allows you to connect one bank account and view basic reports. If you need multiple accounts and additional team members added, it will set you back $15 a month or more.
The free plan only lets you generate a balance sheet and profit and loss statement. Additional financial statements can set you back as much as $35 a month as part of ZipBook’s Sophisticated plan.
CloudBooks
With the free version of CloudBooks accounting software, you’ll be able to add unlimited users, invoice, create projects, perform integrated time tracking, track expenses, and provide estimates. That said, you’ll have to upgrade from the free version—and pay at least $10 a month—to be able to send more than five invoices per month, brand your invoices, and offer online payments on your invoices.
Zoho Invoice
If you’re looking for the best free accounting software to automate your invoicing workflows, then Zoho Invoice will be a top option. With the free version of Zoho Invoice, you’ll be able to invoice customers and manage payments through a single account. You’ll also be able to customize and brand invoice templates, track expenses, and interact with customers through a client portal. Not to mention, you can run integrated time tracking for yourself and employees for project billing.
NCH Express Accounts
Another free desktop accounting software option to consider is NCH Express Accounts. The free version of this accounting software can support the accounting needs of small businesses with fewer than five employees. Through this free accounting software for small businesses, you’ll be able to access and generate 20 crucial financial reports and analyze revenues by customer, team member, or item. You’ll also be able to manage accounts receivable and payable easily through this software. That said, in order to access your books online, you’ll have to purchase the cloud version of Express Accounts, which isn’t free and currently starts at $59.95.
Conclusion
For small business owners operating in itself is a major job. You have to handle various operations of your business, check the finances and come up with new ways to generate income. All this while ensuring you don’t sweat your profits. Dedicating one day a week to handling accounting tasks can be enough, but people often hire an accountant. This means that not only do they get paid hourly or by the job, but you are charged for it too.