If you’re looking for the best business accounting software Canada has to offer, look no further than a growing list of companies offering an ever-expanding list of solutions designed specifically for your needs.
We analysed accounting software solutions, and compared the best. These are easy-to-use, cost effective and justify their price; they have a proven record of staying in business for years.
VT Cashbook
- Basic desktop accounting software
- Easy to use
- Paid upgrade required for Making Tax Digital VAT returns
- Desktop – works on Windows PCs
What is VT Cashbook?
VT Cashbook was released in 2019, but it’s from a company with a strong track record in accounting software. VT Software was founded in 1997, and its professional products (VT Accounts and VT Transaction+) are beloved by accountants, especially small firms that work with small businesses. Cashbook is the starter product – a straightforward, easy to use desktop accounting software that’s perfect for anyone looking for a simple way to keep track of their accounts.
What can VT Cashbook do?
VT Cashbook offers the following:
- Fast data entry with autocomplete
- Keep track of multiple bank/cash accounts
- Bank reconciliations (check your accounts against your bank statements)
- Produce VAT returns (with paid upgrade)
- Easily correct mistakes
- Produce profit and loss accounts, balance sheets, and ledger reports
Why is VT Cashbook free?
As with some of the other software on this list, VT Cashbook is free software with basic functionality that is designed to encourage business owners to upgrade to a more advanced paid version.
In this case, VT Software offers two paid options.
The cheaper option is VT Transaction+, which costs £75+VAT a year for a single user. This allows users to create and file Making Tax Digital VAT returns, as well as maintain customer and supplier ledgers.
The full VT Accounts suite costs £150+VAT per year, and allows users to easily create professional reports for their companies, as well as quickly calculate corporation tax. It also works as a Microsoft Excel plugin, making it attractive for any Excel users that don’t want to learn the nuances of a new program.
All VT products come with a 60-day free trial.
What support does VT Cashbook offer?
VT Software doesn’t offer any dedicated support for its free Cashbook program, with the only assistance given being a detailed user guide available on its website. For the Transaction+ and Accounts programs, support is available by both phone and email (currently email only due to COVID-19 restrictions), with the requirement that the user is either a current subscriber or purchased the software in the last 12 months.
VT Cashbook Verdict
There’s a reason professional accountants love VT Software products – they’re simple, they’re easy to use, and you’re not reliant on an internet connection. VT Cashbook is a great way to get started with maintaining company accounts, especially if you don’t want or need the bells, whistles and added complexity associated with some of the cloud-based accounting software services on this list. It also has no usage limits, so you won’t need to pay anything until you need to file VAT returns.
FreeAgent
FreeAgent is only free to business banking customers of Natwest/Royal Bank of Scotland, but it’s a powerful piece of cloud-based software that’s used by over 90,000 small businesses in the UK. It allows you to automatically generate VAT returns and completes the majority of the self-assessment tax return form for you. It also gives you a clear view of the income, time and expenses associated with each project, so you can see whether you’re making a profit or loss in real time.
These features have won FreeAgent awards including the Small Business Accounting Software of the Year Award in 2018. However, the biggest drawback is that your bank will have full access to your financial data, so they’ll be able to see exactly what’s happening with your accounts.
ZipBooks
In the free version of ZipBooks, you’re able to produce an unlimited number of invoices to an unlimited number of customers. You can also use it for unlimited bookkeeping. As a cloud-based piece of software, it’s known for being really easy to use, with a modern looking design.
However, you’ll only have access to basic reporting features and can only connect one bank account. If you want to take advantage of the more advanced and intelligent features, you’ll need to upgrade to one of their paid packages.
AccountEdge Pro
Pricing: Starts at a One-Time fee of $149
AccountEdge Pro provides double-entry accounting tools — from time billing and reporting to inventory — that are customizable and optimized for desktop users. The program is also available for a one-time fee, potentially saving you a lot of money down the line by avoiding subscription costs.
Holded
- Available for: Web application
- Mobile app: Android, iOS
- Price: Plans begin at 10€ (approx. US$13) per month
- Free trial length: 14 days
- Shopify app or integration: Yes
Even simple accounting can be time consuming, which is why Holded aims to automate much of the busywork inherent to bookkeeping so you can get on with actually running your business.
Holded is a cloud-based accounting tool that offers real-time insights into the finances of your business. Users can integrate Holded’s general ledger with a range of financial data sources to provide at-a-glance overviews of profits and losses, forecasting and reporting, and detailed accounting histories, all with just a few clicks.
Holded is a deeply integrated accounting solution that offers major time savings. Pricing starts at roughly $11 per month, with a 14-day free trial.
Kashoo
- Available for: Web application
- Mobile app: iOS
- Price: Plans begin at $16.65 per month
- Free trial length: 14 days
- Shopify app or integration: No
Kashoo is small business accounting software that aims to help business owners automate much of the administrative work behind bookkeeping.
Thanks to machine-learning algorithms, Kashoo understands your business better the more you use it. Everything from receipt categorization to sales tax tracking is analyzed by Kashoo, which lets the tool make individualized recommendations on steps to save money, minimize waste, and streamline overall efficiency.
Kashoo’s intelligent, automated approach to accounting won’t be for everybody. Kashoo costs $199 per year (about $16 a month), but business owners interested in its approach to bookkeeping can sign up for a free trial.
Conclusion
If you are a businessman, then you know the importance of keeping track of your finances. In this difficult economy, accounting software has become an integral part of running a business. There are many great options out there today, from the best free accounting software to the top options for small businesses with simple to advanced features.