Accounting software is used by individuals and business owners to enter income and expenses and track their finances. It’s especially important for small businesses because it is more efficient and makes fewer mistakes than manual processing. It can also save time with features like automation and it gives the owner a place to store important documents and receipts to access at any time.
Accounting software is used by 64.4% of small business owners, which is good because 60% of small business owners admit to not being knowledgeable about finances or accounting.1 If accounting isn’t your strength or even if it is and you want to save time, read on to see which accounting software is right for your small business.
- 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.
2. Fresh book
Fresh book software makes it easy for accounting and in turns makes the financial management and planning process more accessible. It helps the users to subscribe and recur the invoices in a trouble-free way. With the help of fresh books, one can make their online payments as well with the help of credit cards, debit cards and other applications such as Google pay and Paypal as well. Fresh books are simple but are a powerful tool with advanced features that increase the work performance quality. It can be well optimized for your mobile phones, and thus you can have it handy anytime and anywhere. Another feature of this software is the ability to track all your payments and bills which can help you to take a summary of all the current and previous payments that you have made.
3. Odoo
Odoo is a fully integrated, customizable, open-source software packed with hundreds of expertly designed business applications. Odoo’s intuitive database is able to meet a majority of business needs, such as: CRM, Sales, Project, Manufacturing, Inventory, and Accounting, just to name a few. Odoo is an all-in-one software solution designed to meet the needs of companies, regardless of their size (or budget).
4. AccountEdge Pro
AccountEdge Pro is desktop accounting software for small businesses founded in 1989 and has developed new features and enhancements over the years. If you need to access your finances on the go or from your smartphone, you can use their cloud-based app or their hosting platform. It’s geared toward small to medium-sized businesses, has a basic version and a pro version, and offers comprehensive accounting solutions full of customizations.
We chose AccountEdge Pro as our best accounting software for experienced accountants because of its robust features and reporting capability. It’s a bit more complex than some of the other software, so this software works best if you’re already familiar with accounting terminology.
AccountEdge Pro’s features include:
- Bank feeds with integration
- Direct deposit
- Inventory management
- Payment processing
- Turn quotes into invoices
- Customer and vendor management
- Full-service payroll
- Free accountant copy
- Data sync with company files
5. 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 accounts 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 the assistance from the insurance brokers.
6. Intuits QuickBooks
QuickBooks is an accounting software developed and marketed by Intuit. Its latest cloud-based release was in 2019, but it also offers separate desktop options you can purchase and download. Its products are typically geared toward small and medium-sized businesses, and over seven million businesses use this software.
We chose it as our runner-up for the best overall accounting software for small businesses because it is easy to use for business owners with no accounting experience. It’s also quick to set up, reasonably priced, and offers tools and features that are helpful for small business accounting. It keeps everything organized in one place and keeps your business tax-ready all year long.
Features of QuickBooks include:
- Financial institution integration as well as integration with PayPal, Square, Shopify, and more
- Help to file quarterly and annual tax returns with user guides and exporting tax data
- Sales tax calculations, returns, and recorded tax payments
- Automatically sort transactions and expenses into tax categories
- Track expenses in one place
- Scan receipts and attach them to invoices
- Share with your accountant or export documents
- Create customized reports with cashflow tracking visible on your dashboard
- Track miles with your smartphone’s GPS
7. GoDaddy
Established in Baltimore, Maryland, in 1997, GoDaddy is a big name in the web hosting and website creation space, but it also offers accounting software for small businesses. It has tools to automate and organize your bookkeeping and accounting solutions and requires no prior accounting knowledge. You can automatically create and send invoices, accept online payments, and view business reports.
We chose GoDaddy as our best accounting software for an e-commerce business because this is exactly what the software is designed for. It’s made for e-commerce sellers, so you can get started in a few minutes, and it syncs to Amazon, Etsy, eBay, PayPal, and more. Keep in mind that GoDaddy is great for online sellers, but may fall short if you’re a small business looking for comprehensive accounting solutions including automation, tax forms, and payroll.
GoDaddy’s features include:
- Syncing with online retailers
- Online payment processing
- Track sales and expenses
- Create and send invoices
- Recurring invoices
- View business reports including profit and loss
8. 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
In our increasingly mobile world, all small businesses should be using accounting software instead of keeping track of finances on paper or a spreadsheet. Not only is accounting software more accurate, but it also helps ensure double entries are set up correctly. Small business accounting software helps businesses better manage and track their finances. It also includes automated features that organize receipts, reconciles data, and integrate with your financial institution so you don’t have to balance your business account or worry about adding the numbers correctly.