Best Simple Accounting Software for Small Business
Business owners know that they need to keep detailed records of their transactions. However, many times they do not have enough time on their hands to do this effectively. You will not have to worry about your business’s records being inaccurate or incomplete with the accounting software we will show you.
Simple accounting software provides your business with a powerful solution that is both powerful and simple to use. Implementing such software into your business can provide a number of benefits, including increased productivity and accountability.
Accounting software allows you to take control of all aspects of your business, from inventory management to tracking customer information and more. It can help you save money, time and energy for more worthwhile things in your life.
In recent years, the use of accounting software as a service has become more popular. This is in part because of the technologies which have been introduced to simplify many tasks and make accounting easier for business owners such as you.
In this regard, here are the top accounting software you should start using today:
- Intuit Quickbooks
- Sage50cloud Accounting
- Wave Accounting
- Zoho Books
- Kashoo Classic
Thanks to its depth, functionality, flexibility, and extensibility, Intuit QuickBooks Online remains the leading online accounting application for small businesses today. The product is easy to use, well designed, and built to meet the needs of a broad range of users. Unfortunately, the product is also very expensive. Nevertheless, we decided to keep it on the top spot since it is a truly amazing product. If you are looking for more affordable products however, continue reading to find more recommendations.
- It has an improved onboarding process.
- A dashboard that is now more user-friendly.
- It has an excellent user interface and navigation.
- Detailed records for contacts and transactions.
- There are a number of reports that can be customized.
- Features a project manager, payroll, and many integrations and add-ons.
- It is expensive.
- It would be helpful if there was better online support available.
Sage 50cloud Accounting is a powerful, cloud-based accounting package with comprehensive financial tools and extensive customization options. As a result of its integration with Microsoft 365, it can be used as a hybrid solution: locally installed software that can share data with productivity applications via the cloud.
- The feature set of this product is incredibly sophisticated.
- Customizability on this software is excellent.
- Items and contact records are very detailed.
- This is a very useful tool for inventory management.
- The support provided is excellent.
- It integrates with Microsoft 365.
- It is only compatible with Windows and is resource-intensive.
- Some elements of the UI seem outdated.
- It does not have a comprehensive mobile app.
FreshBooks provides a well rounded and intuitive double-entry accounting experience with the tools that any small business requires. Furthermore, its exceptional user experience and clever blend of features makes it is a great choice for sole proprietors and freelancers alike.
- It is a pleasant experience using the application.
- It has settings that are context-sensitive.
- Additionally, it features collaboration and time tracking tools for teams.
- It provides support for proposals, projects, and retainer agreements.
- FreshBooks has a tracking system for inventory.
- It tracks mileage automatically.
- Some dashboard deficits.
- Establishing bank connections can take time.
- Limited invoice customization.
This program is an online one so you will be able to access it from any computer system that has a browser installed.
Small businesses can choose Wave Accounting as a system that is effective for accounting. This is especially true if they offer services, or sell products that need to track inventory.
What you get with Wave Accounting:
- When you connect your bank account to Wave, the transactions will be uploaded automatically at the touch of a button. But you still need to allocate each transaction to the relevant income and expense accounts.
- Wave can be accessed from your smartphone.
- On your Dashboard, you’ll find your balances (where you click on Update Now to view the latest transactions from your bank). You will also find your financial snapshot that shows a chart of your income vs expenses; your setting tips, a summary of the bills you owe and those owed to you, and a colorful wheel chart that shows a comparison of your business expenses.
- You can choose from a variety of sales invoice designs. You can use different currencies for your invoices.
- Your smartphone can automatically upload a copy of your receipt to Wave Accounting, or you can scan and email it.
- Moreover, you can keep track of sales tax.
- You can customize your list of accounts.
- And you can print/download in pdf, a range of relevant financial reports, such as the Income Statement and the Balance Sheet.
- The company has a Wave University where you can learn how to work with this program for free.
- Finally, this is a really cool tool with a lot of helpful features that you should definitely take a look at.
- It is possible to track basic inventory, but you will have to use journals as a workaround.
- Despite its name, this is not an intensive inventory tracking program. Rather, this is a basic program that you can use occasionally.
- The payroll service is only available in North America, plus you have to pay a fee to use it.
ZipBooks is another top free accounting software for small businesses. It offers reports, bank syncing, billing, expense management, and invoicing in one free account.
Ideally, paying your invoiced customers online via ZipBooks requires the use of Square or PayPal. or these transactions you will have to pay the standard PayPal rates and Square rates.
Presently, ZipBooks offers an integrated payroll solution that integrates with Gusto. Currently, Gusto starts at $39 per month and is available to as many as six people per month. Additionally, Gusto offers a flexible option for contractors-only employers who simply pay a rate of $6 per employee and do not have to pay a base price.
The accounting service Xero has very effective tools for reconciling accounts, tracking projects, and managing sales and purchase transactions. In addition to the recent enhancements made to its setup process and new business overviews, it remains an excellent option for small businesses.
- Critical business views.
- This is a very effective project tracking system.
- The security of the system has been improved.
- Good online support service.
- Features Smart Lists, interactive quotes, and more.
- The user interface could be made more intuitive and navigable.
- There is no phone or chat support available.
There are few online accounting services as solid as Zoho Books for small businesses. The app combines a stellar user experience with a rich set of tools and an attractive price point. As of now, all states support integrated payrolls, so larger businesses may want to take a look at it as well.
- There are dozens of custom fields in the form of records and transactions, which results in superior depth.
- Document management.
- There has been a new integration with SurePayroll.
- Low costs are associated with this service.
- There are multiple payment gateways available.
- There is a wide range of support options available to you.
- Time tracking must be linked to a project in order for it to be effective.
- Limited number of accountant partners.
- Some small businesses may find it too complex.
Furthermore, Sunrise is a smart choice for freelancers and sole proprietors who need to keep track of their income and expenses. Small businesses might also find it appealing, if they only require double-entry accounting, but do not need time tracking, robust reports, or full mobility.
- Supports the creation of invoices, quotes, and estimates.
- It is free.
- The user experience and the dashboard are excellent.
- Detail page for cash flow.
- Excellent invoicing tools.
- There are only standard financial reports available.
- Records for contacts and products have a minimal amount of fields.
- The mobile apps are not comprehensive enough.
- There is no dedicated time-tracking system or project-tracking system in place.
Manager comes with a desktop version and a cloud version. While the desktop version of the software is free, the cloud version requires a subscription. Here is a comparison.
I would recommend opting for the desktop version if you are only planning on using it for one user and won’t require access while away from your computer.
Manager is designed to allow users to be up and running within minutes of downloading it. It is open-source software. And it is compatible with Windows, Mac and Linux.
Moreover, this software does not require setting up opening balances, chart of accounts, or financial year dates like traditional software, so you don’t have to spend hours configuring it.
It’s fast and simple to use.
What You Get With the Manager Desktop Version:
- An overview of the company’s finances appears on the main screen, including the bank balance, receivables due, and a profit and loss breakdown.
- You can create customized sales invoices and keep track of client contacts.
- Keep track of bills and supplier contacts.
- It is possible to process journal entries to adjust your accounts as needed.
- You can reconcile your bank accounts.
- Record inventories.
- You can produce the following reports: Balance Sheet, Trial Balance, Profit and Loss entries, as well as aged receivables.
- You can add any number of plug-ins to Manager to expand what you can do, including sales tax compliance – Manager has lists for various countries.
- Additionally, you can get help on the support forum.
If a fantastic program like Manager offers bookkeeping software for free, why spend a fortune on traditional accounting software? Here is Manager’s download page… all free!
You should also consider a free accounting software called Akaunting. This is because they offer the most necessary features that a small business accounting software should have. As part of this technology, you will be able to invoice, sync accounts, track expenses, set up recurring bills, manage customers, and manage vendors.
However, to access advanced features like online payments, for example, you’ll need to download third-party apps that will cost a yearly fee on top of whatever fees you’ll need to pay for the third-party account.
Creating an Akaunting account won’t cost you anything, but as you use this software, you’ll learn that some of its features require you to purchase third-party apps.
This relatively new software is developed in the United Kingdom, but it can also be used overseas. It has sales tax functionality which is automatically updated for the country of your choice.
However, Pandle comes with two plans at the time this post was written, viz:
- Forever Free.
- Pro Version – USD$7 per month.
What You Get With Pandle
- Since it is online software, you can access it from anywhere with an internet connection, or you can download the mobile app (iOS or Android).
- The data you store on Pandle is fully encrypted, live chat support is provided, plus you receive help with transferring your data to Pandle. This is so you don’t have to freak out about making such an important move.
- Additionally, your bank statements can be imported into the software (bank feeds are only included in the Pro version).
- Also, you can accept payments from customers using Pandle Pay.
- As a result, you can create sales quotes and invoices with your logo.
- This feature is available with the free version if you deal with multiple currencies.
- Plus, you get unlimited customers, suppliers and bank accounts (but unlimited Users of your Company is only available in Pro).
- If you live in the UK, you will receive VAT submissions – it is UK VAT ready.
- A range of business reports are available including Profit and Loss, Balance Sheet, Trial Balance, Cash Flow, Receivables and Payables.
- However, the free version offers no access to these features: bank feeds, receipt uploads, projects, cash flow forecasting, stock control.
For more information on Pandle, you can visit its website. If a feature is only available in the pro version, there will be a small blue box next to the word “Pro”, so that you will know exactly what is available in the free version.
The free accounting software SlickPie is another option worth looking into for your small business finances. This accounting software allows unlimited receipt entry on automated receipts, allows for 10 different companies on one account, and offers email support. It also allows you to create quotes and estimates that can be easily turned into invoices. SlickPie also lets you connect your PayPal and Stripe accounts for free. In other words, customers can pay their invoices online using cards or PayPal – and charged the standard fees that PayPal and Stripe charge.
The SlickPie website doesn’t mention any built-in reporting features for this free accounting software. It should be noted, however, that if you’re looking for valuable, high-level insights from your accounting software, then you might want to consider options other than SlickPie.
Kashoo Classic’s strongest features are income and expense management, usability, and support. Therefore, this service is an excellent choice for smaller businesses with no need for inventory tracking or time tracking software, but who wish to automate certain aspects of their accounting.
- The management of income and expenses is efficient.
- Email, phone, and chat support are free.
- Definitely a worthwhile iPhone app to have.
- It integrates with SurePayroll.
- Cost tracking for projects.
- An easy-to-use interface.
- There is no Android app for the time being.
- The lack of time and inventory tracking is a serious problem.
- A bit pricey.
- This application does not use a standard dashboard.
NeatBooks is an accounting website designed only to track bills payable. It offers an excellent user experience, allowing for simplified reconciliation, and allowing your bank transactions to be linked to the original documents such as invoices.
- User experience is excellent.
- It encourages the storage of source documents.
- There are multiple ways to upload transactions.
- Reports are customizable in the way that they are presented.
- You have a variety of support options available to you.
- Receivable accounts only.
- There are only two currencies that are supported.
- Utilizes accounting language and processes from time to time.
- Quite expensive.
- Uploading source documents is a time-consuming process.
To conclude, we can only hope that this blog has offered you some insight into the many perks that come from downloading and utilizing accounting software. If you are a do-it-yourself entrepreneur or business owner, it is important to stay organized and informed about your financial records. That is why utilizing a computer program for bookkeeping can help simplify your accounting process.
Additionally, this in turn allows you to spend your time focused on things that are even more meaningful – like getting your business off the ground and growing.