Best Small Business Accounting Software for Taxes
If you work for a small business, you are well aware of the challenges the lack of time and resources can create. But if you are looking for best free accounting software or best small business accounting software, I am sure that trying to figure out which is the best accounting software for your needs is no less challenging. That is why I decided to help.
Have you ever wondered what the best accounting software can be? And maybe how you can figure out the most cost-effective small business accounting software for your own needs. Or maybe you’re just looking for a way to manage your company where your best option is free accountant software. Are you a small business owner and searching for best accounting software? Well, you have landed in the right place. We are here to tell you about free accounting software that will help you with your small business taxation.
Intuit Quickbooks is one, if not the most well-known software options on this list. It is one of three popular services falling under the Intuit product line that also includes TurboTax and Mint.com. It’s known for its user-friendly attributes, AR aging reports, and bank reconciliation processes. This platform also assists users with estimated tax filings and income statements. It has prices ranging from $20-$160 per month based on accounting features and business size. It also helps users streamline processes by having over 40+ app integrations.
Business owners are typically moving quickly and that can mean their financial organization goes lacking. More technology can solve the problem and that allows the small business owner more time to concentrate on growing their operations. Neat.com is a financial software solution that resolves problems of an overabundance of paperwork, misfiled documents, and time spent trying to sort through all the business’s finances for taxes, loans, and other purposes. The heart of Neat.com is a mobile accounting system with document management and storage. Neat.com has functionality that’s best for businesses that are just starting or who are beginning to grow but don’t have enough resources to hire a full accounting staff and secretaries. It works well with businesses that are either solo operated or who work using small teams on projects that must share financial information, such as purchase costs, revenue-generating figures, and sales. A 20-year veteran of the industry, Neat.com offers two primary products called NeatBooks and NeatFiles. NeatBooks is both a reconciliation and an analytical system that tracks all of the business’s financial data. It allows business owners to see where cash is going in real-time and shows its total sales. It has information on trends and allows for quick uploads and categorizing of receipts within minutes. NeatFiles is cloud storage for financial documents, offering a way for business owners to declutter their desks and keep everything handy. Both products come with the highest level of cybersecurity with Neat.com using bank-level encryption that protects important documents from breaches. Both products are reasonably cost with current half-off options for six months. NeatBooks is priced at $24 a month with the special and NeatFiles is $16 a month. There is currently a special to get NetFiles Unlimited, allowing for an unlimited number of scanned documents, for $16.50 a month. Payments can be made both monthly and annually. The company also offers a free 15-day trial. Some of the best benefits of using these systems are paired receipts, transaction filtering, quick financial overviews, real-time accounting, and guided workflow. Users can scan receipts and upload them to automatically-categorized folders so anyone on the system can see new information in real-time on their mobile device through the neat mobile app. This includes an automatic pairing of receipts to expenses, saving a lot of time both in filing them and trying to find them later. Real-time reporting includes cash flow statements, balance sheets, and profit and loss statements. Other reports can be customized. One of the best features is the ability to filter transactions. With just a keyword, a business owner can pull up a receipt or an expense report that details transactions in that category. This system syncs with your business bank accounts so you have all your transactions in one place. This helps you see everything at any time.
Neat.com customers get personalized support and that includes help in customizing their system to meet their exact needs. There is also a chat box to answer quick questions.
Customers brag about how much time they save using Neat.com. Some state this system reduces their office time by 30 hours a month. Most time savings come as neat automates accounting workflow.
Sage 50cloud Accounting
Sage 50cloud Accounting is a robust small business accounting application with comprehensive financial tools and generous customization options. Its integration with Microsoft 365 makes it a hybrid solution: local, hard drive-based software that can share data with productivity applications via the cloud.
- Exceptionally sophisticated feature set
- Great customizability
- In-depth contact and item records
- Noteworthy inventory management tools
- Good support options
- Microsoft 365 integration
- Windows only and resource-heavy
- Some elements of UI look dated
- Lacks comprehensive mobile app
Starting at $0.00/mo.
If getting free software is your top priority, you quite literally can’t do better than Wave. Wave’s comprehensive software simplifies your financial tracking with automatic journal entries, bank reconciliation, and expense and income tracking.
Even if Wave weren’t completely free, we’d still be blown away by how much it offers. It’s one of our top accounting software picks for small-business owners, and for good reason. With Wave, you get perks like these:
- Automatic bank account and credit card syncing for accurate, up-to-date financial records
- Unlimited bank account and credit card connections
- Easy, customizable income and expense tracking
- Crucial accounting reports and general ledger
- Invoicing and billing reminders
- Automatically generated journal entries
- Customer support (email only)
Wave’s easy-to-read dashboard shows you your most important financial info at a glance. Its billing, invoicing, and expense tracking features make it perfect for freelancers, but the software can work for larger businesses too, especially since Wave doesn’t limit the amount of users you can add (unlike, say, QuickBooks Online). You and the rest of your financial team can jump on your account to check numbers and enter information, free of charge.
- Open-source software means you can customize however you want.
- Extensive library of integrations.
- Robust user support via online forums.
- Design is not as intuitive as other platforms.
- Advanced features cost extra.
- Not as ready-to-use as other options.
Why we like it:
Akaunting is an open-source accounting platform that has the capability for customization, primarily through its library of add-ons. The primary features are available right out of the box: You can invoice, track receipts and take care of the everyday needs of your company’s finances. Plus, with a robust library of integrations, you can build your own Akaunting setup with a degree of customization other free platforms don’t provide. However, you or someone on your team will likely need some coding knowledge to use this software to its full potential.
ZipBooks provides powerful and simple-to-use accounting software designed to help small businesses move to the next level. ZipBooks’ free starter option includes unlimited invoicing, unlimited vendors and customers, unlimited bookkeeping, the ability to connect and manage one bank account, and a business health and invoice quality score.
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’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.
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.
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.
Brightbook is a free online accounting system, designed to help time-strapped and cash-strapped small businesses with no accounting experience run their business easier. Businesses can send professional-looking invoices in any currency, track bills and find out who owes them money in an instant with the easy-to-use Brightbook system.
While CloudBooks’ basic features are free, it doesn’t offer as much as the competition.
CloudBooks is an online accounting software program that allows you to manage your online invoices, expenses, and projects. You can also view financial reports from any mobile device with their free app. Their platform allows for unlimited staff users, which means you can share access to your books as needed.
CloudBooks is generally geared towards freelancers with few clients. Unless you are willing to shell out $10-$20 a month, you are limited to only five unbranded invoices per month. There is also no phone support or Paypal integration for the free version.
NCH Software (Express Accounts)
Starting at $0.00/mo.
With 20 easy-to-generate financial statements, Express Accounts is a perfect fit for business owners who want to focus on keeping their books in order.
Express Accounts, owned and operated by NCH software, has a pretty dated website. While multiple users can log on to your account, the software requires an initial desktop download, which makes it a little less flexible than the cloud-based providers on our list. But if you don’t mind the dated look, Express Accounts can simplify your basic bookkeeping in a big way.
For starters, it offers 20 financial reports (much better than ZipBooks’ two) that help you get a clear picture of your fiscal health. Express Accounts also easily tracks accounts payable and accounts receivable. You can even print checks using the software to streamline bill payments.
Express Accounts’ customer service is much less robust than our other top five picks. You can reach out to technical support over email if you have an issue with your download, but that’s the extent of your support. On the other hand, most customers use Express Accounts solely to track their business’s figures—so you shouldn’t need the kind of support you would with more complex accounting or payroll software.
Whether you’re just starting your small business or looking to switch from your current software, I feel you should know all the options available to you when it comes to accounting software. Even if you don’t plan on switching for the time being, knowing your options and what’s out there is always a good thing – especially when it comes to your finances.