Expenses Software For Small Business – Every business needs proper software to take care of data. Any business enterprise must gather and process important information for persistence and processing that will help them to grow further.
Expenses in a small business can add up when they are done manually. A manual system involves a lot of time and effort when receipts have to be collected, manually added to the software, and you have to write down who paid what etc. In a smaller business, this is usually the responsibility of one person, so it’s easy to lose track. That’s why using a small business expenses software solution is a great investment that can give your company a lot more efficiency with their accounting process.
QuickBooks Online
QuickBooks Online is the best overall accounting software for small businesses of those reviewed. Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed. All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.Pros
- Scalable
- Commonly used by accounting professionals
- Integration with third-party applications
- Cloud-based
- Mobile app
Cons
- Upgrade required for more users
- Occasional syncing problems with banks and credit cards
Intuit’s QuickBooks Online has been the most common accounting software used by small businesses and their bookkeeping and tax professionals. The software is cloud-based and can be accessed through a web browser or through the mobile app.
After the 30-day free trial, the four options for subscription plans include: Simple Start at $25 per month, Essentials at $40 per month, Plus at $70 per month, and Advanced at $150 per month. Typically there is a significant discount offered for the first few months, and some accountants are able to offer wholesale pricing to small businesses, as well.
The monthly subscription for this software can be upgraded as a business grows, and there are many customization options with the mobile app that can be used to receive payments, review reports, capture an image of a receipt, and track business mileage. For businesses looking for a payroll solution, QuickBooks Payroll fully integrates with QuickBooks Online.
Each plan offers more advanced features like inventory management, time tracking, additional users, and budgeting. Most service-based small businesses will find that Simple Start meets all of their needs. For product-based small businesses, Essentials or Plus will have more options for inventory and customizations. The Advanced subscription is a new offering and provides robust financial reporting that is powered by Fathom. Fathom is an elite online financial report analysis tool used by many large companies all over the world.
All plans allow integration with third-party apps such as Stripe or PayPal. QuickBooks Online’s app store breaks down all of their apps by function and provides helpful examples of the benefits of each app.
FreshBooks
The most crucial accounting need for most service-based businesses is invoicing. FreshBooks offers more customizations for invoicing compared to other accounting software. Its primary function is to send, receive, print, and pay invoices, but it can also take care of a business’ basic bookkeeping needs as well. This accounting software makes it easier for service-based businesses to send proposals and invoices, request deposits, collect client retainers, track time on projects, and receive payments.Pros
- Cloud-based
- User-friendly interface
- Third-party app integration
- Affordable
- Advanced invoicing features
Cons
- No inventory management
- No payroll service
- Mobile app has limitations
Founded in 2003 in Toronto, FreshBooks started as just an invoicing software. Over time, more features have been added and FreshBooks now has over 500 employees. There are four different plans, and businesses can get a 10% discount if they choose to pay yearly, rather than monthly. Additionally, FreshBooks offers a 60% off discount per month for six months. The four plans are: Lite at $6 per month, Plus at $10 per month, Premium at $20 per month, and Select, which is a custom service with custom pricing.
The main difference between the four plans is the number of different clients that are allowed to be billed per month. In the Lite plan, up to five clients can be billed per month. In the Plus plan, up to 50 clients can be billed per month. In the Premium plan, unlimited clients can be billed per month. The Select plan also does not have a limitation on the number of clients that can be billed per month, but adds unique features. It costs an additional $10 per month for multiple team members to use the accounting software and it costs an additional $20 per month for the advanced payment feature, which allows users to charge a credit card in real-time or set up a recurring credit card charge for a client.
There are many third-party app integrations available, such as Shopify, Gusto, Stripe, G Suite, and more. A unique feature of FreshBooks is that invoices can be highly stylized and customized for a professional look and feel. FreshBooks is a great tool for budgeting out projects, sending estimates or proposals, and collecting customer payments.
Wave
Wave is an ideal accounting software platform for a service-based small business that sends simple invoices and doesn’t need to track inventory or run payroll. For many freelancers or service-based businesses, Wave’s free features will cover all of their accounting needs and is the best free software in our review. At year-end, accountants can pull the necessary reports from Wave to prepare a business’ tax return.Pros
- Free accounting, invoicing, and receipt scanning
- No transaction or billing limits
- Run multiple businesses in one account
- Unlimited number of users
- Mobile app
Cons
- Limited third-party app integrations
- Higher fees for credit cards and ACH payments
- Full-service payroll is limited to only 14 states
- No inventory management
Wave was founded in 2010 and is based in Toronto. The company has over 250 employees and was recently purchased by H&R Block. The foundational accounting features that most small businesses need, such as income and expense tracking, financial reporting, invoicing, and scanning receipts, are all included with this free software. These features can be accessed online or on the mobile app. Customer payment processing and payroll are considered premium services that cost extra, but all of the bookkeeping, invoicing, and reporting features are completely free.
Wave makes its money on its payment gateway. To process payment from a customer, Wave charges 2.9% plus 30¢ per transaction for Visa, Mastercard, and Discover, and 3.4% plus 30¢ per transaction for American Express. These fees are slightly higher than other accounting software. Additionally, to process an ACH payment, rather than a credit card, Wave charges 1% per transaction with a $1 minimum fee. This is unique to Wave, as the majority of accounting software does not charge a fee for ACH payment processing.
Wave offers two payroll plans as an add-on service. The first plan is $20 per month plus $6 per employee or contractor. In this plan, Wave will process payroll and prepare payroll tax calculations, but the user is responsible for manually completing payroll tax forms and submitting tax payments. The second plan is $35 per month plus $6 per employee or contractor. In this plan, payroll is full-service, which means that all tax filings and payments are completely managed by Wave. This full-service payroll option is only available in 14 states.
Oracle NetSuite Accounting Software: Best ERP Tools
Oracle NetSuite Accounting SoftwareNetSuite offers a variety of features, including enterprise resource planning tools.The software focuses on automation, making it simple to send and collect invoices.The website isn’t clear about pricing, so you need to contact a sales representative to determine the cost.VISIT SITE
Oracle’s NetSuite is a great choice for small business owners who want to get a complete picture of their business while automating aspects of accounting. With this software, you can manage all aspects of your business from one dashboard, making NetSuite our pick for the best accounting software with enterprise resource planning (ERP) tools.
Editor’s score: 8.5/10
NetSuite is a full-featured accounting and ERP program geared toward businesses with more complex needs. You can make and receive payments, run a slew of reports and manage taxes. NetSuite has embraced automation, making it easy to send invoices and receive payments, and it has robust tax management tools that support all currencies and exchange rates. If you have international sales, the software automatically processes sales and payments based on the local laws you’re selling or operating in. There’s also a revenue recognition management solution that helps business owners meet accounting standards and report financial results on time.
Cash flow management is also simple thanks to a robust set of features that provide insight into your cash, making it easier to optimize cash, control bank accounts and remain compliant with rules and regulations. NetSuite’s payment management system centralizes payments, while the planning and budgeting features unify data to help you plan. It’s also easy to create budgets and forecasts, plan for what-if scenarios and run reports on many aspects of your business. To keep you in control, NetSuite lets you set permissions.
NetSuite also has numerous ERP tools to manage finances, inventory, production and the supply chain, and the ERP functionality also helps you plan for the future. Because NetSuite comes with so many features and tools, it’s difficult to get an accurate price without reaching out to a NetSuite sales representative. There’s an online form you can fill out to set up a free demonstration.
NetSuite may not make sense if you are self-employed or a microbusiness without complex needs. But if you require a more holistic approach to accounting and want to be able to budget, plan and forecast, NetSuite deserves serious consideration.
Pabbly
Pricing: Starts at $9/month
Pabbly Subscription Billing is a recurring and subscription management software for small to medium-sized businesses. This software provides real-time actionable metrics on your monthly payments, revenue, net revenue, active customers, and new subscriptions. It also automates all your business workflows, customer communication, and invoice creation so you can focus on your business growth.
Best for Businesses Looking for a Reliably Fixed Pricing Model
One of Pabbly’s key selling points is its subscription billing model. It’s one of the only software on this list that doesn’t charge any extra fees on the basis of per-transaction and monthly revenue generation. That kind of consistency — paired with it’s first-rate functionality — make Pabbly a solid option.
Conclusion
Expenses software can help you track and manage your business’s operating expenses for tax purposes. Keeping accurate records is important for all businesses, but even more so when tax time rolls around.