A business account software helps in keeping a track on the entire cash inflow and outflow of an organization. There are different kind of modules present through which the software works such as General Ledger, Account Receivables, Account Payable, etc. The software also manages the payroll system and takes care of reporting management. These individual modules are basic and can be customized to match the functionalities of any particular industry. For instance, the fund accounting system of a non-profit organization will vary from that of a government organization.
1. QuickBooks Online – Best Accounting Software for Small Businesses
Every business organization looks forward to incorporating customized means that eases overall workability and increases productivity. QuickBooks is one of the modern, scalable, and rich featured accounting software which fulfills work obligations by boosting efficiency. This software aids small and medium scale business through various customized plans. QuickBooks is easy to use software that tracks, calculates, organizes financial aspects, and making them perfectly effective to transmit over various departments. With QuickBooks, it becomes easier to import transactions, reconcile bank accounts, and know where the money is invested.
QuickBooks Online allows tracking of income-expenses, generate invoices, regularise payments, import invoices, maximize tax deductions, run and export reports including profit/loss, expenses, balance sheets, easily track cash flows and avoid surprise transaction. Additionally, it allows dashboard customization, custom chart builder, track KPIs, track deductible miles, categorize business and personal trips, forecast cash flows, generate financial insights, run custom reports, match certified bookkeeper, and connect with the later as per convenience. QuickBooks reduces your stress by automating bills, recurrent payments, activate Auto Payroll, Tax penalty protection, manage inventory, calculate sales tax, track project profitability, and create groups accordingly. QuickBooks is one of the best accounting software for a small business which suffices all the financial requirement through its three different plans. Available for the free trial, QuickBooks also provides virtual support to its customers; help them choose the plans accordingly.
QuickBooks Online Accounting Features : Accounts Payable, Accounts Receivable, Bank Reconciliation, Billing & Invoicing, Expense Tracking, Payroll Management, Tax Management.
2. Zoho Books – Best Online Accounting Software for Growing businesses
Zoho Books is one of the top accounting software that manages finances, keeps the company GST compliant, and automates business workflows. As your business grows, it becomes difficult to manage everything while focusing on business growth. Zoho Books integrates with other apps installed in the business system that run every aspect of a business. Right from negotiating business deals, raising sales orders, generating invoices, and accepting payments, Zoho Books handles mundane accounting tasks. The software helps in focusing on business without disrupting the workflow. Additionally, Zoho Books creates GST invoices, files tax returns, and helps the business to remain GST compliant.
Zoho Books creates e-way bills, automatically detects transactions, helps in capturing transport bills, calculate GST liability, enables push transactions, and segregate the supply of GST levied goods. Zoho Books of accounts chase every transaction, enable payment reminders, and provide the customers with online payment options. The payable feature incorporated in Zoho Books allows you to keep a track of your money. It has become easier to create and send purchase orders, upload expense receipts, keep a track of payments. In addition to handling cash, Zoho Books is capable of tracking inventory, replenish stock, organize stock, and generate vital information like stock costing, pricing, and stock in hand.
Zoho Books Accounting Features : Accounts Payable, Accounts Receivable, Bank Reconciliation, Billing & Invoicing, Purchase Orders.
3. Patriot Accounting – Get The Most Recommended Premium Accounting Software
Patriot Software, with its robust accounting functions, makes it simpler for accountants and businesses to keep a tab on their books. Considered one of the easy-to-use accounting software available in the market, it is affordable enough for start-ups, small businesses, and individual entrepreneurs to resort to. At the same time, the software is capable of fulfilling the complex accounting needs of established organizations across industries. The best thing is, you can start using this system without undergoing any special training.
Streamlining your entire accounting operations, Patriot Software enables you to import your trial balance, customer, and vendor data hassle-freely. It also supports the payment of bills and the creation of unlimited invoices. Furthermore, it facilitates the automatic import of your bank transactions and payment acceptance via credit cards. What’s more? You can also track your income, expenses and funds, record them for future reference, and generate accurate financial reports for better business decisions. And set up reminders so that you never have to miss any incoming or outgoing payments. To top it all, the system lets you define your own rules for business accounting transactions, safeguarding your finances.
Patriot Accounting Features: Account reconciliation, Automatic Import of Bank Transactions, Easy Import of Customer and Vendor data, Simplified Bill Payments, Unlimited Invoicing, Invoice Payment Reminders, Payment Receipts & Recording, Tracking of Income & Expenses, Cash-to-accrual Toggle, Financial Reporting, Contractor Check Payments with e-signatures, Smart Suggestions, Optional e-Filing, Payment Acceptance through Credit card, Free Support by Experts
4. Sage Business Cloud Accounting – Best Accounting Software for Freelancers/Self-Employed
Sage is a popular cloud-based accounting software widely integrated by small and medium scale businesses. Trusted by more than 3 million people, Sage has been providing simple accounting solutions for the past 38 years. The software is one of the best accounting software for small business that not only manages your data but also keeps a track on money flow. For any start-up, it is important to manage the business and scrutinize new ideas without worrying much about the management and admin tasks. Sage solves your issues by eliminating the financial compliances, handling data, and making it available as per requirement.
Sage is online accounting software for small businesses that creates and sends online invoices, accepts payments, connects with your bank, and manages transactions effortlessly. From sales to purchase, cash flows, and reporting, Sage cloud accounting management software serves the business with commendable features. Additionally, Sage integrates with Microsoft Office 365 to provide a hybrid, complete accounting solution. It monitors and manages cash flows, optimizes sales, analyses performance, provides remote access, and compliances with various tax structures. Sage is an advanced solution that comes with a 60-day risk-free guarantee and full-time online support. Now, it’s no longer an errand task to maintain your receivables, payables, and money when Sage is available at your service.
Sage Business Cloud Accounting Features: Accounts Payable, Accounts Receivable, Bank Reconciliation, Billing & Invoicing, Expense Tracking, Nonprofits, Payroll Management, Tax Management
5. Deskera Books – Best Accounting Software for Growing businesses and startups
Deskera Books makes it super simple to manage accounting and inventory for multiple businesses. All you need to do is catalog receipts, invoices, payments, and product sales, while Deskera takes care of compliance and reporting behind the scenes. You can also create and send invoices in no time via your phone or laptop, using an included template from the app or customizing your own. Simply scan your bills, expenses and purchase invoices and they will be recorded automatically. Create and send purchase orders and record goods receipts when the items are delivered to keep an accurate record of inventory stock.
Convert your quotes into invoices with a single click, then auto-include online payment links to get paid right away. Connect your bank account to Deskera and get bank feeds directly into your accounting system. Create rules to automate expense and deposit creation and for bank reconciliation. Track inventory across multiple warehouses or stores. Achieve better inventory turnover ratios and implement JIT inventory methods with a built-in backorder and dropship management.
Deskera Books Accounting Features: Scan documents with your phone, Accounts Payable, Accounts Receivable, Multi-Currency Transactions, Bank Reconciliation, Billing & Invoicing, job accounting, project accounting, cost-centre accounting, Built-in financial and business reports
6. Xero
Beautiful cloud-hosted online accounting software for small businesses. Accessible anytime, anywhere
7. Wave Accounting
Wave offers small business owners real double-entry accounting that is integrated with the rest of Wave’s solutions, 100% free.
8. Odoo
Offers up unbeatable bank synchronization, automated invoices, recurring billing management, reconciliations, and so much more.
9. BigTime
BigTime is the engine empowering the greatest accounting firms on the planet to budget, track & bill their most important asset: time.
10. Kashoo – Simple Cloud Accounting for Small Businesses
Invest your 28 minutes per year on simple cloud-based accounting software like Kashoo and see your business grow rapidly. If you have a small business, then this is not a joke! Kashoo is one of the best accounting software for small businesses that sorts a whole year’s worth in lesser time than it takes for an accountant. The software allows you a free account to check what it has to offer. From tracking expenses, managing cash in hand to paying your tax, Kashoo is there to do it all!
The smart software changes the way you run your small business by offering an array of features. Generate automated reports that instantly update and runs your business, make professional-looking invoices, and receive instant payments and automate tracking expenses to make your job easier. Kashoo is doing an incredible job by linking your business with bank accounts, syncing them perfectly, and uplift business’ financial health. The software helps you segregate personal expenses from business expenses, manage cash flows, and bank transaction with just one click. This incredible software is available for a free trial and personalized pricing facilities.
Kashoo Accounting Features: Accounts Receivable, Bank Reconciliation, Billing & Invoicing, CPA Firms, Expense Tracking, Payroll Management, Project Accounting, Tax Management
11. ZipBooks – Simple accounting software that makes you even smarter.
ZipBooks is simple accounting software that gives you a smarter way to record books of accounts and maintain a profitable business. Over the years, the developers of ZipBooks are bringing out the best features to help small business in every aspect. From managing professional level invoices, reporting, and recording bookkeeping, ZipBooks gives you smart insights into the business. This powerful accounting software for small business surpasses all the expectations that one can have from any accounting software. Equipped with multiple features, ZipBooks balances your work by auto-categorizing transactions.
ZipBooks lets you create beautiful, customized invoices, in a few seconds. It connects your bank accounts and credit cards to save time and update. The business accounting software manages taxation in addition to handling bookkeeping. From handling back-office operations from multiple locations to balancing accounts books, ZipBooks keeps immaculate records for your business. The software provides a smart way to track all your transactions, keep on the top list of your creditors, and figure out how much profit you actually earn. Additionally, the software gives you day-to-day updates and intelligent feedback to improve your transaction, make wise tax decisions, and cut down unwanted expenses. From free starter plans to three varied customized plans, ZipBooks sorts your bookkeeping issues smartly.
ZipBooks Accounting Features: Accounts Receivable, Bank Reconciliation, Billing & Invoicing, CPA Firms, Expense Tracking, Fund Accounting, Government, Nonprofits, Payroll Management, Project Accounting, Purchase Orders, Tax Management
12. ART – Striking insight into balance sheet
ART accounting software is among the most used accounting software that not only improves business ability but also equips executives with striking insights to business financial position. The software utilizes algorithms to perform reconciliation and help business executives understand gradual changes in the business. It provides real-time dashboards to monitor status, exceptions, transactional matching between data sets to understand the company’s development. With this exceptional business accounting software, executives can manage and automate a close checklist during the financial reporting process. ART links task activity, documents, balance sheets to enhance the reconciliation process.
The software is a modern, advanced way to understand the financial position of a business through a real-time dashboard, role-based access to key reports, and real-time grading. Unlike most of the small business accounting software, ART certifies and validates the balance sheet, certifies account ownership, account balances, and exceptions. The powerful workflow management and automated tools make the business efficient and productive like no other business. ART generates powerful, easy-to-follow, reports that securely access current and prior period data. Reports generated are available in multiple formats that can be emailed, archived, and signed off straight from the software for better evaluation. This accomplishing software is available through an online website on request. Do away with manual and cumbersome spreadsheets with ART’s visually impressive dashboards and features.
ART Accounting Features: Accounts Payable, Accounts Receivable, Bank Reconciliation, CPA Firms
13. Sage Intacct – #1 in Cloud Financial Management for SMBs
Best scorer for the best accounting software for medium-sized business at the Gartner 2019 Critical Capabilities Report, Sage Intacct is true to what it offers. This core accounting software accelerates your team productivity by 40%, slashes your half-close time, and provides a bigger picture for business growth. The software streamlines workflow across the account payable cycle automates invoicing and collectibles, tracks multiple accounts with real-time visibility. Sage assists the business to handle multiple entities by overcoming the tedious conventional method of general ledger management. It handles multiple currencies and overcomes geographical barriers within a few minutes. Business with multi-dimensional success goals gladly opts for Sage Intacct as the business accounting software for its multitasking abilities and user-friendly features.
Sage Intacct automates complex, high volume cash cycles, improves profitability, advances order management. It helps the team achieve speed, accuracy, visibility, structured transactions, and approvals. This interactive accounting software is highly configurable and flexible. Designed as cloud-based accounting software, Sage Intacct brings robust technology into the conventional organization; turning it into a smart and modern profit-making business. This best of breed interactive solution has garnered the highest customer satisfaction in terms of services, features, usability, and pricing. The product offers a live demo to help you understand its best features and let you decide its benefits in the business.
Sage Intacct Accounting Features: Accounts Receivable, Bank Reconciliation, Billing & Invoicing, CPA Firms, Expense Tracking, Fixed Asset Management, Fund Accounting, Nonprofits, Project Accounting, Purchase Orders, Tax Management
Conclusion
When it comes to accounting software, you have many of the most popular programs to choose from. Just like there are various types of businesses, there are various types of accounting software that fit these businesses. There is Quickbooks Online (compatible with PC and Mac) which is designed for small business owners. Or FreshBooks (PC and Mac) which is designed more for consultants and freelancers. An accountant’s needs will usually be different than a business owner or consultant.