Given the technological boom taking place, it is not surprising how many people are deciding to take up small business accounting software Canada as a career. But of course, there are also countless others who wish to do some research or maybe just learn more about this for their own purposes. Either way, the point is clear – there is indeed a lot of interest in learning about small business accounting programs in Canada nowadays.
The best small business bookkeeping software canada programs are written for beginners, but even the most advanced business owner can benefit from one. Canadian small business accounting software comes in many different forms, but the best of the best make things easy for you to understand and have helpful tutorials that walk you through every step of the way. This makes it possible to keep track of your money flow whether you’re just starting out or have been running your own company for decades. Thousands of people across Canada use these proven solutions to run their businesses effectively and efficiently.
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.
FreshBooks
FreshBooks is a Canadian-based company that was founded in Toronto in 2003 for small business accounting needs. It uses cloud-based accounting and invoice software that can be accessed via iPhone, Android, and iPad apps.
It is our choice for best overall accounting software for small business because it’s easy to use for business owners with little or no accounting experience, offers robust features and helpful functions, is reasonably priced, and can be used on-the-go and at any time.
FreshBooks’ features include:
- Payment reminders
- Recurring invoices with customizable options including due dates and discounts
- Online credit card payments
- Multi-currency and language billing
- Automatic tax calculations for sales tax
- Tax-friendly expense categories
- Remembered vendors
- Time tracking with a Chrome browser extension
- Bank deposits, recurring payments, and auto bills with bank integration
- Tax help integrations with tax apps, estimates, deductions, and filing tools
- Easily integrates with other products including Goggle Workspace and Gusto
FreshBooks’ pricing is tiered as follows:
- Lite: $6 per month for the self-employed business owner with five billable clients
- Plus: $10 per month for small businesses with 50 billable clients
- Premium: $20 per month for growing businesses with unlimited billable clients
- Select: Custom features and pricing for businesses with unlimited billable clients
FreshBooks may also offer discounts or bundled pricing if you pre-pay, so make sure you check the website for any offers before you sign up.
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.
Zoho Books
If you have a small business and are in search of accounting software that can manage your finances and cash flow, then Zoho Books can serve you at its best. They are hassle-free and easy to use and helps the user to make easy business decisions. Apart from this they are safe to use and offers highs security to the data and can help you to keep track of all your expenses on a project. This accounting software provides proper support and facilitates payments and invoice management through the online mode giving the user full control over the financial management errand. It also offers automatic bank feeds and payment notifications which enables the user to never miss out an important message from their client.
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
Pricing for AccountEdge Pro is as follows:
- AccountEdge Basic: $149 one-time fee, $199 per year for one user
- AccountEdge Pro: $499 one-time fee, $199 per year, and additional fees for licenses and add-ons such as payroll services, checks, and credit card processing
To find out more about what features are included and how much add-ons cost and to add custom features, it’s best to contact the company directly.
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.
Conclusion:
Business accounting software for small business solutions Canada can take a lot of burden off your back. They have a long list of features that help a person or an organization keep their accounts, manage staff and keep an eye on all those monetary details. Enterprises have been using accounting software for a while now to keep tabs on things rather than do everything manually.