Small Business Accounting Software With Inventory Management You have created a great business and it’s time to take your success from good to great! Bookkeeping is the backbone of any small business so it’s important that you stay on top of it. If you don’t, you could lose money and leave yourself open to getting hit with a late filing penalty. This guide includes:
SBA Small Business Accounting Software With Inventory Management is a Freeware program for small businesses. It allows businesses to keep track of everything: inventory, income and expenses, payroll and more.
GnuCash
GnuCash is open-source desktop accounting software. This means that, unlike a cloud-based system, you’ll need to download and install it on to your device. The code is also available to anyone, allowing volunteer developers to add extra functionalities or fix errors. This makes the platform very flexible and completely free forever. You won’t have to put up with adverts, but on the downside it’s not the prettiest or most intuitive platform to work with.
GnuCash is often described as a ‘no-frills’ version of accounting software. It handles invoicing and credit notes, accounts payable and receivable and some payroll features, but doesn’t offer the more advanced features such as open banking integration or a mobile app.
QuickFile
- Great range of features
- Responsive support community
- Fee applies for larger accounts
- Cloud-based – works on web browser, mobile, and tablet
What is QuickFile?
Founded in 2010, QuickFile is accounting software that’s specifically aimed at freelancers, small businesses, and entrepreneurs. It’s a simple and intuitive cloud-based solution that helps any small business owner with little accounting knowledge to easily keep track of their finances.
It’s also got great reviews on Trustpilot, amassing an average score of 4.7 out of 5 from over 1,100 reviews, with reviewers praising its ease of use and range of features.
What can QuickFile do?
QuickFile boasts an enviable range of features, including:
- Integration with over 50 automated bank feeds
- Easily manage invoices through a branded portal, which your clients can use to view and pay invoices through a range of online payment providers like PayPal and Stripe
- Track and file VAT returns – QuickFile is fully compatible with Making Tax Digital
- Generate a range of reports that give insight into your business
- Full multi-currency support
- Tools to create estimates, purchase orders, and delivery notes
- A mobile app that allows you to create invoices/estimates and snap expenses receipts on the go
- A seamless ‘click to print’ service if you need to post hard copies of your invoices, estimates, or statements
Why is QuickFile free?
QuickFile is only free for accounts of a certain size. This is slightly technical, but you’re limited to 1,000 ledger entries (this includes all invoices, purchases and bank transactions). Once you go over this limit, you pay a set fee of £45+VAT per year (approximately £54 in total at current rates). This fee also grants you access to some advanced features, such as enhanced bulk invoice entry and VAT bridging tools.
The free version is also supported by ads.
This pricing structure makes it perfect for startups – who can upgrade as their business grows – and means that you can easily try QuickFile for free to see if it’s the right fit for your business.
What support does QuickFile offer?
While there is no phone support available, QuickFile has a very active online community forum, and promises to answer most questions posted there within a few hours. You can also email their support team directly, but you’re likely to get a quicker response by posting a question in the forum.
QuickFile Verdict
QuickFile is the ideal free solution for very small businesses that can stay under the ledger entry limit. Its highly competitive pricing and great range of features means it should also be strongly considered by larger businesses, too.
Crunch Accounting Software
Crunch was started in 2007 by its founder Darren Fell after he found shortfalls in accountancy firms. He, therefore, decided to set up an all-inclusive service for freelancers, contractors and small businesses.
Crunch Accounting software is ideal for self-employed, freelancers and small businesses. They offer a free version, which is simple to use.
On reviewing the software, I can not see any reports, which I feel is essential as a bookkeeper.
Crunch Accounting Software Advantages
- Easy to use dashboard
- Easy to setup
- Free version
- Upload bank statements
- Unlimited transactions
- Accounting invoicing on the go
- Unlimited Expenses
- Cloud-based accounting software
Disadvantages of Crunch
- No financial reports available
- Can’t set the VAT rate
- Straightforward invoice template with no options.
If you are planning to complete the accounts yourself, then Crunch, I feel, is not the best option.
If you need support with the bookkeeping and submitting accounts, you will need to upgrade at £71.50 per month. This is not the cheapest option for software but may suit some businesses for the support and additional features.
Wave
Wave has over two million users, making it a popular free service among sole traders, freelancers and small firms. It promises unlimited accounting, invoicing and receipt tracking services, meaning you can use as much as you want for as long as you want. It’s also known for having a beautiful, easy to use interface.
However, payroll isn’t included in the free service, which is predominantly targeted at US customers. There’s also a pay-per-use policy for online payments, where you’ll pay per transaction. For this reason, it’s often not recommended for businesses with high sales volumes, and is often considered too basic for medium-size businesses.
Conclusion
Accounting is a complicated business, and it affects every facet of business operations. It might sound like an intimidating task, but Small Business Accounting Software with Inventory Management can make accounting your
Managing your business can be a full-time job. Technology has made it easy to manage every aspect of your business with one-click access to finance, inventory management and more. Whether you want to stay on top of your books or just want the peace of mind knowing everything is in tip-top shape at all times, accounting software is an integral part of running a small business. Though there are plenty of accounting programs out there, the best accounting software for small businesses looks very similiar to small business accounting packages with an added inventory feature.