Top 8 Accounting Software Solutions for Small Businesses and their Benefits

You can download them to your computer/laptop and carry out the calculations. The good thing about this type of accounting is, you don’t necessarily need an active internet connection to use the software and access your data. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. If you’re interested in our payroll software, you can start a free 30-day trial when you sign up for Wave. It should allow you to manage invoices, accounting documents, and bills.

• The Select plan also does not have a limitation on the number of clients that can be billed per month, but adds unique features.
• The great thing about this package is its flexibility and can be configured so that multiple users can make use of its many and varied accounting tools.
• All the accounting services reviewed here come with default settings that you may need to change.
• Accounting software is used by individuals and business owners to enter income and expenses and track their finances.
• The best accounting software marketplace might be dominated by the big names above, but there are other options if you’re a SMB with with additional needs.
• Most software is offered as a subscription-based model where you choose your tier and pay monthly.
• Most of them offer free trials or a demo account and charge monthly subscription fees once you’re ready to commit.

This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless. Most accounting software providers offer free trials, so you can try out the software before you commit to it. Many also offer free tutorials and support, so you can get help when you need it. Finally, there are many online resources, such as accounting forums and blogs, that can teach you how to use accounting software.

Best small business accounting software essentials

The unique features of each cloud accounting software will be highlighted to help you identify which one best fits your business. Details on pricing are also included so you will have an idea of how much it would cost to deploy each particular solution. Today, it is necessary for businesses to use the right technologies to streamline work processes. With this in mind, it makes sense that a company’s cloud accounting software is one of its most crucial tools. Over the years, these solutions have undoubtedly revolutionized the way companies handle their transactions. However, with the growing number of accounting software providers, it can be overwhelming to pick one for your business.

Some focus on bookkeeping duties, such as entering and categorizing transactions, reconciling accounts, and generating financial statements and reports that you can take to your CPA at tax time. Some – such as virtual controllers, chief financial officers and CPAs – provide high-level accounting services, like internal audits and financial planning and analysis. The Early plan limits usage and only allows entry for 20 invoices or quotes and five bills per month. This limited plan may be suitable for a micro-business with high-ticket transactions, but only a few per month, such as a consulting or small service provider.

Get more than software and solutions

We chose ZarMoney as the best accounting software program for businesses seeking transparent pricing. Organized by “entrepreneur,” “small business” and “enterprise,” the plans reflect each company’s needs. The cost is based on the number of users, from one to more than 30. If you add or remove users, ZarMoney will automatically update your account and charge you accordingly.

Automation can provide enormous time savings for finance departments totaling thousands of hours annually, which is another reason to consider implementing accounting software. As a small business owner, all you may want your accounting software to do is help you manage your receipts and expenses. This cloud-based tool enables you to upload all of your business receipts with the mobile app and starts at $200 per year, which equates to $16.66 per month. Once done, you can categorize each, keeping you well organized and on top of your costs.

Who It’s For

Integrates with over 800 apps, Xero can help you maintain great financial health of your business. You can use this solution from any device and run the work on the go. From easy reconciliation, creating invoices and expense claims, there’s a lot of stuff you can do with this. You get invoicing and all the required tools to better manage your accounting. Not to mention, customers of Quickbooks find an average of $3,534 in tax savings per year. You can connect your bank account and cards to easily import and sort expenses into appropriate categories.

AvidXchange comes with a secure SSAE 16 Facility, plus a suite of sophisticated disaster recovery procedures. Dedicated specialists are also accessible 24/7 to provide assistance. Tipalti Approve allows employees to create and submit requests as part of the procurement procedure. The automatic routing facilitates a faster approval process while ensuring that all requests are within predefined parameters. The software is easy to install and can be used immediately without extra training. Neat is ideal for small businesses that handle a large stream of receipts.

Everything you need for invoicing

Our ratings take into cloud accounting a product’s cost, features, ease of use, customer service and other category-specific attributes. These record templates vary in complexity, so you need to understand the differences before you go with one accounting service or another. Some, such as Patriot Software Accounting Premium, simply let you maintain descriptive product records.

Most packages now let you carry out both jobs and all within the framework of one interface. If you run into trouble, detailed web help and video tutorials are only a click or two away. We found several options to get support, including a community forum, a knowledge base of articles, year end tips, and even a ‘Sage University,’ that should help make any newbie comfortable. However, for direct support, the only option was for a chat, and we did not find a direct phone number, support portal or email. Whether they work in-house or externally, accountants can use QuickBooks to automate and simplify tedious tasks and gain deep insights to drive growth for your business.

Recurring Invoices

Designed for both small and high-growth businesses, this intuitive cloud-based accounting system facilitates easy collaboration through its role-based access functionality. The features and capabilities of FreshBooks are designed for both business owners and accountants. If you have less than $50,000 per year in revenue, you can sign up for the Zoho Books Free plan. It comes with one user or accountant, and lets you manage clients and invoices, create recurring invoices, import bank and credit card statements, and track expenses and mileage. It’s best used by small businesses that would make use of the lion’s share of its well-integrated features, and that need more powerful reporting options than many of its competitors offer. It also allows you to track fixed assets, which is an unusual tool in the category of small business accounting software.

• Streamline, simplify, and automate your financial operations on the Salesforce platform.
• Following IRS requirements, tax forms are completed by the tools integrated into the platform.
• Further, it may lack some necessary functionality if you don’t also get the Automated Insight add-on for another $150 per year.
• Our expert industry analysis and practical solutions help you make better buying decisions and get more from technology.