What is accounting software?
To track financial processes, business owners or individuals use accounting software to record and report income and expenses.
It’s more effective and never drives big mistakes with automation, especially for small businesses.
Why do small businesses prefer accounting software?
The majority of small business owners may not be very knowledgeable about accounting or financial management. So they prefer this software to manage their financial data.
This software helps to reconcile data, generate receipts, and integrate with financial data.
So they don’t have to bother taking care of business accounts for balance.
In addition, it saves time and money and increases productivity and performance through transparency of financial data.
How do you choose a better Accounting Software for Small Business?
Finding the right accounting software for your business is a daunting task.
Software designed for one business may not be suitable for another.
It depends on the size of the company, the revenue stream, the accountant’s level of experience, and the company’s budget.
If you want to choose any accounting software, it is always advisable to thoroughly check some of the features before choosing it.
Here are some of the best accounting software, distinguishing itself with outstanding features and functions and designed especially for small businesses.
Intuit QuickBooks: The Best Overall
QuickBooks is accounting software released by Intuit.
It has a separate desktop version that you can buy and install, and in 2019, they released a cloud-based system.
Millions of businesses use QuickBooks accounting because it’s designed for small and medium-sized businesses.
It is very easy to use, and business owners prefer this because they can handle it easily even if they have no accounting experience.
When it comes to price, it’s very reasonable.
QuickBooks Accounting features contain:
With user guide and export of tax data, it helps to file quarterly and annual tax returns.
Integration of financial institutions.
Sales tax calculation and reported tax payments.
Sort sales and expenses into tax brackets automatically.
The scanned receipt is attached to the invoice.
Generate reports tailored to cash flows.
QuickBooks Accounting offers reasonable prices:
Start Simple: $10 per month for business startups.
Essentials: $17.50 per month to maintain and expand the business
Plus: $25 per month to help better establish and manage projects, inventory.
Sage Business Cloud Accounting: Best for Multiple Users
Sage Business Cloud Accounting is a global label that provides online accounting for small businesses.
It’s design for small businesses, founded in 1981 in Newcastle, England.
This lets you choose your industry, company scale and requirements. More than three million businesses use it.
Without accounting knowledge, users can use this and can set it up for multiple users.
The main features contain:
Manage business accounting and cash flow.
Create and share invoices.
Available on all devices so you can access it from anywhere.
Automatic entry and synchronization.
Integration with your business institutions and other applications.
Easy-to-use dashboard and tax compliance tools.
Estimate cash flow and inventory management.
Collaborate with your accountant on any device.
Sage Business Cloud’s accounting pricing is as follows:
Start Accounting: $10 per month for entry-level financing to help manage cash flow.
Accounting: $25 per month for excellent cloud accounting with invoices, cash flow management and actual entries.
They are currently offering a 50% discount for three months and a free trial for 30 days.
Xero: Popular with best features
Xero is a web-based accounting software developed for small and growing businesses.
Small business owners and accountants prefer Xero, which was founded in New Zealand in 2006.
Without accounting knowledge, you can easily set up and use this software.
It is popular for its easy-to-use dashboard and can collaborate with multiple users at the same time.
Small business owners choose this because of the features and ease of use.
Its two-step authentication keeps your data safe and very reasonable rates for each plan you choose.
The main features contain:
Generate and send invoices and make account claims.
Integration with your business institutions and other applications, including HubSpot, Square.
Rekone bank statements, and capture bills and receipts.
Established: $31 per month, includes all Grow tier features plus multi-currency, spending, and projects.
Each plan comes with a free 30 day trial for unlimited users.
Zoho Books: The best automation
Zoho was founded in 1996 in India and has corporate offices in California.
Its accounting software, Zoho Books for small businesses, has an amazing feature that keeps you from monitoring your finances generating invoices and collaborating with users in real-time, and more.
Zoho includes many products for customer relationship management (CRM), human resource management, and inventory control.
Small business owners tend to use Zoho books for automation, bank reconciliation, invoicing, and more.
Application integration allows you to integrate with other software that you already use.
It also provides payroll solutions for companies in India.
The main features contain:
Tax compliance and financial reports.
Sales and invoice management.
Reports and notes.
Automatic tax calculation.
Zoho Books prices are as follows:
Free: Includes up to 3 users, 1000 invoices per year, and 1000 invoices per year with basic features.
Standard: ? 499/month is billed annually and covers up to 3 users, 5000 invoices per year, and 5000 invoices per year and includes everything in free plus extra features.
Professional: ? 999/month is billed annually and covers up to 4 users, 10,000 invoices per year and 10,000 invoices per year and includes everything in standard plus additional features.
Premium: ? 2999/month billed annually and covers up to 7 users, 25,000 invoices per year and 25,000 invoices per year and includes all in professional plus extra features.
Elite: ? 4999/month billed annually and covers up to 15 users, 100,000 invoices per year and 100,000 invoices per year and includes all premium plus additional features with ‘Advanced Inventory Control’.
Ultimates: ? 7999//month is billed annually and covers up to 15 users, 100,000 invoices per year and 100,000 invoices per year and includes everything in Elite plus additional features with ‘Dedicated Account Manager’.
Your accounting experience doesn’t matter; One of these easy small business accounting software options will allow you to efficiently manage your business accounting and balance books.
Conclusively, the decision will depend on your budget and the features and functionality your company requires.