SMALL BUSINESS TOP 10 ACCOUNTING SOFTWARE: SIMPLIFY YOUR BUSINESS'S FINANCIAL MANAGEMENT

Accounting software assists owners of small enterprises in tracking their accounts/activities, preparing for tax season, and keeping track of financials. Many small businesses discover that using software to manage their taxes and payroll is more cost-effective than employing an accountant or a large firm. However, with so many choices on the market today, selecting a dependable solution can be difficult. We have created a list of the top accounting software for small businesses available today to assist you in finding the best option for your needs.

LIST OF TOP 10 ACCOUNTING SOFTWARE

1. Zoho Books: Best for Mobile Access.

2. FreshBooks: Best for Service-Based Companies.

3. Xero: Best for Integrated Ads-Ons.

4. Wave: Best for Small Businesses.

5. Intuit QuickBooks Online: Best for Freelancers.

6. Kashoo: User Friendly for Small Businesses and Sole Proprietors.

7. Sage 50cloud: Sophisticated Program for Minor to Medium Sized Businesses.

8. QuickBooks Desktop: Robust Features for Small Business.

9. Patriot Software: Provides Intuitive Interface and Affordable Pricing Plans.

10. NetSuite: Runs in Cloud and  Provides Various Tools for Company Management. 

Product No. 1

Zoho Books: Best for Mobile Access.

Rating: 4.5/5

Key Features:

● Invoicing

● Payroll

● Mobile app

● Generate reports

● Project accounting

● Time tracking

WHY WE PICKED IT?

Zoho Books is the small company accounting component of Zoho Books' ecosystem of productivity apps. Accounting data can be closely integrated with various other programs and activities, including CRM, customer support, and email. Zoho Books’ usability, versatility, and depth in traditional bookkeeping domains (sales and purchases, time and project monitoring, and inventory control) are equal to and often exceed those of competitors.

WHO IS IT FOR?

While it is as least as competent as some of its competitors, Zoho Books is surprisingly inexpensive, and it even has a free version, but subscription plan costs increased this year. Overall, Zoho Books is excellent for firms that utilize other Zoho services, but its appeal isn’t confined to such scenarios. We recommend it to small, growing, and established organizations that want its customization, depth, and usefulness. However, the range of its features may be overwhelming to very small enterprises, but firms with more advanced requirements will appreciate it.

Pros

● Every module has depth and versatility.

● Various types of sales and cost forms.

● Excellent support choices.

● SurePayroll integration.

● Excellent mobile applications.

● Excellent, customizable reports.

Cons 

● Payroll is an additional expense.

● You can only manage up to 1,000 yearly invoices on the free plan.

Check out the further details here: https://www.zoho.com/ 

Product No. 2

FreshBooks: Best for Service-Based Companies.

Rating: 4.5/5

Key Features:

● Unlimited invoices.

● Unlimited cost tracking.

● Mobile app.

● Manage projects and clients.

● View reports.

WHY WE PICKED IT?

FreshBook attractiveness and ease are deceptive. FreshBooks is a full-featured, double-entry accounting solution that provides an excellent user experience. For these reasons, it has received multiple PCMag Editor's Choice honors. FreshBooks is one of the first accounting alternatives that a very small business should explore because it is simple enough for inexperienced bookkeepers to use while supporting all of the features that a larger organization would want, such as payroll.

WHO IS IT FOR?

FreshBooks is best suited for sole owners and businesses with only one or two employees; however, it can handle more. Small enterprises could use it for basic money management tasks such as issuing invoices, managing bank accounts, collecting payments, and monitoring income/expenses. More complicated businesses can incorporate advanced features like projects, proposals, distance/time monitoring, and reports.

Pros

● Simple to use.

● Unlimited plans.

● Apps for iOS and Android.

● Tools for team collaboration and time tracking.

● Inventory management.

Cons 

● No document management.

● No training available.

Check out the further details here: https://www.freshbooks.com/ 

Product No. 3

Xero: Best for Integrated Ads-Ons.

Rating: 4.4/5

Key Features:

● Bill and receipt capture.

● Short-term cash flow.

● Business Snapshot.

● Bank account reconciliation.

WHY WE PICKED IT?

Every key financial feature you would expect to see in a double-entry small business accounting solution is supported by Xero, including sales, purchases, invoices, expenditures, inventory, and payroll. Xero provides excellent reports, comprehensive analytics, and project-tracking features. It employs artificial intelligence to automate operations and increase connectivity with relevant financial websites. It is among the best small business accounting programs available today due to its usability, functionality, integration options, and a group of advisors.

WHO IS IT FOR?

Xero is enterprise-level accounting software. It’s perfect for small firms that will use the majority of their well-integrated capabilities and require more robust reporting choices than many of its competitors provide. It also allows you to monitor fixed assets, which is a rare feature in small business accounting software. While the customer experience isn’t exactly cutting-edge, it’s still very simple to grasp.

Despite having a beginning pricing level that would suit those budgets, we do not suggest Xero for sole proprietors or freelancers.

Pros

● Excellent assistance with context-sensitive support.

● AI is used efficiently.

● Provides essential business perspectives.

● Enhanced consumer records.

● Analytical advances.

Cons 

● The user interface should be more organized.

● No inventory assemblies.

● Time entries must be associated with projects.

Check out the further details here: https://www.xero.com/us/ 

Product No. 4

Wave: Best for Small Businesses.

Rating: 4.5/5

Key Features:

● Tracking income and expenses.

● Financial reporting.

● Invoicing.

● Scanning receipts.

WHY WE PICKED IT?

Wave is one of just two free online accounting programs unless you require payroll and payments, which you must pay for. Wave adheres to regular accounting principles and excels at invoicing and transaction processing. It’s one of the most simple and clear business services available. It accepts different currencies and has a thoughtful selection of options for small enterprises. However, it lacks a specific time-tracking tool, extensive mobile access, and inventory management.

WHO IS IT FOR?

Wave is designed for solo entrepreneurs and freelancers who require an online accounting service and want some room to expand. With integrated payroll and double-entry accounting capabilities, it’s a viable alternative for small firms with a few employees, although there are better options. It is also suitable for financial newbies because of its easy user interface.

Pros

● Smart feature selection for very smaller organizations.

● Outstanding invoice and transaction management.

● Excellent dashboard.

● Support for several currencies.

Cons 

● Templates for sparse records.

● Customization of invoices might be improved.

● Not all states in the U.S. support full-service payroll.

● Mobile apps with a limited feature set.

Check out the further details here: https://www.waveapps.com/ 

Product No. 5

Intuit QuickBooks Online: Best for Freelancers.

Rating: 4.3/5

Key Features:

● Invoicing.

● Tax deductions.

● Mileage tracking.

● Managing cash flow.

● Tracking sales and sales tax.

WHY WE PICKED IT?

Intuit QuickBooks Online has been the go-to small company accounting service for many years. It combines highly powerful accounting features with an outstanding user experience. The service distinguishes itself by being easily customizable, available in numerous versions with hundreds of add-on apps, and providing greater mobile access than most competitors.

WHO IS IT FOR?

Because Intuit QuickBooks Online is costly, it is best suited for small enterprises with a limited technological budget. It’s simple enough for a novice bookkeeper to learn but feature-rich enough for a more demanding user to take advantage of its advanced accounting features. It would appeal to a wide range of businesses because it is adaptable and user-friendly.

Pros

● Outstanding user experience.

● Dashboard with two screens.

● Comprehensive contact records and transaction forms.

● Several customizable reports.

● Projects, paychecks, and numerous add-ons are all supported.

● Excellent mobile applications.

Cons 

● Expensive.

● Perplexing toolbar.

● Online assistance could be improved.

Check out the further details here: https://quickbooks.intuit.com/# 

Product No. 6

Kashoo: User Friendly for Small Businesses and Sole Proprietors

Rating: 4.5/5

Key Features:

• User-friendly interface
• Real-time collaboration
• Invoicing and payment processing
• Expense tracking
• Bank reconciliation
• Financial reporting

WHY WE PICKED IT?

Kashoo is an excellent choice for small businesses looking for intuitive and affordable accounting software. It offers all the necessary features for managing finances effectively and provides real-time collaboration for seamless teamwork.

WHO IS IT FOR?

Kashoo is designed for small businesses and freelancers who need a simple yet powerful accounting solution. It is suitable for startups, consultants, and service-based businesses.

Pros

• Easy to use, even for non-accountants
• Affordable pricing plans
• Mobile app for on-the-go access
• Secure data backup and encryption
• Multi-currency support

Cons

• Limited integrations with third-party apps
• Advanced reporting features may be lacking for complex businesses

Check out the further details here: https://kashoo.com/ 

Product No. 7

Sage 50cloud: Sophisticated Program for Minor to Medium Sized Businesses.

Rating: 4/5

Key Features:

• Robust accounting features
• Advanced inventory management
• Project tracking
• Budgeting and forecasting
• Payroll processing
• Tax management

WHY WE PICKED IT?

Sage 50cloud is a comprehensive accounting software that offers powerful features for businesses of all sizes. Advanced inventory management and project tracking capabilities make it a suitable choice for companies dealing with inventory or project-based operations.

WHO IS IT FOR?

Sage 50cloud caters to small and medium-sized businesses that require advanced accounting functionalities. It is particularly beneficial for companies in the manufacturing, distribution, and construction industries.

Pros

• Extensive accounting features
• Scalable and customizable for growing businesses
• Integration with Microsoft Office 365
• Advanced reporting and analytics
• Dedicated customer support

Cons

• Steeper learning curve compared to simpler accounting software
• Higher pricing plans for additional users or modules
• Some users may find the interface outdated

Check out the further details here: https://www.sage.com/en-us/products/sage-50cloud/ 

Product No. 8

QuickBooks Desktop: Robust Features for Small Business

Rating: 4.5/5

Key Features:

• Comprehensive accounting tools
• Invoicing and payment processing
• Expense tracking
• Inventory management
• Payroll management
• Reporting and analytics

WHY WE PICKED IT?

QuickBooks Desktop is a highly regarded accounting software with robust features and functionality. It is known for its reliability and extensive accounting tools, making it a top choice for businesses looking for a traditional desktop-based solution.

WHO IS IT FOR?

QuickBooks Desktop is suitable for small to medium-sized businesses in various industries. It caters to companies that prefer locally installed software and require advanced accounting capabilities.

Pros

• Advanced accounting features
• Robust inventory management
• Efficient payroll processing
• Industry-specific editions available
• Seamless integration with other QuickBooks products

Cons

• Requires installation and software updates
• Limited remote access compared to cloud-based solutions
• Higher upfront cost compared to cloud-based alternatives

Check out further details here: https://downloads.quickbooks.com 

Product No. 9

Patriot Software: Provides Intuitive Interface and Affordable Pricing Plans.

Rating: 4/5

Key Features:

• Online accounting and payroll
• Invoicing and payment processing
• Expense tracking
• Bank reconciliation
• Financial reporting
• Tax management

WHY WE PICKED IT?

Patriot Software provides a user-friendly online accounting solution for small businesses. Its combination of accounting and payroll features makes it a convenient option for companies looking for an all-in-one solution.

WHO IS IT FOR?

Patriot Software caters to small businesses that require affordable and easy-to-use accounting and payroll software. It is particularly suitable for micro-businesses, freelancers, and startups.

Pros

• Affordable pricing plans
• User-friendly interface
• Comprehensive payroll features
• Efficient tax management
• Excellent customer support

Cons

• Limited integrations with third-party apps
• Advanced accounting features may be lacking

For more details, click here: https://www.patriotsoftware.com/  

Product No. 10

NetSuite: Runs in Cloud and Provides Various Tools for Company Management.

Rating: 4.5/5

Key Features:

• Full suite of business management tools
• Financial management
• Inventory and supply chain management
• Customer relationship management (CRM)
• E-commerce capabilities
• Advanced reporting and analytics

WHY WE PICKED IT?

NetSuite is a powerful cloud-based ERP system that provides a complete solution for managing all aspects of a business. Its extensive feature set and scalability make it an ideal choice for medium to large-sized enterprises.

WHO IS IT FOR?

NetSuite caters to medium to large-sized businesses across various industries. It is suitable for companies that need an integrated platform to streamline operations, improve efficiency, and gain actionable insights into their business performance.

Pros

• All-in-one solution for business management
• Customizable and scalable to fit specific business needs
• Real-time data visibility across departments
• Robust reporting and analytics capabilities
• Strong security and data protection measures

Cons

• Implementation and customization can be complex and time-consuming
• Higher cost compared to some other accounting software options
• Requires training for users unfamiliar with ERP systems

For more details, click here: https://www.netsuite.com/portal/home.shtml 

Wrapping Up

We considered several aspects when determining the best accounting software for small businesses. First, we looked at each software's features and how they may help your business. Following that, we examined the pricing of each software to determine which are the cheapest for small enterprises. Finally, we assessed each software’s ease of use and customer support. We also looked at real customer reviews to confirm that the company’s marketing promises corresponded to consumer experiences.

Recommendations

Remember, the best accounting software for your small business depends on your specific needs and preferences. It’s essential to evaluate the features, pricing, and ease of use before deciding. Exploring the features and trial versions of these options is recommended to determine which one aligns best with your business requirements. Moreover, Simpler Digital Marketing provides the best solution for your business with many choices available today.

FAQ’S

1. What is the finest small company accounting software?

Zoho Books: Zoho Books provides important capabilities for managing your money, such as issuing invoices, balancing accounts, tracking costs, and generating reports. It also includes complex capabilities such as project accounting and time monitoring if you require them.

FreshBooks: If you own a small business but lack accounting knowledge, FreshBooks is the program for you. You can easily create and send invoices, track costs, manage projects and clients, and view reports with FreshBooks.

2. Is accounting software safe?

Today's Leading accounting platforms include common security features like data encryption, secure credential tokenization, and more. While human error will always play a part in security breaches, you can have confidence in your accounting software to keep your data safe.

3. Is accounting software required for my small business?

Yes, if you wish to save money and time. Accounting software can automate many time-consuming operations connected with bookkeeping, including invoicing, payment tracking, and report preparation. This frees up your time, allowing you to continue running your business. Furthermore, the software can assist you in keeping your books in order. 

4. What is the difference between ERP software and accounting software?

ERP (enterprise resource planning) software incorporates all of the functionality of accounting software and CRM, inventory management, and project management. Larger organizations often use ERP software, whereas small enterprises prefer accounting software.

5. How can I get started with accounting software?

Most accounting software suppliers provide free trials, allowing you to test the product before purchasing it. Many also provide free tutorials and support, allowing you to obtain help whenever needed. Finally, numerous internet tools are available to teach you how to utilize accounting software, such as accounting forums and blogs.