Ensuring a tight grip on the overall finances is crucial to the overall success of freelancers and small businesses. For most small business owners, managing day-to-day finances can appear overwhelming. Online accounting services for small businesses might not be a cure-all solution. Still, if you are diligent enough, you can look forward to exercising more control over your money while making improved business decisions. As you go through the current state of your income as well as expenses, you are capable of making more intelligent, more informed decisions for the future.
Accounting for small businesses does not have to be complicated. At the same time, coming across the right accounting software should not be difficult either. Thankfully, a myriad of feature-rich, cloud-based accounting programs and software packages are available out there. Most of these programs are easy to use while being capable of helping small business owners gain maximum control of the overall finances of their businesses.
What are the Best Accounting Software Packages for Small Businesses?
A reliable accounting software package for small businesses should be easy to use, deliver cost-effective pricing, and possess ample features for all your specific accounting needs. The best accounting software out there should also be able to track the respective expenses, accounts, and incomes for businesses while preparing businesses for the tax season and keeping tabs on the overall financials.
For most small business owners, it is the affordable package that attracts them rather than hiring a large-scale accounting firm to manage payroll and taxes. With so many options available out there in the market, selecting the best one for your startup or small business becomes challenging. Here is a list of the best accounting software packages for small businesses.
The reliable accounting software package by Intuit QuickBooks has been a leading option for several years. The best part is that this package is available with an affordable technology budget. The software is capable of putting in high-end accounting functionality while also delivering an exceptional user experience. QuickBooks Online is an excellent choice as it is customizable. Moreover, the software is available in multiple versions with multiple add-on apps. Intuit QuickBooks also offers improved mobile access than most of the competitors.
Intuit QuickBooks can be slightly pricier due to its advanced accounting features. Therefore, it is best suited for small businesses having a proper technology budget. The entire software and its features are more straightforward for any inexperienced bookkeeper to understand. Still, the software is full of features that make it one of the most advanced accounting tools out there. As the entire software is user-friendly and easily customizable, it appeals to a wide range of business types.
Some of the features of Intuit QuickBooks to look out for are:
- Improved onboarding
- Better dashboard
- Several customizable reports
- Detailed contract records and transaction forms
- Great integration and user interface
- Support for payroll, projects, and several other add-ons and integrations
The impressive appearance and the overall simplicity of FreshBooks are valid enough to make it a great accounting software for most small businesses. The site is available as a fully-featured, user-friendly, double-entry accounting software solution that delivers access to a great user experience.
FreshBooks is one of the leading accounting options to be considered by startups and small businesses. It is because the platform is intuitive and interactive enough for naïve and inexperienced bookkeepers to learn. At the same time, the software is also capable of supporting all elements that a large business organization might need -including payroll.
FreshBooks is recommended for sole proprietors and organizations having only a few employees. Still, the software is capable of handling much more. Startups can think of using the platform for standard money management -right from sending invoices to accepting payments, monitoring financial accounts, and tracking expenses & incomes. More advanced organizations can think of adding advanced tools, including proposals and projects, reports, time tracking, and mileage.
Some unique features of the software are:
- Automatic mileage tracking on mobile-based apps
- Inventory tracking
- Context-sensitive settings
- Amazing user experience
- Support for retainers, proposals, and projects
- Time tracking and team collaboration tools
Sage 50Cloud serves to be a leading accounting software package that is designed for bespoke desktop use. In the given group of applications, Sage 50Cloud is regarded as the most comprehensive and customizable accounting program. The software is doing much more than what businesses actually require while costing slightly more as well.
The software is available with built-in connections online for supporting remote work. At the same time, it also integrated with Microsoft 365. Sage 50Cloud is a robust accounting software solution. Sage 50Cloud is regarded as the ideal solution for organizations in need of robust capabilities for inventory tracking. At the same time, the organization is also the best solution for organizations that require more advanced accounting capabilities, data capacity, and customizability and are not averse to using desktop software.
You can also use Sage 50Cloud for organizations whose employees possess their own installations such that they are able to share company-centric data with the help of Remote Data Access by Sage. Some features to look out for are:
- Great support options
- Amazing inventory management tools
- Impressive customizability
- Sophisticated feature set
- Detailed item records and contracts
- Microsoft 365 Integration
Xero is capable of supporting significant financial aspects you can expect in a double-entry accounting solution for small businesses. Some of the features include bills, expenses, purchases, inventory, sales, and so more. Xero provides access to exceptional reports and analytics while offering tools for tracking high-end projects.
The software makes use of advanced Artificial Intelligence technology to automate processes while improving connectivity with associated financial websites. The overall set of features, integration options, usability, and a group of advisors make it one of the best accounting applications for small businesses in the industry.
Xero is an industry-grade accounting solution. The site or application is best-suited for businesses making proper use of the highly integrated features. It is also recommended for businesses requiring options for powerful reporting than most of its other competitors. It also enables you to keep track of fixed assets -quite an unusual tool in the field of accounting software solutions for small businesses. While the user experience might not be up to mark with its competitors, the software is still quite easy to learn.
Some features of the software are:
- Offering critical business views
- Leverages AI efficiently
- Excellent support with context-sensitive support
- Processing of billable claims for employee expense
- Better customer records
It is a small business accounting software package that is a part of the productivity applications of Zoho’s ecosystem. With this software solution, your accounting data can be effectively integrated with several similar apps as well as functions -including CRM, email, and customer services. The overall flexibility, usability, and depth of Zoho Books serve as useful in core bookkeeping concepts -ranging from project & time tracking to purchases, sales, and inventory management.
While it might not be as functional as its competitors, Zoho Books is still known for its immense affordability. There is even the provision of a free version to use the tool. Still, Zoho Books is best recommended for small businesses using some of the other applications of Zoho. It is also recommended for startups, growing businesses, small businesses, and even seasoned businesses that wish to leverage its customizability, usability, and depth.
Some features to consider are:
- Document management
- Multiple payment gateways
- Reduced cost
- Excellent customer support options
- Greater depth in terms of transaction forms, records, and several custom fields
- New integrations with SurePayroll
Sunrise is free to use for small businesses as a reliable accounting software package. The platform is also capable of supporting multiple currencies. There is support for contact reports, invoices, product records, estimates, quotes, recurring invoices, expenses, transactions, and so much more -all imported from different financial institutions.
Sunrise is an easy-to-use and attractive accounting software for small businesses. Its features might not be that advanced to its rivals. Still, it is capable of delivering access to some unexpected features like multi-entry sales tax, transaction histories, a dedicated cash flow page, and so more.
Sunrise is an excellent choice for sole proprietors and freelancers who are expected to track expenses and income while looking for customizations and ease of tracking invoices. The software might also appeal to startups and small businesses having the need to execute double-entry accounting while working with an accountant for tasks like taxes and reports.
Some features of the application are:
- A dedicated page for cash flow details
- Impressive invoicing tools
- Support for quotes, invoices, and estimates
- Impressive dashboard and user experiences
- Free of use
A reliable accounting software solution is capable of helping small businesses with a wide range of options -right from managing the overall expenses to handling the tax season. However, every business out there tends to be unique. Therefore, depending on your unique requirements, it is recommended to choose the best accounting software package.