best accounting software

9 Best Accounting Software for your small business

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Accounting

If you are a small business firm’s owner or manager, you must be aware that keeping track of funds is hard. For that reason, it is essential to choose the best accounting software that meets your business needs. It should help you manage your finances effectively.

In this blog post, we will be discussing the 9 accounting software for small businesses. Here you will find their key features, pricing, and drawbacks based on user feedback. We will also lead you to the relevant experts.

1. QuickBooks Accounting

For a small business, QuickBooks is surely one of the most popular accounting software options. It offers a wide range of bookkeeping and financial management features, including invoicing, expense tracking, and reporting.

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QuickBooks can integrate with other popular business applications, such as PayPal and Square. It makes QuickBooks an excellent option for businesses that use multiple platforms for effective financial reporting. Find the best QuickBooks expert here. 

Features:

  • User-friendly interface
  • Customizable invoices
  • Automatic bank and credit card transactions
  • Multiple user access
  • Mobile app availability
  • Integration with other financial tools
  • Multi-currency support
  • Advanced reporting

Pricing:

  • QuickBooks offers several plans starting from $20/month.
  • The plans vary based on features, number of users, and level of support.

Demerits:

  • Limited inventory management.
  • Steep learning curve for first-time users. May require robust training. 

2. Xero Accounting

Xero is a cloud-based accounting software designed to help small and medium-sized businesses manage their finances.

It offers a range of features to help users streamline their financial operations, including invoicing, bank reconciliation, expense tracking, and financial reporting.

This software is ideal for businesses that need to access their financial information from multiple locations or for businesses that have employees working remotely. Find the best Xero expert here. 

Features:

  • Cloud-based accounting solution
  • Customizable invoicing and bill management
  • Expense tracking and management
  • Automated bank feeds
  • Multi-currency support
  • Integration with third-party apps
  • Mobile app available
  • Real-time financial reporting

Pricing:

  • Starts from $20/month (Standard Plan).
  • Multiple pricing plans are available including a quote-based custom plan.

Demerits:

  • Limited inventory management capabilities.
  • Higher pricing compared to some other accounting software options.

3. Sage 50

Sage 50 is a powerful accounting software. It offers a wide range of features, including inventory management, job costing, and financial reporting.
 
It also offers a mobile app, allowing small business owners to access their financial information from anywhere.
 
 
This software is ideal for businesses that need to track inventory levels, manage job costs, and have multiple employees working on a project. Find the best Sage 50 expert here. 
 

Features:

  • Accounts payable and receivable management
  • Bank reconciliation and cash management
  • Inventory management
  • Project tracking and job costing
  • Payroll management
  • Financial reporting and analysis
  • Tax preparation and filing support
  • Integration with other software such as Microsoft Office

Pricing:

  • Sage 50 offers various pricing plans based on the number of users and features required.
  • The software can be purchased as a one-time payment or as a monthly subscription.

Demerits:

  • Comparatively limited customization options.
  • Limited scalability for growing businesses. It may need to upgrade to a more robust solution as the business expands.

4. MYOB

MYOB is a popular accounting software option for small businesses, especially in Australia and New Zealand.

It includes a number of features, such as invoicing, expense tracking, and financial reporting. MYOB also has a mobile app, which allows small business owners to access their financial information while on the go.

This software is ideal for businesses that need to comply with Australian or New Zealand accounting regulations. Find the best MYOB expert here. 

Features:

  • Accounts payable and receivable management
  • Bank reconciliation and cash management
  • Inventory management
  • Payroll management
  • Financial reporting and analysis
  • Tax preparation and filing support
  • Integration with other software such as Microsoft Office and Xero

Pricing:

  • MYOB offers various pricing plans based on the number of users and features required.
  • The software can be purchased as a monthly or annual subscription.

Demerits:

  • Limited international currency support.
  • Limited customization options compared to other accounting software.

5. Wave

This free accounting software is perfect for small businesses with simple financial needs. However, it works best with its paid version.

Wave provides a comprehensive suite of tools that include invoicing, expense management, and financial reporting capabilities. The platform also has a mobile application that enables small business owners to conveniently access their financial data while on the move.

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Wave is ideal for businesses that have a small number of transactions or for businesses that are just starting out. Find the best Wave expert here. 

Features:

  • Invoicing and billing
  • Expense tracking and management
  • Receipt scanning and management
  • Financial reporting and analysis
  • Tax calculations
  • Bank integration
  • Multi-currency support

Pricing:

  • Free plan with basic features.
  • Premium plan starting at $9/month with more advanced features.

Demerits:

  • Limited integrations with other software compared to other accounting tools.
  • Some users have reported difficulties with the user interface and navigation.

6. Zoho Books

This cloud-based accounting software offers a user-friendly interface. Zoho Books boasts a comprehensive array of features designed to cater to the needs of small businesses. These features encompass invoicing, expense tracking, as well as robust financial and analytical reporting capabilities.

Furthermore, Zoho Books has a mobile application that offers ease of access to financial information, thereby enabling small business owners to manage their finances from anywhere and at any time.

The software is well-suited for organizations that require flexibility in accessing their financial data, particularly those with employees working remotely or in multiple locations. Find the best Zoho Books expert here. 

Features:

  • Invoicing and billing
  • Expense tracking and management
  • Bank reconciliation
  • Financial reporting and analysis
  • Project management
  • Time tracking
  • Multi-currency support

Pricing:

  • Free plan for up to 2 users.
  • Premium plans starting at $9/month for more advanced features and more users.

Demerits:

  • Limited customization options compared to other accounting software.
  • Some users have reported that the mobile app has limited functionality compared to the web version.

7. KashFlow

KashFlow, an accounting software based in the United Kingdom, presents a comprehensive set of functionalities for improved accounting and financial management. 

The platform also has a mobile application, providing small business owners with seamless access to their financial information while on the move, enabling them to manage their finances with ease and flexibility.

 
 
KashFlow is ideal for businesses that need to comply with UK accounting regulations. Find the best KashFlow expert here. 
 

Features:

  • Invoicing and billing
  • Expense tracking and management
  • Bank reconciliation
  • Financial reporting and analysis
  • Purchase order management
  • Time tracking
  • Multi-currency support

Pricing:

  • Premium plans starting at £7/month

Demerits:

  • Limited integrations with other software compared to other accounting tools.
  • Customer service is slow.

8. FreshBooks

FreshBooks is a cloud-based accounting software that is specifically designed for small businesses and freelancers. It offers a wide range of features that help streamline financial management and simplify the invoicing and expense tracking process.

FreshBooks offers a user-friendly interface and easy navigation, making it a suitable choice for small businesses that need a simple and efficient accounting solution. Find the best FreshBooks expert here. Find the best FreshBooks expert here. 

Features:

  • Creates professional invoices and tracks payments in real-time.
  • Categorizes and tracks business expenses easily.
  • Accurately tracks the time spent on projects and bills clients accordingly.
  • Generates reports that give a clear picture of your business’s financial health.
  • You can access your financial information on the go through the mobile app. 

Pricing:

  • Premium plans starting at $15/month

Demerits:

  • Limited features compared to other accounting software in the same price range.
  • Some users have reported difficulty with bank reconciliation and syncing between bank accounts and FreshBooks.

9. FreeAgent

FreeAgent is a cloud-based accounting software that helps small businesses and freelancers manage their finances. It offers a range of features, including invoicing, expenses tracking, project management, and bank reconciliation.

FreeAgent also offers a mobile app, making it easy for small business owners to access their financial information on the go.

FreeAgent is suitable for businesses that require the ability to access financial information from multiple locations or for businesses that have remote workers. Find the best FreeAgent expert here. 

Features:

  • Customizable invoices
  • Automatic bank feeds
  • Bank reconciliation
  • Financial reporting and analysis
  • Project management
  • Time tracking
  • Multi-currency support

Pricing:

  • Premium plans starting at £12/month

Demerits:

  • Higher pricing compared to other accounting software with similar features.
  • Some users have reported difficulty with the mobile app and finding information within the software.

Conclusion

To sum up, choosing the best accounting software for your small business can be a daunting task. However, by considering your business needs, budget, and the features that are important to you, you can select the right software that will help you manage your finances effectively.

The above-mentioned accounting software options are some of the best available in the market, and we hope that this list will help you make an informed decision.

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Writer - Blogger

Mr. Adil Abbasi is a Chartered Management Accountant (CMA) from ICMA Pakistan. He has a wealth of experience, having worked in various roles for over 15 years. Mr. Abbasi is proficient in QuickBooks Online and US accounting. He is also a professional blogger and writes on accounting and finance topics..

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