Starting a small business requires undertaking high-risk opportunities. With the added risks to endure for a small business owner, it is advisable to effectively manage their financial management and bookkeeping records to prevent the failure of the business. This is where accounting software comes into play as it automates an organization’s management of resources such as financial functions and transaction records which modulates accounts payable, receivable, automated payroll, billing, and systematized general ledger.
Cloud-based apps make it easier for these accountants to access their data easily, the trick here is to choose that accounting software that provides maximum tailored made features that suits the needs of your business under an affordable price range to avail the best services out of it without requiring extensive and expensive customization.
Best Accounting Software for Small Businesses
Xero
Xero is the best software for micro-businesses as it scores high for robust features that start at a lower price range. It offers free three-month subscription options and a full-service third-party payroll add-on which can be integrated. Under just $9 a month, you can avail of features such as limited custom invoices, reconcile bank transactions to balance the books, receipts for easier record-keeping, and track inventory. It provides a user-friendly interface that is easy to use. Businesses make their payments online through its integration with Gusto, Stripe, and GoCardless.FreshBooks
This is one of the best service providers of all times for crucial accounting needs. It provides most of the service-based features such as unlimited invoicing and estimates of reports on every plan. This software also has added features of tracking expenses for balancing the budget and financial inventory. It also has tracking time to speed up the process of accurate client billing. However, it does not have a well-developed collaboration system and a $15 a month starting price. It has a user-friendly interface and third-party integration.Quickbooks Online
Quickbooks is one of the best accounting software with diversified features it offers to its clients. It is also the best fit for all sizes of business. This software provides online training and forums to provide customer support and user guides as well. The dashboard provides all the streamlined and comprehensive features with the highest rated mobile app as well. However, the stellar financial reporting feature powered by Fathom is costly, but the starting price for smaller plans begins at $25 and has 30 days free trial. All plans allow integration with third-party apps.Wave
This is the best and the most affordable of all. This is because it provides all the features required for accounting and bookkeeping services starting at absolutely $0. It provides you a user-friendly interface and comprehensive dashboard with many features that are in direct competition with paid software. It includes multi-currency support, tracks expenses, unlimited invoicing, and double-entry accounting. Wave is the best accounting software platform for a service-based small business that sends invoices and does not require tracking inventory or run payroll checks. It lets the user manage multiple businesses with the same account and track their finances by offering all the reporting features, bookkeeping, and invoicing for free.
