Businesses must track expenses if they want to thrive. However, this is a complex and time-consuming job, especially for small businesses, where owners have to do everything themselves. Using the best accounting software for small businesses can ease the task.
Here, we have listed the top 5 small business accounting software serving owners with a diverse range of features. Check the software and select the one that suits your company’s needs.
Top Small Business Accounting Software: Simplifying Financials
In this blog, we have listed both paid and free accounting software for small businesses. Learn about the software and select the one that best suits your business needs.
1- Intuit QuickBooks Online
Intuit QuickBooks Online is a cloud-based accounting and finance management system for small businesses. It automates tasks such as bookkeeping, invoicing, and expense tracking. It is user-friendly and offers advanced features like faster and multiple invoicing, making it one of the best accounting software for small businesses.
Features:
- In-depth contact records and transaction forms are available
- Provides excellent time tracking and inventory management
- Supports several add-ons, projects, and payroll
- Supports mobile access
Approximate Pricing for Plans:
Simple Start – $17 per month
Essential – $27 per month
Plus – $38 per month
Advanced – $76 per month
2- Xero
Xero is next among the small business accounting software. It offers everything you can expect from double-entry accounting software, including inventory, payroll, and sales tracking. Xero is paid, but those looking for free accounting software for small businesses can consider it, as all plans are very pocket-friendly.
Features:
- Automatically send invoices, reconcile bank transactions, and more.
- Customisable reporting and trend analysis to make business decisions.
- Access from anywhere using smartphones or laptops.
- Sharing software access to the accountant or management team.
Approximate Pricing for Plans:
Starter – $2.90 per month
Standard – $4.60 per month
Premium – $6.90 per month
3- FreshBooks
The third best accounting software for small businesses is FreshBooks. It’s an extremely simple yet powerful software that can help you easily manage finances. The double-entry accounting software is intuitive enough for even a new bookkeeper.
Features:
- Integrates with 100+ accounting, CRM, and project management apps to streamline your work
- Mobile accessibility is available.
- Customising settings based on specific contexts or clients for adjustment in invoices and records.
- Central dashboard offering important information like profit, revenue, and unpaid invoices.
Approximate Pricing for Plans:
Lite – $7.60 per month
Plus – $13.20 per month
Premium – $24 per month
4- Sage 50
Sage 50 is an accountancy and payroll product group that helps you track the finances of your business. It integrates with Microsoft 365 Business, which has remote data access and other advanced features, making Sage 50 the best accounting software for small businesses.
Features:
- Customisable view of invoices, quotes, purchases, etc.
- Sending invoices to multiple customers at once.
- Online “Pay Now” invoice feature for instant payments.
- Advanced inventory management tools like setting reorder points, managing multiple warehouses, etc.
Approximate Pricing for Plans:
Pro Accounting – $61.92 per month
Premium Accounting – $103.92 per month
Quantum Accounting – $177.17 per month
5- Wave
If you are looking for free accounting software for small businesses, Wave can help. Its basic plan doesn’t cost anything but offers useful features like bank transaction imports, making Wave one of the best accounting software for small businesses. It has an easy interface, so even beginners can use it without a problem.
Features:
- Supports multiple currencies.
- Supports mobile access.
- Good invoice and transaction management.
Approximate Pricing for Plans:
Starter – $0 per month
Pro – $16 per month
Tracking Company Financials Like a ProFinance
You must keep in mind that you should not make financial mistakes or repeat them when starting a business. That will have severe consequences, not only for your economic state but also for your morale. Here, we talked about accounting software that can help you track the finances of your business. Among them, Wave can be a good solution for those looking for free accounting software for small businesses.
Frequently Asked Questions
1- What is the best small business?
Handyman services, event planners, moving companies, antiquities renovation, etc., are the best small businesses.
2- What are small business types?
Small businesses include sole proprietorships, general partnerships, limited partnerships, limited liability companies, non-profits, C corporations, and S corporations.
3- Which business is 100% profitable?
No business offers 100% profit; some have higher profit margins than others, like childcare services, app development, blogging, and catering businesses.
4- What are some free accounting software for small businesses?
ZipBooks, GnuCash, Wave, and Odoo are a few free accounting software for small businesses.
