Top 3 Accounting Software for Small Businesses

The success of any business depends not only on how quickly you build your customer base but also how efficiently you manage the day-to-day business dealings. Accounting for financials is the biggest worry for any business owner and if you’re one of those who wants to have all information well-classified and up-to-date, accounting software is your best business tool.

When it comes to choosing the right accounting software for your business, there are ample choices available. Based on your needs and what fits your budget, you can choose to buy an accounting software and use it to maintain a tight grip on your finances.

Here is an overview of some of the top-rated accounting software of 2018.

FreshBooks

The most suitable software for sole proprietors and very small businesses, FreshBooks has launched a new version that has an easy-to-navigate user interface. Since it doesn’t rely on accounting jargon, the software can be easily used by novices. With good import options, FreshBooks offers flexible invoice and expense management tools. The accounting software doles out plentiful reports that can help you study the performance of your business.

This accounting software offers excellent time-tracking tools. It does not follow the full-blown double-entry accounting, but scores high on invoicing tools and user experience. Easy on the pocket, FreshBooks Lite comes at a price of $15 per month. The premium plan costs around $50 and allows you to bill up to 500 clients. Plus you also get a 30-day free trial offer. Within a few minutes of setting up the accounting software, you can start invoicing.

Intuit QuickBooks Online

This accounting software offers comprehensive features for small business accounting. The software is easy to use and offers a good number of integrated add-ons, coupled with flexible functionality. The stand-out features of this accounting software include numerous customizable report templates, comprehensive payroll support and flexible contact records and transaction forms. QuickBooks Online offers seamless import of financial information from any other accounting software.

You can choose from any of the three versions available, all with a 30-day free trial period. The Simple Start version that costs around $15 per month is ideal for micro businesses. Income and expenses can be tracked, along with creating and sending invoices and estimates. You can also connect to your bank account and add-on applications. The Essentials version, at around $35 per month, offers additional services like bill paying and invoice reporting. The Plus version, at around $50 per month, enables inventory tracking as well, along with preparing 1099s for the contractors.

Xero

Xero is an accounting software built on the double-entry accounting framework. It offers a new inventory tracking system and detailed records and transaction forms. Plus, it has online quotes features and smart lists as well. Xero makes it easy to track and manage inventory, sales, purchases, and payroll, the most vital aspects of any business. Xero also offers a unique feature of managing fixed assets. This accounting software also enables creating records for suppliers, customers, employees, and items and uses the same in standard or customizable transactions.

Xero is a very popular and top-rated accounting software. Available at three pricing levels, you can decide to purchase Xero after availing the 30-day free trial offer. The Starter Plan which costs as low as around $9 per month, sets a monthly limit of 5 invoices and quotes, 5 bills, and 20 bank reconciliations. The Standard Plan at around $30 per month offers unlimited billing, invoicing, quotes, and reconciliations. Plus it also supports payroll for 5 people. The Premium Plan at around $70 per month, in addition to the above features, offers multi-currency support. You also get payroll support for up to 10 employees under the premium plan.

Other possible accounting software choices include Zoho Books, Kashoo, GoDaddy Bookkeeping, Wave, One Up, Sage 50c, and Accounting Edge Pro. A number of accounting applications are available for small and midsized businesses, which are cloud-based. Get one and ensure that your business transactions are well-streamlined.