unting Software for Small Businesses: 7 Best Options
It’s not easy to choose the best accounting software for your company. It’s hard to distinguish between the many choices available. Switching can be a hassle if you choose the wrong software. This is why it’s best to make sure you get it right at the beginning. Find out which accounting software is best for small business in 2023.
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7 Best Small Business Accounting Software to Consider
1. Wave: The Best Free Accounting Software
Managing expenses is essential for new businesses and independents just getting started. Wave is a free accounting tool that offers a robust solution.
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Wave is a highly versatile product. Wave is compatible with all devices, whether you are using Windows, Mac OS or iOS on your mobile device or desktop. Its cloud-based application allows you to access your account from anywhere.
This accounting software is packed with essential features such as expense management, payroll, banking reconciliation and invoicing. It can perform nearly all the features of premium accounting software (without any additional cost ).).
Pros:
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Use it for free
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Double entry reports
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Customizable invoice templates
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Mobile invoicing
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Unlimited users and permissions
Cons:
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Live Chat only available for add-ons
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No planned features updates
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Does not have advanced options
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No Phone Support
Price: Free
Free Trial Length : n/a
Mobile app: iOS, Android
App/integration Shopify No
2. FreshBooks is the best accounting software for businesses that provide services.
FreshBooks, a popular accounting software for small businesses, offers smart features and automated functions to reduce manual work. You can, for example, configure it to automatically reconcile credit and debit amounts as well as import information from different sources.
The tool also makes it easy to access important statements such as: income statements, balance sheets, cash flow statements.
You can also customize access for each team member. Accounting rights can be extended to accountants, while employees may have limited access to financial statements.
Pros:
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Excellent customer support
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Cloud features
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Time tracking and mileage tracking
Cons:
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Limited Users and Clients
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Lacks quarterly tax estimates
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Basic plans do not include bank reconciliation
Pricing: Plans starting at $17/month
30 day free trial
Mobile app: iOS, Android
App/integration Shopify
3. QuickBooks Online: The Best Online Accounting Software
Intuit QuickBooks Online is another popular accounting software. This tool has a simple interface that makes it easy to use for beginners.
Each package contains tools to track mileage, income and expenses as well as detailed tax and sales reports. It also provides resources to manage 1099 contractors.
Upgrade to a QuickBooks Online premium plan if you’d like additional features, such as an inventory tracking system or a customer support manager.
Pros:
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Double entry accounting system
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Compatibility with third-party apps
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Abundant learning resources
Cons:
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Advanced features
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Monthly plans with higher costs
- Limited User Accounts
Plans starting at $15/month
30 day free trial
Mobile app: iOS, Android
App/integration Shopify Yes
4. Zoho Books: The best accounting software for beginners
Looking for a robust accounting service online? Zoho Books has the answer. It is a great tool for invoicing, tracking inventory and handling accounts payable. Also, you get useful data about your finances. Zoho is a great alternative to FreshBooks, QuickBooks Online and other expensive accounting software.
Pros:
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Free version
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Comprehensive mobile app
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A competitively priced
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Top-tier multicurrency support
Cons:
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Additional cost for advanced tools
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Restricted user count per tier
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No Fixed Asset Tracking
Price: Free plans for businesses with annual revenues less than $50,000; paid options start at $15/month
Trial period of free : 14 days
Mobile app: iOS, Android
App/integration Shopify Yes
5. Xero Accounting Software for Growing Businesses
Xero is the perfect accounting solution for small business owners who are on the go.
Xero is a smart accounting solution for small business, focusing on simplicity and accessibility. It connects seamlessly across devices and delivers real-time information, so that business leaders can have the latest insights no matter where they are.
Xero’s design is simple and straightforward. It manages tasks such as payroll (through a Gusto connection), bill management, expenses logging, tax estimations and invoicing.
Pros:
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Efficient project tracking
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Fixed Asset Management
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Hubdoc in each tier (automatic receipts and bills capture function)
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All plans include unlimited users
Cons:
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PayPal transaction delays
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No phone support
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No automatic reminders for invoices
Pricing: Plans starting at $13/month
30 day free trial
Mobile app: iOS, Android
App/integration Shopify Yes, integrates with third-party apps
6. Kashoo: The best accounting software for automating processes
Kashoo accounting software helps small businesses to streamline their bookkeeping.
Kashoo uses machine learning to adapt and learn from your business’s operations. It can handle tasks such as sorting receipts and monitoring sales taxes, and offers tailored advice on how to save money, reduce expenses and increase operational fluidity.
Kashoo’s intelligent hands-off accounting is not for everyone. However, those who are intrigued by the unique features of this software can try it out through a trial.
Pros:
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Easy-to-use
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Automated admin process
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Excellent customer support
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Unlimited users
Cons:
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No Android app
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Limited Integration Options
- Time tracking and inventory
Plans starting at $216/year
30 day free trial
Mobile app: iOS, Android
App/integration Shopify No
7. Sage 50 Accounting: The best cloud-based accounting software
Sage 50 accounting offers cloud-based software that is tailored to small businesses. It includes innovative features and detailed customization.
Sage simplifies your daily life by handling everything from invoice creation to expense tracking. It also features efficient inventory tracking. A bonus? This software integrates seamlessly into Microsoft Office.
Pros:
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Highly customizable
- Inventory Management and Tracking Tools
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Microsoft 365 Integration
Cons:
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Clunky UI
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No Time Tracking Options
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No mobile app
Plans starting at $59.50/month
Free trial length: n/a live demo available
Mobile app: iOS, Android
No Shopify integration
Which accounting software is the best for small business?
Accounting software that meets your needs is the best for small businesses. Cloud-based accounting is preferred by most businesses because of its enhanced security, accessibility and scalability.
Which online accounting software offers the best value?
Wave provides online accounting services for free. It may not offer all the features that your business needs. You should base your purchase on the specific needs of your business, not just price.
Why QuickBooks is recommended for small business?
QuickBooks is a powerful accounting software for small business. It offers features such as expense tracking, inventory management, sales tax tracking and more.
Accountancy precision is key to business success
Every business has unique accounting requirements. What works for one business might not work as well for another.
Although many accounting software programs have similar features, you are the one who will make the final decision. Some entrepreneurs may value detailed accounting reports while others might prefer automated reconciliation.
Try several free trials before investing in small business accounting software to make an informed decision.
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