Some of the Best Accounting Software for Small Business Owners
One of the biggest decisions you, as a home-based boss, have to make is using comprehensive accounting software to look after your business’s financial transactions and books of accounts. Ideally, you should one software that can meet all your requirements and save you a lot of time. However, if you don’t find a software that provides all kinds of accounting, bookkeeping, invoicing, tax preparation, and other accounting facilities, then you can consider using a combination of the following accounting software and apps.
If you are looking for a one-stop solution for most of your accounting, bookkeeping, and tax-related formalities, then go for what most home-bosses and small business owners prefer – QuickBooks. QuickBooks handles accounting, billing, and invoicing, all from the same spot. These include estimates invoicing, time tracking, accounts payable, reporting, inventory, contacts, sales, and taxes. It offers two pricing plans. The difference between the two is that the larger plan includes a built-in Turbo Tax integration and the ability to pay estimated quarterly taxes online. You can either use the online (website) version of QuickBooks or simply download the mobile application. The only drawback of this software is that it provides limited invoice features.
Another helpful tool that you can use as an alternative for QuickBooks is Xero. Xero’s cloud-based accounting software lets your home-based business grow by assisting you in all your financial transactions. It imports all your financial transactions into its database and links them to the corresponding accounting transactions. Enjoy accounting software with all the time-saving tools you need to grow your business with the beautiful blue-and-white, easy-to-use interface. There’s hardly any drawback of Xero that we can think of; the software provides liberty to perform all accounting tasks with ease, that too at affordable prices. Xero offers three different pricing plans ranging from limited to premium and enhanced features.
Another one on the list of cloud-based accounting software is Zoho Books. Zoho Books, together with the other applications in Zoho’s growing web-app ecosystem, can help you keep it simple at every stage of small business accounting. It features contact management, invoices, expenses, sales and purchase orders, reconcile bank feeds, project time tracking and inventory management. It offers three pricing plans offering different levels of features. To summarize, Zoho Books is a smart accounting system designed for growing businesses. The only downside is that you will have to download a couple of other Zoho applications to meet all your accounting needs (for instance, Zoho Invoice for comprehensive invoicing).
Wave is an ideal software for home-based bosses that offers all its high-end accounting features at absolutely no cost. Yes, you read it right; Wave’s invoicing, accounting, and receipt scanning features are all completely free. It is designed for those who want to avoid overcomplicated bookkeeping tools. Besides creating and sending invoices, you can also track invoices and payments so you’ll never be in the dark when it comes to that status of your accounts. Wave’s effective reporting and dashboards also help you to analyze your business decisions and identify where you can make savings in your business. But Wave also comes with a couple of disadvantages like it has limited task integrations and poor customer support.
If you have recently started your business and are also new to the world of accounting software, FreshBooks should be your perfect pick. This is one of the most easy-to-use interfaces you will ever come across. It allows you to quickly create professional-looking invoices and set up credit card payment support. Apart from these, some other features include repeat invoicing, estimation, and one-click mail sending. In addition, it even proves to be effective in managing front-end accounting. FreshBooks has an automatic PayPal integration feature, which means you won’t have to manually set up your PayPal account and integrate all the time. Lastly, it is quite affordable and cost-efficient accounting software compared to others. FreshBooks offers three affordable pricing plans offering different levels of features.
This one is not a comprehensive accounting software, but it will surely help you sort your other business functions. It allows you to create an unlimited number of invoices, adding your logo, and sending them in bulk to your various clients. Besides invoicing and time tracking tools, Nutcache includes features for expenses, reporting, and online payments. One of the great things about the app is its multilingual interface, allowing you to communicate and coordinate with customers globally. And all this is available at a cost as low as S$5 per month.
Get Nutcache: Android
Once you start using these software and applications, accounting and bookkeeping will no longer be hectic tasks for you. All that you have to do is identify your requirements and then make the right software choices.
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