Someone running a business is required to track their income and expenses if they would be successful with what they do. In fact, business accounting is even required for taxes and doing stuff accurately can help one lower one’s tax bill.
So, it is not a bad idea to get an accounting software (although they are not usually cheap). You also have to learn how they work.
An accounting software has been made to record and process accounting transactions for small businesses. So, if you run a business (or you are a bookkeepers, or even an accountant), you will likely use accounting software.
They are used to track accounts receivable, accounts payable, and receipts. Additionally, they are useful for generating reports at tax time. You should get one.
Regarding how they work, you should know that they can be cloud-based or can be downloaded to a desktop computer. You will typically pay monthly subscription fees to use the software, and you can choose the type of software based on your budget and desired features.
If you don’t know which to settle for, this article consists the best top accounting software options to choose from for your business. Let’s get started.
Here is one of the best accounting software out there, although it’s not cheap and perfect. Windows and Mac versions exist for the desktop, although the company is now trying to push users into the cloud (for subscription rather than a one-time cost).
Quickbooks is so popular out there, and it can boast of having more users than some others. Hence, you can easily get tutorials, guides and videos out there that will help you use the software better. As stated earlier, the software is not perfect, but then, it has a reputation for being the best known and most popular accounting software out there.
You should also understand that Quickbooks Online offers several versions with different functions.
While the first software up there on the list started with desktop, this one was always cloud first. Xero has some stuff missing from Quickbooks for Windows, and they also have 24/7 live chat support at no extra cost.
The software is a fine one that help business owners manage invoicing, inventory, payroll, etc. With Xero accounting software, you can track time and money spent on certain projects. Irrespective of what business you have, Xero should have something for you. The software offers a starter version for $9 per month, and the highest end premium version is $60 per month.
3. Zoho Books
Next on the list Zoho Books. If you run a business and you don’t have lots of employees, then you should try this. If you don’t have huge inventory as well as other complex needs in your business, then you should opt for Zoho, as it is superb for the smaller sized businesses.
The software offers several apps, and you should realise that Books is its accounting software. A person don’t even need an accounting degree to understand Zoho.
One major superb feature that should be highlighted as far as Zoho is concerned is its automated payment reminders when one’s clients are not paying quickly as you guys have agreed.
The software came with manual journal entries, financial statements, project management, and so on. For the Basis place, you can get it for $9 per month. You pay up to $29 per month for the Professional version too (the company offers discounts when a user pay for a full year up front).
Almost everyone loves cheap things, and this has made Wave stand out with ease. For many users, why pay for what you can get for free? Since this accounting software offers the majority of features at no charge for users, then it is a beloved.
The software also provide the ability to track both personal and business finances in one place. Nonetheless, this software has its limitations, as the fact remain that the accounting features are not as in-depth as some others people pay to use.
So, if you only have basic needs, you don’t have to waste your money elsewhere but should only use Wave.
Of course, Wave is also a commercial business that must make money. Hence, to make money, they charge for payment processing and payroll services (these are integrated with the bookkeeping suite of tools). Altogether, Wave is pretty a nice software.
If you are a Freelancer or a general solo business owner, then you might not need a huge and complicated accounting system. If you are in this category, the you should make do with FreshNooks.
The software is pretty easy to use for time tracking, invoicing, payments and reports. As stated earlier, this is cool for freelancers and solo businesses. If you are bigger, go for something else, as this software is not powerful enough for many small businesses.
Talking about pricing, if you are cool with the Lite version, it goes from $4.50 per month (it supports only five clients). However, for the Premium version, you pay up to $25 per month . The most famous plan is known as Plus, and you might want to consider this. It goes for $7.50 per month and it supports up to 50 clients.
6. GoDaddy Bookkeeping
This is also a nice software, and we have placed it here. It starts at just $3.99 per month for the first year. You should however know that its features are on the basic side. So, know what you need and what you are going for.
Talking about some of its superb features, then we must talk about its integrations with online sales platforms such as Amazon, eBay and Etsy. Using this software is cheapest compared to some others.
Finally on the list is 17hats. You should know that this is a lot more than accounting software, but it came with several tools that will be of great help to small businesses.
There are several things you can get done from the dashboard (talk about managing contacts, projects, leads, questionnaires, and much more). It costs $45 per month, although discounts are available for annual ($295) and two-year commitments ($395).
So, which will you opt for?