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Top 8 Accounting Software for Small Business in 2020
There is a variety of different professions today. Some of them didn’t even exist 2 years ago, and that's the proof that civilization and technology keep developing. The number of people who decide to start their own business is higher from day to day, but most of them tend to fail quickly.What’s the reason? Every business, even the small one requires well-organized money management and bookkeeping. Many entrepreneurs usually don't have time to take care of the financial statistics, and when they realize they’ve made a mistake, their business has already failed. Sad, but true. Luckily, today you can find a lot of websites or companies which offer help and consulting when it comes to accounting. They provide you with all the necessary information and tend to make it clear to you. And it can be even easier – have you ever thought of the accounting software? Accounting software plays a significant role in the business world. It automatically tracks and categorizes every cent you make or spend, providing you with a bigger picture of your financial status. Additional features may include tax preparation, invoicing payments or payroll support, but if you run a small business, you won’t need all of them. The best accounting software for small business should be user-friendly, accessible and affordable. You may choose between online or cloud based accounting software, or you can download mobile accounting applications for both Android or iOS. Now that you know how important accounting is let's go through top 8 accounting software for small business. You’ll see how they function, what’s their monthly price, and a lot more.
Xero is cloud-based and full-featured accounting software which is specially designed for small businesses. It's easy to use, and it allows you to manage the finances anytime. With Xero, sending invoices and recording bills has never been easier!Pros:
- Xero gives you the insight into your bank accounts, credit card, PayPal balances, expenses and bills that need to be paid – you’re always up-to-date!
- Use the Xero app on your smartphone (Android and iOS) – you can call customers and suppliers directly from it.
- All your data is safe in the cloud – Xero uses data encryption, and all the information remain safe even though your phone gets lost or stolen.
- The app is not as functional as the online version of Xero – many customers complain about application unresponsiveness, impossibility to log in and lack of mileage tracking feature.
- Payroll is not available for all states.
Price: When it comes to price, Xero has three offers – Early ($9), Growing ($30) and Established ($60). Every package offers different features, and the biggest difference is in the limit of invoices and payroll. It also provides the one-month free trial, so, give it a try!Bottom line: Xero is an excellent choice for small business accounting in general. It provides all the necessary functions and makes your business stay on top of its finances. However, the app is still not well built, but maybe the new version will make it better.
Want to make your business look even more professional?Try FreshBooks accounting software! It’s a cloud based accounting program which includes features like invoicing clients, recording expenses and tracking time. It's convenient for small businesses, and it provides excellent customer support.
- You can send an unlimited number of invoices with any of FreshBooks pricing packages.
- It’s mobile-optimized for both Android and iOS – the application provides simple, fast and secure accounting.
- After you’ve sent the invoice, you can see if the clients have opened it and when – no more wondering if they’ve received it or it’s gone to a spam folder.
- FreshBooks supports paying and accepting payments with credit card, PayPal or Google Checkout.
- No inventory management system – if your small business requires it, better start looking for other small business accounting software options.
- It's a bit more expensive compared to other similar programs.
- Price: Speaking of the price, the FreshBooks is offering three packages – the Lite plan ($15), the Plus plan ($25) and the Premium plan ($50). All the programs offer the same features, except the number of clients served. You can also try a 30-days free trial before you even decide to buy a specific package.
Bottom line: FreshBooks one of the best accounting software for freelancers and sole proprietors. Many websites tend to rank it as the best invoice accounting software, and it is excellent if you need to send invoices out of your office. Its price is a bit higher, but that doesn’t matter if your business is in question, does it?
QuickBooks is a small business online accounting software which provides excellent project management and invoicing tools.It allows online bill-paying and sending invoices within Gmail or PayPal transactions – it makes your business life easier!
- Manage your finances from anywhere on multiple devices – this cloud-based software allows you to track sales, send invoices and be up-to-date with your business on your computer, laptop, tablet or smartphone anytime.
- Collaborate with your colleagues – now your bookkeeper or accountant can log in simultaneously and work directly with your numbers.
- Guaranteed data back-up: QuickBooks provide perfect protection for your data – it automatically saves any change you make and backs it up instantly. Cons:
- Poor tech support: if you jump to FAQs, and click to a link with the question, QuickBooks might direct you to a search page with the keywords listed. Not so helpful.
- The limitation with size and data: 150mb (max) for Simple Start and Essentials, and 1GB (max) for the Plus price package.
Price: You can choose between Simple Start ($20), Essentials ($35), Plus ($60) and Self-employed ($10), and now you can even get 50% discount. A Simple Start is specially designed for small business, and it allows you to track income and expenses, create and send the invoices and to connect to your bank account. What else do you need?Bottom line: QuickBooks is flexible, and well-designed and easy accounting software for small business. It includes all the features that you need, but it’s a bit expensive. No worries, try a free trial first and see if it fits your needs.
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GoDaddy Bookkeeping is primarily made as a website which would help business owners and freelancers to calculate the taxes they owe in every quarter. It advanced quickly, but it hasn’t made any significant changes since 2017, which is a lot of time for technology development. But still, it’s among the most popular small business accounting software in 2019.
- It's directly connected to E-bay, Amazon, and Etsy – it helps small business owners to link their sales on abovementioned sites to the bookkeeping software.
- Calculates the taxes quarterly – and it does it efficiently!
- It’s inexpensive which makes it convenient for small businesses.
- It lacks bill payment and project tracking – it is essential, but you can survive without it as well.
- No multi-currency support.
- There is no individual login for other users.
Price: There are three pricing levels – Get Paid ($4.99), Essentials ($9.99) and Premium ($14.99). As you can see, it's quite affordable, and all the packages include sending invoices, tracking time and mileage and acceptation of mobile payments.Bottom line: GoDaddy is an excellent choice for all the business owners who sell their products on Amazon, E-bay or Etsy. If you don't need features like bill-paying or more sophisticated time tracking, GoDaddy is perfect for you and your business.
5. Zoho Books
Zoho Books is simple online accounting software that is primarily made to track money you earn and spend in your business.It offers the features of sales and purchases, time and project tracking and inventory management – overall, it provides more than some of the competing websites.
- Excellent user interface and support – Zoho Book’s interface is attractive and easy to use, the site navigation is understandable, and if you have any problem, you can contact the customer support via e-mail, chat or phone.
- Project and document management – now you can scan the documents (bills or expenses), upload them, and Zoho Books does the rest – it reads the date, merchant name, amount of money and expense category and enters the information in the transaction form – even smarter than smartphones.
- Outstanding mobile experience.
- The payroll feature is available only in California and Texas
- Less third-party integration apps than the other accounting software – before you decide to connect your POS system to the software, check if it is possible with Zoho Books.
Price: The pricing of this accounting software is also attractive – it offers Basic ($9), Standard ($19) and Professional ($29) plans and the difference is mostly in the number of contacts and users. There is also a 14-day free trial, which is less than usual, but sometimes it’s enough to see whether it fits or no.Bottom line: Zoho Books has a lot of advantages, and its price is mostly the reason why small business owners decide to purchase it. It includes all that you need when it comes to the bookkeeping, and even more. However, its limited payroll might be the reason why some proprietors tend to skip Zoho Books.
Let’s meet Billy – a Danish online accounting software which moved to the United States in 2015. It's quite attractive, user-friendly, helpful and it supports contact records, quotes, estimates, invoices, data import from financial institutions, and much more.
- A user-friendly platform that makes everything easier – you don't need to think where to click or what to do next; the platform is clear and understandable.
- Quotes and estimates in one place – most of the competitors don’t include both features, and they are essential for some business owners.
- "Rulesets" – you can create rule sets and apply them when you're getting the invoices ready. That's excellent for the businessmen who sell in several countries because this feature helps them overcome the differences in state sales tax regulations.
- Work with credit or debit cards – when you need to enter the transaction manually, Billy will open the window where you need to deal with the credit or debit card. And that's not what small businesspeople are expected to do.
- No time and project tracking.
- No full mobile app – the only thing you can do is to take a photo of the receipt and manage the expenses later.
Price: You have an opportunity to choose between annual or monthly subscription. There is Silver ($15 a month), Gold ($19 a month) and Platinum ($39 a month) and the main difference is in some extra features offered by the Platinum package. There is also a 2-weeks free trial if you want to test it first.Bottom line: Billy accounting software works best for freelancers and sole proprietors who need to track income, expenses, and invoices. It's easy to use, which is a huge advantage for someone who uses the accounting software for the first time. It still lacks some features, but it's an excellent choice for the beginning!
If you are looking for something cheap and functional, why don’t you try ZipBooks?ZipBooks is especially useful for people in business who deal with the customers' invoices, and it allows them to create, manage, send and track the status of their invoices anytime.
- Cloud-based software – it allows you to manage your invoices from any digital device with an internet connection.
- Free starter pack – if you have just started your business and you can’t afford the bookkeeping expenses yet, you can sign up for free starter pack at ZipBooks. It provides all the necessary features for the beginners, and you can use it as long as you want.
- Task, time and project tracking – even though it's low-cost accounting software, it provides you with one of the essential features. Cons:
- Poor customer support – many customers complained that they didn't get the problem solved on time.
- Impossibility to create a list of items you sell in a free version.
Price: So, meet the Started (free), Smarter ($15), Sophisticated ($35) and Services ($125). The main difference is that the Services include a personal bookkeeper, analysis and recommendation which is excellent for those business owners who need additional consulting and support.Bottom line: ZipBooks provides an outstanding user experience to small business owners. It's affordable, and it can help you manage your invoices in the easiest way possible. It still lacks some features like inventory tracking, but the rest is just the way it needs to be!
People like free stuff. But is it possible to find something free nowadays? Yes, it is – meet Wave! Wave is free accounting software, and it's entirely dedicated to small business owners. It offers you features like accounting, invoicing and scanning receipts.
- It’s completely free – there’s no additional charge for its services.
- Multicurrency – as you can see, many accounting software lack this feature. So, that's a pro without doubt.
- Double-entry accounting standards – every transaction is entered twice.
- Inability to estimate quarterly taxes – this feature would be helpful to independent entrepreneurs.
- No mileage tracking – it would be useful for tax purposes.