11 Best Accounting Software For Small Businesses Of 2024.
Are you confuse? don't know which one to choose, find out in our article 11 best accounting software for small businesses of 2024.
Accounting software is a type of business software that helps small businesses keep track of their financials.
Accounting software is a type of business software that helps small businesses keep track of their financials.
In the past, accounting through spreadsheets or pen and paper. However, as companies grow, the amount of information to be tracked also increases.
As a result, it becomes hard to manage everything on a spreadsheet, and there's a higher chance for errors.
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What is the Best Accounting Software for Small Businesses?
In this article, we have compiled a list of some of our favorite B2B invoice tools & best Accounting software so you can explore the options available to you.
Here are the best Accounting Software for Small Businesses:
FreshBooks is a popular cloud-based accounting software, built for small businesses and freelancers who need an easy way to invoice clients, track expenses, and monitor time. The service syncs seamlessly with your mobile device so you can stay on top of your business from anywhere.
Features:
- Accounting
- Integrations
- Expenses
- Mileage Tracking
- Payments
- Proposal
- Time Tracking
- Invoices
- Projects
- Reports
- Create invoices in under 30 seconds: Freshbooks is the easiest and fastest tool to create professional-looking invoices. You can also set up recurring invoices, perfect for clients who pay on retainer or monthly contracts.
- Simple and intuitive user interface: Freshbooks has kept things fresh, simple with its bright color palette, drag & drop functionality, and streamlined design that makes your work feel like play.
- FreshBooks mobile app: No need to be chained to your desk to send invoices! Track of your time spent working on jobs, invoice customers around the world from any country, keep tabs on outstanding payment due dates, track expenses all within arm's reach thanks to our mobile app.
- Track time and create timesheets that work for you: Easily track the time you spend on jobs and projects with FreshBooks timesheets. You can set up different timers for each client, record time entries as you work, and even view reports about how much time it took to complete a job, which clients spent the most time on the project, etc.
- Keep your business organized & save time: Easily track expenses by adding photos of receipts or logging into our online banking integration directly from Freshbooks. Receive instant payment reminders that keep your accounts payable organized.
Pricing:
The service packages are in three tiers.
Freshbooks Pricing.
Freshbooks Monthly Pricing.
Lite : $6.00/Mo.
Plus : $10.00/Mo.
Premium : $20.00/Mo.
Select : Custom Pricing.
Freshbooks Yearly Pricing.
Lite : $108.00/yr.
Plus : $180.00/yr.
Premium : $360/yr.
Select : Custom Pricing.
The Lite costs $6/Month, the Plus at $10/Month, and the Premium at $20/Month per user, plus an additional 5% of all sales you process through Freshbooks invoicing.
There's no contract required, Cancel at any time.
Freshbooks is the perfect solution for individuals and small businesses that need an invoicing solution to streamline their work, thanks to its many features and affordable pricing.
QuickBooks Online is a cloud-based accounting software from Intuit® that helps companies track their financials, project cash flow, prepare bills, generate reports and analyze business data.
Features:
- Invoices
- Expenses
- Bank Feeds
- GST & VAT
- Inventory
- Capture & Organize Receipts
- Mobile App
- Insights and Reports
- Multi Currency supports
- Security
- Switch to Quickbooks
Here are some of its top features:
- Billing & Invoicing: Track billing hours & expenses with ease. Create professional-looking invoices in seconds using our pre-designed templates. Get paid faster by accepting online payments from your customers' credit cards or bank accounts. ii) Projects: Track time and create invoices for multiple projects. Manage your project profitability by knowing how much to bill each customer.
- Expenses, reimbursements & reporting: Get reimbursed faster with our expense tracking feature. Create customized reports or run a QuickBooks Self-Employed tax report.
- Bank reconciliations: Save valuable time during the bank reconciliation process with our simple import feature.
- Collaboration features: Attach files, share checklists and assign tasks right from within the app to make collaborating easy.
Pricing:
With QuickBooks Online there's no contract required. You can sign up anytime!
Quickbooks Monthly Pricing.
Simple Start : $8/Mo.
Essentials : $12.50/Mo.
Plus : $17/Mo.
Quickbooks Yearly Pricing.
Simple Start : $151.36/yr.
Essentials : $237.60/yr.
Plus : $322/yr.
It has four payment plans, the Simple Start at $25, Essentials goes for $50, Plus at $80, and the Advanced plan goes for $180/month with a limit of up to 25 users.
QuickBooks is the perfect solution for small business owners who want to track their billing, expenses, and projects with ease.
Wave is a beautiful online accounting service that's built by accountants for small businesses. If you are a startup, Wave is the go-to, with the easy-to-use interface, it is perfect Accounting software for beginners.
Features:
- Recurring Billing
- Invoice Templates
- Quickbooks Alternative
- Banking
- Payroll
- Reports
- Integrations
Here are some key features:
- Expense tracking & reporting: Easily manage your expenses on jobs or projects without having to worry about how you're going to pay for all the stock orders coming in from China.
- Invoicing, billing & payment: Send professional-looking invoices in a flash. Track who owes you money and when payment is due.
- Multi-Currency Support: Track income & expenses in multiple currencies without having to worry about exchange rates or hidden fees.
- Cloud sync & access everywhere: Easily work on the go with our mobile apps. Stay connected by accessing your data wherever you are, whenever you need it. If your business requires working away from the office, Wave's cloud file manager lets you securely open & edit files with other team members which makes it ideal for freelancers, consultants, designers, etc.
- Free email support: Get fast and helpful email support at no extra cost.
Pricing:
Wave is a free service.
If small businesses want affordable yet feature-packed accounting software they should check out Wave.
ZipBooks is a simple cloud-based small business bookkeeping service that helps you manage your books, send invoices, and get paid faster.
Features:
- Invoicing & Billing
- Accounting
- Expenses
- Insights & Reports
Here are some key features:
- Automatic transactions entry: Manually add expenses, income, deposits, and more from your bank accounts, credit cards, or PayPal account. And if you use Freshbooks to track time spent on projects, it will automatically populate your entries with time tracking in the app. Or use our CSV import feature to add them to ZipBooks and get back to your work.
- Invoicing: Send professional-looking invoices fast.
- Expense tracking: Track how much cash you have available by grouping similar expenses like office supplies or travel costs.
- Credit card reconciliation: Easily reconcile credit cards using their simple interface that was built with accounting professionals in mind.
- Fast & easy bank transactions imports: Import bank transactions in just a few clicks directly from your online banking portal.
- Time tracking for expense reports & quotes: Use ZipBooks' time tracker app to track the time spent on jobs or projects so you can easily send an invoice when the job is complete or send an estimate before starting a new project.
- Multi-Currency Support: Use ZipBooks in your local currency so you can purchase what you need when you need it.
- Free email support: Get fast and helpful email support at no extra cost.
Pricing:
ZipBooks offers four plans:
Starter : Free
Smarter : $15/Mo.
Sophisticated : $35/Mo.
Accountant : Custom Price.
A free Starter plan that lets you add one bank account for free, a Smarter plan that costs $15/month for five users, a Sophisticated plan that goes for $35/month with unlimited users.
With the Sophisticated plan, you're getting access to our time tracker app and credit card reconciliation feature with unlimited users.
Then there is a Custom plan that has its separate billing and privileges.
If small businesses want an affordable and user-friendly accounting solution they should try ZipBooks out.
It's compatible with Freshbooks, another great app for freelancers, consultants, and contractors - so you'll be able to keep track of your time too.
Accounting Seed aims to lets accountants manage their clients in a single system without having to login into multiple systems, It was built with simplicity at its core by accounting professionals with years of experience.
Features:
- Billing
- Inventory
- Order Management
- Project Accounting
- Report
- Financial Dashboard
- AppExchange
- General Ledger
Here are some of its top features:
- Multiple client companies: Add multiple companies so you can keep track of all your clients' financials in one app.
- Expense tracking & reporting: Easily track expenses on jobs or projects to let you know when cash flow becomes critical.
- Invoicing, billing & payments: Send invoices to clients so you can get paid faster.
- Account reconciliation: Easily reconcile bank accounts using our easy-to-read interface that was built, with accounting professionals in mind.
- Cloud syncing for cross-platform access: Sync your data to the cloud, and your accountants have everything they need right at their fingertips regardless of the device they're on.
- Multi-Currency Support: Add and track transactions in multiple currencies without having to worry about exchange rates or hidden fees.
Pricing:
Contact Accounting Seed for custom pricing.
Accounting Seed is the perfect fit for accounting professionals who want the convenience of using online accounting software that offers a cohesive and comprehensive dashboard.
Xero is a comprehensive online accounting solution that lets you manage your business from anywhere, at any time. With Xero's multi-currency support, you can easily track income & expenses in multiple currencies without needing to worry about exchange rates or hidden fees.
Features:
- Pay Bills
- Claims Expenses
- Bank connections
- Accept payment
- Track Projects
- Manage Contacts
Here are some other features:
- Multi-Currency Support: Track income & expenses in multiple currencies without having to worry about exchange rates or hidden fees.
- Audit Trail: Easily trace transactions back to see when they were created, modified, and approved by other users. The search function lets you find what you need within seconds, so you can spend less time hunting through reports for information and time getting on with other important tasks.
- Expense Tracking: Easily manage your expenses on jobs or projects without having to worry about how you're going to pay for all the stock orders coming in from China.
Pricing:
Xero offers three plans:
Starter : $20/Month.
Standard : $30/Month.
Premium : $40/Month.
An Early plan that lets you add five bill feeds for $20/month; a Growing account that costs $30/user/month; and a Premium plan which will set you back $40/user/month.
If small businesses want a safe, secure, and easy-to-use accounting software they should check out Xero.
FreeAgent is simple accounting software ideal for small businesses, freelancers, and contractors. Award-winning accounting software for small businesses.
FreeAgent is a company with over 200 employees, who share the same vision and values, helping over 100,000 small businesses keep their finances safe and secure.
With their easy-to-use interface, FreeAgent allows accountants and bookkeepers to manage their clients at a glance.
Features:
- Invoicing
- Accounting
- Payroll
- Banking
- Cashflow
- Time Tracking
- Expenses
- Projects
- VAT
- Self Assessment
- Integrations
Here are some key features:
- Expense Tracking: Track expenses without having to manually edit your bank statements.
- Income Tracking: Reconcile transactions automatically, so you know how much money is in your account and what you've spent it on. You can even set budgets and be alerted when they're about to run out.
- Completely free accounting software: FreeAgent is not only completely free to use for up to 5 clients (and unlimited companies), but also comes with our acclaimed support, via phone, live chat, or email.
- Charts & Reports: Quickly draw insights from your data by organizing reports into charts that show your business performance over time. Charts help you spot changes quickly and evaluate the impact of your actions quickly.
Pricing:
FreeAgent offers one plan called Universal. It charges you $10/month for the first six months, then $20/month after the 6th month.
FreeAgent Limited Company.
Monthly : Euro 14.50/Mo + VAT for first six Months. Euro 29.00/Mo + VAT after first six Months.
Annual : Euro 145/yr.+ VAT for first six Months. Euro 290/Mo + VAT after first six Months.
Free : Get Your Free Account.
FreeAgent Partnerships & LLP Pricing.
Monthly : Euro 12/Mo + VAT. for first six months. Euro 24/Mo + VAT after your first six Months.
Pro : Euro 120/yr + VAT for first six Months. Euro 240/yr + VAT after your first six Months.
Free : Get Your Free Account.
FreeAgent Sole Trader Pricing.
Monthly : Euro 9.50/Mo + VAT for first six Months. Euro 19/Mo + VAT for first six Months.
Annual : Euro 95/yr + VAT for first six Months. Euro 190/yr + VAT after first six Months
Free : Get Your Free Account.
If you're looking to try out accounting software without making too much of a dent in your bank balance, FreeAgent is perfect for you.
Zoho Books offers a bundle of online business management apps that help small and medium-sized businesses simplify operations and work more effectively.
With this package, you get an all-in-one, easy-to-use, cloud-based solution that will help your business with Accounting, CRM & Project Management.
Features:
- Invoicing
- Bills
- Online Payments
- Expenses
- Banking
- Purchased Orders
- Reporting
- Inventory
- Sales Orders
- Automation
The key features are:
- Access everywhere: Zoho Books is web-based, so you can access your data from anywhere.
- Collaborate in real-time: Invite employees and clients to view and work on projects with you.
- Manage sales & expenses: Track both incoming and outgoing payments and invoices.
- Inventory management: Get a clear view of what you've got, where it is, and who has it.
Pricing:
Zoho offers four pricing tiers:
ZohoBooks Monthly Pricing.
Free: $0/Mo.
Standard : $9/Mo.
Professional : $19/Mo.
Premium : $29/Mo.
Zoho Books Yearly Pricing.
Free : $0/yr.
Standard : $90/yr.
Professional : $190/yr.
Premium : $290/yr.
There is a free plan that allows for only one user. Standard costs K 720 per organization/month; Professional costs K 1520/month per organization; and Premium costs K 2320 per organization per month.
If small businesses are looking for a one-stop-shop that will help them manage their accounts, sales & projects, Zoho Books is perfect for them.
Invoice Meister is a free invoicing software for small businesses, freelancers, and consultants. It's a simple tool to create professional-looking invoices quickly.
There are no contracts, setup fees, or monthly subscriptions, just one affordable price that lets you invoice as much as you want.
Features:
- Invoicing
- Invoice Template
- Track Expenses
- Multi Currency
- Financial Reports
- Recurring Invoices
- Track Payment
- SendBox
- Premium Support
Here are some key features:
- Fully Customizable Invoices: Choose your template, colors, and logo.
- Attach Files & Photos: Add files or photos straight to your invoice. Keep records of everything you send to clients.
- Email Reminders: Send reminders, so clients don't forget to pay.
- Automatic late fees: Charge a late fee if a client doesn't pay on time.
Pricing:
Invoice Meister has a free trial for each of their plans.
Invoice Meister Monthly Pricing.
IM Starter : $7.50/Mo per user.
IM Standard : $10/Mo per user.
IM Professional : $15/Mo per user.
Invoivce Meister Annually Pricing.
IM Starter : $6.25 per user/Mo/Billed annually.
IM Standard : $8.3 per user/Mo/Billed annually.
IM Professional : $12.5 per user/Mo/Billed annually.
Invoice Meister Biennial Pricing.
IM Starter : $5 per user/Mo/Billed Biennially.
IM Standard : $6.67 per user/Mo/Billed Biennially.
IM Professional : $10 per user/Mo/Billed Biennially.
They have three billing plans; the IM Starter that goes for $7.5/month, the IM Standard for $10/month, and an IM Professional plan that goes for $15/month.
If small businesses don't want to worry about how they're going to afford expensive software, Invoice Meisters is perfect for them.
Tipalti's cloud-based service manages all aspects of billing & payment, from order taking to invoice generation, payment processing, and reconciliation.
Features:
- Multi-Currency Support: This allows you to process transactions in multiple currencies across all major payment types.
- Hyper-Fast onboarding: Onboard your suppliers and business partners within minutes, even if they're on the other side of the world.
- Award-Winning Service: Tipalti is recognized as a leading provider by Accenture & Gartner, has won multiple awards for their customer service, was named "Best New Company" at Finovate Europe 2014, and holds 14 patents.
Pricing:
Tipalti offers monthly pricing of $149 to get started with the platform fee.
As your online business gets more complex, You have to make a consultation, if you want to upgrade for more advanced features or cancel their service.
If small businesses want an easy way to manage their supplier relationships. They can grow their sales internationally, Tipalti is perfect for them.
Bill.com helps small businesses collect payments anytime, anywhere through its cloud-based platform. With this software, you can invoice customers, pay bills, and track expenses easily with customer service to support you every step of the way.
Features:
- Collaborate securely: Invite your employees or clients to view invoices, statements, expenses, and payment transactions using any device from anywhere.
- Accept payments anytime: Customers can quickly pay bills online via bank transfer or credit card.
- Easy expense tracking: All your expenses are organized by category making them easy to track.
Pricing:
Bill.com has two types of pricing. There is a pricing plan for businesses and accounting firms.
Bill.com Pricing For Businesses.
Essentials: $39/Mo.
Team : $49/Mo.
Corporate : $69/Mo.
Enterprise : Custom pricing.
Bill.com Pricing For Accounting Firms.
Accounting Firms : $49/Mo.
For accounting firms, they will offer a 1-month free trial for two users to test out the service and estimate their requirements before committing to purchase.
As for businesses, there are four billing plans. The Essentials plan goes for $39/month, the Team plan goes for $49/month, and the Corporate that sells at $69/user/month. Then there is an Enterprise plan that has custom pricing.
If small businesses want an easy way to manage their accounts, invoices & payments, Bill.Com is perfect for them.
What is Accounting Software?
Accounting software is a set of programs designed to manage financial data. These types of software are used in small businesses, corporations, and governmental organizations for managing the activities involved in accounting functions.
Accounting software may include:
- Cost analysis
- Self-employment tax calculations
- Invoicing customers
- Payroll processing
- Inventory control features
- Tax preparation tools
- General ledger reports
- Business forecasting capabilities.
Businesses contact their accountants when they need help with many different aspects of their finances.
An accountant can offer advice on how to structure the business itself; advice on what forms need to be filed; advice on internal controls that should be put into place; an opinion about whether or not it would make sense to form another entity like an LLC (Limited Liability Company) or Sub-S (Sub-chapter S Corporation); advice on how to best structure asset acquisitions; advice on whether or not you need a team member handbook; and even help with opening your business bank account
Accountants are the experts in understanding tax laws, financial statements, and auditing procedures. A typical accountant has a finance or accounting degree and must pass a state licensing examination.
Why Do Small Businesses Need Accounting Software?
Small business owners have to do a lot of work when it comes to bookkeeping, including manually logging every transaction, recording transactions in a ledger, and creating financial statements.
Small businesses often contract with accounting services firms to do their bookkeeping and record-keeping. Still, small business owners are becoming more common to use accounting software instead of turning over these tasks to an outside service firm. There are many benefits to using accounting software that is important to consider.
One of the benefits of using accounting software is that it helps business owners streamline their accounting processes.
The software provides a specific structure for recording and reporting financial information, which can help reduce any discrepancies or errors in data entry.
For example, suppose a transaction is entered into the system by a team member who records cash withdrawals from an ATM. In that case, the accounting software will recognize that this withdrawal is unrelated to any other transactions and help separate the entry into its appropriate category.
Human error can be an issue with manual bookkeeping methods if business owners or employees fail to enter data correctly.
Another benefit of using accounting software is that it helps automate many functions. Because the software can link accounts together, it can also help manage accounts payable and receivable. For example, when a purchase order is made through the system, the vendor invoices will automatically be generated from an inventory of outstanding invoices. This way, business owners and employees do not have to manually track down open invoices, which also helps reduce any chance of human error.
With other manual processing methods, business owners would have to go through their open invoices one by one and enter the corresponding purchase orders into the system
How do I Choose the Best Accounting Software for my Business?
It would be best to consider several things before choosing accounting software, depending on your company's needs. Some questions you might ask yourself when trying to choose the best product for your business may include:
- What is my budget?
- What type of technology do I already have?
- Can I afford add-ons or upgrades later down the road?
- Can my employees use it with ease?
- Will it integrate well with the existing tools we currently use?
- What are the system requirements?
Conclusion.
Accounting software can be very beneficial to small businesses as they help save time, offer security, and provide an easy, efficient way of organizing data.
- Wave is perfect for beginners, and it's free to use.
- Freshbook is the most popular accounting software for small businesses that want to invoice their clients quickly & easily.
- Quickbooks is great for small businesses who don't want to worry about the budget.
- Zoho Books is designed for small businesses that need a one-stop-shop.
- Bill.Com Is perfect for those looking to easily manage invoices & payments.
Feel free to let us know!
Which of the Best Accounting software do you use for your Financial Transactions?
Which one of these Accounting Software are you planning to use, and why? Let us know by commenting below.