Best Accounting Software for Small Business

Small business owners must know the importance of keeping track of the accounts. With so many different types of accounting software in front of you, it can be hard to choose the right one for you.

Take it easy – leave everything to us. In this article, we’ll introduce you to the best accounting software for small businesses so that you can make intelligent decisions for your company.

1. Intuit QuickBooks Online

It is one of the most demanding accounting software for small businesses. It offers plenty of services including keeping invoicing, preparing accounting reports, cash flow management and more. QuickBooks Online also offers a mobile app so that businesses can manage their finances on the go.

Starting Price: $25/month

Trial Period: 30 days

Key Features: Track income and expenses, create and send invoices, manage bills and accounts payable, inventory tracking, project management, bank reconciliation, payroll processing, and financial reporting.

Explorer- 10 excellent reasons to choose QuickBooks online

2. FreshBooks

Of course, suitable accounting software helps you organize your expenses. When it comes to small business accounting, FreshBooks is the best option. It is super easy to use and keeps track of bills, payments, and transactions. Plus, it integrates with other business apps that you may already be using, like PayPal and Stripe. 

Starting Price: $15/month

Trial Period: 30 days

Key Features: Time tracking, invoicing and payment processing, project management, expense tracking, reporting, mobile app, client portal, and integrations with popular payment gateways.

3. Melio

It is very important for businesses to have a good accounting software system ready. After all, your business’s financial health depends on it! So, which accounting software is good for small businesses?

There are many different accounting software programs out there, but we think Melio is the best one for small businesses. Melio is easy to use and understand yet still has all the features and functionality you need in an accounting program. Plus, it is affordable, so you can get started on getting your business’ finances in order without breaking the bank.

To experience the best accounting software for small businesses, don’t forget to check out Melio. We think you’ll be glad you did!

Starting Price: Free to use for payments

Trial Period: N/A

Key Features: Payment processing, online check printing, scheduling and automating payments, payment approval workflows, payment reminders, and payment tracking.

4. Wave

Are you looking for the best accounting software for small and medium businesses, look no further other than Wave. It is cloud-based accounting software that offers a great deal to help you manage your accounts. With Wave, you can create invoices, track expenses, send payments, and more. The best feature of Wave is it is free of cost, which makes it suitable for businesses with low budgets.

Starting Price: Free

Trial Period: N/A

Key Features: Invoicing, payment processing, receipt scanning, accounting, payroll, and reporting.

5. Zoho Books

Zoho Books is an easy-to-use accounting software which makes it perfect for the use of businesses of all sizes. With Zoho Books, you can manage your accounts, invoicing, and inventory all in one place. Additionally, you can connect with your bank and track your expenses easily. There is an option of free trial in Zoho, so before making any commitment, try it out.

Starting Price: $9/month

Trial Period: 14 days

Key Features: Invoicing, payment processing, expense tracking, inventory management, project management, bank reconciliation, and reporting.

6. Tipalti

Tipalti is one of the best accounting software options for small businesses. It’s easy to use and offers a wide range of features, making it an excellent choice for businesses of all sizes. Plus, it’s affordable, so you won’t have to break the bank to get the most out of this software.

Starting Price: Custom Pricing

Trial Period: N/A

Key Features: Payment processing, tax compliance, invoice processing, payment method and currency selection, payment reconciliation, and payment status tracking.

7. OnPay Solutions

OnPay is easy to use and offers a variety of features that make it a great choice for businesses of all sizes. OnPay automates and optimizes the invoices, and its security system eliminates the risk of a data breach. 

Starting Price: Custom Pricing

Trial Period: N/A

Key Features: Payment automation, payment processing, payment reconciliation, payment data analytics, payment fraud prevention, and payment optimization.

What Accounting Software Should You Use?

With so many accounting software in the market, how do you identify which one suits your business needs the most? In this part of the blog, we mention a few things to remember while selecting the accounting software.

Analyze your business needs.

First of all, analyze your business needs. What type of software do you want, and for what kind of work? Do you want your software to keep track of inventory and receipts? It would be great if you note down all your accounting requirements according to the priority. So you can make an informed decision very easily.

Decide your budget.

After examining your business needs, define the budget you want to spend on your accounting software. You may have some spare budget, but make a rule not to spend on software which is 20% over your allocated budget.

Search for features that meet your business requirements.

It is easy to get engrossed in the many features of today’s accounting software. But the point is you need software that can fulfill all your needs, not the features that are all in vain. Also, the software which is providing services worldwide is not very expensive. So don’t get vagued by this trap and stick to your priority list to make your decision.

Ask the right questions.

Once you choose your software, but you are still confused about it, make a call to customer support and ask some questions like:

• Is there an additional cost involved?
• Is your API secure?
• At what hour can I contact your customer support?
• Does anyone work on the same project as mine? If yes, then tell me their experience with the software.

Choose a software that will grow with your business.

After choosing the software of your dreams, you will adhere to it for a very long time. Of course, you will replace it if it does not work for your company. Be pragmatic about your business growth and ask your sales executive how well their product grows with customers as their business accelerates.

Bottom Line

While there are many options available, we believe that these accounting software solutions offer the best value for money and features for small businesses. Whichever solution you choose, make sure to do your research and pick the one that best suits your business needs.

Select the right software as soon as possible, or you can choose offshore accounting services by Invedus that fits all your accounting needs.

Happy Accounting!