THE TOP ACCOUNTING SOFTWARE TO USE AS A SMALL BUSINESS OWNER

Many accounting software solutions are more similar than different in terms of features. Standard modules include general ledger management, invoicing, and payment processing.

Accounting has always been an integral part of any business organization as it provides businesses with a view of their profitability or in some cases, losses. The process is likewise necessary for sound financial management, enabling businesses to keep expenditure and income records, which can be utilized in coming up with sound financial decisions.

With accounting software, these tasks were automated and costs and human errors were remarkably reduced

Small businesses should look for:

Ease-of-use, integration and security should be taken into consideration. However, what counts most is the pricing. As most of these players are on a tight budget, we recommend that they subscribe to a cloud-based solution as they provide customized processes, integrations and pricing flexibility.

These benefits, coupled with the demand for accounting automation have resulted in the growth of the global accounting software market. However, this market is forecast to further expand at a CAGR of over 6% from 2017 through 2021. The continuously rising demand for financial process modernization is seen to fuel this growth.

Another notable market trend is the increased use of mobile accounting applications, which have features such as payment acceptance, invoice distribution, receipt tracking and budget planning, to name a few. Although an emerging trend, businesses have yet to overcome the challenge of choosing the right solution as few of these tools are available on Mac despite supporting Android devices.

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An accounting solution known for making financial management an easy undertaking. FreshBooks helps users address recurring invoices and subscription easily. It supports online payment collection via credit cards, PayPal and Google Checkout. This piece of software integrates seamlessly with known business applications, allowing for streamlined processes. As it is a complete suite, the need for additional software is eliminated, providing users with absolute control over their financial operations all from a single dashboard. For its out-of-the-box core accounting features and flexible pricing. To make the app even better, the vendor saw to it that its latest version as advanced functionalities to further improve the financial management capabilities of users. Its dashboard makes for easy customization while data security is not an issue as secure backups are regularly implemented to keep user information secure at all times. Charges are bound to be accurate using the system, which likewise allows the use of Android and iOS apps to track outside work times.

What’s unique about FreshBooks?

Simpler but powerful solution.
The latest version of FreshBooks is designed to be simpler but advanced features were incorporated in the platform. A sleek interface now comes with the software and collaboration among team members is now promoted, resulting in higher work quality.

Mobile optimized.
FreshBooks comes with mobile add-ons for devices running on Android and iOS, enabling users to access information anytime, anywhere.

Online payment.
The tool’s time tracking capability is designed for use in billing, enabling businesses to get paid online through a variety of payment gateways.

Impeccable invoice to payment.
For small business, FreshBooks offers invoice to payment functionalities. Users can pinpoint the exact location where a customer opened an invoice email, very useful in catching customers who say the invoice never got to them.

Billing history management
The platform hosts features that allow for the tracking of both past and current invoices. Unpaid invoices can be pulled out instantly using this functionality.

Xero is an accounting software that is largely known for having revolutionized accounting. Developed to provide the best user experience possible, the solution is easy to use, making tough accounting tasks like double bookkeeping simple even for first time users. For those who require a bookkeeper, the vendor offers certified advisors who are more than willing to assist them. The platform has gained traction in countries like the UK, US, Australia and Europe. It comes with integrations with known third-party applications and accounting tools and the software’s Express Setup feature makes set up a breeze. You can maximize the product’s potential with the assistance of its help center.

What is unique about Xero?

Easy setup
One does not need to render overtime or undergo complicated trainings to set up Xero. Once all needed data are uploaded into the system, the software takes care of all transactions and contacts, all from a single page.

Inventory/stock management
The platform also doubles as an inventory and stock management tool, allowing it to process and run payrolls and adjust taxes for more than 20 states. It can create comprehensive possession records, which can be automatically be utilized in every transaction.

Transactions made easy
The transaction forms that the system generates provide users with richer transaction experiences. For example, editing of purchase files are possible with the ready-made templates that Xero provides, resulting in more personalized documents.

Robust financial reporting
Xero offers users financial reporting that effectively puts all activities’ impact in a nutshell. This can be done by filling filters for items for inclusion.

A very popular accounting platform, QuickBooks is capable of tracking customers and vendors and is able to automatically manage all relevant banking processes. It has a lot of organizational features that are very useful in managing accounting information such as payable bills, contact data, overdue items and common accounting tasks. The solution makes payment so much easier with its Pay Now link, which can be connected to customers and vendors’ credit cards or bank accounts.

What’s unique about QuickBooks Pro?

More organized accounting
The software is capable of organizing businesses’ accounting data, including overdue items, contact information, payables and common accounting processes.

Easier payment
QuickBooks Pro’s PayNow feature makes payment a lot easier as it can be linked to clients and vendors’ bank accounts and credit cards.

Profit/loss reporting
Reports on corporate profits or losses can be generated in moments. This allows businesses to have an idea how their organization is performing financially.

Support and security
With QuickBooks, users are assured that all their data are secure as the system complies with high security standards. Premium support is also available 24/7 to those who have issues about the product.

Free upgrades
The vendors provides constant upgrades absolutely for free. These are easily available to all users.

Zoho Books is a smart accounting solution designed to manage small businesses’ cash flow and finances. It is known for its ease-of-use, helping users make intelligent business decisions. Being a part of the Zoho product stable, the product does not only offer hassle-free accounting but excellent support, uptime and security as well. It is capable of sending customers professional invoices and even accepting payments online.

What is unique about Zoho Books?

Automatic bank feeds
Zoho Books imports all credit card and bank transactions, eliminating the need for manual data entry. These data are likewise categorized in accordance with bank rules.

Automatic payment notifications
Users can come up with messages for clients, reminding them to pay on time and set their frequency that is convenient to both parties.

Customer engagement
The app’s collaboration functionalities engage customers by making them feel that they are part of the payment process. This is done by providing clients with access to their invoices and estimates and allowing them to directly make payments online.

Invoice distribution and tracking
The system helps users in the collection of prepayments and retainers. Invoices can be pulled off for individual estimates. Offline payments can be recorded and even linked to selected invoices and projects.

Project management and tracking
Simply entering the time spent on projects into the system allows Zoho Books to record the expenses incurred on projects and invoice customers.

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