Small business owners understand how crucial it is to have a handle on their finances. Unfortunately, most small businesses can't afford to hire a full-time accountant. However, a good accounting software makes it easier to monitor business accounts. It can also track expenses and bills, creates invoices, manages inventory and generates reports that help evaluate how a business is doing.
There are several factors that one should consider when choosing accounting software. An interface that's easy to navigate and understand is one such factor. Small business owners should also consider its features and how they can help in running operations. It should also be compatible with other tools that the business uses. Lastly, brands should consider how much money they have to shell out. Do they want the basic or are they willing to spend more to get an accounting software with extra features?
Top 4 Accounting Software for Small Businesses
Intuit Quickbooks Online
Quickbooks Online is one of the more popular accounting software out on the market today. It can easily cater to the needs of small businesses and as well as major enterprises. Small companies would find that its interface is easy to master, so new accountants or those without an accounting background can easily navigate their way around.
The software syncs automatically to a single dashboard. This allows various users to view the company's accounts, create billing statements and invoices and generate over 40 different reports. Quickbooks can also be integrated with other Intuit tools like GoPayment and Quickbooks Online Payroll.
Freelancers and small businesses simply love Kashoo's improved interface and clean navigation tools. The software offers basic accounting capabilities, like pre-formatted reports, templates for products, customers and suppliers, and forms for invoice, bills, and payroll. Users can also track project costs and create sales tax rates with this software. Kashoo also provides its clients with free chat, email, and phone support.
Wave is the best online accounting software for consultants, freelancers, and companies that have less than 10 employees. The program can handle simple financial reports and everyday office processes like invoicing and receipts, managing a balance sheet and generating profit-loss reports. It can also manage payroll and direct deposits. However, the software cannot track payments and bills and has no cash flow report capability. It should be emphasized that Wave only offers very basic accounting processes and won't be able to handle complex cash transactions.
This is the perfect software for micro-businesses. It boasts an extensive range of essential accounting tools. It also has features like automated workflows, inventory management, invoice tracking and time tracking. It can even provide automatic payment, and bank feeds notifications. The software can be integrated into more than 25 business and productivity Zoho apps. Users can also avail of the company's robust support network, whether it's online or by phone. Its well-designed video tutorial also makes it a breeze to learn how to maximize it for your small business need.