Every small business owner wants to make an accurate accounting statement with an effective accounting software. There are various types of accounting software from where owners can choose the right one. Accounting statements represent the financial circulation of the business which includes the rise and fall of business profits and loss. To keep the accurate calculation of these profits and losses, we need talented accounting software that performs the complete role of accounting because at one time comes in business when accountants or bookkeepers do not handle all the accounting activities due to heavy workload and finding any errors in calculations and missing transactions because humans are the humans.
Accounting Software is a free tool in which you can prepare your accounting statements such as ledger, track sales and expenditures, invoices, calculation of ROI, full support of GST tax rates, and bills. Because a small business does not require more tools in accounting software so it will also satisfy with simple and free version of tool . It needs only to be friendly and increase the goodwill and revenue of your business from a small startup. When starting a small business, there is no complexion in any account statement but after the business grows, accounting responsibilities tough day by day.
With the help of accounting software, owners can record even the smallest thing and the best thing is that the accounting software for small businesses is available at a cheap price so anyone can afford the software.
After choosing accounting software for small businesses, owners get a lot of advantages of accounting software. But before that, you should know about the list of top accounting software for small businesses.
Functions of accounting software for small business
If you use accounting software for small businesses, there are the most important functions of accounting software by which you can take a lot of advantages because it is easy to use and easy to access data from anywhere, anytime.
The Basic statement of Profit and loss or income statement, cash flow statement, and balance sheet
An income statement, cash flow, and balance sheet are some of the most parts of the financial statement of every business which represent the revenue and expenditure of a business or organization for a whole year. So in accounting software, you can prepare financial statements by entering the right and relevant details of your transactions and get notifications about every change. Even, the software does everything on its own and also notify your clients or customers.
Invoices or Bills
An invoice or bill is paperwork between the owner and the customer but if you use any accounting software so you don’t need to do any paper formalities, you also make invoices online even software does it on its own. It is an important document that is maintained by software and also gives updates to the buyer and seller. For invoices, there are many kinds of accounting software available.
Account receivable and payables
The Company is paid by the customers for goods or services also known as Account receivables. Company payments to the vendors for goods or services are also known as Account payables. With the help of accounting software, you can make payments and receive payments online.
Receive payments from clients online
With the help of accounting software, you can easily receive the amount of money against the service provided to the clients. You just enter your information about your clients in accounting software.
If you want to make bank transactions online or from home, you need to connect your bank, credit card with accounting software so that they access your daily data and keep information safe and securely store every transaction between owners and clients.
Accountants or individuals
If you are a single user of accounting software or a professional accountant of a company, both can connect with accounting software and make any transactions online or do accounting from anywhere.
Best accounting software for small business
Before proceeding further, you should know about the pros and cons of accounting software. These below desktop accounting software for small business, simple, and accounting software for small business.
If you want to send invoices and track the location of customers from anywhere so Freshbook is the best place for you. With a single dashboard, you can manage your multiple accounting and financing to grow your business. If your bank is connected with software so backups are also secure and updated. It is countable in the list of top accounting software for small businesses..
If you want to get the latest features of this software so you can apply for its latest versions with advanced functions and features to increase the capabilities of business growth. It allows the android user and iPhone user for tracking. It is one of the most accurate and simple accounting features for small businesses.
- Price: $15/month
- Easy to access data
- Used for service-based business
- No unlimited customer service
- Cloud-based software
- Integration with third-party apps
Quickbooks is online accounting software for small businesses or self-employed businesses. It is also known as cloud-based accounting software and provides payroll service, sends invoices, estimates profit and loss, tracks sales and invoices, calculates tax. Overall, it manages all the needed services of accounting and is considered as one of the most used accounting software such as the USA.
- The Found crowd on this software
- Provide 24/7 customer service over the phone, chat, video call, email, etc.
- Assimilation with third-party apps
- Most used by accounting professionals.
- Also best for freelancers
- Price: $8/month
Xero is best for mico-based users and was founded in 2006 in New Zealand. It is very simple and integrates with third-party payroll apps such as gusto. From here, you can get full financial support such as track inventory, sales, and tax, make records of purchases from vendors, and sales to the customers.
- Price: $9/month
- Cloud-based accounting software
- Available third party apps
Wave was built in Toronto, 2010 for a service-based business. Its free features fulfill your accounting needs. If you are a small business, this is the best accounting software for you with most of the features are free but paid for payroll tax. Wave software is only for updating your bookkeeping by syncing your data. It is countable as accountable software for small business free.
- Price: free
- Not for tracking inventory management or billing
- Many services are free
- You can access multiple accounts
- For Unlimited users
Pabbly is top accounting software for small businesses as well as medium businesses and is the only one that doesn’t charge any extra fees, only charge monthly startup fees. You can expand your business with the help of this accounting software. You can interact with customers, invoices and the advantageable point is that it has support and deals in more than 23 currencies. It is also used in online payment mode such as Paypal, stripe, google pay, etc.
Sage accounting software
Sage accounting software saves your time by saving your client’s details such as contact information, whatever. Once you send invoices, payments, expenses, then you don’t need to do anything. You just need less time in this top accounting software for small business.
- Price: $50.58/month
- Accounting software for small businesses as well as medium businesses.
- Payroll services are also provided.
Zoho books software is a simple software in which you can manage your cash flow and finances and it also accepts payments online and creates a balance sheet. It helps users to make confident decisions and the best part of it is easy to use.
- Available support service
- Provide security
- Get always bank notification
- Accept online payments
Tradogram accounting software can be used by any kind of company whether it is small or big. This accounting software is very simple to use, not any complexion. It is built with strong features such as reduced expenses, higher revenue, etc.
- Price: $15/month
- Available free version
- Simple not complex features
This accounting software for small businesses is available at a cheap price, from which you can choose anyone which suits your business.
Netsuite is a relevant tool for managing a revenue and billing department. It is a business product of oracle that is always active for its users for measuring the financial status of the business.
It is familiar with the finance and sales department to get better calculations and look forward to the future for business planning. It gives notifications to the users as per timely reports.
- Price: It is paid tool with 1 monthly free trial
- It is qualitative accounting software for small businesses.
Bill is a cloud accounting platform that allows users to manage cash flow with inbound and outbound teams. It helps to avoid errors for a simple workflow. It provides support for digital payment along with chat support, data security with TLS.
- Price: It is a free as well as paid tool
- It is accounting software for small or medium businesses.
Kiwli is accounting software for part-time employees who work for the organization from home. This software tracks the employee’s full-day performance and performs other activities such as tax calculation, revenue, expenses. It automatically prepares the balance sheet and income statement by analyzing all the accounting reports.
- Price: It is a paid plan with 14 days of trial.
- It is the best software for microbusiness.
Clear books is a software of reminders that reminds the users of any update about invoices and bills. It helps to make a report of income, cash flow, and balance sheet after summarizing all the business activities. It has a version that supports 170 currencies and users can always access information from report sheets. It is a USA accounting software that allows the users to manage effortlessly. Users can easily access bank transactions if the bank connects with software.
- Price: It is a paid plan with 14 days of trial.
- It is cloud-based management software.
Patriot is a payroll accounting software that is simplified for American businesses and accountants. It can easily handle payroll services such as payroll tax, payroll of state, federal, and local. It is accounting software that has many hands to manage multiple activities. It is a simple, attractive, and affordable service provider. It keeps your information safe by using techniques.
- Price: It is paid plan with 30 days of trial
- It is time-saving software that provides the fastest services.
- Technical support is offered by the supporters.
- Easyaccountax is accounting software for small businesses that have a team to perform every task across the globe.
- Prepare employee data by using workforce analytics and share the data with the organization.
- It helps the team to save and track business finances.
- It offers payroll services, track invoices, bills, and budget.
- It has connected with mobile to track each report of accounting.
- It has features such as email integration, HR management, and access to bank details.
- Multi -can log in to software at one time.
- Myob Greentree is a resource planning accounting software.
- It has multiple features such as CRM, manufacturing, sales and distribution, HR management, payroll management, credit facility.
- Accountants and bookkeepers work with this software to make accurate accounting reports.