Best Accounting Software for Your Small Business

Accounting services are among the most wanted professional tools in the contemporary business environment.

It’s much more convenient to run your business when you know that your financial transactions are meticulously recorded and that your decisions are made on the basis of accurate business facts.

It’s important to know that today there are dozens of tools for bookkeeping and some of them aren’t suitable for small businesses.

So, here are the basic functions that your accounting software needs to have:

  • Smooth synchronization with other apps – Since modern business owners have to use a variety of programs, make sure that your accounting tool is easily integrated and synchronized with those systems. From Google apps and e-commerce tools to payment gateways and cutting-edge POS systems, it’s vital for your business to be able to connect with such services seamlessly.
  • Accessible to several users – Your online accounting tool should be available to more than one user. Be it your business partner, your secretary or your accountant, this function will make the entire accounting procedure easier.
  • Mobile use – Businesspeople on the go will appreciate an accounting tool that can be used via a mobile phone. Therefore, it should either have a mobile-friendly website or an app, so that you can easily access it when you’re not at your computer.

Now that we’ve highlighted some major prerequisites for a handy accounting tool, we’re going to present seven practical tools that will help you master your finances and improve your financial policy.

Xero

This is a great option for business rookies who need a reliable accounting solution, accessible from different devices. Thanks to its simple interface and easily navigated app (available both as Android Xero and iOS Xero), Xero meets numerous requirements of small business owners.

This tool doesn’t limit the number of various users you can add to your account, which is a great advantage for a businessperson who is at the threshold of their solo career and needs assistance from various advisers or accountants.

Also, the options such as billing, special expense reports, and 1099-forms are all included in the basic package, which is an economic benefit for every new business owner.

Xero offers a free trial period, which will give you a chance to try its services and see if it can improve your accounting experience.

QuickBooks

Business owners who need quick and efficient bookkeeping may give a chance to QuickBooks.

This accounting tool will help you get all the essential accounting services without wasting a fortune. The most convenient option offered by this tool is task automation, which will be of great assistance when it comes to scheduling your clients’ payments.

Another important advantage is the support they provide, which is always available for their customers. What’s more, you can contact them via chat or phone, as well as write them via mail, so as to resolve any dilemmas you have in the shortest time possible.

However, unlike the aforementioned Xero, the basic package offered by QuickBooks is limited to only one customer. Therefore, this tool might be a better option for entrepreneurs that have some experiences in DIY-accounting.

Zoho Books

If you want an accounting solution reduced to the basic functions needed by every small business owner, Zoho Books is the right option for you.

Due to its simple, intuitive design and user-friendly features, this solution is popular among home workers, freelancer and sole traders, i.e. businesspeople who like to rely on their own resources. In line with that, Zoho Books enables you to perform the following accounting actions:

  • Edit financial documents on the move
  • Make business reports
  • Follow your daily business expenses
  • Create and send estimates and invoices
  • Integrate your bank accounts.

Also, its interface ensures fast and seamless use, which is a vital feature for business owners who aren’t proficient in using modern software tools, but who don’t want to waste their time on long-lasting bookkeeping actions.

FreshBooks

Another accounting tool that has books in its name, FreshBooks is famous for its mobile-friendly usability. Moreover, it’s primarily focused on small businesses, which is why they create their features with SMB-owners in mind.

In line with that, you can download the Freshbook iOS app or its Android counterpart and enjoy the benefits of working from an airport lounge of a local café. However, make sure that you first register and open an account on the FreshBooks website.

As for the core accounting features offered by FreshBooks, an amateur SMB-accountant-to-be can count on the following options:

  • Expense log – Tracking your expenses wherever you are
  • Payment options – Smooth payments via credit cards of PayPal accounts, as well as automatic balance tracking
  • Simple invoicing – Creating and sending invoices from any device
  • Multi-functionality – Converting estimates to FreshBooks invoices, importing contacts and performing mundane calculating tasks automatically.

To conclude, this tool will meet all the needs an individual, self-employed business owner may have. As for some more demanding tasks generated by a larger business, it’s wiser to use a more powerful tool.

OneUP

As machine-enhanced accounting is gaining popularity, business owners should learn more about solutions that provide such services. If you’re ready to deal with this type of accounting, you should embrace the OneUp software.

With automation at its heart, this solution can be smoothly integrated with your bank accounts and perform a lot of expense and record-tracking actions on your behalf.

What also makes OneUp so special are its practical features for smooth inventory management, as well as its popular prices. Apart from that, it provides some special backup features, such as the double-entry control of business records and financial transactions.

Moreover, Android users can download the OneUp app and do some of their accounting on the go.

However, this tool doesn’t have a dashboard, which is why orientation and navigation can be a bit tricky. Still, it has many great options for smooth self-accounting, so try its 30-day free trial and check if OneUp meets your business needs.

Accounting Edge Pro

Easily accessed from your desktop, laptop or your smartphone (both Mac and Windows, but not Android), Accounting Edge Pro is an extremely useful solution for various business owners.

The most practical functions this software offers are tracking complex financial details, thorough inventory management, and convenient time billing. Also, you can easily organize your documents and records due to visually appealing templates and a user-friendly interface.

Nevertheless, some complex aspects of this software might be too demanding for novice SMB-owners. Because of that, Accounting Edge Pro is more suitable for entrepreneurs who have already mastered and overgrown some simpler tools.

Wave

A free accounting solution, Wave is a perfect choice for a new business owner who doesn’t need any special features for their business operations.

Similarly to Zoho Books, this option is often used by freelancers and sole proprietors.

On the one hand, it provides them with most features they expect from an online accounting software. On the other, it’s free of charge, except for some premium support and payroll features.

So, what you can expect from Wave is minimalistic interface and design, which contributes to its user-friendly organization. What’s more, you can count on some handy aids for smoother navigation through the interface.

When it comes to the payment screen, users are guided through the process of payment in a few simple and clear steps. The same level of simplicity is retained when it comes to creating invoices and tracking bills.

The only drawback of this tool is that you’ll be exposed to ads on the Wave website. However, since it’s a free accounting solution, it has to ensure some financial gain while providing their clients with first-class, free services.

Conclusion

When you’re in the process of choosing an accounting tool for your small business, make extensive research about the recommended solutions that suit the size of your business and your budget.

What you should do next is narrow down the number of options and use the free trial period to test the functionality of each and every solution from that group. This procedure will enable you to analyze the practical aspect of various online accounting solutions and choose the one that suits you best.

Finally, when you’ve made your decision, make sure that you import all the bookkeeping data you’ve saved elsewhere into your new software. That way, you’ll provide your accounting software with all the information relevant for your business deals.

Only then can you expect this tool to reach its utmost operability and functionality, ensuring the best accounting service for your business.

Mark Thomasson
Mark is a biz-dev hero at Invoicebus - a simple invoicing service that gets your invoices paid faster. He passionately blogs on topics that help small biz owners succeed in their business. He is also a lifelong learner who practices mindfulness and enjoys long walks in nature more than anything else.
Mark Thomasson

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