Top 5 Accounting Softwares For Small Businesses.
For your small business to be successful, you need a good accounting software to manage your finances. However, deciding on the right software to do that can be quite daunting, as there are so many out there.
Here, I’ll be exploring five accounting softwares that are my top recommendations for managing your small business needs.
SAGE ACCOUNTING
First on my list is the Sage Accounting software, which is an award-winning cloud-based accounting software designed for small businesses. It offers features such as cash flow management, expense tracking, smart invoicing, detailed reporting, and automated data entry. Sage accounting is used by thousands of companies, from startups to public companies, to improve businesses.
PROS:
• It has robust features for financial management and reporting.
• It has scalable solutions that can grow with your business.
• It can integrate well with other business tools and applications.
• Unlimited users and automated functions.
CONS:
• Some say it has a high learning curve, meaning it is harder to learn how to use compared to other accounting softwares.
• It has a higher cost compared to some competitors.
INTUIT QUICKBOOKS
This accounting software is liked by many as it offers both desktop and cloud versions. It also has a mobile version. Some of its features include invoicing, cash flow management, income tracking and more.
PROS:
• User-friendly interface and easy navigation.
• A wide range of features for invoicing, expense tracking, and financial reporting.
• Extensive integration with third-party apps and services.
• Advanced features such as contractor management and mileage tracking.
CONS
• Limited customisation options for reports and templates.
• Some users have reported occasional performance issues.
FRESH BOOKS
This is a cloud-based accounting software that is specifically designed for small and medium enterprises (SMEs) and startups. It provides features such as invoicing, tracking billable time, and collecting online payments.
PROS:
• Simple and intuitive interface.
• Excellent invoicing capabilities with automated reminders and recurring billing.
• Time tracking and project management features.
• Moderate learning curve.
CONS:
• Limited inventory management functionality.
• It may not be suitable for large companies with complex accounting needs.
WAVE ACCOUNTING
Wave is a good accounting software that’s designed to streamline the bookkeeping process. Its features include invoicing, billing, payment tracking, payroll management, and more.
PROS:
• Free accounting software
• Easy to set up with a user-friendly interface.
• Good for small businesses with basic accounting requirements.
CONS:
• Limited customer support options
• Advanced features are only available at an additional cost.
XERO ACCOUNTING
Xero is a modern cloud-based accounting software that's right for your small business. Some even call it an alternative to quickbook accounting. With a desktop or mobile device, you can access your accounts. Some of Xero's features include cash flow tracking, payment processing, bank reconciliation, expense tracking, inventory management, financial reporting, and more.
PROS:
• Powerful accounting features with good automation capabilities.
• strong focus on collaboration and integration with other business tools.
• A mobile app for managers on the go.
CONS:
• Pricing plans can be expensive for small businesses.
• Some users find the initial setup process complex.
Overall, selecting the right accounting software is crucial for the success of any small business. Among my top recommendations are Sage Accounting, known for its robust financial management features; Intuit QuickBooks, praised for its user-friendly interface and versatile features; FreshBooks, offering simple and excellent invoicing capabilities; Wave Accounting, a free and easy-to-set-up option for businesses with basic accounting needs; and Xero Accounting, providing powerful automation and collaboration features.
Each of these accounting software’s has its pros and cons, so carefully assess your business needs and take a close look at these options to find your perfect fit, thus ensuring a smoother financial process for your business.
Goodluck.
