Small business accounting software is necessary to keep track of income and expenses. While ledgers and Excel spreadsheets can work – for a time – most small businesses will need to move to something that can print reports and offer insights that manual processes can’t. Here are a few of the big names, along with their strengths and weaknesses. These are all cloud-based, so all you need is a web browser to use them.
Small business accounting software for sole proprietors
If you’re solo, you’ll want to consider these packages that make it easy to check the financial health of your business.
FreshBooks is ideal small business accounting software for very small businesses. The interface is easy to use, and it does away with a lot of accounting jargon. It offers a lot of different reports, great time tracking, and flexible invoice and expense management. If you don’t need double-entry accounting, FreshBooks is ideal.
If you sell on Amazon, eBay and/or etsy, GoDaddy Bookkeeping might be a better choice for you. It offers integration with all three. However, it doesn’t have project management capabilities and lacks reporting functionality.
FreeAgent was designed for freelancers, sole proprietors and very small businesses, but it lacks functionality in areas like inventory tracking and reporting. Its strengths lie in its dashboard and contact records.
It’s free! But remember, you get what you pay for: it doesn’t have the features you’d get in QuickBooks or FreshBooks. The only charges are for payments, payroll and support. It’s easy to use and ideal for very small businesses.
Small business accounting software for small businesses
There are a lot of small business accounting software solutions for small businesses. Some of them may lack critical functions, so it’s important to evaluate them carefully.
Xero is usable and friendly, and the company upgrades the cloud-based software regularly. It offers good account management and reconciliation, but it doesn’t have some payroll and reporting functions that you might need.
If you need excellent client portals, time tracking, payment gateways and workflow automation, Zoho might be the right option for your small business. While it doesn’t have integrated payroll and third party add-ons, it is very customizable and supports project tracking and multiple currencies.
Intuit QuickBooks Online Plus
Everyone has heard of QuickBooks. Its user interface is easy to navigate, it offers a ton of report templates, and it has payroll support. However, it doesn’t support multiple currencies, and it’s pricier than its competitors.