The concept of maintaining business accounts have remained very common throughout the history of trade. For a business a good portion of time gets spend in maintaining the account and managing all the details related to the sales and purchase of goods or services. With the changing times things have changed a lot. Big businesses that we see in the form of branded outlets, shopping malls and showrooms moved quickly with the changing times. The introduction of computer changed everything.
These businesses adopted the computer and used it to maintain their business accounts including generation of printed invoice through computers. The last decade of the 20th century saw the introduction of software. It got extended to a length that many businesses started to use software for maintaining their business accounts. But that time maintaining an account software and purchasing it was a costly affair and it was limited to few big business.
But with the changing times purchasing software or customized software for specific use has become very affordable and easy. Small businesses now have moved from their traditional accounting to computer based software accounting. You can now see this in nearly all the middle sized or even small stores nearby. The change has brought various advantages for these businesses along with some problems that are obvious.
The pioneers of software business took this opportunity to reach to every small and medium business by designing software that can be used by most of these small businesses. Such software were designed to ensure that people who need to maintain basic accounts can easily use the homogeneous accounting software without the need for customization.
You can find various such software in the market. This article therefore mentions ten such accounting software especially designed to accommodate the need of small businesses without the need to get a specific customized software for these businesses.
Top Ten Accounting Software for small Business
1. Intuit Quickbooks Online
One of the most commonly used software in the market. It comes at various prices that offer different features extending up to the advanced version that allows you to track your inventory. Some of the basic features that it offers are tracking invoices and expense, sending and receiving invoice, accounting, tracking sales and taxes, capture and organize receipts, run reports and managing more than 1000 contractors. The advanced version also helps you in tracking inventory.
You can link your account with Shopify, PayPal and Square. The package for monthly basis starts from $7 and goes up to $60. There are also various options like single user, multiple user, etc.
It adds more features than a regular software. You can also tack time and location when your client opens and read up invoices so that he can have no excuse. If you are running a subscription model business, need to have time tracking capability and have to maintain recurring invoices then Freshbook is best for you. It also allows integration of various other software and applications for smooth usage and for your comfort. You can also track everything on your phone using the app.
The cost for purchasing a monthly subscription of the app start from $15 and goes up to $50 and beyond. For yearly package you will get 10% discount. The package also has the limit of number of user from 5 to 500 and beyond with different package amount.
3. Zoho Books:
While recognizing the importance of adding various helpful features it is also very necessary to ensure that your software remains simple and easy to use. Zoho is one such software that has everything needed for your accounting, maintaining invoices, sending and receiving invoices, tracking, etc.
It is easy and smooth to use for all purpose and comes at various prices with various options. Basic package starts at $9 per organization while the professional package costs $29.
4. Sage 50 Cloud:
Sage 50 Cloud works well for both IOS and Android and is especially designed for small and medium sized businesses. It reduces your administrative work by smartly managing all the invoices, taxes, payments, and expenses. The benefit comes in the form that it saves labor and time consumption by reducing the actual work. Sage like any other software is a licensed product that can be subscribed by paying a cost.
The pro accounting package starts at $46 while the premium accounting package comes at $72 and the quantum accounting package costs $183 for one user a month. There are also yearly plans available. The only disadvantage is related to time tracking and collaboration tools.
Wave is suited for those who don’t really like to pay for their subscription as most of the services that Wave offers is free of cost with marginal charges on transaction. It is best suited for freelancers or employers with only few employees and limited use. Maintaining invoice, transaction management, book keeping, etc. Wave ensure everything you do is well synchronized thus ensuring that your bookkeeping is always up to date. Most of these services are free for both IOS and Android.
For built-in time tracking, inventory tracking and project management you won’t find Wave suitable as there is not much in it and you have to go for another software. For online payments and payrolls you have to around 2.9% + $.30 per transaction and $35 a month.
You can have your business on the go with Xero. It helps you in track your inventory, send custom invoices, and create purchase orders in order to attach to bills, getting financial performance records straight to your phone or tablet, and connecting your bank account in order to have a seamless transaction. For Payroll service you have to use it through Xero’s partner Gusto.
While Xero offers no live services. Available on IOS and Android. The package starts with $7 a month which is a starter. In order to switch in to standard you will have to pay $30 and for premium usage you will have to pay $70 a month. There are various other options and packages available based on your requirement.
7. GoDaddy Bookkeeping:
It is one of the cheapest available software for you which can easily integrates with and imports valuable data from various companies like Amazon, Etsy, E-bay and your own bank account. If you happen to deal with any of these then this app would be good for you. Since the app is quite cheap it also offers limited features and options for you.
If you are looking for extensive reporting, project management, and international billing capabilities then this app won’t be suitable for you. The pricing for the subscription of this starts at $4.99 and extends up to $14.99 a month with various options available. The essential package costs $9.99 and the premium package costs $14.99.
8. Accounting Edge Pro:
Accounting Edge Pro provides you with some very amazing services. You can make use of double entry accounting tools which is available at this application. From time billing, reporting and to inventory which are customized and optimized for desktop users. The only disadvantage it has that it is not available on mobile which can be troublesome for someone who keeps a note on the accounting every now and then. Yet you can use cloud services in order to access your account using your phone as it has collaboration with it.
Account Edge Basic costs $149 once and there is no further charge. The Account Edge Pro package costs $399 for once and is free for lifetime. Which means that you need to only pay for once.
Kashoo enable customized invoices, tracks expenses, and also offers insightful reporting which can be shared with your accountant. It also gets easily integrated with Bluepay and Stripe for accepting credit card payments and to provide real time bank updates ragrding your transactions. It is a very simple software made for smooth usage especially for small businesses. It costs only $199 an year or for annual subscription $16 a month.
10. One Pay:
For Streamlining payroll, entering payment data, automatic tax filings, you can easily consider One Pay as the best software available for you. Health insurance, compensation insurance, and 401(k) benefits can also be availed using One Pay. Unlimited payroll runs for W-2 and 1099 workers can also be easily availed using One Pay. It can also pay your taxes, manage your tax form filing and estimate your payroll taxes very smoothly with ease.
One Pay also guarantees responsibility in case there is an error while filing the tax form filed. That is one of the bonus it offers. Using One Pay most of the administrative job is reduced which not only consumes time but also consumed labor for which you might be hiring one or two accountants. Overall it not only saves time but also your money.
It is estimated that such software saves around $3500 a year for those using it after paying for the required subscription. $36 is the monthly base fee for using One Pay while $4 is chargeable in case you add another person.