As a small business owner, managing your finances can be a time-consuming and complex task, but it’s crucial to your success. Fortunately, with the rise of accounting software, it has become easier than ever to keep track of your business’s finances. Accounting software can help you keep track of your revenue and expenses, invoices, and taxes, while also saving you time and money.
With so many options available, it can be overwhelming to choose the right one. If you’re interested in accounting software options for your small business, you can find affordable options with an online search right now.
Pricing: Plans start at $15 per month and go up to $200 per month.
QuickBooks is the most popular accounting software for small businesses, with over 5 million users worldwide. It’s easy to use, with features like invoicing, expense tracking, and tax preparation.
QuickBooks offers a variety of plans, ranging from a simple self-employed plan to a more advanced plan for larger businesses. The software can also be accessed through a mobile app, making it easy to manage your finances on the go. According to the QuickBooks website, users save an average of 37 hours per month.
Pricing: Plans start at $22 per month and go up to $60 per month.
FreshBooks is another popular accounting software for small businesses. It’s known for its easy-to-use interface and time-saving features. FreshBooks offers invoicing, expense tracking, and project management tools, as well as the ability to accept online payments.
Users gain access to a mobile app, making it easy to manage your finances from anywhere. According to FreshBooks, their users save an average of 16 hours per month.
Pricing: Plans start at $13 per month and go up to $70 per month.
Xero is a cloud-based accounting software that’s popular with small businesses. It offers invoicing, expense tracking, and bank reconciliation, as well as payroll and inventory management features. Xero also offers a mobile app and integrates with over 800 other business applications.
Pricing: Plans start at $20 per month and go up to $275 per month.
Zoho Books is an accounting software that’s popular with small businesses due to its affordability and ease of use. It offers invoicing, expense tracking, and project management tools, as well as the ability to accept online payments. Zoho Books also integrates with over 40 other business applications.
The company also offers a free plan for businesses with an annual revenue under $50,000 and who need less than 1,000 invoices per year – perfect if you’re a new or particularly small business.
Pricing: Free, but some features (like payroll and payment processing) have additional costs.
Wave is a free accounting software that’s popular with small businesses. It offers invoicing, expense tracking, and receipt scanning, as well as the ability to accept online payments. Wave also offers a mobile app and integrates with other business applications.
Factors to Consider
When choosing accounting software, there are several factors to consider. First, consider the size of your business and the number of transactions you expect to make. Some software is better suited for larger businesses with more complex needs, while other software is better for smaller businesses with simpler needs.
You should also consider the features you need. Do you need invoicing, expense tracking, or project management tools? Do you need payroll or inventory management features? Make a list of the features you need and choose software that meets those needs.
Another factor to consider is the cost of the software. Some software is free, while other software requires a monthly or annual subscription fee. Consider your budget and choose software that fits within your financial constraints. Keep your eye out for discounts as well, as many of the above software goes on sale periodically throughout the year.
Finally, consider the ease of use of the software. Some software is more user-friendly than others, and it’s important to choose software that you and your employees can easily learn and navigate without spending a ton of time.