A solid accounting foundation is key to business success and growth of your company. That means committed in good financial maintenance and using the right tool now, not tomorrow. When your company is on the growth, it will bring in more complex scenarios like more customers, perhaps, a huge staff and a bigger operational budget, along with bigger headaches in balancing the sheet. As you are busy with thoughts of growing the business, one of these should be getting the right accounting software that you can start with low price, but grow with advanced tools.
In this article, we are going to present the 5 best accounting software package for small business as determined by our experts. Their features, benefits, and rating will be discussed. Many of this software has a lot of things in common like hosting standard features, general ledger management, invoicing, online bookkeeping service, and payment processing. But it is the little things like scalability; support, reliability, etc. can be the deal-breaker, so choose your accounting software carefully.
First on our list of 5 best accounting software for small business is an accounting solution known for making financial management an easy task. FreshBooks supports customers to address recurring statements and subscription. FreshBooks supports online payment collection via credit cards, PayPal, and Google Checkout. FreshBooks integrates flawlessly with known business applications, allowing for streamlined processes. It is a complete package, so the need for additional software is eliminated. Moreover, it provides users with absolute control over their financial operations all from a single dashboard. Some features of FreshBooks are:
- FreshBooks is a Simpler but powerful software. The latest version of FreshBooks is designed to be simpler, but advanced features were incorporated in the platform. A sleek interface now comes with the software and association among team members is now supported, resulting in higher work quality.
- FreshBooks comes with mobile add-ons for devices running on Android and iOS, enabling users to access information anytime, anywhere.
- The tool’s time tracking capability is designed for use in billing, enabling businesses to get paid online through a variety of payment gateways.
- For small businesses, FreshBooks offers an invoice to payment functionalities. Employers can pinpoint the exact location where a consumer opened an invoice email, very useful in catching customers who say the invoice never got to them.
- It supports billing history management. FreshBooks hosts features that allow for the tracking of both past and current bills. Unpaid invoices can be pulled out instantly using this functionality.
NetSuite ERP is essentially a customer relationship management (CRM) solution, but the platform can be used for the sales force and marketing automation, as well as order management and customer support. It offers a lot of tools and features to make financial management simple. Some features of NetSuite ERP are:
- NetSuite ERP for small businesses is an affordable bundle of powerful solutions that you can easily scale to your needs and implement quickly. It is easy to configure and has an interface that does away with a complex setup.
- A single tool to handle everything. It supports modules for sales, marketing, and commerce with order management, as well as a host of other essential capabilities; your first order of business is not about looking for an application to incorporate but everything about real needs by your consumers.
- Straightway know if your company is missing something. NetSuite ERP generates all-important business signs at your fingertips, so you don’t have to second-guess your next action.
- Modern and fully mobile. If you have an internet connection and a fully capable smartphone or tablet, then NetSuite goes with you wherever you are on the planet.
- Configure once and run. Once you have set up NetSuite ERP, all you have to do is let it run your operations rather than trying to address software issues. Cloud access eliminates the substantial cost of ownership.
Sage Business Cloud Accounting
Sage Business Cloud Accounting is one of the best accounting solutions for small businesses. Sage Business Cloud Accounting offers two affordable plans designed to fit the budget and needs of small businesses. For sole traders and micro-businesses, you can make use of its entry-level accounting solution at $10 per month. If you need invoicing and cash flow management features, you can opt for the app’s higher plan at $25 per month. Some features of Sage Business Cloud Accounting are:
- Sage Business Cloud Accounting is best for small businesses, allowing them to manage all tasks related to accounting. It helps employers manage payment processes like estimations, billing, and price quotations. It also comes at flexible pricing terms, making it ideal for businesses on a tight budget.
- It supports cloud storage and accessibility. The app’s integration with Sage 50c provides it with cloud storage capability and gives users access to all accounting data
- A robust feature from a single dashboard is available in Sage Business Cloud Accounting. The platform makes users’ accounting information all available from its dashboard, keeping them informed on receivables and cash flows.
- Sage Business Cloud Accounting also serves as a tax management tool, able to calculate taxes accurately based on transaction information. It can guess cash flow, allowing employers to estimate cash requirements.
- The platform comes with Android and iOS apps, which can be used in the creation of invoices, expense recording, and in viewing graphs reflecting business performance. Integration with third-party apps is also possible.
Tipalti is a cloud payment computerization and management software that helps simplify global mass payments. This software is suitable for companies that have offices worldwide. Notably, you can accept payment in more than 190 countries, use 120 currency options, and rely on 6 payment methods including PayPal, wire, local bank transfer, and debit card. Moreover, Tipalti simplifies the daily task and ensure the company’s financial data and processes are well-timed, correct, and easy to understand.
- Tipalti supports automated payment. Tipalti automates around 50% of all payment processes in 190 countries. It’s a leading solution for payment reconciliation, financial reporting, and AP. It normalizes data over a wide array of payment gateways.
- Payment facilitation. The software makes payment easier than one can imagine. Users can pay across 190 countries, 120 currencies, and 6 payment methods. It has an innovative payment structure, providing countless financial controls.
- The app collects W-9 and W-8 tax forms to be able to withhold payment for non-compliant payees. This allows for the prevention of payment to illegal parties. Moreover, the software creates forms with ease while computing for the right tax.
- The product has an excellent payment reporting system, generating accurate payment reconciliation reports. This is done with minimal intervention from managers.
Why are Zoho Books in our list of best accounting software? The reason is this award-winning software offers great value for money. It easily automates bank feeds, sends payment reminders automatically, and makes it easy to send and track retainer invoices. Zoho books integrate with Stripe and make it simple to do payment reconciliation.
- Zoho Books support automatic bank feeds. This accounting software imports all credit card and bank transactions, excluding the need for manual data entry. These data are likewise categorized in accordance with bank rules.
- It has automatic payment notifications. Users can come up with messages for clients, reminding them to pay on time and set their frequency that is convenient for both parties.
- The app’s collaboration functionalities engage customers by making them feel that they are part of the payment process. This is done by providing clients with access to their invoices and estimates and allowing them to directly make payments online.
- The system helps users in the collection of prepayments and retainers. Invoices can be pulled off for individual estimates. Offline payments can be recorded and even linked to selected invoices and projects.
- Simply entering the time spent on projects into the system allows Zoho Books to record the expenses incurred on projects and invoice customers.
Using technology for your accounting process is the future. The growing awareness of these systems and their benefits is a testament of its effectiveness. By automating tasks, you can save time and use it for more important matters that involve growing your business. With that, it’s important to choose the right software that matches your needs. Evaluate your business needs and recognize which features you need. Finally, Happy Accounting!
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