I’m sure not all of us came back to take accounting classes after starting their small business. And unfortunately, we can’t juggle all the duties as a small business owner, nor can we all afford to hire an actual accountant. So what can you do if you’re unable to afford an accountant but need accurate number crunching?
That’s where good accounting software comes along!
While these software programs aren’t an actual person, they’re a huge help in ensuring your business is in top shape without the hefty fees. So if you’re wondering what kind of accounting software you can get, read on!
7 Best Accounting Software For Small Businesses 2019
A suitable accounting software should be easy to use and accurate, as well as have an affordable price. With that said, these are the seven best accounting software that can suit the small business’ owners budgets:
- QuickBooks Online: All-Around Accounting Software
I believe that QuickBooks Online is the best accounting software overall, whether you have a small or big business. You can grow with this software, from a solo entrepreneur up to a corporation. However, with its versatility and features, expect it to be a bit pricier.
Expect it to cost between $17 to $150 a month, depending on what kind of business you have. But even at its monthly price, you get more than what you pay for.
The program offers the following features:
- Ability to connect credit cards and bank accounts
- Unlimited tech support through phone or chat
- It can accept online payment from clients
- You have access to key financial statements and sheets
- FreshBooks: For Freelancers and Solopreneurs
If you’re a solo entrepreneur or freelancer for a better billing process, then FreshBooks is a great choice. You get to track your hours worked by contractors and employees. Then, you can transfer those hours to an invoice and email it to your clients!
They have monthly plans ranging between $15 to $50, depending on how many clients you have. You can avail the following features:
- Track all your time and projects
- Use and send hundreds of customized invoice templates
- Manage your payroll and accounts receivable
- Xero: An Alternative to QuickBooks
If you’re on a budget and can’t afford QuickBooks, then the next best alternative is Xero. It’s budget-friendly and offers features closest to QuickBooks. Their prices range between $9 to $60 monthly, and an unlimited number of users have access to it!
All of Xero’s plans include these features:
- Unlimited number of users
- Can connect credit cards and bank accounts
- Unlimited tech support via email
- Can access balance sheets and key financial statements
- Wave: A FREE Small Business Accounting Software
For those on a pretty tight budget and need something free, Wave can do. While it isn’t the best accounting software and falls short in certain aspects (like tracking and paying vendor bills), it’s more than enough considering there’s no cost.
It offers functionality and with most features required for you to begin running a small business. You can:
- Do payroll processing
- Connect to credit cards and bank accounts
- Accept online payments
- Prepare your key financial statements
- Zoho Books: Best Made For Zoho Users
If you’re an existing Zoho user then you can take advantage of Zoho Books. It’s integrated with a suite of various Zoho products, so things won’t be as confusing. Just connect to your Zoho app and Zoho Books is synced, with the ability to access all its features.
The pricing plan goes between $9 to $29 monthly, having the following features:
• Multi-user access
• Can connect credit cards and bank accounts
• Accept online payments
• Access to key financial reports
- PCLaw by Lexis Nexis: For Law Firms and Lawyers
If you’re looking for something made for law firms, you’ll appreciate the PCLaw by Lexis Nexis. This practice management software has all the features necessary for accounting programs, but with special inclusions lawyers require. It focuses more on automating and streamlining various administrative tasks law firms usually go through.
Expect it to have helpful features such as:
- Trust accounting (IOLTA)
- Track your billable time easily
- Track all clients’ expenses
The software costs only $39 monthly for every user, also having the navigable interface.
- JobPower: For Contractors and Home Builders
JobPower is an excellent choice for home builders, subcontractors, and general contractors in residential, commercial, or industrial areas. The price would vary based on what your business needs, starting at about $200 monthly.
While the price may put you back, it actually comes with a lot of great features all builders need, such as:
- General accounting
- Manages documents
- Scheduling features
- Complete customer relationship management
- Offers detailed reports which meet requirements for union and certified payrolls
That way, you won’t have a problem in paying your workers and keeping clients satisfied.
Wrapping It Up
Investing in accounting software doesn’t need to be so expensive! As long as you do the right research and are aware of what you need, you can find the right one suited for your business. The next step is to learn how to use such software programs and begin monitoring cashflow!
I hope my article on the best accounting software for small businesses helped you out! If you want to learn more tips and even search for efficient accountants, then check out TW Accounting now.
If you have any questions or want to share your own experiences with any of these accounting software programs, then comment below. Your thoughts are much appreciated!