Several accounting software solutions have a lot of similarities rather than differences when it comes to its features. Its typical module contains payment processing, general management, and invoicing. When looking for the best accounting software ideal for small business, you might want to consider aspects such as the integration and compatibility, ease of use, and security. Below is the list of some of the most reliable accounting software for small business in 2017.
Updated on 26 November 2023
Top 5 Best Small Business Accounting Software 2018
QuickBooks Online is possibly the most known online accounting software. It can satisfy the essentials of small and emerging businesses and even the large ones with its spontaneous interface and a huge variety of accessible functions. This software is very useful for small to medium market players that are looking to handle accounting processes end-to-end. Right now, QuickBooks Online is used and trusted by greater than 2 million pleased users.
QuickBooks Online comes with a combined usability and power that functions very well for experienced accountants and even for beginners. The whole business finance profile will be automatically synced by the system to a single dashboard, then a number of users will be able to view the accounts and in-depth reports of your company. Then, it constructs profit, lost sheets, and trade. It also comes with above 40 reports such as cash flow statement, balance sheets, and the profit-loss statement that includes budgeting capabilities and inventory management, and incorporates with QuickBooks Online Payroll and Intuit GoPayment. However, QuickBooks Online is lacking full support. You might need a third-party QuickBooks-certified accountant to have it fully optimized.
Xero has almost the same feel and interfaces with QuickBooks Online, however, This software has more features. The system is the right choice for users who are thinking of moving to a tougher accounting solution.
It stands out because of its Mac integration feature. It has Mac module that locally connects to Mac UI, unlike other software that only features plugin. Balance sheet, an integrated payroll module, dashboard, expense claims, inventory, invoicing, and financial reporting are the other key features of Xero. The only downside of this software is that it does not have a direct relationship with the US banks. However, it’s not a major problem when the software has already been set up with your bank. Xero offers a free trial which is great so that you can test all key features it offers.
Wave is ideal for consultants, freelancers, and small business that has a little number of staff. It is the most inclusive freemium for simple accounting. It can handle daily office processes and basic financial reporting easily such as profit-loss reports, receipts, balance sheet, and invoicing. The wave can also manage direct deposit and payroll. However, it is hard when it comes to cash management because it lacks the ability for tracking bills and payments or cash flow reporting. Wave is very plain and simple that when cash transactions became complex, you might need to switch to other accounting software that can handle complex transactions. Also, wave displays ads. But if you are fine with inconveniences like these, the wave is a great and useful free premium software for companies with a little budget.
Zoho Books is most suited for micro-businesses because it has the widest basic accounting tools compared to others. Its key features are automatic payment notifications, automatic bank feeds, invoice tracking, online association with customers, time tracking, reconciliation, API, automated workflows, and inventory management. Zoho Books also covers the Zoho productivity and its business suite. It can locally integrate with higher than 12 Zoho Apps. Similar to Freshbooks, it also offers a complete support network of online, knowledge base, video tutorials, and phone. However, Zoho Books doesn’t come for free, a plan for a month costs around $9 and above. Still, it is one of the best accounting software for small business.
Freshbook is an ideal software for small business owners and freelancers as it is very well-balanced when it comes to key features, support, and reasonable pricing. It is said to be granted the Best Accounting Software and Supreme Software Award for the year 2016.
Its key strength is the scale depth. With its cheap plan and complex feature suite as well as expense management and time tracking, it grows with the needs of the users. Apart from cloud invoicing, payment processing, and reporting, it has tax management add-ons and a dependable API. Freshbooks also comes with a most responsive mobile app and a pleasant interface available for mobile web users, iPhone, and Android. It also gives a great support for customer, customers can contact the vendor through phone, video tutorials, knowledge base, and online. The vendor also responds to reviews and ensures customer satisfaction. Freshbooks is offered in a free trial plan that allows users to try the software first.