Top 5 Accounting Software for Small Businesses

Introduction

Accounting software is a collection of modules that tracks and processes financial transactions. 

Accounts receivable, payable, ledger, log, payroll, and other modules are among them. It aids accountants in account management and a variety of accounting tasks.

It can be challenging to choose the right accounting software for your business. 

Software designed for one company could not be suitable for another. The size of the business, the income flow, the employee's level of experience performing the accounting duties, and the company budget all play a role in choosing the right match. 

If you're starting a new firm, you may want to try a few different programs before settling on the best one.

Below are five of the most popular, easy-to-use small business accounting systems, each with its features to fit various needs.

1. FreshBooks

FreshBooks distinguishes it as one of the best accounting software for a small business that handles financial management easily.

It handles the recurring invoices and subscriptions smoothly. It accepts credit cards, PayPal, and Google Checkout as forms of online payment. 

This piece of software works in combination with well-known business applications, allowing for more efficient workflows. 

Since it is a complete suite, it eliminates the need for external tools, giving users full control of their financial activities from a single dashboard.

Its dashboard allows for easy customization, and data protection is not a problem since reliable backups perform daily to keep user data safe at all times. 

The system ensures that charges are correct, and it also allows for the use of Android and iOS apps to monitor outside work hours.

FreshBooks can be bought in a variety of pricing models starting at $15/month. 

Unique features of FreshBooks:

A simpler but robust solution: FreshBooks' latest version intends to be simpler, but advanced features have introduces to the app. The software now has a sleek interface, and collaboration among team members is encouraged, resulting in higher work quality.

Mobile optimized: FreshBooks arrives with mobile add-ons for devices working on Android and iOS, allowing users to access information regardless of the time and location.

Online payment: The tool's time tracking feature is designed for billing purposes, allowing companies to be paid electronically through various payment gateways.

Outstanding invoice to payment: FreshBooks provides an invoice to payment functionality for small businesses. Users will see precisely where a customer opened an invoice email, which helps catch customers who claim the invoice not delivered.

Billing account management: There are features on the platform that allow you to monitor both past and current invoices. This feature will enable you to retrieve unpaid invoices quickly.

2. QuickBooks Online

QuickBooks Online is a cloud-based accounting solution that simplifies even the most complicated accounting processes for small companies and freelancers.

 It has become a standard tool among accountants, bookkeepers, small business owners, and finance officers. Many of the app's features are available to up to five users.  

Its automatic sync of company profiles to a single dashboard, where multiple customers can access reports and corporate accounts, is advantageous.

 It can produce profit and loss statements, trade sheets, invoices, and billing, all of which are mobile-friendly. 

The dashboard can use to generate custom reports and feeds. QuickBooks Online Payroll and Intuit GoPayment are two standard integrations.

The app is available for a variety of prices, beginning at $18 per month. Those who want to test out the software's features first will do so with a free trial.

Unique features of QuickBooks Online

Accounts management: The app gives users access to accounting data and allows for developing, editing, sharing, and replicating it with other parties.

Online accessibility: Users can access the device from anywhere with an Internet connection without downloading any additional software. It is also possible to create personalized feeds and charts.

Security and backups: All accounting data is kept safe and stable in the cloud. These can view and export to spreadsheets in Excel.

Support and upgrades: All subscription plans come with support from the time of set up. Regular updates and upgrades also provide.

3. Sage Business Cloud Accounting

Sage Business Cloud Accounting is a cloud-based accounting and invoicing software tool for small businesses. Accounting, compliance, and cost management are some of the most significant functions. 

The difference between Sage Business Cloud Accounting and its sister app, Sage 50c, is that the former is an add-on service that enables the latter to be integrated into the cloud, resulting in cloud storage and access for all your accounting data.  

Graphs, dashboards, and transaction overviews in the system give users a simple picture of how their business is doing at any time and from any place. 

It can produce purchase and sales records and bank statement imports, which are extremely helpful in controlling cash flow. 

The app is available on smartphones and provides consumers with a real-time view of consumer data and the ability to take notes at any time.

Sage Business Cloud Accounting is available in two pricing models, both of which start at $30 per month.

Unique features of Sage Business Cloud Accounting

Best for small businesses: Sage Business Cloud Accounting is designed for small businesses and allows them to handle all accounting activities. It assists users in the management of payment processes such as estimates, invoicing, and price quotes. It also has a compliant pricing structure, which makes it suitable for companies on a budget.

Cloud storage and accessibility: The app's integration with Sage 50c allows it to store data in the cloud and gives users access to all accounting information.

Excellent features from a single dashboard: Users can access all of their financial data from the platform's dashboard, which keeps them up to date on receivables and cash flows.

Tax management: Sage Business Cloud Accounting can also be used as a tax management tool, as it can reliably measure taxes based on transaction data. It can predict cash flow, enabling users to estimate cash needs.

Mobile optimization: The platform includes Android and iOS applications that can create invoices, monitor expenses, and display graphs representing business results. Third-party app integration is also possible.

4. Zoho Books

Zoho Books is an innovative accounting solution for small businesses that helps them handle their cash flow and finances. 

It is well-known for its ease of use, which aids users in making informed business decisions. 

Since it is part of the Zoho product family, it provides simple accounting and excellent support, uptime, and security. 

It can submit professional invoices to customers and even accept payments online.

The platform is not only easy but also efficient, giving users complete control over their finances.

The dashboard is visually pleasing and can show financial summaries and graphs. Aside from these, the solution will streamline a variety of back-office functions.

Zoho Books is available in various pricing plans, starting at $9 per company per month.

5. SignRequest

SignRequest, while being an e-signature app, can be integrated into the business workflows, including accounting. You can save time and cost by using electronic signatures.

 There's no need to print, sign, scan, and resend papers, for starters. Furthermore, instead of wasting paper, ink, and energy by printing on actual paper, you can sign digitally.

SignRequest also provides an extra layer of authentication to your documents. Since it uses SSL 256-bit encryption to secure every copy and signature, it processes.

 Aside from your e-signature, you can also use a GlobalSign digital certificate to sign documents. This increases the protection of your data and protects you from fraud.

You can get this security for as little as $9 a month. There are also top-tier plans if you need advanced features.

Unique features of SignRequest

Integration with any business process: Since SignRequest can integrate with any business workflow, it allows accounting to be safer.

Resource savings: You may apply e-signature or digital signatures to documents using SignRequest. This removes the need to print copies to sign them, saving you time and money.

SSL encryption: Any document and signature that passes through SignRequest's system encrypt with SSL.

GlobalSign: By allowing the use of a GlobalSign digital certificate, the platform provides another layer of authentication to your business transactions.

Conclusion

Even if this quick summary of the top 5 accounting software for small companies has provided you with valuable knowledge, nothing beats having a hands-on experience with the software you're considering. 

Why not take advantage of the free trial duration supplied by most of the solutions featured here and test-drive the software to see how it functions in real-time? 

Start with our top pick and use its feature set as a starting point.