Small-scale business owners have unique requirements in accounting. Particularly, small-scale business accounting software for sole trader should allow for easy management of expenses and income without spending too much time from the running of the business. Small businesses come in a variety of sizes and shapes, which means that software designed for small-scale businesses must be flexible and adaptable – or at the very least, meet the needs of your particular business.
When we wrote this article on small business accounting software we focused on the features most essential to small-sized businesses and spoke with specialists in this field.
The Best of the Rest: QuickBooks Online
Pros:
- Sleek design
- Fantastic Support Resources
- Information sharing is simple and easy to share
Cons:
- Some learning curve
- A bit expensive
Since its inception, QuickBooks has been the most popular choice for accountant sand the product is the top accounting software for small-scale companies. Intuit started the transition to QuickBooks Desktop to QuickBooks Online just a few years ago and has since established the latter as the most frequently updated option for accountants in a variety of professions. With its easy-to-use dashboard and a variety of gadgets QuickBooks Online boasts many advantages for small business owners. They include tools for automation and the ability to accommodate seven users on one license, the ability to file electronically and many more.
The interface is very well-designed and the program is loaded with accounting tools novices may face some learning curves. Additionally, QuickBooks Online can be expensive; it works on an annual subscription model that includes plans such as Easy Start, Essentials, Plus and Advanced. For those who are willing to invest more for their accounting software, QuickBooks remains unmatched due to its numerous capabilities. And to be honest it’s also not too expensive.
Specifications:
- Prices: Monthly subscription
- Highlights: Automated transaction sorting in recurring invoices and credit card payments, reports
- Compatible: Web-based, Android and iOS app
- Integrations: Amazon Business, PayPal, Square, Etsy, and many more
- Customization: Dashboards, reporting
the best budget: Wave Accounting
Pros:
- Free
- Unlimited users
- Excellent reportage
Cons:
- Integrations with limited third-party integrations
- Certain features are expensive.
What’s more cost-effective than accounting software that is free? Wave Accounting is an excellent budget-friendly accounting software for small-scale business owners. If you only use basic features for invoicing and accounting there is no cost to you any money. Other accounting features, such as mobile receipts and payments, are charged on a per-use basis or at a monthly cost be sure to consider how often you make use of these features prior to enrolling in Wave. In addition, Wave offers excellent reporting tools and also permits unlimited users unlike other paid accounting platforms do not offer.
As you’d expect from accounting software that is free however, there are some restrictions. For instance, integrations with third party providers are limited, but using Zapier and Zapier, you can unlock numerous additional integrations. Additionally, as we’ve mentioned that some features cost the user money, so if require access to the most advanced features you might need to plan for it. But, those who don’t wish to purchase accounting software will be able get a good portion of what they require using the free version the program.
Specifications:
- Price: Free for accounting and invoices, but additional features such as payment and payroll can be billed per month or per usage.
- Features Include: It provides Income and expenditure tracking unlimited users, customizable invoices
- Compatible: Web-based, Android and iOS app
- Integration: Zapier
- Personalization Reports and invoicing that can be customized
The best for freelancers The FreshBooks
Pros:
- A lot of interfaces are simple
- Invoicing is a breeze
- Good customer support
Cons:
- Tax features are insufficient
- Not as flexible as other
FreshBooks is the most efficient accountant software available for those that want an advanced platform that doesn’t break the budget. In contrast to other expensive competitors, FreshBooks offers an affordable monthly fee, with the majority of its plans costing less than comparable plans offered by rivals. It provides excellent automation features and excellent reporting tools, aiding freelancers in their day-to-day work.
But,there are some drawbacks to be aware of. FreshBooks only allows one user at a time however, additional users will incur extra monthly charges, though most freelancers will not need to add more users and that shouldn’t be a major problem. The tax compliance features can track sales tax, do not allow e-filing tax forms as other competitors offer. While the mobile application is helpful in tasks like tracking the mileage of a vehicle and generating invoices, it’s not as robust than the PC version. For the cost, a lot of freelancers will appreciate that FreshBooks provides a great range of features, and is affordable.
Specifications:
- Prices: Monthly subscription
- Specifications: Automated tax documentation, cash flow statements
- Support: Web-based, Android and iOS app
- Integration: Acuity, Fresh Currencies, Zapier, more
- Modification: Customizable invoices, custom email templates, and more are available in more expensive plans
Ideal for Non-Profit Organizations:
Pros:
- Excellent interface
- Fantastic reportage
- Additional options for non-profit organizations
Cons:
- There are only two users who can use the free service.
- The features for invoicing aren’t as robust.
If you’re looking for an accounting program specifically tailored to churches and other non-profit organizations, A-plus is the best option. It’s designed specifically for non-profits and churches that make it easy to handle donations and even assisting with specific tax filings pertaining for nonprofits. Apart from these specific features, A-plus boasts great general accounting tools, such as custom reports that can be customized, integration with different third-party platforms and an easy-to-use interface for users.
In by default A-plus can only accommodate two people. To increase the number, you’ll need to pay an additional fee. In addition, it doesn’t perform well in certain areas that traditional accounting software is focusing on like invoicing or income management. However, if your main goal is to streamline accounting for non-profit organizations, A-plus is our pick.
Specifications:
- Price: Monthly subscription
- Highlights: Automatic payroll, some e-file options and donor activities
- Compatible: Web-based only
- Integrations: WePay, Gusto, PayPal and many more
- Customization: User roles, invoices, reports
Ideal for Non-Profit Organizations: Aplus
Pros:
- Excellent interface
- Fantastic reportage
- Additional options for non-profit organizations
Cons:
- Two users are free
- Invoicing features are not as extensive.
If you’re searching for an accounting program specifically tailored to non-profit organizations, such as churches, Aplos is the best option. It’s designed specifically for non-profits and churches which makes it easier to manage donations, and also assisting with tax filings that are specific for nonprofits. Apart from these specific features, Aplos boasts great general accounting tools like custom reports that can be customized, integration with different third-party platforms, as well as an easy-to-use interface for users.
As a by default Aplos can only accommodate two people. If you want to increase the number, you’ll need to pay a fee. In addition, it doesn’t excel in the areas most accounting software focuses on like invoicing or income management. However, if your main goal is to streamline accounting for non-profit organizations, Aplos is our pick.
Specifications:
- Price: Monthly subscription
- Highlights: Automatic payroll, certain e-file features as well as donor-related activities
- Compatible: Web-based only
- Integrations: WePay, Gusto, PayPal More
- Customization: User roles, invoices, reports
The best choice for small-scale businesses: Xero
Pros:
- Unlimited users
- A well-designed interface
- A wide range of integration options
Cons:
- Limited customer support features
- A slight learning curve
Micro-businesses have particular requirements with regard to accounting software. This is the reason why Xero is the ideal option for small businesses that aren’t big enough. Xero is a simple and straightforward software that allows unlimited users, without having to pay a fee and also has an extremely simple user interface that the majority of users are able to learn quickly. It’s a great option for those who have a micro-business and may not be operating their business full-time and consequently are able to devote less time managing accounting and other tasks.
Xero isn’t without its limitations. Xero is user-friendly however, there are a few options for customer support should you experience issues with the software. In addition, the base plans have restrictions on how many invoices you are able to generate which, while it may not be a problem for micro-businesses, some might have to upgrade to a more expensive plan. In all, Xero is the best accounting software for small businesses due to its easy-to-use interface and the fact that its basic plan will suffice for most users.
Specifications:
- Price: Monthly subscription
- Highlights: Invoice creation, unlimited users, and email notifications
- Compatible: Web-based, Android and iOS app
- Integration: Stripe, Hubdoc, HubSpot, MailChimp, Shopify
- Customization: Invoices, reporting, dashboard
Ideal for businesses that provide services Sage Intacct
Pros:
- Fantastic tools for reporting
- Many integrations from third parties
- Variety of features available for businesses that provide services
Cons:
- A curve of learning
- Very expensive
Sage Intacct is the best accounting software designed for businesses that are service-oriented. It offers exceptional and flexible reporting tools that ensure you have quick access to crucial information whenever you need it. Additionally, it is compatible with a variety of third-party solutions and has specific features specifically designed for operations that are service-oriented.
However, as Sage Intacct offers so many top-of-the-line tools, there’s an arduous learning curve making use of the program. The pricing is high and could be confusing as prospective customers aren’t able to view their costs directly on the website. Getting in touch with the company is required to request a estimate. For those who are managing a service-oriented business, Sage Intacct could be the ideal option.
Specifications:
- Prices: Monthly subscription
- Highlights: Automated accounts payable, customized reporting Tax calculation
- Compatibility: Web-based
- Integration: Tipalti, Expensify, Gusto and many more
- Customization: Customizable reports, dashboards, more
Things to consider when buying Small Business Accounting Software
Highlights: Different software for small business accounting provides diverse sets of options that may vary. Like you would think, most will help you categorize your the transactions you make and send payment reminders as well as options like the ability to electronically file taxes, integrate with third-party software and more. The majority of free choices do not have all these capabilities and if you require access to these features, you might require a paid product. Write down the attributes you want from accounting software prior to signing up or purchase it, to ensure that the accounting software is able to meet your requirements.
integration with various software for business or apps: If you use a variety of software solutions to various elements of your enterprise, you might require software that integrates with them. For instance, you could require software that integrates with your company’s accounting service, or the payment platform you utilize to sell your items. There aren’t many accounting software that offer an array of third-party integrations. Therefore, should you be looking for that feature then locate a platform that offers. “Small businesses should look for an open platform that allows third-party integrations, so they can select from an ecosystem of third-party applications the tools they need to create best-of-breed technology,” says Ben Richmond, County Manager at Xero.
Analytics and reporting capacities: In-depth reports can be extremely useful for small business accounting. Best Accounting software generally provides a certain degree of reporting, however various software provides different types of reports. You’ll probably need reports for all kinds of spending and income within your company, but you might also need more advanced analytical tools which are simple to access. “Great accounting software should be easy to use, optimized so small business users can spend less time inputting data and more time looking at the data and insights to help inform real-time decisions,” Richmond adds.
Accessibility for mobile devices with remote accessibility options Not each accounting system has a mobile application and remote access, so if this is something you’re looking for, make certain the application you’re considering has it. A mobile application can enable you to control your income and expenses wherever you go. Even if a particular accounting program doesn’t come with the option of an application, then you will be able to access the software through a website portal. the majority of small-business accounting software is online instead of an app that is installed running on your desktop.
Price structure Accounting Software can cost from about $10 per month and up to hundreds of dollars, but the most expensive choices are usually designed for large corporations rather than smaller businesses. Subscription-based pricing models are standard and all of the paid software in our list are available as part of subscriptions instead of at a set cost. There are a few free options along with low-cost versions of the paid applications which could meet your needs. If you’re looking to do anything more than basic accounting, you’ll be obligated to pay an ongoing cost.
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