Regardless of whether your business is small or big, one thing is for sure, managing its financial records can be a daunting task, especially when doing it manually. However, in today’s world, you can bypass all that stress by employing the appropriate accounting software to do the “heavy lifting” for you. Thanks to the tremendous technological advancements seen in finance today, accounting has become less stressful for businesses; small to large.
With appropriate accounting software, you can manage and track your accounts receivables and accounts payable, prepare for tax the season, and most importantly, get a clear understanding of your profits. But needless to mention, there are countless options to choose from when it comes to accounting software. It is imperative to procure one that perfectly meets your business’s operational requirements.
Here are a few popular accounting software that your business might need.
1. QuickBooks
QuickBooks accounting software had its latest cloud-based version released in 2019. It also provides other separate desktop options you can consider purchasing. This is not to forget the pared-down version called Quickbooks Self-Employed. Developed and marketed by Intuit, this popular accounting is typically designed for small businesses as well as medium-sized ventures. It does an incredible job when it comes to tracking transactions, mileage, invoices, tax estimates, and a lot more.
As a matter of fact, more than seven million businesses are currently using this popular accounting software. So, if you’re a business owner looking forward to digitizing accounting, QuickBooks can be a good choice. Some of the features included in Quickbooks include but not limited to:
- Mobile access
- Income and expenses tracking
- Payroll processing
- Sending estimates
- Tacking sales and sales tax
- Managing accounts payables and accounts receivables
- Invoice and accept payments
- Multiple users, up to 25
- Receipt capture, among many others
While the price is slightly higher than most ordinary accounting software, you get a significant bang for your buck with Quickbooks.
2. Xero
Xero is another software option that can really streamline your business accounting operations. With Xero accounting software, the process of reconciling bank transactions is made a whole lot easier, convenient, and effective. Also, the user experience is on another level, plus you can get quick assistance from their support team 24/7. Some accounting software features in Xero include the following:
- Tracking inventory
- Reconcile bank transactions
- Fantastic online support
- Tracking payroll
- You can pay bills via Xero
- Multi-currency integration
- Sales and sales tax calculations
- Integrated with a great number of apps
- Sending invoices and tracking them, e.g. when a client receives them
3. FreshBooks
When it comes to small businesses and the freelancing space, FreshBooks has maintained a positive reputation for a very long time. The software allows business owners or managers to manage all the financial operations of the business from the comfort of a single dashboard. Additionally, you will definitely fall in love with FreshBooks interface user-friendliness and intuitiveness. Also, the accounting software integrates perfectly with virtual payment platforms such as PayPal, WordPress, Zendesk, and Mailchimp, among others. FreshBooks accounting software features include:
- More than 200 integrations
- Unlimited invoices
- Auto syncs with bank accounts
- Great time tracking modules
- Payroll processing
- Unlimited estimates
- Unlimited expense entries and tracking
- Detail financial report generation
- Project management and tracking, and much more.
Moreover, their prices will hardly hurt your pockets.
4. Zoho Books
Zoho Books also made it in our list of popular accounting software due to its effectiveness. The software is simple, yet extremely scalable in managing small businesses as well as self-employed ventures. For instance, the payroll management option in this software is exceptional. Additionally, Zoho Books is user-friendly and cost-effective. You may either consider using Zoho Books on its own or as a full package. To boost the functionalities of this software, there is always room for additional Zoho tools such as Zoho CRM to consider as your business scales up.
Here are some of Zoho Books features:
- Provides clients with online payments options
- Generate invoices in seconds
- Inventory tracking
- 14-days free trial
- Supports multiple languages
- Can create, edit or update customers’ details
- Can send payments reminders
- Time tracking modules, and more others.
5. Wave
It would be unfair not to include Wave accounting software in our list. In fact, Wave is designed to offer you all the basic accounting features you may think about. It is also an ideal accounting program for a service-based business. You actually may not need to track inventory or run payrolls as it sends simple invoices to clients without any charge. With its generated reports, any accountant can comfortably prepare the required tax returns. Additionally, the software allows you to track expenses-thanks to its easy-to-use receipt scanning module. Wave features include but are not limited to:
- Unlimited and customizable invoices
- Unlimited receipt scanning
- Integrates with PayPal, Shoeboxed, and Etsy
- Customizable sales taxes
- Automated exchange rate calculations
- Payroll tracking
- User-friendly
- Unlimited income and expenses tracking
Every business owner would definitely want to procure accounting software that streamlines all the accounting processes. However, choosing the best accounting software for business might feel overwhelming for most folks, especially without professional guidance. The above are just a few popular options you may want to consider as a small or medium-sized business.
