Individuals and business owners use accounting software to enter income and expenses and track their finances.
It is more efficient and produces fewer errors than manual processing.
It can also save time by utilizing features such as automation, and it provides the owner with a location to store important documents and receipts for easy access at any time.
If accounting isn’t your strong suit, or even if it is and you want to save time, keep reading to find out which accounting software is best for your company.
This article chose these based on features and functions tailored to small business owners, ease of use, cost, and other factors.
FreshBooks
FreshBooks employs cloud-based accounting and invoice software, which is accessible via iPhone, Android, and iPad apps.
It takes the top spot in our list of the best accounting software because it is simple to use.
Even business owners with no or little accounting experience can benefit from its robust features and useful functions.
It is also reasonably priced and convenient to use on the go.
FreshBooks has the following features:
- Reminders for payments
- Recurring invoices with flexible options such as due dates and discounts
- Online credit card transactions
Pros & Cons
Pros
- Simple to use
- There are four subscription tiers available.
- Mobile responsive
Cons
- Users complain about being charged twice
- In data breaches, some users’ personal information has been compromised
The tiers of pricing for FreshBooks are as follows:
- Light ($15/month): Independent contractor with 5 billable clients
- Businesses with 50 billable clients receive a bonus ($25/month).
- Premium ($50/month): Supporting limitless billable clients for expanding businesses
- Unlimited billable clients can be chosen (custom).
QuickBooks
QuickBooks is yet another cloud-based accounting software program that also provides separate desktop options that you can buy and download.
Its products are typically geared toward small and medium-sized businesses, and it is used by over 7 million businesses.
QuickBooks includes the following features:
- Integration of financial institutions
- PayPal, Square, Shopify, and other payment processors are supported
- To assist with filing quarterly and annual tax returns, user guides and tax data exporting are available
Pros & Cons
Pros
- Even business owners with no accounting experience will find it simple to use
- Integrates with financial institutions as well as PayPal, Square, and other third-party services
- To assist with filing quarterly and annual tax returns, user guides and tax data exporting are available
Cons
- Customers report issues with customer service
In order to help you choose the right plan for your needs, QuickBooks offers tiered pricing:
- Simple Start ($25/month): Just starting businesses
- Essentials: Growing enterprises with up to 3 users ($50/month)
- Plus ($80/month): Companies with up to 5 users who require assistance with project management, inventory control, and contractors
- Businesses in need of assistance with analytics, deeper insights, specialized apps, automated workflows, and a support team with up to 25 people should consider the advanced ($180/month) plan.
Sage Business Cloud Accounting
Sage Business Cloud Accounting, formerly known as Sage One, is cloud-based accounting software that allows you to customize it based on your industry, company size, and requirements.
More than 6 million businesses use it to match you with specific accounting solutions.
Among the features of Sage Business Cloud Accounting are:
- Manage the company’s finances and cash flow
- Accept and accept payment
- Make and send invoices
Pros & Cons
Pros
- Ideal for multiple users
- Accountants are free to use the software
- Capabilities for cashflow forecasting
Cons
- There is no customer service. 24/7
- In September 2024, perpetual licenses for desktop software will be discontinued
Sage Business Cloud Accounting has the following tiers of pricing:
- Accounting Begin ($10/month): Accounting entry-level assistance in managing cash flow
- Accounting ($10/month): Unlimited users can use cloud accounting for cashflow tools, invoice management, and quote/estimate capabilities.
AccountEdge Pro
AccountEdge Pro is small business accounting software on a desktop.
It was chosen as the best accounting software for experienced accountants. It has powerful features and reporting capabilities.
AccountEdge Pro includes the following features:
- Integration of bank feeds
- Deposit by direct deposit
- Inventory control
Pros & Cons
Pros
- Excellent for seasoned accountants
- Provides customer and vendor management services
- Data is synced with company files
Cons
- Not suitable for beginners
- When compared to other accounting software programs, it is pricey
AccountEdge Pro is priced as follows:
- AccountEdge Standard (Windows Only): One-time fee of $149 for one user; phone support fee of $199
- AccountEdge Professional (Windows or Mac): $499 one-time fee or $15 per month for multiple users; $199 phone support fee; additional fees for licenses, payroll services, and other services.
Conclusion
Instead of or in addition to hiring an accountant, you can record and report your financial activities using accounting software designed exclusively for businesses.
It aids in account management, revenue and spending tracking, receipt storage, and crucial financial document storage.
Additionally, it prepares your tax files and assists you in remaining in conformity with the law.
