Best Small Business Accounting Software in 2019

Choose the Right Accounting Software for Your Small Business

BY: MARK ANDREW ON MONDAY, OCTOBER 21, 2019
Best Small Business Accounting Software in 2019

Accounting software can prevent your small business from making bad decisions and costly mistakes. In effect, reducing your money troubles and stress levels.

As a business owner, your focus is on customer experience and company development. There is no way accounting duties can go on your already full plate.

But, not addressing your finances, is not an option.

Accounting software is a type of computer program that handles your finances for you. It organizes files, automates tasks, and manages other financial operations.

It lets you keep your attention on business goals.

Your company must avoid time-wasting activities, poor record-keeping, and money-related hardships. As fiscal mismanagement is among the top six reasons why a company fails.

Raise your company’s chances of survival by using the best accounting software.

7 Benefits of Using Small Business Accounting Software

Accounting solutions play a massive role in business and come with many advantages.

Financial software is beneficial to the health and future of your business investments.

With features like automation and integration, it makes managing your finances easier.

It is no surprise that labor-intensive processes like tax preparation, payroll, management, and auditing will be fully automated by 2020.

You can get a jump start.

The number of modern methods will continue to grow. With each new development, you can keep your financial records in order all year round. Accounting software is the best way to make sure this happens.

No longer will you need to struggle through your pile of tax files, either. Prepare yourself for tax season long before it rolls around with software made to handle it.

Artificial Intelligence (AI), intuitive software, and programs are the wave of the future. Their rise is inevitable.

Below are seven essential reasons why your business needs to use accounting software.

1. Collect essential data.

Accounting software keeps a record of historical information. It makes it a lot easier to retrieve your files at a later date.

The software organizes your data and documents for you. This means you can finally get rid of your filing cabinet and cardboard boxes, too.

Plus, as your business grows, the software grows along with you.

2. Track and manage your debt.

Use expense tracking to follow the “paths” to where you spend your money the most. Accounting software allows you to learn about the amount of debt you already owe or will need to get in the future.

Look at the overall health of your finances. Is what you see positive or negative? You can only truly know the financial state of your business by seeing the entire picture.

It is how you avoid collecting too much debt.

When your small business owes a lot of money, it inhibits your ability to create a cash surplus.

3. Watch for increases and decreases in profit margins.

Watch for changes in profits and look for any patterns. To find details, study the main components like income statements and invoices.

Review electronic documents and discover the root cause when you see a gain or loss of revenue.

With user-friendly accounting software, you can see the bigger picture. When there is an increase or decrease in profits, you can take care of it before it becomes a problem.

It lets you address any visible or underlying issue, faster.

The software gives you insight on how to market better and generate more sales. When you know what is causing money to come your way, you will want to do more of it.

4. Rapid growth and over-expansion prevention.

You can review and analyze your business finances to prevent costly mistakes.

The lack of knowledge can be the cause of many problems.

Whether you make a good or bad business decision, both involve money in some way.

With accounting software, you can equip yourself with financial information. From it, you can make better choices.

Go ahead, grow your company. But be careful.

You do not want debt running it into the ground. As too much growth can be as detrimental as too little. The same goes for over-expansion.

5. Reduce the amount of confusion and errors.

When your small business uses accounting software, you get access to automatic calculations. This feature makes your company a great deal easier to run and your finances a lot more accurate.

No longer will you have to rely on manual work to figure out your finances. You can use the software, instead. It reduces confusion, complications, and errors.

But, this is not the only way to cut down on the number of mistakes that occur.

When there are too many people accessing your financial data, confusion will ensue. When nobody knows what the other person is doing that is when errors happen.

Inefficiencies are costing many organizations, 20-30% of their annual revenue. And, no business, big or small, can afford this at any time.

You can reduce a lot of confusion and data errors with automation. It not only saves you time and diminishes mistakes, but it also saves you money. Automation is proven to boost sales productivity by 14.5% and reduce marketing overheads by 12.2%.

6. Store and retrieve financial data all from one central location.

A central location is the best place to store all your financial data. You will always know where to locate essential documents when you need them.

Access to files is only a few seconds away. The right software makes retrieving data much easier to do. With a simple search, accounting software will display the information you are requesting.

But, this is not the case when it comes to a manual search.

Professionals spend 50% of their time manually searching for information and an average of 18 minutes to locate each document.

Automation reduces administrative work, significantly.

For example, you can automatically streamline data between a CRM system and accounting software.

Stop wasting yours and your employee's time.

7. Analyze business performance.

Convert your records of historical data into easy to read charts and graphs. Look at all your finances to analyze your SMB performance.

Use the information for presentations. As a team, you can compare different dates to see if your business is meeting goals and metrics.

From the data, you can come up with more effective strategies to ensure the growth of your company.

With accounting software, you can overcome obstacles and stop a money crisis.

The software helps with enterprise resource planning and reduces costly bookkeeping mistakes.

The thought of having to close your business doors due to a decline in revenue seems unlikely, right? Wrong. It does not take much for a business to fall.

82% of businesses fail due to cash flow problems. It is time you start the prevention process. Add accounting software to your strategies.

As more companies go out of business, never underestimate the fact that it can happen to you at any time.

Start handling your finances better. It is how you will keep your business from being among the eighty-two percent that is failing.

Accounting software tracks, monitors, and manages your financial investments with ease. It gives you the foresight necessary to plan for your business and its future success.

What Does Accounting Software Do For Businesses?

If you do not know much about accounting activities, you are not alone. As 60% of small-business owners feel they are not very knowledgeable about accounting and finance.

Nonetheless, the use of small business accounting software is vital. It is how you can make your business model and strategic plans come to life.

Although you already wear many hats, being an accountant does not have to be one of them, nor should it be.

“The Big Dream of any entrepreneur really has very little to do with the entrepreneur. If you truly love repairing automobiles, chances are, you'll be a lousy business owner. Likewise, if you are fascinated by debits and credits, the dream of building an accounting firm with you at the helm is probably best left unfulfilled.” - Michael Gerber

With easy to use accounting solutions, you can take control of your finances.

And, you do not need to become an expert to do it.

Here are some of the tasks an accounting software can do for you:

  • Invoicing
  • Bookkeeping
  • Time Tracking
  • Balance Sheet
  • Expense Tracking
  • Sale Orders
  • Inventory Management
  • Financial Reports
  • Bank Transactions
  • Accounts Payable
  • Accounts Receivable
  • Payroll Services
  • Record of Important Data
  • Payment Processing
  • Payment Reminders
  • General Ledger

Why your business needs accounting software will vary. You may want it for data entry purposes or to make online payments.

No matter the reason, select the software that best meets your accounting needs. Now and for the foreseeable future.

Refuse to let your inexperience with finances be the downfall of your business. Make using accounting software a high priority at your company.

How to Choose the Right Accounting Software for Your Small Business

Who and what you choose to manage your money is of high importance. It is why you must remain vigilant.

You cannot pick the right accounting software for your business with blindfolds on. The process of choosing your system needs serious attention.

Even with little to no financial experience, you can still use accounting software. You need to find one that is straightforward and easy to understand.

Expert or not, as a business owner, you must always keep a watchful eye on your money.

To find the software that will best serve your needs and experience, use the information below as a guide.

  1. Consider your level of accounting skills.
  2. Determine your main reasons for needing accounting software
  3. Stick to your budget and look for a Return On Investment (ROI)
  4. Receive help from your accountant with unfamiliar areas
  5. Check to see if add-on features will bring value to your business.
  6. Look at both web-based and cloud accounting software to determine which is best for you.

The software you pick will have a far-reaching impact on your entire business. Since it is the system that manages your finances, you must be highly selective with your choice.

Top 5 Picks for the Best Accounting Software

Preparing for financial duties is essential, but not always easy.

If necessary, delegate this process to a trusted advisor and use accounting software.

“Your own business growth and success depends on many things, and along that growing path, you are going to have to concede certain responsibilities and activities - whether for your accounting, your production, or day-to-day management.” - Michael Gerber

Build a plan that keeps you in the loop about all-things-money-related. You must never let your ego or someone else's get in the way of your success.

Some businesses choose not to take this approach. As a result, they end up learning about their money troubles the hard way. When this happens, it is difficult to come back from it.

The good news is that 64.4% of small-business owners are using accounting software. The bad news is that this percentage is not high enough. It does not change the fact that 82% of businesses are failing due to negative cash flow.

It is clear; more business owners need to use accounting software. Not only for the sake of generating profits but for the necessity of a steady and positive income.

As you never know what may happen next.

Do you currently have a cash flow strategy? Do you know how to prepare your business for the next economic downturn?

Without a financial plan, even the most promising companies end up collapsing.

A business with declining cash flow is one that is sinking.

To ensure your business stays afloat, develop a workable plan. You must incorporate the best accounting solution.

Never lose sight of your business finances. Ever. There will come a time when your business needs to gain easier access to money. Whether it be for funding or growth capital, you need to know its current financial state.

To help keep your money on your mind and to access it at any time, we put together a useful list of various software. Take a look at our top five picks before reviewing our full list of accounting solutions, below.

1.FreshBooks

FreshBooks is an all-in-one accounting solution. It works best with project-based or small businesses and freelancers.

With its ease of use, FreshBooks makes managing business finances a breeze. It has all the necessary accounting features and invoicing software applications.

As it shows on their website, it is “Built for you, the non-accountant.” The design of this accounting system is that you do not have to learn about accounting. It will help take care of this part of the business for you.

What can FreshBooks do for you?

  • Record billable hours
  • Track business expenses
  • Create customizable invoices
  • Send automatic payment reminders, and late fees.

It offers users tremendous value, and it has strong invoicing capabilities.

2. Quicken Home and Business

Quicken Home and Business have everything you need to take control of your finances.

It is a convenient solution. Perfect for small business owners, home-based entrepreneurs, and self-employed bosses. You do not need a ton of unnecessary features made for larger corporations.

What can Quicken do for you?

  • Track your banking, investments, retirement, and credit card accounts
  • Manage your bills and make payments online
  • Review performance and see market comparisons
  • Update sales tax

Your data syncs across desktop, web, and on your iOS and Android devices. Quicken Home and Business protects your financial information using robust 256-bit encryption.

3. Intuit QuickBooks

Intuit QuickBooks is an online accounting software. You do not need to be an expert in financing to use it either. It is an excellent choice for various business types, big or small.

What can Intuit QuickBooks do for you?

  • Accounts receivable and payable features
  • Track projects and inventory
  • Customizable software
  • Application integration

With this accounting solution, you can connect your bank account. Set up automatic imports and have them categorize your business transactions.

You also gain the ability to sync with other apps and snap photos of receipts.

Connect with your money faster with essential features like direct deposits. It ends up saving you loads of time while increasing work productivity.

4. Kashoo

Kashoo offers free accounting software with its 14-day trial. You can choose from a monthly or yearly plan once the free trial period is over.

You can also integrate with apps you already use like Payroll, Square, and FreshBooks. Kashoo offers banking integration, too. You choose which to connect from its list of over 5000 banks.

What can Kashoo do for you?

  • Simple reporting
  • Accepts multi-currency
  • Project management
  • Track sales via its mobile app

Its pricing structure is all-inclusive, and there are no hidden fees or extra costs. Get all the accounting features you need without having to spend more money.

5. Zoho Books

Zoho Books is an online accounting software made for businesses. It helps you manage finances and stay vigil of the cash flow.

It is full-featured accounting software. It has a list of tools and features small businesses need for accounting purposes.

What can Zoho Books do for you?

  • Pay invoices
  • Automatic payment reminders
  • Reporting and bank reconciliation
  • View statements

Zoho Books integrates with Zoho applications. It works with payment gateways like PayPal and popular business solutions like Slack.

There is a massive quantity of accounting software available today.

From Wave to Quickbooks, there is no shortage of solutions. And yet, some still use outdated methods.

A 2018 report revealed 69% of CFOs rely on spreadsheets to build reports.

Traditional financial practices are slowing you down. All the while, the traction of modern-day cloud-accounting software usage is picking up.

The future of accounting systems is looking good, and the time to consider using one at your business is now.

By 2020, 78% of small businesses will rely only on cloud technology.

Although the list of software keeps increasing, it does not mean all are right for you.

And, the task of choosing the best accounting software is a challenging one.

Every system has something different. Whether it is missing a specific program or it has a proprietary one, each has its own separate set of features. The same applies to price plans.

To get the most bang for your buck, choose the one that has the most useful features for your business.

How to Find the Best Accounting Software

There are other items to look for that go beyond the main components, like “features and security.”

Below, are a few things to review when choosing accounting software.

1. Affordability

2. Usability

3. Accessibility

During your search, consider weighing the pros and cons of potential accounting solutions. See if it is an expense you or your accountant will fully use to ensure it is not a waste of money.

Find out the different price plans, features, and security options before committing. Look for the ones that allow you to test out their products before making any formal decisions. There are several that offer free trial periods.

Letting you try before you buy.

Some software will cost zero dollars. Take advantage of these opportunities.

As long as it will benefit your business, try one for free.

If some do, it saves you cash and shortens your list of possible business software to use.

Only think about the features you need and will use. Forget everything else, as add-ons can come later. Focus on what matters now.

You may want some team members to have access to financial information. You might also want the ability to view money situations in real-time from any of your devices.

In either case, you must learn which of the accounting systems will meet those needs. Look for software that offers multi-user capabilities, mobility, or both.

To keep a close eye on your money, choose the best small business accounting software for you. Make no excuses or exceptions.

Full List of the Best Small Business Accounting Software

Select which of the accounting software is best for you from the thirty-three listed below.

1. OneUp

OneUp is online accounting software for small businesses. It is well-suited for companies with sales teams and inventory. It also synchronizes with your bank and validates suggested data entries. Make “getting the books done” a more straightforward process.

What can OneUp do for me?

  • Create and send quotes
  • Make sales orders
  • Convert data into invoices
  • Manage inventory in real-time

OneUp uses Artificial Intelligence (AI) technology to speed bank reconciliation. Its Customer Relationship Management (CRM) offers tools to help your sales team. Make it easier to follow up on leads.

2. Sunrise

Sunrise is a bookkeeping software for small businesses. With its free service, it saves you money.

You get unlimited transactions when accessing its bookkeeping software. It makes managing your finances a simpler process.

It offers support with bookkeeping professionals that can help.

What can Sunrise do for you?

  • Get paid faster with customized invoices.
  • Schedule recurring invoices and reminders
  • Match and categorize expenses
  • Link your bank to start seeing your income and expense reports.

You can also offer customers the choice to pay by credit card through a secure portal. Sunrise makes everything easier. Close your books hassle-free each month.

3. And.Co

And.Co from Fiverr is free business software for freelancers.

If you are a freelance writer, designer, or content creator, you can take care of your finances.

What can And.Co do for you?

  • Subscription billing
  • Expense and time tracking
  • Reporting
  • Send proposals

Its app is available for both iPhone and Android devices. Integrate And.Co with other popular applications. Like, Stripe, PayPal, Slack, and MailChimp.

Keep track of all things relevant to the freelancing work you do. And.Co lets you focus more on submitting high-quality work and meeting deadlines. Make your money process a painless one.

4. CheckMark MultiLedger

CheckMark MultiLedger is a desktop accounting software for small businesses.

It offers a cloud backup add-on for a monthly fee. You can also print or e-file tax forms. It also has 1099 software you can use for contractors.

What can CheckMark MultiLedger do for you?

  • Supports up to ten simultaneous users
  • A/P, A/R, bank reconciliation
  • Commissions
  • Job tracking

MultiLedger has many features and offers everything you need. It will help make your small business run smoother. Its software lets you go beyond the basics.

5. Red Wing Software

Red Wing is an agricultural software developer and distributor. It is accounting software for businesses, farms, and nonprofits.

It supports an unlimited number of transactions, customers, suppliers, and products.

What can Red Wing Software do for you?

  • Unlimited data capacity
  • Flexible calculations
  • Various ways to pay
  • Easy tax filing

Red Wing Software has no limit of accounting data you can store. You can also pay employees your way. Anyone can receive automatic payments.

6. Wave Financial

Wave Financial works with small businesses to address specific needs. There are no extra or unnecessary features paid accounting services often provide.

It is free, cloud-based accounting software designed for small businesses and entrepreneurs.

With Wave Financial, you do not lose capabilities due to it not having a price tag. Wave Financial offers a full set of accounting features.

What can Wave Financial do for you?

  • Manage income and expenses
  • Create free professional invoices
  • Get paid in as fast as two business days.
  • Accept credit cards and bank payments.

Wave Financial also offers pay-per-use business solutions. Track and manage your financing needs all in one place.

7. ThinkOut

ThinkOut is an online platform that delivers financial analysis. In only a few minutes, you gain insight based on transaction history from your bank accounts.

What can ThinkOut do for you?

  • Check the total balance of your connected accounts from a single screen.
  • Easy to understand charts
  • Analyze data to make everyday business decisions
  • Cash flow forecasts

ThinkOut knows you want accurate data. You need to see the money your business makes and spends.

Learn about what costs adjustments you can make to generate more income. See your business finances to make better decisions.

8. Crunched

Crunched is cloud-based accounting software designed for small businesses. Run your business without all the distractions.

With Crunched, you can track finances, sending quotes, and invoicing customers.

What can Crunched do for you?

  • Track bills and expenses
  • Reconcile transactions
  • Generate reports
  • Accept online payments

Crunched integrates with Gusto for payroll and HR services. You have 30-days to try the software for free.

9. Sparkrock

Sparkrock is an integrated cloud-solution for nonprofits. It will save you time and help you serve more people. It makes managing your finances, stress, and hassle-free.

What can Sparkrock do for you?

  • Review budgets
  • Approve expenses
  • Certified Public Accountants (CPA) qualified consultants
  • SaaS native design

Sparkrock helps improve the quality of life for families and communities you serve. It has the security and stability of Microsoft.

10. Harvest

Harvest is a simple online time tracking system. Its platform lets you track time and turn billable hours into professional invoices. Its 30-day free trial allows you to find out if Harvest is right for you.

What can Harvest do for you?

  • Log expenses
  • Snapshot receipts
  • Intuitive timers
  • Visual reports

Harvest makes it easy to bill clients and get paid faster. It lets you connect its accounting program to applications or CRMs you already use. Like, Google Apps, Salesforce, or Basecamp.

Harvest will turn time tracking into a painless task.

11. Patriot Software

Patriot Software is a simplified online accounting and payroll software for small businesses. It allows owners to choose between cash, modified cash, or accrual accounting methods. It is up to you.

Patriot Software uses encryption techniques banks use to keep your information safe.

What can Patriot Software do for you?

  • Invoice your customers
  • Track payments and expenses
  • Generate reports
  • Balance sheet

It is a 100% online software that also offers payroll services. You can start tracking your money and paying your employees with ease.

12. SlickPie

SlickPie is a simple expense management software for small businesses. It offers business owners many benefits, including getting paid faster. Who does not love that!

What can SlickPie do for you?

  • Online invoicing and billing
  • Automated data entry
  • Live bank feeds
  • Financial reports

SlickPie is easy-to-use intuitive software. It makes managing your business profits feel effortless. It helps streamline your business and keep your finances healthy.

13. FreeAgent

FreeAgent is cloud-based accounting software. It is ideal for small businesses, freelancers, entrepreneurs, and consultants.

It offers you an unlimited amount of users, clients, and invoices for one monthly price.

What can FreeAgent do for you?

  • Automatic bank feeds
  • Recurring invoices
  • Time tracking
  • Project management tools

Set up automated payment reminders with ease. Track billable hours and expenses to keep finances organized.

Leave the stress of managing business finances to FreeAgent. It gives you the option to try FreeAgent for free with its 30-day trial. No credit cards required to signup.

14. Hiveage

Hiveage is a secure online invoicing software that lets you get paid faster. It is an excellent choice for small businesses and freelancers. You can create estimates and quotes and turn them into invoices.

What can Hiveage do for you?

  • Track expenses and mileage
  • Accept online payments
  • Unlimited clients and invoices
  • Recurring payments

Hiveage makes invoicing a hassle-free duty. Stay on top of your finances to manage and increase your business cash flow.

15. myBooks

myBooks by Zetran is cloud-based accounting software for entrepreneurs and small business owners. You can connect your bank feeds for electronic transactions. It has enterprise-grade security to keep your data safe.

What can myBooks do for you?

  • Multi-currency transactions
  • Accounting insights
  • Easy configuration and set up
  • Simplified invoicing

Gain a dashboard that shows your business key accounting metrics. You can create attractive and accurate invoices with its built-in templates.

16. Less Accounting

Less Accounting software is for business owners who dislike bookkeeping. Choose to spend less time managing finances and more time running your business.

If you want to gain more time, this software is perfect for you.

What can Less Accounting do for you?

  • Automate tasks
  • Track expenses and mileage
  • Manage contacts
  • Generate reports

Less Accounting offers bookkeeping services, too.

As confusion comes with over-the-top accounting software, this system provides more straightforward features. It is software that you can understand and operate.

The majority of accounting software is for large corporations with hundreds of employees. Your small business deserves software that works for you.

17. Yendo

Yendo offers businesses full bookkeeping functionality, including sales invoicing. Its software helps create structures and processes for your business. Streamline your operations.

What can Yendo do for you?

  • Resource planning (ERP)
  • Customer Relationship Management (CRM)
  • Project management modules
  • A dashboard that gives you a holistic look at your business

Yendo is a bookkeeping software that offers a variety of accounting features. It gives you the system you need to track your small business finances.

18. Tipalti

Tipalti is accounts payable software.

It creates a lean financial operation at your small business. Its security and performance practices ensure the highest standards, continuity, and protection.

Tipalti limits access to accounts payable and supplier payment information. It works to ensure your data does not fall into the wrong hands.

What can Tipalti do for you?

  • Multi-entity support
  • Global payments
  • Disaster recovery (DR)
  • Invoice workflow automation

It offers any time access to users and unified experiences. Start automating your accounts payable processes with Tipalti software at your small business.

19. Sage Intacct

Sage Intacct is accounting and financial management software. Its advanced, cloud-based software is ideal for midsize companies.

It gives business owners the ability to view their business performance.

What can Sage Intacct do for you?

  • Automate processes
  • Generate a wide range of reports
  • Multi-dimensional data analysis
  • Cash management

Sage Intacct integrates with Salesforce CRM, ADP, and other popular business systems. It lets you save time and drive revenue.

20. WorkingPoint

WorkingPoint is an online business management solution. It is an all-inclusive, cloud-based accounting software that connects to your bank. You also have the option to connect to your credit card accounts as well.

You can start relaxing and stop wasting time. Put struggling with software upgrades, patches, and system maintenance behind you.

With WorkingPoint, there is nothing to install and no updates to download. Its use of ease makes accounting processes less problematic.

What can WorkingPoint do for me?

  • Invoicing
  • Bill and expense
  • Contact management
  • Tax reporting

It has a variety of helpful accounting features. Like, payroll and email marketing services.

WorkingPoint software gives you the mobility you need to do business from anywhere.

Your location no longer needs to impact the way you manage your business finances.

If traveling or in a cafe, you can access your business with you wherever you are – at home, at the office, or on-the-go.

21. BizAutomation

BizAutomation is a browser-based e-business suite. It will run all your departments via one system with no duplicates.

What can BizAutomation do for you?

  • Order Management
  • Procurement
  • Customer Relationship Management (CRM)
  • E-commerce

It eliminates the need for related apps and the duplicates they generate. Spend less time connecting apps, and more time connecting your business with customers.

22. TEAM Software

TEAM Software is a financial, operations, and workforce management software. It is an ideal solution for individuals with a distributed workforce.

It works to drive the efficiency and profitability of your business.

What can TEAM Software do for you?

  • Scale operations
  • Smart scheduling
  • Workforce management
  • Easy communication tools

Streamline and automate business processes to increase profitability. Gain visibility and stand out from the competition.

23. Receipt Bank

Receipt Bank integrates with the leading accounting, payroll, and payment software. Including, Xero, Quickbooks, and Gusto. You can build an end-to-end solution to suit your company and clients.

What can Receipt Bank do for you?

  • Instant receipt captures
  • Automated submission reminders
  • Flexible data export
  • Secure cloud storage

With Receipt Bank, you can have unlimited clients and data with one fixed price. You can convert transactions to your chosen currency.

24. Multiview Financials

Multiview Financials is an advanced financial management solution best for small businesses. It makes it easy to watch and control processes within your business.

What can Multiview Financials do for you?

  • Reporting and analytics
  • General ledger
  • Budgeting and forecasting
  • Purchasing with Requisitions,

Take care of your company’s inventory, sales, projects, and fixed assets. Gain access to its dashboard and get alerts about relevant data. Manage your workflow with ease.

25. Cougar Mountain Software

Cougar Mountain Software develops accounting solutions. The DENALI software it uses is to scale to client needs while maintaining a record audit trail.

What can Cougar Mountain Software do for you?

  • User guides and manuals for modules and add-ons
  • Training services
  • Automated bank reconciliation
  • Budgeting tools

It offers small businesses accounts payable and receivable services. You can also manage orders and reorder stock. The software makes all your accounting needs a much simpler process.

26. LedgerLite

LedgerLite is a shareware accounting system. It is ideal for organizations that need a general ledger or cashbook. It is suitable for students of double-entry bookkeeping.

What can LedgerLite do for you?

  • Runs on any Windows computer
  • Provide copies to others
  • Transfer data
  • Easy to download with no monthly fees

It is a simple shareware that is easy to use and has a secure framework.

27. Invoice2go

Invoice2go gives you the tools you need to run your small business. It makes online invoicing simpler. It offers a free trial and several price plans.

What can Invoice2go do for you?

  • Performance reports
  • Track receipts and expenses
  • Professional invoice templates
  • Send invoices on-the-go

Save time and spend more of it running your business. With Invoice2go, you can get paid faster and gain a better way to send invoices.

28. Workday

Workday software combines your business finances, human resources, and plans. Its cloud ERP system helps your business perform better.

What can Workday do for you?

  • Audit and internal controls
  • Revenue management
  • Reporting and analytics
  • Global foundation

Workday helps businesses in all industries to achieve success. Its cloud-based ERP system gives you the insights you need to better your business.

29. 24SevenOffice

24SevenOffice is a complete SaaS-based ERP system for your business.

What can 24SevenOffice do for you?

  • Project management
  • Time tracking
  • Mobile and communication integration
  • Customer Relationship Management (CRM)

24SevenOffice offers a comprehensive API framework. Other cloud-based systems can connect to, develop, and customize solutions to 24SevenOffice.

You can adapt the features of the system to your needs. Build your ecosystem and take back control of your finances.

30. GoSimpleBooks

GoSimpleBooks is a cloud bookkeeping software. If your business is sick of spreadsheets or paperwork, this software is for you.

What can GoSimpleBooks d for you?

  • Update accounts in real-time
  • Remote data storage
  • Export solution
  • Record invoices

It is an excellent solution for contractors and freelancers. It makes finances a whole lot easier to manage. GoSimpleBooks offers a 14-day free trial that lets you try before you buy.

31. Spendwise

Spendwise is a spend management software that provides users a free trial. It makes managing your business spending easy. An online software, Spendwise lets you spend more time creating value. Leave the spreadsheets and other paperwork behind.

What can Spendwise do for you?

  • Send professional-quality sale orders.
  • Manage bills and expenses
  • Setup roles and define user access
  • Create budgets and track your spending

Its 30-day free trial requires no credit card, and you can cancel at any time. Spendwise pricing plans so that you only pay for what you need.

32. Xero

Xero is cloud-hosted online accounting software for your small business. It offers a 30-day free trial period where you can sample every feature with unlimited users.

Once the thirty-day trial ends, you will know to decide to keep on using it.

What can Xero do for you?

  • Convert your files
  • Integrates with more than 700 applications
  • 24/7 email and LIVE chat support
  • Real-time view of your business cash flow

Xero can save you time and simplify accounting by automating tasks. You can access the software at any time and from anywhere.

33. Gusto

Gusto is a platform created to work with people and small businesses. It is in an all-in-one place where you can run payroll, manage benefits, and support your team.

What can Gusto do for you?

  • Certified HR experts
  • Compliance help
  • Time tracking
  • Team surveys

Send great offer letters and have new employees set up their Gusto accounts. Gusto helps your entire team to stay organized.

Take Back Control of Your Business Finances with Accounting Software

Running a business without accounting software is like building a house without a foundation.

Eventually, it will crumble.

Allow your accounting software to become the digital expert you need. Useful software is how you can gain momentum in creating a successful business.

Take charge and use solutions that will better your business. Allow room for expansion without it hurting your profits.

Accounting software manages simple applications in complicated areas of your business.

No longer fear the finances.

If you want to grow your business, start taking control of your money. Know how much money is coming in and going out. The best way to achieve this is with accounting software.

It records, stores, and protects your money.

Calculating expenses and handling payroll are not tasks many enjoy. But, that does not mean the process to complete each of them has to be challenging.

When you use software that meets your needs, you decrease the level of difficulty of each task.

You do not need to love working with numbers or become an expert at organizing finances.

Accounting software is here to help.

The best scenario for the future of your finances includes several conditions. As an owner, you need to decide whether to hire an accountant and a bookkeeper.

Both are experts who can help you be the best. They are also professionals who can grasp how to use finance software in no time.

With that said, some software programs do not need to involve an expert. The software's simplicity makes the maneuvering of the program easy for anyone to use.

Choose the accounting software that matches your comfort level.

Even with easy to use programs, some still choose to opt-out of handling financial software. It is a tall order to take on the duties of financial management, and it is not for everyone.

If you are an owner who prefers having an accountant, then delegate the accounting tasks to them.

Even with an advisor managing “checks and balances,” never hand over all the financial responsibility. After all, your finances are what will make or break your business.

Never lose sight of that. You do not need to be “hands-on” with accounting duties to get a handle of your business performance.

FAQs

You may have a lot of questions after reviewing all the accounting software, above.

Below are some answers to help guide you towards the right software for your small business.

Q: Why is accounting software so crucial for your business?

A: Business owners and accountants used to track company finances manually.

Modern accounting software reduces the loss of data that comes in traditional ways.

Store information, save time, and gain financial accuracy, with reliable accounting software. Feel secure about where you are keeping your essential business data.

There are various other reasons why an accounting system is vital for the business.

  • It improves efficiency
  • It increases productivity
  • It streamlines business operations.
  • It automates accounting tasks.
  • It simplifies tax filing.
  • It protects you during an audit.
  • It stores essential business data.
  • It tracks and records financial history.

It is hard to make knowledgeable business decisions without the information you need. Accounting software provides insights into your small business to help make better choices.

Q: Do you need online bookkeeping software instead of accounting software?

A: Like there is a difference between bookkeepers and accountants, it also appears in the work they do.

You will notice a lot of online accounting programs have bookkeeping capabilities. Bookkeeping is not the same as accounting, but it is a part of the process.

Bookkeeping records financial transactions, which include purchases, sales, receipts, and payments.

Accounting software handles interpreting, classifying, analyzing, reporting, and summarizing financial data.

Thus, it is not an “either/or” situation. Bookkeepers and accountants support your business in different stages of the financial cycle. Your business needs both.

Q: What is cloud accounting software?

A: In 2018, 67% of accountants prefer cloud accounting, and it is why you need to know what it all involves.

Cloud accounting software saves your small business money and storage space. Users access the software via the internet where their information is in the cloud.

You do not have to install costly software on all employee devices for it o work. Everything lives online.

Storing your business financial data in the cloud is beneficial in many ways. You can have multi-users, access info on-the-go, and protect your data in the event of an emergency.

You will no longer have to worry about losing your financial data to a flood or fire. Say so long to the days of large filing cabinets and thousands of file folders.

Cloud accounting software is becoming the most popular method to use.

Q: Why choosing a quality accounting system is essential?

A: It is crucial that the accounting software you select has high standards and is accurate. You are legally required to report correct financial information.

You need accounting software that tracks and organizes your finances. Keep your data up-to-date and accurate at all times.

Accuracy is also essential for internal purposes. The information your software provides should help you meet your business needs.

Conclusion

The tasks that come with accounting and bookkeeping jobs are a lot easier said than done. It is why so many small business owners hire an accountant. They often need one when the first tax filing is due.

But why wait until then? Some owners feel having a full-time accountant is too costly. It is why, in the future, we will see more turning towards using software instead.

It is true. Accounting software is cheaper than paying a professional to manage your finances.

However, accountants can help you cope with more than just tax returns. A good accountant can file the required legal and compliance documents for you.

That is a plus.

But, there are other aspects of finance managing that software can do better and faster.

Why not have them work together.

Adding accounting software into the mix frees up your accountant.

They can focus on bigger-picture analysis. Your business can have the best of both worlds.

Paper files and spreadsheets are not the most secure ways to record your finances. They are easy to lose and susceptible to damage. Not to mention the low level of accuracy that can occur with manual calculations.

Perform better with an accounting system that keeps your data safe and in one place.

Computerized accounting systems, automate and calculate finances with software programs. As a result, they decrease errors and increase speed.

Choose an accounting system that is easy to understand and navigate.

You want to stay on top of your financial records and not be the last one to know when things happen.

An accounting solution organizes your cash flow and simplifies processes. It gives you more time to focus on your customers and their expectations.

In effect, you are raising your quality and standards.

It is impressive how much you can get done with a single piece of software. Learn how to integrate apps, enhance accuracy, and scale your business.

Make money and more money. Then, spend less money and repeat.

“Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.” - Tilman J. Fertitta

When using an accounting system to manage finances, you can focus on being successful. Build your company by using only the best experts, strategies, and software. Nothing less.

It is you who defines what "the best" means for your company. Use it to decide which one is the right accounting software for you.

Use programs that let your business do more than just survive. Let it thrive.

Gaining access to the right processes and insights is how you will take your business to new heights.

About the Author

Mark Andrew

Mark is a freelance content writer specializing in topics such as Internet marketing for small businesses. His goal is to help small businesses owners understand what types of services and products truely bring in more business.

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