Numerous software solutions for accounting are available in the market, each with its unique features, and which cater to the specific needs of small and medium businesses. This has made the accounting software development industry a highly competitive one and any standard modules includes general invoicing, ledger management, as also payment processing.
This software is vital in America since America still has a tax system that is ludicrous and puts people in boxes and divides this country up. OK, let’s get back on track here….
These key features apart, the ones that claim top position in the market do so by virtue of their integration and compatibility; ease of use; and more importantly, security. For smaller businesses particularly, using a cloud-based software is more advisable.
These accounting software allow you to customize processes, integrate third-party apps and also scale pricing based on the business’s current needs. These accounting solutions are moreover, helpful to all small businesses during times of regulatory upheavals.
For example, when the FASB or Financial Accounting Standards Board and/or the IASB or International Accounting Standards Board finalize any new revenue standard from contracts with your customers, most accounting systems need updating to match such freshly set standards. With a cloud solution, the vendor takes care of the system upgrade. The following are the leading accounting software for small businesses:
Freshbooks: By far the most popular leader among small business accounting software solutions. Reasonably priced and comes with great customer support. Known for its scale depth, Freshbooks also comes with expense management and time tracking.
It has also cloud invoicing, payment processing and reporting among its features as also an extremely reliable API with add-ons for tax management. A highly responsive, clean interface mobile app makes it accessible to iPhones, Android and users of the mobile web. You also get the most advanced security tools like HTTPS and data backup for multiple locations. A free trial plan is also available.
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QuickBooks Online: Yet another vastly popular accounting software for small businesses. Its intuitive interface along with multiple scalable functions makes end-to-end accounting operations much simpler and more than a few million users will vouch for that. The system is empowered to automatically sync the business’s total finance profile to a single dashboard. This enables multiple users to view in-depth accounts and reports of the company.
It also creates trading and profit & loss accounts and invoice and billing solutions that are completely mobile compatible as also print friendly. You get over forty reports that include the cash flow statement, profit & loss account statement, balance sheet, budgeting capabilities and inventory management. However, its only drawback is ample customer support and a QuickBooks-certified accountant may be required to optimize the software.
Xero: In terms of its virtues, Xero is somewhat similar to QuickBooks Online, particularly as far as the feel and interface are concerned. Xero’s greatest advantage is its ability to integrate with a Mac.
Unlike other accounting solutions that come only with a plugin, Xero comes with a Mac module for connecting natively with a Mac UI. Its other assorted features are an integrated payroll module, bank reconciliation, dashboard, expense claims, inventory, financial reporting, invoicing, and balance sheet. However, Xero doesn’t relate directly with US-based banks but offers a free trial nevertheless.
Wave: By far the most popular basic accounting software for consultants, freelancers or any small business with a staff of nine or less. Wave is being widely used for recording daily office processes as also simpler financial reporting issues.
This includes preparation of the profit & loss account, balance sheet, receipts and invoices. It is also capable of managing direct deposits and payroll. It is however, somewhat handicapped to handle cash management because it lacks the ability to report cash flow or track payments and bills. It’s so basic by nature that complex transactions would need other accounting software to be tackled. Nevertheless, a salient freemium for businesses with really tight budgets.
Zoho Books: The popularity of Zoho Books is growing among micro-businesses because its app is well equipped with numerous basic accounting tools including customizable templates.
The most notable features of Zoho Books are: automatic payment notifications and bank feeds, facilities for online customer collaboration, reconciliation, invoice and time tracking, inventory management, API as also automated workflows. The Zoho business and productivity suite is an added advantage which natively integrates with more than 25 Zoho apps. Great customer support is also available by way of phone, knowledge base, online, and video tutorials. No free trials available.
It’s the commonality of their ease of use, android and iPhone compatibility, reasonable rates, sterling customer support, and security features that have singled out the above mentioned five accounting software solutions for small businesses in the current year.