Update: This article was last updated on 11th July 2019 to reflect the accuracy and up-to-date information on the page.
Looking for an accounting solution for your small business? You must have found a good number of solutions to choose from.
Just like yours, other businesses all over the world are pacing up towards the next level growth very nicely these days. No matter how big or small they are, they have incorporated effective solutions into their work life over the years.
These days, most of the businesses tend to work smartly and innovatively to thrive. Specifically, they rely only on some of the best business accounting applications available in the markets for their accounting needs.
The reason is quite clear – the choice of the rightmost accounting software can help them deal with their accounting processes with a lot of ease.
The accounting applications which are best suited for SMBs have a few things in common:
- They have a clutter-free user interface which can be used without technical glitches.
- They are all quite simple in design and use. Even the most complicated functions in these applications can be easily handled once a user starts using it.
- Most of these accounting applications are budget-friendly, which makes them even more likable to the businesses.
To extend this appreciation, here are some of the features that the most popular accounting applications have in common:
- Basic Accounting Tasks – Businesses can efficiently work with these applications over their basic functions such as invoicing, income tracking, generating reports, and vendor and client management.
- Tax Preparation and Filing – Most of the accounting software have tax preparation features, such as automatic tax calculations, tax reporting, and multiple tax reports. It helps in preparing and filing taxes on time.
- Payroll Processing – This feature helps businesses in entering the time sheets, estimate pay, print checks, and pay the hired employees.
- Automation – Automation helps a user save a lot of time. He does not have to work upon tasks like billing, recurring payments, etc. manually.
- Quotes and Estimate Creation – Small businesses can make use of in-built, pre-defined templates of professional quotes and estimates in these applications.
- Remote Accessibility – The cloud-based accounting software or applications are remotely accessible, but the desktop versions are not. If a user wants the desktop versions of the software to be remotely accessible, he can make use of cloud hosting services.
- Third-party Add-ons Integration – Most of the accounting software offers integration with third-party add-ons, like POS systems, ERP and Google Apps, etc.
Here are some of the top picks of highly useful accounting applications for small businesses –
QuickBooks is rated as the number one accounting application for small businesses and accountants. It is known to make accounting tasks quicker and easier since the time it was once launched. Some of its impressive features include sales management, expense management, payroll, and reporting.
Small business owners have the choice to select desktop, online or hosted version of QuickBooks as per their specific needs. QuickBooks Desktop versions (Pro, Premier, Enterprise, Accountant) allow users to download QuickBooks software and access from a personal or office computer. An Internet connection is only required when a user needs to work on features like banking, payroll, etc.
Other than this, QuickBooks Online is yet another fully web-based form of this renowned accounting software offered directly by Intuit. It has lesser features than QuickBooks Desktop.
Similarly, QuickBooks On Cloud means that the chosen desktop version of QuickBooks and its data files get installed, stored and run on a hosting provider’s servers, rather than on one’s computer system. A user needs an internet connection to connect to the servers and work on QuickBooks hosted on the cloud.
– QuickBooks Online Simple Start starts at $10 /month
–QuickBooks Pro Desktop 2019 pricing starts at $219 (one-time fee)
Known as one of the most popular accounting software for small business owners, Kashoo is loved by its users for being unique and innovative in its features. Launched in March 2008, this accounting application lies in the queue of competitors of QuickBooks and other major players in the market.
The basic design of the application is very intuitive, and the processes are also easy to handle. Kashoo has also been able to create its image in the market, being specifically designed for small business owners and not accountants.
Pricing: Starts at $19.95 /month
Xero accounting application is considered an excellent prospect for small businesses to track and manage their cash flow, payables, receivables, and wages.
The application comes handy to those who are handling different processes at the same time.
It also lets a user access his accounts in various currencies. The numbers of users that can be added to this application at one go are unlimited.
Recommended Reading: Comparison of Cloud Accounting Software for Small Businesses
The invoicing and bill paying system is very efficient when a user has a good lot of work to deal with. It doesn’t fail at peak levels, which is also an added advantage.
Xero has also been appreciated for its features and functions by many online sites, such as Macworld, Accounting Today and magazines like Forbes, etc.
Pricing: Starts at $25 /month
Sage accounting software is one of the most used accounting software in the world, especially in the UK and US. It has been designed to handle several tasks related to accounting, taxes, and business management.
It has numerous facilities to process financial information in simplistic terms.
Some of its prime features include the ability to print invoices, making payments, updating customer records, payroll management, sales analysis, etc.
Since the system gets updated in real time, a user can see the updated cash flow and all the transactions always.
Sage accounting software is quick, efficient, and cost-effective.
Pricing: Starting at $46.83/month
FreshBooks is the cloud-based accounting software that is specifically designed for small businesses, with a focus on time tracking and invoicing.
It has been recently upgraded with features likes bank reconciliations, bulk payments, and similar others to meet the user demands.
As a whole, it makes running a business easy, fast and secure for a user by simplifying the accounting tasks, thus giving him more time to focus on the core business processes.
Pricing: Starts at $15/month (Lite)
Wrapping It Up
Every business owner has its specific needs to deal with the accounting related tasks. So, the choice of the most suitable accounting software needs to be done accordingly.
Before finalizing something, make sure you access every bit of these applications. So, start with the free demo first before making the final decision for the time ahead.
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