Small business owners thrive on accounting software. It helps them track accounts receivable, accounts payable, invoicing, payroll, getting reading for tax season, and many more. There are many accounting software available in today’s market, and they have made a variety of accounting features readily available.
Small businesses require accounting software with varying capabilities and pricing. They want the support to thrive in the market by having a firm hand in their finances. Accounting software enables them to answer profitability, tax payments, payroll, investment decisions, finance, expenses, and other accounting functions.
Through this blog, small scale business owners will better understand which accounting software to choose and what benefits and features they can receive. We will elaborate on the top 5 accounting software for small businesses in 2022 that can help you with essential accounting functions at low cost and cloud-based.
Top 5 Accounting Software for Small Businesses in 2022
Functions, price, and usage of each accounting software vary according to the software used. A business owner must possess some level of knowledge in skillfully managing the software used. Getting software training from a computer training center in Dubai will help you master the software with ease. According to the needs of small scale business owners, here is a list of the top five accounting software that will adhere to your requirements.
- Intuit QuickBooks Online
1. Intuit QuickBooks Online
Intuit QuickBooks Online is one of the most popular accounting software for small businesses. Because of its affordability, effective and easy-to-use interface, accountants find QuickBooks highly accommodating. In addition, it is one of the most user-friendly software that allows you to track income and expenses, invoicing, accept payments, cash flow management and more.
QuickBooks has created a base for small business owners, accountants, bookkeepers and tax professionals with rich features like double-entry, invoicing, billing, mileage tracking, sales tax tracking, inventory tracking, and mobile accounting application.
It enables you to track income and expenses, invoice and accept payments, manage cash flow efficiently, and send estimates in their basic plan that is Simple Start for $12.50 per month. QuickBooks’ three other plans include Essentials, Plus and Advanced, in which the Plus plan is the most popular choice with $40 per month.
The pros of Intuit QuickBooks Online include:
- Most commonly used by accountants
- Strong mobile app
- Integration with third-party applications
- Inventory and invoice
- Check and credit processing feature
The cons of Intuit QuickBooks Online are:
- Low customer service rating
- A limited number of products in inventory
- Occasional synchronising problems with bank
Sage is one of the most robust accounting software with affordable pricing suitable for freelancers and the self-employed. In addition, it is an ideal accounting solution for small and medium-size business organisations. With features like automation bank reconciliation, workflow automation and automatic sending and tracking invoices, Sage is one of the go-to choices for small business accounting.
Sage provides various features to freelancers, sole proprietors, and small business owners like invoicing, amount tracking, bank connections billing, and mobile app. On a further note, it also enables you to use features like accounts receivable, accounts payable, inventory tracking, expense tracking, and integrated payroll.
Sage accounting software pricing and plans are divided into two. The Sage Accounting Start plan is $10 per month, which is ideal for self-employed and micro-businesses. The Sage Accounting plan is $25 per month, which is best suited for established businesses to support multiple users and companies.
The pros of Sage are:
- Sophisticated feature set
- In-depth contact and item records
- Exceptional support options
- Highly reliable
- Range of programs to specific business types
- Inventory tracking
The cons of Sage are:
- No third party payroll integration
- Windows only
- Lacks comprehensive mobile app
- Pricier plan for cash flow statement
Wave is ideal accounting software that provides free service suitable for freelancers, small businesses and sole proprietors. It helps service-based firms to receive payments, receipts and bills, unlimited expense tracking and free invoicing. Wave is double-entry accounting software that provides free services unless you choose to add one-off payments and payroll.
Wave also lets you juggle multiple business accounts such as simultaneously. In addition, it provides features such as recurring billing, invoices templates, expense tracking, income tracking, unlimited credit card and bank account connections, financial statements and an easy-to-use dashboard.
The pros of Wave include:
- Free accounting software (Except for payroll and payments)
- No credit card requirements to sign up
- Invoice and transaction management
- Double-entry accounting
- Multi-Currency support
- Standard bookkeeping services
- No transaction or billing limits
The cons of Wave include:
- Limited third-party integrations
- Simple record templates
- No dedicated time tracking features
- Lack of inventory tracking
- Simple record templates
Kashoo, a simple yet exceptional accounting software, helps small business owners to manage income and expenses. Kashoo accounting software features automation reconciliation, income and expense tracking, and categorisation using machine learning technology.
Kashoop projects a simple solution for small scale business owners. Without inventory tracking and time building tools, Kashoo provides features such as double-entry accounting, mobile app, payroll, multi-currency support and life support. Hence, it is more suitable for small businesses than freelancers who require time tracking, inventory tracking and quarterly taxation features.
You can avail yourself of Kashoo for $30 per month that is suitable for advanced accounting. Other than that, there are Trullysmalll Invoices for free, where you can attain the invoicing tool for small businesses. Finally, Trullysmall Accounting for $20 per month is a plan that provides complete accounting solutions optimised for small businesses.
The pros of Kashoo include:
- Simple interface
- Excellent income and expense management
- Integrates with SurePayroll
- Project cost tracking
- Great email, chat and phone support
The cons of Kashoo are:
- No standard dashboard
- Lacks time and inventory tracking
- Very few add ons
- A multi-Currency issue on the mobile app
FreshBooks is one of the intuitive and attractive accounting solution software which is best for service-based services. Its double-entry accounting solution supports invoices, estimates, expenses and time tracking. In addition, FreshBooks features customisable invoices that are exceptionally suitable for freelancers and small business owners.
FreshBooks excels at both invoicing and reliable accounting services. It focuses on features such as invoices, expenses and receipts, time tracking, managing products, estimation, online payments, financial reports, and their mobile application. In addition, FreshBooks does not provide payroll services and inventory management.
The pricing plan for FreshBooks is categorised into four, starting with the Lite plan for $7.50 per month, where you can get unlimited invoices for up to 5 clients. It is followed by three other plans: Plus, Premium, and Select for $12.50, $25 and custom pricing. FreshBooks’ Plus plan is the most popular among the four.
The pros of FreshBooks include:
- Cloud base
- User friendly
- Double-entry accounting
- Detailed client records
- Time tracking and inventory tracking
- Advanced invoicing features
- Structured for scalability
The cons for FreshBooks are:
- No inventory management
- No payroll services
- Lacks features in mobile app
- Some dashboard defects
With quite a few accounting software for small business organisations available in the market, you may tend to be confused to choose the right one. It would help if you first analysed your businesses’ accounting needs and then selected appropriate software. From this list of the top accounting software for small businesses, you can verify your needs to match the properties provided by the software. Never settle for less and focus on establishing a solid accounting base for your business with the help of the given options.
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