Every small business has to deal with accounting. Entrepreneurs detest the number crunching and recording keeping duties. Nobody enjoys it, but it is not one of those things you can skip. Because even a small mistake in accounting could end up costing thousands of dollars later.
So when you choose an accounting software, take a minute to research the different options available before you make a purchase. In this article, we will outline some of the best accounting packages designed for small businesses and companies.
Why use an accounting software?
Because spending a lot of time and labour over bulky ledger books ends up costing more money in the long run. Using a good accounting software will cut down on the time you need to pay an accountant. But things run much faster and efficiently when using an accounting software.
What should you look for when buying new accounting software?
One of the key things to look for in a new tool is the ease of use. If it is too hard to use, it will create more problems and will take away too much time from your actual business.
Ease of integration and security are the two other important features to consider. And the most important factor is, of course, the price of the software. No matter how good the software is, if it is too expensive, it is useless for small businesses.
Based on these criteria, here are our top recommendations.
Freshbooks allows you to create recurring invoices, subscriptions, and it works with Paypal and Google checkouts. It can be integrated with several business applications to eliminate rework and additional software. It recently received an award for its pricing and out of the box utility.
With a bottom of the pile pricing model that starts at $15/month, this is an easy choice.
Sage 50cloud is another software that can help small businesses keep their accounting up to the required standards and meet the tax and reporting requirements. It has all the most required features like inventory management, taxes, budgeting, invoicing, etc. You can also get other add-ons like payroll processing, credit card processing, POS, etc on top of the basic features.
The pricing starts at $44/month.
FreeAgent is a top notch, cloud-hosted software as a service application that makes accounting easy to manage for small companies. As of 2018, about 60,000 small businesses depend on FreeAgent for their accounting requirements. FreeAgent can handle taxes, invoicing, estimates, payroll, bank transactions, etc. It also has a robust time tracking setup along with financial performance reporting tools. Integrating FreeAgent with third-party apps and the bank accounts is easy, and it provides a seamless user experience.
It starts at $10/month for the first six months and then $20/month. FreeAgent is one of the best accounting software for small business in functionality as well as pricing.
Test a few different application before you make a choice.