Top 5 Best Accounting Software Options For Small Businesses

Accounting Software

Small businesses make up the majority of businesses in the United States today. In fact, the number of small businesses is so large that it almost seems fictional. But the numbers don’t lie. There are 33.2 million small businesses in America, all of whom need a reliable way to manage their books.

Big companies can hire accountants to take care of the tedious work, but that’s not always an option for the little guys. Keeping track of things manually with a spreadsheet, or worse, a pen and pencil is prone to error and sinking in real-time. Fortunately, the Internet is full of accounting software options suitable for small businesses and tight budgets.

1. FreshBooks

FreshBooks offers several different membership levels. The Lite tier costs $19 per month and is ideal for those with five or fewer billed customers. Larger businesses can upgrade to the Plus and Premium tiers, which serve more customers and cost $32 per month and $60 per month, respectively. FreshBooks also offers custom accounting solutions with custom pricing that grows with your business.

2. Intuit Quickbooks

There’s a reason Quickbooks is a household name. Millions of small and medium-sized businesses around the world trust the famous accounting software company, and they probably have a plan designed to serve your business as well. It is easy for beginners and preferred among professional accountants. It is cloud-based, scalable, and offers seamless integration with a wide range of third-party applications.

You can try it free for 30 days, and the lowest tier starts at just $15 per month for the first three months and $30 per month after that. You’ll need to upgrade to allow more users or add payroll functionality, but its simple user interface and comprehensive feature set make it an attractive choice for most small businesses.

3. Wave

You don’t have to spend a lot of money to benefit from premium accounting software. In fact, you don’t have to spend money at all. Wave allows small businesses to create and send invoices, receive unlimited income and expense tracking, and more, for free online or through their free mobile app.

However, not everything is free. Payment processing is charged per transaction and Wave charges monthly payroll service fees based on the number of recipients. It’s a great option for those who can’t afford the monthly price of some of the other programs mentioned here, and there’s no risk in trying it out.

4. Zoho Books

If Wave isn’t your thing, Zoho Books might be worth a try. For annual revenue, he offers a free version for businesses with less than $50,000. Includes billing, expenses, mileage tracking, and more. The free plan is limited to 1,000 invoices per year, which may be sufficient depending on the size of your business.

Zoho Books blends with other numerous popular apps, and the company offers its members phone, email, and chat support. Paid plans start at $15/month and offer advanced business services at Premium, Elite, and Ultimate levels. Try the free version or enjoy a 14-day trial with a paid tier from the Zoho Books website.

5. Xero

Xero is a popular choice for small businesses nationwide. Use it to automatically generate reports and invoices. The platform stimulates collaboration with the ability to leave comments and invite external consultants. Customize with additional add-ons and over 1,000 third-party applications.

Xero has three plans, Initial, Growth, and Establishment, starting at $13/month up to $70/month. If you’re looking for something for payroll, you can use the built-in Gusto software for an additional $40. 

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