Accounting is a critical part of running a successful small business. It helps you track your finances, pay bills, and plan for the future. But it can be daunting to try and keep up with all the paperwork, especially if you’re just starting out.
Fortunately, there are plenty of accounting software solutions that can make the job easier. Here, we’ve compiled a list of the top 10 accounting software perfect for your small business.
From cloud-based programs to desktop software, you’ll find the perfect accounting solution to fit your needs. So keep track of your finances, balance your books, and make smarter decisions with the best accounting software for small businesses.
10 Top Accounting Software for Small Businesses
You can pick any of the following depending on your budget and use case.
1. QuickBooks
QuickBooks is one of the top accounting software solutions developed by Intuit that helps small businesses manage their finances. It offers a range of features, including invoicing, inventory management, payroll, and more. QuickBooks also integrates with popular third-party applications and offers a mobile app for users on the go.
Features
Create and send customized invoices to customers with payment tracking options.
Track expenses from vendors, contractors, and other sources.
Automate payroll processes for employees, including direct deposits, tax filing, and more.
Generate reports quickly to gain insights into business performance.
Track inventory levels in real-time to ensure accuracy and prevent stockouts.
Manage finances in multiple currencies with automatic exchange rate updates.
Access QuickBooks on the go with the mobile app available for iOS and Android devices.
Pros
Easy to use interface makes it easy for users of all skill levels to navigate the software quickly without needing extensive training or support staff
Offers comprehensive features that can help businesses manage their finances efficiently while staying compliant with local regulations
Integrates seamlessly with popular third-party applications such as PayPal, Shopify, Salesforce, etc., allowing users to transfer data between systems as needed easily
Cons
Limited customization options make it difficult for businesses to tailor the software to meet their specific needs or preferences
Costly when compared to other accounting solutions on the market today, which offer similar features at lower price points
Pricing
QuickBooks offers four different pricing plans ranging from $15/month up to $100/month depending on the features required by each user’s business needs; all plans include free customer support for issues that may arise.
2. Xero
Xero is a cloud-based accounting software designed to help small and medium businesses manage their finances in the most efficient way. It offers features such as invoicing, bill payment, payroll, expense tracking, and bank reconciliation. Xero also provides access to real-time financial data, allowing users to make informed decisions quickly and easily.
Top Features
Automated bank feeds that sync with your company bank accounts so you can easily track income and expenses
Automatically generate invoices from templates with the ability to customize them for each customer
Track payments from customers and vendors, set up recurring payments for regular bills or invoices, and generate reports for tax filing or other purposes
Payroll management with employee self-service portal for easy access to pay stubs, vacation requests, etc.
Customizable dashboards with key performance indicators (KPIs) so you can track your business’s performance in real-time
Pros
An easy-to-use interface that requires minimal training or support staff to get started quickly
A comprehensive set of features that help businesses manage their finances efficiently while staying compliant with local regulations
Integrates seamlessly with popular third-party applications such as PayPal, Shopify, Salesforce, etc., allowing users to transfer data between systems as needed quickly
Cons
Limited customization options make it complex for businesses to personalize the software to meet their specific needs or preferences
Pricing
Xero offers three different pricing plans ranging from $13/month up to $70/month depending on the features required by each business needs; all the pricing plans include free customer support.
3. FreshBooks
FreshBooks is a cloud-based accounting software designed to help small businesses track their finances and stay organized. It allows users to create professional invoices, receive payments online, track expenses and mileage, generate tax-compliant reports, and keep projects on track with timesheets.
FreshBooks has an easy-to-use interface with intuitive navigation, which makes it quick and easy for businesses to manage their finances. In addition, the automated invoicing system helps ensure that all clients are invoiced automatically and accurately, while payment reminders help ensure timely payment of those invoices.
FreshBooks also offers built-in payment gateway integrations for credit cards and ACH transfers so businesses can accept payments from customers quickly and securely. This makes it ideal for small businesses that need a simple yet powerful solution for managing their finances.
Features
Generate professional invoices
Automated payment reminders
Track expenses and mileage
Generate tax-compliant reports
Receive payments online
Track projects with timesheets
Pros
Easy-to-use interface with intuitive navigation
Built-in payment gateway integrations for credit cards and ACH transfers
Automated invoicing and reminders for recurring payments
Ability to bill clients in multiple currencies
Cons
Limited customization options on invoices (e.g., no logo upload)
No inventory management system or purchase order tracking
Pricing
FreshBooks offers three pricing plans starting at $4.5/month up to $16.50/month. The accounting software also offers custom pricing options for enterprises.
4. Wave
Wave is an all-in-one financial management platform designed for small businesses. Wave streamlines the entire financial process for small businesses with features like automated invoicing and payment reminders, expense tracking tools, built-in tax forms, multi-currency support, bank integrations, and more.
Wave also offers free financial advice from a community of experts to help small business owners make more informed decisions. The software is based on the cloud, which means you can access it from anywhere with an internet connection.
Features
Create professional invoices and estimates
Integrated payroll services to streamline payments and taxes
Automated payment reminders to customers
Track income, expenses, sales, and profits
Connect with banks to sync financial information
Generate reports to stay up-to-date on taxes, profits, etc.
Pros
Easy-to-use interface with helpful tips throughout the platform
Offers integrated payroll services to streamline payments and taxes
Free version available for basic needs without the added cost
Ability to connect with banks to easily sync financial information
Cons
Limited customization options on invoices (e.g., no logo upload)
No inventory management system or purchase order tracking
Pricing
Wave offers a free version of the software that brings along basic Invoicing, Accounting, and Banking features. The two paid versions start at $40/month up to $149/month, depending on the size of the business.
5. Zoho Books
Zoho Books is a cloud-based accounting software solution that can help small businesses manage their accounts more efficiently. It provides features such as invoicing, tracking income and expenses, creating reports, and connecting to banks for financial data synchronization.
This software also offers automated payment reminders to customers and automated payroll services for streamlining payments and taxes. The user interface is easy to use, with helpful tips throughout the platform, making it easier for small businesses to get started.
Additionally, Zoho Books offers customization options on invoices and an inventory management system to track purchase orders.
Overall, Zoho Books is awesome for small businesses looking for an all-in-one accounting solution with simple yet effective tools to manage their finances more efficiently.
Features
Invoicing
Tracking income and expenses
Creating reports
Connecting to banks for data synchronization
Automated payroll services
Pros
All-in-one accounting solution for small businesses
Simple yet effective tools
Robust features for managing finances more efficiently
Cons
Limited customization options on reports and invoices
Pricing
The plans for Zoho Books start with a free version, which offers 1 user plus 1 accountant access which is fine for small businesses. Moreover, the paid plans start at $15/month and up to $240/month, depending on the size of the business.
6. Sage 50cloud Accounting
Sage 50cloud Accounting is an all-in-one accounting and business management solution designed for small businesses. It offers extensive features to help small businesses manage their finances more efficiently, including automated invoicing, payroll, inventory tracking, and bank reconciliation.
Sage 50cloud also integrates with popular payment processors like PayPal and Stripe, allowing business owners to accept payments online quickly and securely. Additionally, Sage 50cloud includes a built-in customer relationship management tool to help business owners keep track of their customers’ contact information and purchase history.
Lastly, the software provides access to financial analytics tools that can provide valuable insights into the performance of the business. With its wide range of features and intuitive user interface, Sage 50cloud is one of the best choices for small businesses looking for a comprehensive accounting solution.
Features
Automated invoice and payroll processing
Bank reconciliation
Inventory tracking
Online payments with PayPal and Stripe
Built-in customer relationship management (CRM)
Financial analytics tools for business performance insights
Pros
Streamlines accounting processes and saves time
Offers accurate tracking of finances, inventory, and customers
Incorporate customizability to fit the needs of any small business
Cons
Limited customization options on reports and invoices
Pricing
Sage 50cloud offers three different pricing plans that range from $34.30-$91.45 per month.
7. AccountEdge Pro
AccountEdge Pro is an accounting software designed specifically for small businesses. It boasts a plethora of features that make it easy to manage finances, track inventory, and generate reports.
The software is designed to be user-friendly and can be personalized to meet the needs of any small business. It has a powerful set of invoicing and payroll functions, as well as comprehensive tracking for customer accounts receivable (AR) and accounts payable (AP).
AccountEdge Pro also includes built-in reporting tools that can provide in-depth insights into the financial performance of a business. This makes it easy for small businesses to identify trends, forecast cash flow, and make better decisions about their operations.
Overall, AccountEdge Pro is one of the best choices for small businesses looking for an affordable yet comprehensive accounting software solution.
Features
Accounting & bookkeeping functions, including invoicing, payroll, and accounts receivable/payable tracking
Comprehensive reporting tools to view financial performance and identify trends
Easy-to-use interface with customizable options
Full integration with other business software solutions
Pros
A powerful set of features designed specifically for small businesses
Affordable pricing model with no additional costs for upgrades or extra users
Comprehensive reporting and forecasting tools to aid in decision-making
Intuitive user interface with customization options to suit any business needs
Cons
Not suitable for larger businesses due to a lack of scalability and certain features like multi-currency support
Pricing
AccountEdge Pro is available at a $499 licensing fee for one time.
8. Kashoo
Kashoo is a cloud-based accounting software designed specifically for small businesses. It offers a comprehensive suite of features to manage finances, including invoicing, expense tracking, VAT and GST calculations, bank reconciliation, and more. The software also provides detailed reporting capabilities to make informed decisions about the business.
Kashoo is easy to use and comes with an intuitive user interface that can be customized for any small business needs.
With its affordable pricing model and no additional costs for upgrades or extra users, Kashoo is an excellent solution for small businesses looking for a reliable accounting system.
Features
Invoice creation
Online payments
Bank reconciliation
VAT/GST calculation
Multi-currency support
Expense tracking
Reporting and analysis
Pros
An intuitive user interface
A comprehensive set of features
Affordable pricing model with no extra costs for additional users or upgrades
Cons
Limited customization options for invoices
Basic functionalities
Pricing
The plan for small businesses is $20 per month.
9. FreeAgent
FreeAgent is a cloud-based accounting software developed specifically for small businesses and freelancers. FreeAgent has all the features necessary to help small businesses track income, expenses, invoices, payments, and payroll.
It also includes detailed reporting capabilities so users can better understand their financial data. Additionally, it provides real-time tax calculation tools that can generate VAT/GST-compliant invoices automatically.
It also includes detailed reporting capabilities so users can better understand their financial data. Additionally, it provides real-time tax calculation tools that can generate VAT/GST-compliant invoices automatically.
FreeAgent is easy to use and offers great customer support through email and live chat. FreeAgent can be a great fit for any small business looking for reliable accounting software with its affordable pricing model, free trial period, and no long-term contracts.
Features
Complete financial tracking with income, expenses, invoices, payments, and payroll management
Real-time tax calculation tools that generate VAT/GST-compliant invoices automatically
Detailed reporting capabilities
Easy to use with excellent customer support through email and live chat
Pros
Affordable pricing model
No long-term contracts are required
Free trial available
Comprehensive features for small businesses and freelancers
Cons
No mobile app is available yet
Pricing
FreeAgent offers a universal plan for $10 per month.
10. Manager
Manager accounting software is a comprehensive cloud-based accounting tool that helps small businesses manage their finances. It offers a variety of features designed to make managing finances easier, including invoicing, budgeting, and reporting capabilities. It also provides real-time tax calculations, payroll management, and access to detailed reports.
Manager allows users to track income and expenses, create invoices, record payments and set up automatic payments.
The software also allows for secure collaboration with accountants or other users on projects or tasks. In addition, the Manager’s user-friendly interface makes it easy for even the most inexperienced users to get up and running quickly.
All Manager plans come with 24/7 customer support via email and live chat, making it an ideal choice for small businesses looking for an affordable yet reliable solution.
Features
Invoicing and billing
Real-time tax calculations
Payroll management
Access to detailed reports
Budgeting tools
Automated payments and reminders
Secure collaboration with other users or accountants
Pros
The user-friendly interface makes it easy for even inexperienced users to get up and running quickly
Offers a variety of features designed to make managing finances easier
24/7 customer support via email and live chat
An affordable yet reliable solution
Cons
Limited customization options for reports and invoices.
Pricing
The desktop version of Manager accounting software is free to use.
The Right Accounting Team and Tech Stack is a Perfect Match
Having the right accounting team is essential for any business, even if you have the best accounting software. The software can help automate some of the more mundane tasks, but it cannot replace the knowledge and expertise of a qualified accountancy team.
An experienced accountant can provide valuable insights into financial accounting trends and decisions, helping to ensure that your finances are managed efficiently and effectively. They can also provide guidance on how to optimize your business’s financial performance and help you comply with all relevant regulations.
Furthermore, they can help identify areas where cost savings could be made or where improvements could be made in order to increase profits. In short, having the right accounting team is an invaluable asset for any business, and it is cost effective.
