Accounting Software: 7 Best Tools for Business Owners
The immense task of managing a small business can sometimes bring unpleasant responsibilities. Among these responsibilities are accounting and financial tasks. Did you know that 40% of small business owners say that accounting and taxes are the worst part of running a business? Undoubtedly, there’s no surprise there, but there are several useful tools that can alleviate the workload that financial management brings. Check out the best accounting programs for business owners.
This program originated in Denmark, and the creators of this accounting program say that the purpose of this software is to simplify daily accounting tasks. For example, small business owners or self-employed workers can use this tool for billing customers and tracking expenses.
This program has a mobile app for Android and iOS as well as computer software and has even appeared on reputable websites like TechCrunch. Billy also focuses on basic or recurring billing, accounts receivable management, expense tracking, financial reporting, budgeting and estimating, all for a monthly subscription to the accounting program. Billy's most basic plan starts at $11 a month.
For those looking for a complete package of bookkeeping services, Bookly is an even more inclusive program with a wider array of financial services that includes a dedicated accounting team. Some of Bookly’s bookkeeping features include tax preparation services, live banking data, mileage tracking, annual tax planning, online payroll services, and invoice creation.
In addition, business owners can add several members of the accounting team to work collaboratively. This bookkeeping tool also helps team members interact with each other through live chat, email, or phones. Bookly is only available on computer systems and their monthly subscription plans start at $121 / month.
If your priority is to buy a more accessible accounting program while stretching your dollar as much as possible, consider Sage One Accounting. Keep in mind that it doesn’t include functions such as payroll, purchase orders or billing time, and the reports that they provide are minimal. PCMag.com mentions that "The site sometimes looks (and acts) like an application better suited to an accounting professional."
In case Sage One’s lack of user experience and design isn’t super important to you, Sage One is a reasonable option for managing a small business’ bookkeeping needs, with a starting price of $10 per month.
Freshbooks is one of the few programs on the market with a free 30-day trial period. Although this program has some accounting software features, it’s more of a billing solution than a complete accounting package. Your most basic plan includes billing (including automatic billing and payment reminders), estimates, time tracking and reporting.
After the trial period is over, you can choose one of their monthly plans, which start at $15 a month. Each subscription price depends on how many customers your business has since the most basic package allows you to invoice up to 5 clients.
Wave is an accounting software program that many compare to Freshbooks, the program we analyzed earlier. Wave is designed to integrate smoothly with small organizations and small businesses. Wave has been described as the best free accounting website for small businesses. The attractiveness of this tool is that it offers many of the same services as Freshbooks, but for free.
This program offers accounting, billing, payment tracking, payroll administration, finance and receipts management. Unlike other accounting programs, Wave has no monthly subscriptions and only charges you every time you process payments and use premium support and payroll.
This accounting program offers a 14-day trial period. Zoho allows you to manage your invoices while you register, monitor, and reconcile your bank accounts and transactions. It also lets you collaborate with your accountant. After the trial period, you can continue your subscription with Zoho for $9 a month.
If you opt for this program, you don’t have to worry about being confused with the complexity of the program, as they offer technical help via phone, on the internet, and with tutorial videos.
One of the biggest names in the world of accounting programs is Intuit's QuickBooks Online. This accounting program offers subscriptions starting at $15 per month and a 30-day trial period. QuickBooks Online lets you import banking transactions directly from your account, which reduces the need to enter data manually. It’s also known for having an excellent user experience and for offering flexible contact records and transaction forms.
One of the disadvantages of using this accounting system is the initial set-up, which can be very complicated, especially if one tries to transfer data from another accounting program to QuickBooks.
Having to compare and choose among so many accounting and bookkeeping programs for small businesses can be confusing and complicated. That's why it's important to take the time and read product reviews to be able to make an informed decision. Make sure you have the best coverage while managing your business. Call an Infinity agent at 1-800-INFINITY or get an online quote today.
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