When you’re running a small business, time is precious. Making sure you have the right systems and software in place for accounting will save you both time and money, freeing you up to focus on what you really want to do.
With dozens of choices available, you’re sure to find the perfect match for your unique situation. Options can range from free to an investment of hundreds of dollars.
Most accounting software includes modules such as invoicing, payment processing, and general ledger management. However, aspects like compatibility and integration, security, and ease of use can vary quite a bit.
Here are a few of the best options available on the market.
QuickBooks
QuickBooks is one of the most popular and well-known accounting solutions for small businesses. It has a simple interface to handle basic accounting needs, including more than 40 reports on like cash flow statements, balance sheets, and profit-loss statements. It also has modules for inventory management and budgeting. It’s perhaps best suited to consultants or mom and pop shops. Larger businesses or quickly growing businesses often outgrow its basic features.
Freshbooks
Freshbooks is great for small business owners and freelancers. It is inexpensive and has top-notch customer support with a solid array of features. Experts often recommend Freshbooks because it’s extremely scalable, allowing users to add features as a business grows. It also has one of the best mobile apps available on the market.
Zoho Books
Zoho Books is a great choice for very small businesses. Among the cheaper options, it has some of the most extensive basic accounting tools, including customizable templates, automatic bank feeds and payment notifications, invoice tracking, time tracking, and more. It also easily integrates with over 25 Zoho apps.
GoDaddy Bookkeeping
This option is one of the most affordable choices available. GoDaddy Bookkeeping includes direct integration with Amazon, eBay, PayPal, and more, making it a great tool for small business owners who sell products online. However, it doesn’t provide the option for individual logins for different users. Overall, it’s a great tool for simple needs, but for more extensive bookkeeping use there are superior solutions available.
Wave
Wave is the most complete package for small business owners looking at freemium options. It’s great for those with nine staff and fewer, and freelancers and consultants. While Wave is an affordable option, some users may be put off by its display ads.
We recommend trying out a few different accounting tools to find the best option for your business. Most offer free trials, so try a couple side-by-side before you make your choice.
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