The best accounting software for small business is FreshBooks, a straightforward, intuitive and powerful accounting solution that should handle any numbers you throw at it—and at a compelling price that works with your small business setup. And now recently redesigned, the new FreshBooks sports a more modern, cleaner and user-friendly interface. From expenses to invoicing and payment handling, our experts’ top choice for small business accounting software works with you in growing your business and revenue.
A solid accounting foundation is key to growing the company. That means practicing good financial housekeeping and using the right tool now, not tomorrow. The future will bring in more complex scenarios — more customers, perhaps, a huge staff and a bigger operational budget, along with bigger headaches in balancing the sheet. As you fiddle with thoughts of growing the business, one of these should be getting the right accounting software that you can start with cheap, but grow with advanced tools.
In this article, we will present the 20 best accounting software for small business as determined by our experts. Their features, benefits and pricing will be discussed. Many of these solutions are more similar than different, hosting standard features like general ledger management, invoicing, and payment processing. But it is the little things that can be the deal-breaker (e.g., scalability, support, reliability), so pay attention closely.
Accounting has always been an integral part of any business organization as it provides businesses with a view of their profitability or in some cases, losses. The process is likewise necessary for sound financial management, enabling businesses to keep expenditure and income records, which can be utilized in coming up with sound financial decisions.
It may be seen as a trying task but the importance of accounting can never be overstated. This necessary process has resulted in the development of accounting software, which aids accountants and bookkeepers in recording and reporting business transactions. In the olden days, these tasks were done manually with the use of bulky ledgers and journals. Thanks to accounting solutions, these processes, along with reporting tasks are now automated, eliminating the need for the consolidation of manual entries.
With accounting software, these tasks were automated and costs and human errors were remarkably reduced, making them indispensable tools for just about any type and size of business. What’s very interesting is that accounting platforms are now being used even by small businesses. These startups often need the basic functionalities that most of these platforms share.
For starters, ease-of-use, feature set and security should be taken into consideration. However, what counts most is the pricing. As most of these players are on a tight budget, we recommend that they subscribe to a cloud-based solution as they provide customized processes, scalability and pricing flexibility.
Furthermore, an integrated accounting is better; it streamlines connected processes so you get the whole nine yards covered. For instance, invoice records are traditionally transmitted to accounting by sales manually, resulting in inconsistencies. With invoicing integrated into your accounting, human error is avoided while the entire billing and accounting workflow is fast-tracked. Apparently, many executives like this setup:
These benefits, coupled with the demand for accounting automation have resulted in the growth of the global accounting software market. However, this market is forecast to further expand at a CAGR of over 6% from 2017 through 2021. The continuously rising demand for financial process modernization is seen to fuel this growth.
Another notable market trend is the increased use of mobile accounting applications, which have features such as payment acceptance, invoice distribution, receipt tracking and budget planning, to name a few. With a slew of vendors plying the “best app” out there, choosing the right accounting software can be a hassle. The list below should cut down your product research time significantly.
First on our list of 20 best accounting software for small business is an accounting solution known for making financial management an easy undertaking. FreshBooks helps users address recurring invoices and subscription easily. It supports online payment collection via credit cards, PayPal and Google Checkout. This piece of software integrates seamlessly with known business applications, allowing for streamlined processes. As it is a complete suite, the need for additional software is eliminated, providing users with absolute control over their financial operations all from a single dashboard.
You can easily check its features with no commitment when you sign up for FreshBooks free trial here.
To make the app even better, the vendor saw to it that its latest version has advanced functionalities to further improve the financial management capabilities of users. Its dashboard makes for easy customization while data security is not an issue as secure backups are regularly implemented to keep user information secure at all times. Charges are bound to be accurate using the system, which likewise allows the use of Android and iOS apps to track outside work times.
FreshBooks can be purchased in a variety of pricing models starting at $15/month.
Sage 50cloud is an online accounting solution designed to help small and medium-sized businesses manage their financials and stay compliant with taxes and reporting requirements. It comes with all essential features expected of a best-in-class accounting platform such as taxes, inventory, budgeting, cash flow, and invoicing. In addition, you get a wide range of add-ons including credit card processing, HR/payroll, POS, e-commerce, data management and more. With its mobile capability, you can make payments on-the-go and bill customers, and provide your accountants real-time access to accounting books.
You can easily sign up for Sage 50cloud free trial here and get to know the features firsthand at no cost and without commitment.
A distinctive attribute of the accounting platform is that it combines the robust feature set of a desktop tool with the accessibility of the cloud. This hybrid set up lets you access and store data in the cloud while doing other tasks in your local machine. You can use the software to track purchases and vendors and pay bills while its expense management features let you undertake mobile payments and bank feeds. It also allows you to connect to your bank accounts, providing for real-time recording of sales and receipts, tracking receivables, transferring funds, reconciling bank accounts, and making deposits.
Sage 50cloud offers three pricing plans starting at $44.97/month. It also has a 60-day risk-free, money-back guarantee.
NetSuite ERP packs general ledger and other financial tools with ecommerce, sales and marketing to grow your business. The sales tool includes a contact manager that lets you manage leads, automate communication, track your sales pipeline, generate quotes, and sync calendars with your teams for enhanced collaboration. The ecommerce component integrates order management with order processing and fulfillment. An inventory management tool takes care of your stocks, and a shipping module gives you the flexibility of features that you can add as your need expands.
Should you want to investigate the platform firsthand, you can easily do so when you can sign up for NetSuite ERP free demo here.
A powerful, elegant dashboard gives you access to KPIs. It’s all accessible via any mobile device. There’s a file manager that makes it easy to share and work on any task, a powerful reporting tool, and a tool that lets you export or import records as the case may be. The intuitive dashboard lets you see everything at a glance. It’s made easy to use by even non-experts, so you and your staff can worry about your business rather than your software.
Cloud-based accounting and invoicing management platform Sage Business Cloud Accounting is designed to cater to small businesses. Its core functionalities include accounting, compliance and expense management. What sets Sage Business Cloud Accounting apart from its sister app Sage 50c is that the former is an add-on service that allows for the integration of the latter to the cloud, resulting in cloud storage and accessibility for all your accounting data. This combination makes Sage Business Cloud Accounting better than ever.
You can easily sign up for Sage free trial here and get to know the features firsthand at no cost and without commitment.
The system’s graphs, dashboards, and transaction overviews offer users a vivid idea of how their business is doing anytime, anywhere. It can generate histories of purchases and sales and bank statement imports, which are very useful in managing cash flow. The app can be accessed via smartphones, giving users a real-time view of customer data and letting them record notes at any given time.
Sage Business Cloud Accounting is being offered in two pricing models, starting at $30/month.
Tipalti is cloud-based payment automation and management software that is known for helping businesses accurately meet deadlines. The solution helps solve problems that include non-compliance, late payments, administrative overload and complications arising from human error. Time spent on financial management is significantly decreased, solving one of the biggest problems facing accounting teams.
The vendor has an appealing free trial where you can tinker with the features at no cost. You can sign up for Tipalti free trial here.
Aside from those mentioned, the software can automate any business’ payment operations around the world, which could range from tasks like onboarding to tax compliance. It is capable of streamlining payment processing in around 190 countries. Using the product, businesses can rest assured that they are compliant with all existing tax and regulatory requirements minus too much human intervention. Customer and vendor payment experiences are likewise improved, along with service quality.
Tipalti is available on a price quote basis. Interested parties can contact the vendor to get a customized quote.
Zoho Books is a smart accounting solution designed to manage small businesses’ cash flow and finances. It is known for its ease-of-use, helping users make intelligent business decisions. Being a part of the Zoho product stable, the product does not only offer hassle-free accounting but excellent support, uptime, and security as well. It is capable of sending customers professional invoices and even accepting payments online.
If you want to explore its features you can sign up for free Zoho Books free trial here.
The platform is not just handy, it is also powerful, giving users absolute control over financial management. It has myriad useful features such as P and L, cash flow statements and balance sheets creation, to name a few. The dashboard is pleasant to the eyes and is able to display financial overviews and graphs. Aside from these, the solution is also capable of streamlining other back-office functions.
Zoho Books can be purchased in different pricing plans, starting at $9/organization per month.
FreeAgent is a feature-rich solution intended to help small businesses and freelancers. It is relied upon by more than 60,000 businesses with its ability to bring together and manage all aspects of financial operations. The software comes with an array of tools designed to let you efficiently manage all important financial tasks and processes such as payrolls, taxes, expenses, estimates and invoices, bank transactions, cash flows, time tracking, and your project’s financial performance.
It is easy to try its features at no cost and validate if this app is for you. Simply sign up for a FreeAgent free trial here.
The software allows you to create, send, and track invoices; monitor expenses by simply taking a photo of your receipt and uploading it to the system; keep time records using a built-in stopwatch; and link to bank accounts with transactions imported automatically into the platform. The dashboard gives you full visibility over your business’ income, cash flows, expenses, profitability, and receivables.
FreeAgent also provides seamless connectivity as it allows you to associate it with all of your bank accounts, or move numbers in and out with few clicks through its integration capability. In fact, it integrates with over two dozen third-party apps and services and supports more than 750 add-ons with Zapier.
Adding to its small business friendly appeal is its low-cost pricing available in one universal plan of $10/month for 6 months, then just $20/month afterward.
Xero is an accounting software largely known for having revolutionized accounting. Developed to provide the best user experience possible, the solution is easy to use, making tough accounting tasks like double bookkeeping simple even for first-time users. For those who require a bookkeeper, the vendor offers certified advisors who are more than willing to assist them. The platform has gained traction in countries like the UK, the US, Australia, and Europe. It comes with integrations with known third-party applications and accounting tools and the software’s Express Setup feature makes set up a breeze. You can maximize the product’s potential with the assistance of its help center.
Xero pricing comes in different pricing models beginning with its Starting plan, which can be purchased for $25/month. A Premium package, which can handle complex accounting tasks such as invoices, bills, quotes, and multi-currency transactions is also available.
QuickBooks Online is an accounting solution specifically targeted at small businesses and freelancers as it simplifies the most complex accounting processes. It has become a popular tool among accountants, bookkeepers, small business owners, and finance officers. For up to five users, all the app’s features can be accessed. However, functionalities are limited for packages with an unlimited number of users.
A notable benefit is how it automatically syncs business profiles to a single dashboard, where multiple users can view reports and corporate accounts. It is capable of generating profit and loss and trade sheets, invoices and billing, all which are accessible via mobile devices. Custom reports and feeds can likewise be created from the dashboard. Popular integrations include Quickbooks Online Payroll and Intuit GoPayment.
The app is being offered in a variety of pricing schemes, starting at $18/month. A free trial is available to those who want to try the software’s features first.
For a complete, modern invoicing solution for your small business, Zoho Invoice lets you send invoices using multiple currencies and fully localized using your client’s native language. It’s packed with templates to suit any need or, failing that, you can duly customize the forms to include more information as you see fit.
If you want to investigate the features closely you can easily do so when you sign up for Zoho Invoice free trial here.
You can schedule sending invoices on any future date, or simply set it up to send one once a certain limit is reached, say USD 5,000. This handy feature of Zoho Invoice takes care of many time-killing works, letting you focus on what matters most to your business.
The application also features a robust contact management tool, with ways to segment contacts depending on their payment statuses. It allows you to ship or bill several addresses, and you may opt to use the feedback feature to get on the good side of your customers.
You can start the application absolutely for free, with the basic plan starting at USD 9 and increasing at USD 10 increments after that for the Standard and Professional packages.
Never mind the name but Online Invoices really is a Swiss-Army knife application with tools not just for the look and feel of modern online invoicing but also for fulfilling your accounting and tax computations, monitoring and facilitating payments, and business analytics when you want to see how your small business is progressing along. It also bundles a sales tool to help you reach those revenue targets for your business growth.
An appealing test drive of all software features is available to you when you sign up for an Online Invoices free trial here.
SaaS sales tools typically call for a companion CRM and Online Invoices features the functionality of a full-fledged CRM for your convenience. Moreover, it lets you do inventory management, allowing you to manage your suppliers as well as generate and send purchase orders, get alerts on critical level of stock and more.
The pricing of Online Invoices is hard to resist too: for absolutely free, you get a versatile, capable application that offers multiple functionalities to grow your small business. The paid subscription starts at a reasonable USD 9.95, which shouldn’t be beyond the budget of many small businesses.
Zoho Expense is an accounting solution that is capable of making expense reporting and tracking far simpler. It can automate many expense management tasks while making a record of all financial transactions. With this piece of software, receipts can be converted into expenses, collated, from which reports can be generated.
You can use all the features for free for a period of time to see if the software matches your needs. Simply sign up for Zoho Expense free trial here.
The app can likewise capture expenses from credit card transactions, a very useful feature. It can be accessed at any given time and place as it runs on any device. Problems arising from spending limits and expenditures that are permissible are minimized, resulting in compliance and enforcement of companies’ spending policies. Popular integrations include Zoho Books and Zoho CRM, which allow users to utilize a single account for all tools.
Zoho Expense can be purchased at a single price model of $15/month. However, if more functionalities are required, contact the vendor for a customized quote.
Designed to make sure you get prompt payments for your products or services, Invoice Meister provides a robust cloud-based invoicing, bank reconciliation, payment tracking as well as deep analytic reports to track the overall progress of your business. The UK-based application offers its Basic Plan for a reasonable €7.50 per user per month, which shouldn’t hurt your overall budget. The IM Standard for €10 and IM Professional for €15 are just as accessible for any small business looking to avail for themselves a multifunctional financial software to help their business along.
You can try all its premium features at no cost when you sign up for Invoice Meister free trial here.
The attractive pricing of Invoice Meister is backed by an outstanding premium customer support, in case you need help from their technical software experts.
Invoice Meister handles multiple currencies, so your customers need not go through complex procedures to be able to pay you. Speaking of payment, the application provides a number of payment options for added convenience. You can easily configure the software to notify you of overdue payments and automate recurring invoices, which minimizes the risk of overdue payments.
Infor ERP Distribution is a fully scalable solution that works with your small business by matching your specific industry needs with its flexible financial and accounting tools, order, purchasing and inventory management, rebate claim management, and a module to manage overly complex requirements, including special pricing agreements (SPAs) packaging breaks, and more. It also gives you the option to choose from among a set of value-added services as your business requires.
Infor ERP Distribution is a forward-looking solution that anticipates your expansion needs and facilitates an easy path for it to happen by allowing managed data access to your partners, suppliers, other interested parties. With the managed access, you can set your sights on locations that match your business profile and plan your launch and expansion accordingly. The vendor also provides world-class onboarding training and onboarding sessions, as well as other sources of information and help to help with a speedy and successful implementation of the software.
Sage Intacct is a cloud-based financial management platform that houses cloud computing and accounting in a single tool. The product’s apps are used by a wide array of businesses as they are preferred for AICPA business solutions. Designed to improve business performance and financial productivity, Sage Intacct is being offered by many accounting firms and resellers to their clientele.
Core product functionalities such as accounting, cash management, purchasing, subscription billing, and financial consolidation are present. Easier information entry and error minimization are possible with the platform’s general ledger. The system can cut down income losses and is able to effectively control margins and costs. Computing for currency difference is much easier using the solution as it offers multi-currency support. In addition, it can streamline compliance by automating sales tax management.
Sage Intacct is available at different pricing plans starting at $400/month.
Keka HR gives you a comprehensive human resource (HR) platform that is built with a robust payroll and expense management system, along with an agile talent acquisition and management system to help you maintain happy and productive employees. The payroll module is fully compliant with statutory requirements, easy to customize and run, with a friendly migration tool to make adoption a painless process. The application integrates all the essential process in a seamless process, from leaves and attendance processing to final settlements and loans, among others.
The expense management module is versatile and powerful, capable of easily capturing expense receipts via mobile scanners or web uploads. Expense rules limit spending, while expense approvals can be handled in batches. The program allows for per diem payment, while cost centers encourage accurate accounting. For pricing, the Foundation Plan at ₹4,999/mo for up to 100 employees is within many budgets, and you can have an additional user for just ₹30/month.
ChargeOver is a cloud-based application that you can use for billing customers and collecting payment from them. The software is designed with simplicity in mind, a feature that is best if your business needs do not require more powerful but also more complicated application packages. It capably handles subscription billing and other forms of recurring billing.
ChargeOver features payment tracking tools and automatically generates requisite notifications and courses of actions that you can take. You can set the application to automatically send invoices and receipts with key details, or have it charge customers. It can accept payments, with support for credit cards, PayPal or ACH.
Starting at only USD 9.99 per month for two users, Invoicely is an affordable Software-as-a-Service platform that lets you track billable tasks, mileage and expenses, generate and send invoices and accept online payments with its integrated payment gateway tools. The software packs elegant templates for estimates, bills and invoices or you can customize ones to suit your own brand.
Invoicely provides comprehensive accounting and invoicing tools in an easy-to-use interface. Allowing quick setup, it allows for a single platform to run multiple businesses at once. The accounting module is robust, with all the bookkeeping and general ledger that you expect from a top-notch software. While you can effortlessly customize invoices, the pre-loaded forms are smart and professional-looking, so you can attend to your business at once.
Built natively on Salesforce, Accounting Seed is a versatile accounting solution that features a host of comprehensive accounting tools designed to effectively accomplish back-office processes with ease and speed. Used by various industries such as healthcare, financial services, non-profits, and others, it integrates with a large selection of business solutions to unify all your records to ensure that all calculations remain reliable at all times. While Accounting Seed is usable out-of-the-box, it can also be configured on a deep level to meet your exact requirements.
Accounting Seed comes equipped with tools for order management, bank reconciliation, project accounting, expensive lifecycle management, revenue lifecycle management, and others. Furthermore, it comes with robust automation capabilities to eliminate manual data entry and greatly accelerate your workflows.
SlickAccount is a cloud-hosted accounting solution serving India-based companies as well as small and mid-sized companies in 20 different countries. It provides users with GST-compliant features that range from invoice creation and inventory management to income tax reporting and bookkeeping. With this platform at your disposal, it is easier to get paid on time, make sure that your inventory is being monitored efficiently, and get accurate reports on your finances. This makes it one of the most ideal platforms for businesses that want to streamline their processes from restocking their inventory to accepting payments from clients to churning out tax reports. In addition to these functionalities, SlickAccount also comes with bank-grade security tools. This way, you can ensure that your data and your clients’ are protected from online threats.
As much as this brief review of the leading 20 accounting software for your small business has given you helpful insights into these platforms, nothing beats a firsthand look and feel of the application you have in mind. As most of the solutions featured here offer a free trial period, why not grab the line and test-drive the application to see how it works in real time? You can start with our top choice and use its feature set as a benchmark. Sign up for a FreshBooks free trial here and get your research rolling.
So there you have it our top 20 accounting software for small business for 2019, but if you’re a Mac user and would like to know what options are available to you, check out this top 20 accounting software guide for Mac. Every product has its own strengths and weaknesses, but one is bound to suit your business.
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