Small businesses need to keep track of their finances to ensure their financial stability and growth. Therefore, they require an accounting software that is both affordable and efficient. In this article, we will discuss the best and cheaper accounting software options that small businesses can use in 2018.
Features
QuickBooks Online is a cloud-based accounting software that offers features such as invoicing, expense tracking, and financial reporting. It also has a mobile app that allows users to access their financial data on-the-go. Small businesses can choose from several plans, including a self-employed plan and a small business plan that offers more comprehensive features.
Pricing
QuickBooks Online offers a 30-day free trial for all plans. After the trial, the self-employed plan costs $10 per month, while the small business plans range from $15 to $50 per month depending on the features offered.
Benefits
QuickBooks Online is user-friendly and provides a variety of features that small businesses need. Its mobile app allows users to access their financial data from anywhere, and it integrates with several third-party apps such as PayPal and Shopify. Additionally, QuickBooks offers excellent customer support to its users.
Features
Xero is a cloud-based accounting software that provides features such as invoicing, bank reconciliation, and financial reporting. It also has a mobile app that allows users to access their financial data on-the-go. Small businesses can choose from three plans, including a starter plan, a standard plan, and a premium plan.
Pricing
Xero offers a 30-day free trial for all plans. After the trial, the starter plan costs $9 per month, while the standard and premium plans cost $30 and $70 per month, respectively.
Benefits
Xero is simple to use and provides a range of features that small businesses need. Its mobile app is user-friendly, and it integrates with several third-party apps such as PayPal and Stripe. Xero also offers excellent customer support to its users.
Features
Wave is a free cloud-based accounting software that provides features such as invoicing, accounting, and receipt scanning. It also has a mobile app that allows users to access their financial data on-the-go.
Pricing
Wave is free to use, but it charges for certain features such as payroll and credit card processing. These features are priced separately.
Benefits
Wave is a cost-effective option for small businesses. It is easy to use, and its mobile app is user-friendly. Additionally, Wave offers excellent customer support to its users.
Features
Zoho Books is a cloud-based accounting software that provides features such as invoicing, expense tracking, and financial reporting. It also has a mobile app that allows users to access their financial data on-the-go. Small businesses can choose from three plans, including a basic plan, a standard plan, and a professional plan.
Pricing
Zoho Books offers a 14-day free trial for all plans. After the trial, the basic plan costs $9 per month, while the standard and professional plans cost $19 and $29 per month, respectively.
Benefits
Zoho Books is user-friendly and provides a range of features that small businesses need. Its mobile app is also user-friendly, and it integrates with several third-party apps such as PayPal and Stripe. Additionally, Zoho Books offers excellent customer support to its users.
Features
FreshBooks is a cloud-based accounting software that provides features such as time tracking, invoicing, and financial reporting. It also has a mobile app that allows users to access their financial data on-the-go. Small businesses can choose from three plans, including a lite plan, a plus plan, and a premium plan.
Pricing
FreshBooks offers a 30-day free trial for all plans. After the trial, the lite plan costs $15 per month, while the plus and premium plans cost $25 and $50 per month, respectively.
Benefits
FreshBooks is user-friendly and provides a range of features that small businesses need. Its mobile app is also user-friendly, and it integrates with several third-party apps such as PayPal and Stripe. Additionally, FreshBooks offers excellent customer support to its users.
What is the best accounting software for small businesses?
The best accounting software for small businesses depends on their specific needs. QuickBooks Online, Xero, Wave, Zoho Books, and FreshBooks are all excellent options.
What is cloud-based accounting software?
Cloud-based accounting software is software that is hosted on the internet and accessed through a web browser. It allows users to access their financial data from anywhere with an internet connection.
What is the cost of accounting software?
The cost of accounting software varies depending on the features provided and the plan chosen. Some software, such as Wave, is free to use, while other software can cost up to $70 per month.
Can I access my financial data on-the-go?
Most accounting software provides a mobile app that allows users to access their financial data on-the-go.
Can accounting software integrate with other apps?
Yes, most accounting software can integrate with other apps such as PayPal and Stripe.
Is customer support available for accounting software?
Yes, most accounting software provides excellent customer support to its users.
What kind of features does accounting software provide?
Accounting software provides features such as invoicing, expense tracking, financial reporting, and bank reconciliation.
Can I try accounting software before purchasing it?
Most accounting software offers a free trial period so that users can test the software before purchasing it.
The pros of using accounting software for small businesses include:
- Efficient management of financial data
- Accurate and timely financial reporting
- Improved financial decision-making
- Time-saving automation of financial tasks
When choosing an accounting software for your small business, consider the following tips:
- Identify your specific accounting needs
- Choose software that provides features that meet your needs
- Consider the cost of the software and your budget
- Look for software that provides excellent customer support
- Test the software before purchasing it
In conclusion, small businesses have several options for affordable and efficient accounting software in 2018. QuickBooks Online, Xero, Wave, Zoho Books, and FreshBooks are all excellent choices that offer a range of features to meet the specific needs of small businesses. When choosing accounting software, it is essential to consider your accounting needs, budget, and customer support options.