Are you thinking about introducing accounting software for your business? It is high time you do so! According to Statista, approximately 64 percent of small businesses today make use of accounting software. And 58 percent of large-scale enterprises are already using cloud accounting software.
Well, there are various benefits of automating your accounting processes. Not only does it help you save money that you otherwise would have spent on labor costs, but it also boosts the efficiency of your accounting team by giving them more free time to work on matters directly related to revenue.
Best Accounting Software for Small Business
So, the question of whether or not you should have accounting software is quite obsolete in 2021. Instead, what you need to be asking yourself is which of the many accounting software you must choose from.
Here are four of the best accounting software available in 2021.
Hands-down, FreshBooks is the best small business accounting software out there. This is because it is immensely easy to use, even for those with little or zero accounting experience. This means small business owners can take care of their accounting tasks without having to hire an expert for it all.
This cloud-based accounting platform can be accessed through Android, iPhone as well as iPad. Its robust features include.
- Reminders about pending payments.
- Customizable invoices, which can include discounts and due dates.
- Multi-language and currency support for billing.
- Automatic calculation of taxes for GST.
- Acceptance of credit card payments.
- Bank integration for automatic payment of recurring bills.
One of the best features of this app is that it can readily integrate with various third-party apps. This includes Gusto, G Suite, Shopify, Stripe, etc.
When you add this to the fact that the software can be used for budgeting projects as well as sending proposals and estimates to clients, you will realize that the software takes care of a variety of small business needs.
For the plethora of handy features, the software charges quite a reasonable price. Furthermore, depending on the scale of your business, you can select a package that best suits your needs. You can choose at minimum a package with five billable clients and at most unlimited billable clients.
Developed by Oracle, NetSuite is an excellent choice for businesses that wish to use accounting software to get a holistic picture of their business and automate basic tasks.
With the help of this software, you can easily manage different aspects of your business and visualize it all via the available dashboard. This dashboard is quite easy to understand, making it an ideal tool for those in managerial positions.
With NetSuite, users can receive and make payments, manage taxes, and process payments according to the local laws of the country they are selling or operating in. The software also supports various currencies, thereby making it usable for all, irrespective of their area of operation.
The software also comes in handy when managing cash flow. It provides real-time insight into your cash situation, controls bank accounts, and ensures that your company complies with rules and regulations.
If you are a self-employed individual without any complex needs and only wish to break even, then NetSuite might not be the software for you. It is specifically for businesses that wish for a solution that offers holistic financial support.
If you fall into the first category mentioned in the previous section, you might want to try Xero. This is an accounting software made for businesses with very simple accounting needs. Its clean interface makes it ideal for beginners.
Additionally, since the software easily integrates with third-party payroll services, businesses can completely automate the payroll process. Not to mention that Xero’s integration with GoCardless and Stripe allows the app to collect payment from customers online.
Here are some of the benefits of using this software.
- A cloud-based solution that allows for easy accessibility of data.
- Payroll integration can be done with solutions like Gusto.
- Inclusion of an inventory management system.
The software offers three subscription options, each of which requires monthly payments. You can also use their 30-day free trial to gauge the features. The cheapest plan offers entry for five invoices, bills, and reconciliation of up to 20 banks per month. This is enough for microbusinesses.
The other two options offer unlimited invoices, transactions, and bills. The most expensive plan comes with additional perks like expense management, multi-currency and project costing, etc.
You might already know of this software by the name of Sage One. Now, it has been rebranded to Sage Business Cloud Accounting. The software has now progressed to becoming a cloud-based solution. Since it is customizable, you can decide its usage depending on your company size, industry, and needs.
The software allows businesses to have multiple users on the platform. Hence, both a business owner and an accountant can access the books without incurring any additional fees.
Here are some of the features it offers.
- Creating and sending invoices.
- Accepting and receiving client payments.
- Managing cash flow and payroll.
- Accessibility across devices for checking financials on the go.
There are plans for both small businesses and large firms alike. You can begin by opting for its entry-level plan that helps manage basic cash flow and then move onto a more powerful solution that offers invoice management, cash flow optimization tools, etc., for unlimited users.
Don’t get us wrong. There are plenty of other accounting softwares out there. However, the four we have mentioned have won the race as far as accessibility, navigation, pricing, and variety of features are concerned.
Within the four, it is quite hard to pick the best one. This is because different businesses have varying needs. And only you and your team can ascertain which accounting software best aligns with your needs and capabilities.
However, you can be rest assured that it is hard for you to go wrong with any of these four options. Hence, you can bid your account-related concerns goodbye and focus on growing your company!