Bookkeeping software is an essential part of any small business. With so many choices out there, we’ve done the work for you and narrowed it down to the top 5 most popular bookkeeping packages. Whether you’re just getting started and need something basic, an established business that needs a more robust package, or anything in-between, there’s a perfect match waiting for you here. Check the list below with the best bookkeeping software for small businesses with its pros and cons.
Top 5 Bookkeeping Software For Small Business
Bookkeeping Software For Small Business Reviews
1. Best Overall: QuickBooks Online
Do you know what QuickBooks Online is? Sure, it’s a bookkeeping software that helps keep your numbers in order and make sure your business is still on the right track.
But it’s also so much more than that – it can help you generate financial reports, balanced budgets, and even offer online services like payroll. It’s a powerful tool for small businesses of any size or stage to have on hand.
Here are some features that make this bookkeeping software one of the best:
Online Access
You can access your records anywhere with an Internet connection from any computer or device without worrying about VPNs or firewalls. As long as you have a web browser and an Internet connection, you’re good to go.
Self-Service
Once you’ve set up your account, you’ll never have to wait on hold with a customer service representative again – they’ll do their best to help you through the programs online.
Customer Service
You’ll also have access to accounting specialists who can answer your questions as they arise via email, phone, or live chat. No more waiting around for days with no answers in sight!
Financial Reports
Financial reports like balance sheets and income statements can be generated in seconds from your QuickBooks Online account with just a few clicks.
Pricing Plans
- Simple Start – $12.50/mo.
- Essentials – $20/mo.
- Plus – $35/mo.
- Advanced – $75/mo.
All Plans Include
- Income and expenses.
- Invoice and payments.
- Tax deductions.
- Powerful reports.
- Receipt capture.
- Mileage tracking.
- Estimates.
- Contractors.
- Includes 25 users
- Bill management.
- Time tracking.
- Inventory.
- Project profitability.
- Analytics and insights.
- Customized access.
2. Best for Service-Based Businesses: FreshBooks
FreshBooks is an easy-to-use, cloud-based bookkeeping software for small businesses that lets you manage your business on the go. With FreshBooks, you can set up a company file and get started on the way to creating invoices, receiving payments from customers, and more.
It eliminates the hassles of manual data entry or using spreadsheets for your bookkeeping needs. Plus, it’s available on iPhone or iPad, so you can stay connected even when you’re out of town!
Here are some features that make FreshBooks stand out from other accounting software:
- FreshBooks helps you to keep track of your customers and vendors in your address book. You can assign each contact tasks, notes, or projects that need to get done.
- FreshBooks makes it easy to create templates of common invoices. You can even customize the templates with your company information. So you’ll always look professional when sending an invoice.
- You can create customized invoices for each customer that reflect their preferences or industry standards. FreshBooks also helps you collect sales tax if that’s required in your city or state, but you have the option of excluding certain types of customers from sales tax, so they don’t overpay for services and products they receive from you.
- Invoice multiple customers with a single invoice, so you don’t have to enter the same information over and over again. FreshBooks also lets you add notes to the customer’s records so you can keep track of additional details regarding their accounts.
- FreshBooks automatically calculates and tracks your payments for you. You can see how long it will take you to collect the full amount owed on an invoice from your customer in collections, saving time when calculating future payments for each customer or vendor.
3. Best Automation: Zoho Books
Zoho Books is a comprehensive bookkeeping solution that provides all the necessary functions for small business owners in one place. It has a clear design which makes it easy to navigate through without any difficulties. The software lets users quickly access their financial data to easily see where their budget is going and what’s left of it at any given point in time. It allows you to keep track of inventory and all the details of each department in your business.
The software is easy to use, so that anyone can quickly learn how to utilize it. The best thing about the software is that everything is accessible from one place, which saves a lot of time managing small company finances.
Zoho Books has a simple template for invoices and price lists, making them more appealing and attractive to customers. It features an auto-populated invoice with one click, which saves time and effort on creating invoices. The software helps you create shipping labels and shipping notices efficiently, thereby saving time with your deliveries.
Pricing Plans
- Free – €0.
- Standard – €10.
- Professional – €20.
- Premium – €30.
All Plans Include
- Vendor portal.
- Budgeting.
- Twilio integration.
- Custom buttons.
- Validation rules.
- Related lists.
- WebTabs.
- Custom functions.
- Custom schedulers.
- Webhooks.
- Workflow rules (up to 200).
- Vendor credits.
- Recurring bills.
- Sales orders.
- Purchase orders.
- Purchase approval.
- Multi-currency handling.
4. Best Affordable: Wave Accounting
The Wave Accounting is a full-service package that helps you organize and slim down your business bookkeeping tasks. It has an integrated inventory system, sales forecasting tool, activity reports, and more. I recommend checking it out if you require an easy-to-use product that will help save time on the back end of your busy schedule.
Wave Accounting Features
Full-Service Bookkeeping Platform
Wave Accounting is a full-service package that organizes and simplifies your business bookkeeping. It’s excellent for different businesses, including independent contractors, small business owners, consultants, and professionals.
Invoicing & Expense Tracking
The Wave Invoicing feature lets you create professional invoices and estimates. You can send them via email and print them out when necessary. You also get a mobile app for managing your expenses.
Inventory Management
Wave Accounting has an inventory management section with real-time updates and a barcode scanner included. It also tracks your product cost with real-time prices from Amazon for accurate inventory tracking.
All Plans Include
- Unlimited income and expense tracking.
- Track sales tax on income and expenses.
- Add unlimited partners, collaborators, or accountants.
- Fully functional double-entry system. Generate financial statements for year-end.
- Powerful reports on Overdue Invoices & Bills, Cash Flow, Profit & Loss, and more.
- Unlimited bank and credit card connections.
- Easily organize income and expenses into tax categories.
- Run multiple businesses in one account.
- Instantly see how your business is performing on your dashboard.
5. Best for Manage Payments: Sage 50cloud Accounting
The Sage 50cloud Accounting software streamlines the bookkeeping process for small businesses. It is designed to focus on simplicity, efficiency, and reliability to meet the needs of small business owners.
Every business has its own set of requirements, making it difficult to find one solution that suits everyone. With Sage 50cloud Accounting, you can personalize your experience and get the most out of your bookkeeping system.
The Sage 50cloud Accounting software offers features such as accounting, reporting, payroll, and payment options. It also has a dashboard that allows you to view all your financial information in one place. You can make payments right from the dashboard without logging into multiple systems. This feature is excellent for those who are always on the go.
The Sage 50cloud Accounting software is designed with a focus on simplicity and ease of use. The interface is user-friendly and can be accessed from any mobile device or computer. There are no technical set-up requirements and no need for IT support or extra training time.
Pricing Plans
- Pro Accounting – $340.00/year.
- Premium Accounting – $510.00/year.
- Quantum Accounting – $842.00/year.
All Plans Include
- Account for all your revenue.
- Manage expenses with ease.
- Pay bills in an instant.
- Effortless invoicing of customers.
- Reconcile financials with your bank automatically.
- Effective inventory tracking & management.
- Smart integration with Microsoft 365.
- Job costing.
- Trace transactions & track down errors with audit trails.
- Advanced budgeting tools.
- Managing multiple companies.
- Role-based security.
Buyer’s Guide
There are many benefits to using bookkeeping software for small businesses, not just for the bookkeeper in managing the accounts. When you choose a software package designed specifically with small businesses in mind, it offers features that are much better suited to the needs of your venture.
For example, many accounting software packages make it very easy to produce an income statement that can be used to summarize your financial performance or even as a means by which you can write up your tax return at year-end, saving yourself time and money on accountancy fees.
What Is Bookkeeping Software For Small Business?
Bookkeeping software is a type of accounting software designed to keep track of transactions, provide reports on your business’s financial health, and generally help you manage the financial side of your small business.
It can take many forms, including specialized packages that do one thing and do it well, such as accounts payable or accounts receivable, or it can also be more general-purpose financial management software that can handle everything from invoicing, tracking expenses, and managing cash flow through to producing more complex reports for investors or tax purposes.
Many of the most popular packages include bookkeeping, accounting, and invoicing software as part of a wider package. This is because they were designed by small business owners to be used by small business owners and understand the challenges of accounting for your own business.
Benefits Of Bookkeeping Software For Small Business
So why use a bookkeeping software package in the first place? There are many benefits to consider when it comes to choosing one. The fact that they are designed for small businesses means a reduced learning curve, meaning you’re not wasting time trying to work out how your chosen software works or what it can do for you and your business.
You can find bookkeeping software for sale online, and while many of the features are hard-coded into their core, any special needs can usually be accommodated with no extra cost at all. Almost all of these packages come with online help files and access to support specialists who will guide you through any questions you have or help address any problems in a very timely fashion.
Bookkeeping software is also a great way of saving money. For example, the cost of an accountant or bookkeeper can be very high, especially if you work with smaller businesses, and therefore your workload is much lighter than bigger companies. Plus, you’ll have to charge your customers for the services you provide, and even though that might be nothing at all, it will still mean having to pay a part-time accountant or bookkeeper, which could add up in the long run.
Companies like QuickBooks are explicitly designed for small business owners looking for an affordable package with all the workflow features they need but don’t want to spend thousands on something more comprehensive.
FAQ
What Is The Best Software For Small Business Bookkeeping?
The best software for small business bookkeeping is Quickbooks, a leading solution that offers many tools and automation to help keep the company running smoothly and on target. Quickbooks has a great range of features and is widely used as it is considered reliable and convenient. It can be used in any industry that needs some accounting management level, including construction, retail, and restaurants, to name a few.
What Is The Easiest Accounting Software For Small Businesses?
FreshBooks is the easiest-to-use accounting software for small businesses with an easy-to-use interface, customizable reports, and powerful features. If you’re looking for a more advanced accounting tool, FreshBooks can be used for any business.
Is Quickbooks Worth It For Small Business?
The answer is yes! I believe that Quickbooks is a good way for small business owners to organize their finances. Many different features are included, making it much easier to manage everything from payroll to inventory tracking from one software package.
