Does not matter a business is small or big, accounting is really necessary and in 2020 there is much reliable software for that. The reason behind accountancy is to summarizing, analyzing, and reporting of all transactions related to a business. By doing that you can easily understand the profit, loss and tax responsibility of the business.
Usually, companies and organizations hire a dedicated person called accountants to look after the accounting part. But if you are self-employed or have a small business, doing that on your own will save a lot of finances. So in this article, we will have a look at 12 best business accounting software which are best to use in 2020 and beyond.
12 Best Small Business Accounting Software
1. Accounting Seed
The list starts with Accounting Seed which is a cloud-hosted software to look after your account-related stuff. The interface of the program is easy to use and you can customize it as you want. Also, it creates a collaborative environment.
It offers a wide range of financial reports, including profit and loss, balance sheets, cash flow statements etc. Since every small business is different, the customization tools will provide you with the best environment possible for your business needs. There is an integration option with Stripe to conduct credit card, ACH payment and other add-ons.
The pricing for Accounting Seed is not publicly available but you can get a personalized quote depending on your need from them.
Next on our list is ZipBooks which is a web-based software. With it, you can create ledgers, bank reconciliation statements, balance sheets, trial balance etc. There are multiple tools to get an insight into your business like business health score, invoice quality score etc.
When it comes to team management, every member can access data in real-time and update it. Another great feature is you can sync your data if you previously managed it in Microsoft Excel. For online payments, there are options via PayPal or Square. Sadly it only supports English.
ZipBooks offers four planes and the best part of it is the Starter plan is completely free to use. The Smarter plan which will cost $15 per month and finally a Sophisticated plan will cost $35 per month. In case you need a custom plan you can get a quotation for that from their sales team.
FreshBooks is a well-known accounting tool in the market right now, thanks to there marketing policies. It helps with invoicing, time tracking, making payments and more. Just like Accounting Seed, it offers many customization options. It is a cloud-based service and you can connect with your clients with their smartphone application.
Every transaction made through the app is SSL certification encrypted and it supports credit cards and ACH bank transfer. When it comes to negative points, the metrics, goal-setting, and reporting features are not par with the competition and there are no free plans.
Four plans are offered by FreshBooks and they cost $6, $10 and $20 per month but are billed annually. The Select plan is customizable depending on your need and you can contact them directly for a quotation.
Next on our list is SlickPie. It is a simple, easy to learn and cloud-based solution for accounting. SlickPie comes with a feature called MagicBot which is an automated receipt data entry tool. It pulls details from the bills to convert it to digital data.
SlickPie can make and accept digital payments via PayPal and Stripe and you can link unlimited users. But the application only supports English and there is no option for customizable plans.
It offers two plans, one is free where you get a very limited feature set. Then there is a Pro plan which cost $39.95 per month.
If you need an all in one solution for your accounting needs Wave will be a good choice. This is one of the best software for small businesses, freelancers and for self-employed people. Wave can keep track of your accounting needs while being connected to your bank accounts. With a press of a button, you can make professional invoices and receipts.
When it comes to negative points, there are no options for time tracking and audit history. Also, it collects processing fees when there is a dispute or return. For dispute, it takes $15 and for return, there is $5 fee per item.
Wave is completely free to use, you can use each and every feature of it.
6. QuickBooks Online
The QuickBook is one of the newest software in the list and it offers both cloud-based and on-premise versions. With it, you can create professional invoices, sales receipts and check business performance at a glance. It comes with an inventory management module which helps you to check the quantity of every item after buying and selling goods.
Sadly it does not offer any free plans and supports only English. Also on weekend, there is no customer support available. Fortunately, QuickBooks Online offers 30 days of free trial and can be used in all major operating systems including Mac, Windows and Android.
There are five plans available for QuickBooks. Plans start from $4 per month and go up to $45 per month. If you are just starting out or a self-employee we will recommend to go for the $4 or $8 plan.
Yes, I spelt it correctly. Xero is another new software in accountancy meant for small businesses. Key features of this software are asset management, project management, sales tax preparation and submission, inventory management and dashboard for performance and stability.
Xero comes with 24/7 customer service via phone, email, live chat, and email and can track profit and loss in more than 160 currencies. Sadly there is no free plan to try out the program and if you have multiple transactions going on at the same time, it might take a long time to process everything.
There are three plans for Xero. The starter plan costs $20 per month, then the Standard plan costs $30. Finally, the Premium plan comes at a price of $40 per month. All of them comes with a 30 day trial period.
8. Zoho Books
Another cloud-based, all in one tool for finances and business is Zoho Books. It can integrate with many third-party programs like G Suite, PayPal, Razorpay, Office 365. As it is cloud-based, it is fully compatible with mobile platforms. Another great feature of Zoho is it supports many languages and currencies.
Although there is no on-premise deployment and live chat features But those can be overlooked as their pricing is very competitive comparing to other paid programs in the list.
Zoho Books comes with three plans. The Basic starts at $9 per month, then the most popular plan is Standard with costs $19 per month. Finally, the Professional plan costs $29 per month.
9. Invoice Meister
Next on the list is Invoice Meister. It is most suitable for small businesses and can take care of entering your revenue and expenses, creating invoices, and linking bank accounts etc. Main features of this program are analytic reports, financial reports, variety of invoice templates and invoice history. It also offers extensive customer support via phone, email, and live chat.
Sadly there is no free plan and it only supports English. But there is a 30 day trial period option available. If you want ticket-based customer support you are also out of luck here.
Invoice Meister offers three plans starting from $7.50 per month. The Standard plan costs $10 per month and the Professional plan comes at a price of $15 per month. If you go for an annual or bi-annual payment you will get 17% and 33% discount.
Near the end of the list, we have FreeAgent. It is a cloud-based software meant for freelancers and small businesses. At the time of writing the article, more than 90,000 businesses are using this tool to grow their respective businesses. Key features of the program are expense management, tax management, generate bills with the customization and sending invoices to your clients.
There is no free plan for FreeAgent, but you can get a 30-day free trial. When it comes to digital payment, it supports PayPal, GoCardless, and Stripe. Sadly it does not offer an on-premise deployment option.
FreeAgent has only one plan that costs $12 per month for the first six months. Then it goes up at $24 per month.
With KPMG certification, Tipalti is a great tool that provides end to end solution for entire supplier payments operation. Main highlights of the program are supplier and invoice management, tax management while ensuring IRS and VAT compliance. Also, it can prevent fraud with Tipalti Detect feature.
As it focuses on security, it is SSAE 16 SOC compliant and ISAE 3402 Type II certified program and they also provide 24/7 supplier hub online access and cloud accounting. Sadly there are no free plans and for beginners, all these extra features could be overwhelming at first.
Tipalti comes with three plans, starting from $299 ranging up to $1599 per month. So we only recommend this software if you have a well-established business.
12. Sage 50 Cloud
At the end of our list, we have Sage 50 Cloud. It is a robust desktop accounting program which comes with many financial tools and generous customization options. It can integrate with Microsoft 365 and share data with productivity applications via the cloud.
On the other hand, it only supports the Windows operating system and there is no comprehensive mobile application. The interface is also a bit outdated comparing to other apps on the list.
Sage 50 Cloud have three plans. All require a 12-month subscription to Sage Business Care which renews automatically. Pro Accounting plan starts at $567 per year, Premium Accounting starts at $850 per year. Finally, there Quantum Accounting plan comes at a price of $1,404 per year for one user.
Here is all the best small business accounting software you can use to grow and support. We have included both free and paid options in the different price range and features, so you can choose the best one depending on your needs. Hopefully, you have already made up your mind, and good luck for the future of your business.