A business requires strong knowledge and a fast action-oriented approach to be in a competitive market. To do so you have to do regular research in your field. Like the current market situation, political situation, and the latest tools for managing business accounting. And the most difficult task accounting of your business.
Because it consumes lots of hours to complete with accuracy. So many big companies use accounting software to manage their business fast and with efficiency. But the typical task is there are lots of accounting software available in the market those claim for the best accounting software. So we decide to review the top 10 accounting software for small businesses.
As we know every business has its own unique facilities and requirement, so we cant say all accounting software fits all businesses. But we have research on the base of their price features, advantage, and disadvantages. So let’s see the top 10 accounting software for small businesses.
But before preceding our topic we must know why we need accounting software, and what role they perform in our business.
Why We Need Accounting Software (Purpose of software)
We all know doing manual accounting is a very tough task for any business. Because when we do our business we have lots of work to do like managing employees’ salaries, preparing tax payment, calculating P&L of business, and record each expense in different categories. Oh no, it’s really a headache for the owner. So accounting software reduces this burdon from the accountant or owners also save their time and effort.
Accounting software capable of doing automation of your work, you can generate customizable invoices in a single click. Also, it will help you at the tax payment day. Because it keeps all the business expense records in separate categories that help you to easily determine how much profit and loss you gain. So we hope you have now understood what is the purpose of accounting software in the business, now let’s see the top 10 accounting software for small business.
Best 10 Accounting Software For Small Business
There are basically two types of accounting software available in the market. One is desktop accounting software & another is online accounting software. Both accounting software is very similar only difference is one is running only on a system that installs software. And then another one can run on any computer that connected via the internet. You can see below the top 10 accounting software that fits for small businesses and can be used on an online and offline system.
Quickbooks comes with online and offline accounting software. You can purchase it’s premier and Enterprise edition for your desktop computer. And if you need a web-based accounting software then you can go with Quickbooks online. Quickbooks accounting software is basically developed for small & mid-sized businesses, but now many big firms are also using it like Vanburenand associates.
Its popularity depends on its simple user interface and accuracy of accounting. You can calculate your employee’s salary within a few seconds with the Quickbooks payroll service. Oops! We forget to tell you that it supports several third-party software integrations like Quickbooks amazon integration and many more. So if you want to purchase this software then attention toward its advantages and disadvantages.
Advantage of Quickbooks
Quickbooks is versatile accounting software that fits for all types of business. It comes with several pre-built templates like invoice template, and stock maintains template, etc. So it doesn’t matter how much knowledge you have in accounting. You can fill simple forms and it will automatically generate your profit and loss account and balance sheets. Let’s see some more benefits of it to clear your thinking about Quickbooks.
- You can customize your report and invoices according to your need.
- Allow 40 user access simultaneously on the same company files.
- Cloud storage facility available for your document
- Manage your expense by uploading invoice pics, Quickbooks automatically scan all necessary detail and save it an appropriate account.
- It uses the latest data security technology so that you don’t have to worry about data loss.
- Barcode scanning available in the pro version you can check online.
- 24*7 Quickbooks support service available via its toll-free number.
Disadvantages of Quickbooks
Most of Quickbooks user satisfy with Quickbooks, but some user face run time errors in Quickbooks. Hence it has several downsides that you must know before purchasing it.
- It has several runtime errors that occurred due to incorrect installation and setup
- Quickbooks support service is not responding all time, we have to wait for a long time for executives.
- You have to pay each additional service that you want to use, like Quickbooks payroll service and storage capacity.
Freshbooks is a little bit similar to Quickbooks because it also comes with several subscription plans. And you can use it online because it’s an online accounting software form a small business. Freshbooks provides various inbuilt invoice template and automatic reminder for payment due. Also, you can integrate payment gateway service to take online payment. These online transactions can directly record in your business accounting without any effort. So you can save your time with FreshBooks accounting software. You can see your business status with a graphical view in FreshBooks and easily examine how much you have to spend on a particular production process.
Advantage of Freshbooks
- It supports double-entry accounting
- Simple user interface for creating invoice and online payments
- Track employee working hour with its time tracking features
- It has inbuilt PayPal integration means you don’t have to do a manual setup.
- Freshbooks payroll service calculates accurate employee salary
- Freshbooks is cheaper than Quickbooks
- Provide mobile app for easy to access your business document
Disadvantages of Freshbooks
- Freshbooks’ mobile app is lack of features like it can access the financial report.
- It doesn’t support large and complex businesses
- Freshbook is cheaper but you can get more features at its price.
3 ZOHO Books
If you are a beginner or opening a new business recently then you can go with Zoho Books. Because it’s not as capable of handling complex business tasks. But you can manage your small business at a specific level, and when your business will grow then you can take it 40 plus software integration. So that you can extend the features of Zoho books. Below we have given some advantages and disadvantages that bring them in the top 10 accounting software for a small business list.
Advantage of Zoho Books
- Zoho books use the latest GST features for your tax payment.
- You can use its software integration features with more than 40 apps integration.
- Generate effective invoices and directly sent them to the vendor via email.
- Easy expense tracking system via expense’s invoice uploading system.
- Track all your payment and payment due and get the notification for any payment due.
- The latest e-way bill generation features with very simple steps.
- Direct pay your tax return to your federal agencies with Zoho books.
Disadvantages of Zoho books
Similar to Quickbooks and Freshbooks, Zoho is also subscription-based accounting software. So each additional feature that you want to use in Zoho, you have to pay a dollar. Let’s see some more disadvantages of Zoho books.
- We haven’t found any payroll service in Zoho, so if you want to use payroll services then you must avoid it.
- It gives limited contact saving space or limited user access.
4 Xero Accounting Software
Xero online accounting software comes with a mobile app that supports all smartphones including the iPhone. You can access your business accounting on your smartphone. Xero software supports all types of operating systems like mac and window OS. So these versatile natures give it 4th position in the top 10 accounting software for small business list. So let’s see its advantages and disadvantages.
Advantage of Xero Software
With Xero, you can generate customizable invoices and take online payments via payment gateway service integration. Also, it will automatically separate your business expense invoice according to the accounting rule. Besides, it has lots of advantages that we listed below.
- Track your sales and expense report with Xero inventory system
- Support all foreign currencies to make accounting easy.
- Support more than 800 third party software integration
- Automatic reorder of goods by setting up the reorder level of goods.
Disadvantages of Xero
- If you want to customizable filter option for your business data, then it’s not fit for you.
- You have to pay for online payment
- It provides two user interfaces classic and New. but both have different features.
Pablo accounting software is cheaper than above all accounting software, you can purchase it in just a $9 per month subscription plan. At this price, you can take online payment within the software without paying any extra money. It provides a reliable tax management tool with a single user sign-in option. Via Pebbly you do simple online email marketing by sending emails to vendors and customers.
Advantages of Pabbly
- Pebbly allow us to automate our work.
- Customizable filter option of your data.
- User latest technology for data security
Disadvantages of Pebbly
Pebble has a lack of features, we think it should include more features like Quickbooks online. It has several disadvantages that we listed below.
- This software is always occurring several bugs
- Software is hacked by the hacker
Wave accounting software is a complete package of handling your small business. You can use it for payroll calculation, invoice creation, online payment receive, and many more by integrating its all external app. Similar to Quickbooks you can integrate third-party software into it. And customize your business report to send an email directly to vendors and customers.
Advantage of Wave
- You can take online payment via payment gateway service integration.
- Subscription for payroll service available
- Direct syn your bank transaction into Wave accounting software
- Support all operating systems.
Disadvantages of Wave
- It uses your CPU more than other software, resulting in your system going hang.
- Less accounting features
- If you are in the USA then you must avoid this because it does not support the Payroll service in the USA.
7 GoDaddy Accounting
GoDaddy is the most popular company for web hosting but it has also built online bookkeeping software. That allows you to manage your small business very fast and secure with the latest security system. It is used for creating invoice schedule tax time with automating functions. It supports excel integration, so there is no need to have a professional in accounting, you can manage your invoice via doc file synchronization.
Advantages of GoDaddy account software
- The user interface is very easy, & you can create an invoice in a single click
- Your customer can pay via online payment gateway services.
- It has the capability to synchronize your bank and online marketing transactions.
Disadvantages of GoDaddy
- It is not capable of handling complex business accounting.
- Tax filters are limited.
- Lack of tax return tool that a wealthy business needs.
8 AccountEdge Pro
AccountEdge Pro helps you to synchronize your bank transactions. You can manage your business expenses manually and by uploading invoices. After that, it will automatically generate a profit and loss account and balance sheet for you. So let’s see its advantages.
Advantages of AccountEdge
- It uses simple forms to doing bookkeeping
- You can set filters according to your need
- 24*7 technical support service and chat rooms
Disadvantages of AccountEdge
- Limited storage facility for your contacts
- You can’t use copy-paste function in someplace in software
- Share button for your invoices is not available
- You can check the daily history of your work.
Tipalti online accounting software helps you to save the money that you spent on bookkeepers. You have to fill simple forms and it will save your expenses incorrect accounting sections. It has been popular in 190 countries and supports almost all foreign currencies. So use this software to speed up your financial growth.
Advantage of Tipalti Software
- Support all ODBC software integration
- Customer support with having lots of year experience in accounting
- You can prepare outstandings and tax payments.
- Accept online payments via PayPal and other payment gateway services.
Disadvantages of Tipalti
- You can see your check details in Tipalti
- Lack of accounting features
- You will not get live technical support.
10 NetSuite ERP
Netsuite company has developed NetSuite accounting software. Via online accounting software, you can track your business in real-time. Real-time update deletion and invoice generate options. it‘s a versatile software that fits for all types of business like production industries and retailer shops. So let’s see its advantages.
Advantage of NetSuite ERP
- Easily calculate the cost of goods sold and inventory management tools.
- Provide accuracy and reliability in your work.
- Included business intelligence, so that you can examine your business status.
- Easy upgrade option when your business will grow, it supports integration apps
Disadvantages of NetsuiteERp
- You will miss payroll features
- And technical support is not good,
- It is used for very small businesses because they can’t support complex accounting.
It’s not easy to choose the best accounting software in 2020. But according to your need and the future expectation you can choose one that has all features that you want. So according to us, Quickbooks is best for all kinds of businessmen. Because this software comes at an affordable price and gives extra features than other online accounting software. Also, its customer support service is available in all countries. So you can get technical support anytime and anywhere via Quickbooks support number.