Accounting is an essential part of every organization, large or small. But a small business often can’t afford to have an accountant. This makes accounting software even more important in many cases. Here are the top accounting software platforms for small businesses.
What Should You Look for In Small Business Account Software?
When looking for accounting software for your small business, there are a few features that can make or break the product. It’s wise to keep an eye out for these things, as you want your accounting software to do enough work while still providing a compelling value. You should, however, check for reliable accounting services in the area first. These are some of the most important features:
- Intuitive ledger – As the most basic element of any form of bookkeeping, you need to have accounting software that offers an easy-to-use general ledger.
- Point-of-sale integration – While this might be a perk with some of the more basic options, it’s certainly helpful to have your POS system seamlessly tied into your bookkeeping. You’ll also want to look for POS integrations that facilitate a wide range of vendors.
- Software-as-a-service (SaaS) – In terms of scalability and flexibility with pricing, SaaS options can work great for small businesses that want capable software without paying too much upfront.
- Inventory tools – The more you can tie your product directly into your accounting, the less you have to think about when keeping your books.
Now that you have an idea of some of the things you’ll ideally want to have in your accounting software, it’s time to look at the best accounting software options for a small business.
Intuit’s QuickBooks is one of the most commonly used platforms for small business accounting software. There’s a reason it’s so popular—it’s also one of the best products on the market. Not only is it an incredibly scalable option, it has a mobile app, and is compatible with many applications. It even has features for things like taking pictures of receipt and automatically processing them. All in all, this is one of your best options for a full-fleshed small business accounting software.
A great option for people with a small, but rapidly growing business, Xero is another cloud-based accounting service. Xero is a streamlined product that offers great functionality for a reasonable price. One of the downsides to Xero is that its customer service isn’t as comprehensive as it is from a company like Intuit. However, the great integrations and mobile app still make Xero a prime option for small businesses.
While it might not be the flashiest option out there, if you’re looking for a bare-bones accounting solution, Microsoft Excel might be your answer. At its core, Excel was designed to do things like keeping a balance sheet. It’s truly just rows of cells that have the ability to run mathematical functions.
The fact you can import data into Excel also makes it a desirable option for a streamlined accounting software. This can also be potentially more secure than other options, as Excel can be run offline if you’re concerned about a potential hack.
Built specifically for small businesses, Wave is an accounting platform that has many free features. In fact, some kinds of micro businesses could potentially get by with only using the free tools. It’s also great because you can facilitate more than one company on the same account, as well as add an unlimited number of users and perform unlimited transactions.
While Wave has a bunch of really intriguing pros, there are a few downsides as well. For instance, it doesn’t offer any inventory features, which can make things harder if you’re dealing with a lot of products. It also lacks many app integrations, and has some higher fees for credit car usage.
There are many small business account software products on the market today. This can make it tough to know what’s actually best for your company. Consider the necessary features, as well as these top contenders, when looking for your own small business accounting software