Today every business is looking for a computerized solution to manage their finance. Why shouldn’t they? having a computerized financial system makes managing business transactions and bookkeeping very easy and saves precious time which otherwise may be wasted updating records in many different books and ledgers. With computerized system when you update one record, the business accounting software calculate and change every other record related to that record. You don’t need to update every other record affected by one record manually.
In today’s list, we have gathered 5 best accounting software applications for small businesses. Some of these small business accounting software applications are desktop based, while most of them are cloud based system accessible using an internet browser.
Quickbooks online is the most popular online accounting software with over 1 million customers around the world. It has an easy to use and attractive interface so you don’t need to be Pro to use Quickbooks. Even if you get stuck somewhere, there are over 20000 Quickbooks advisors who can help you out with your problem. It comes with advanced features such as inventory tracking, creating budgets, adding payroll etc. It comes with more than 40 reports that you can run in a very quick manner. Some of the main reports that you can run with Quickbooks are Profit and Loss Statement, Balance Sheet Report, and Statement of Cash Flows.
Xero is relatively new in the accounting space but it does not mean it’s a bad choice. With its easy-to-use interface and advanced features, Xero has made a name for itself very quickly. Xero has over 700,000 small business subscribers who are enjoying the services of Xero. The interface of Xero resembles that of Quickbooks, so if you have been using Quickbooks but want to change to a new system, Xero is a great fit for small business. Just like Quickbooks Xero also has over 16,000 certified advisors in case you face any problems with Xero. It lets you include payroll processing for up to 5 employees in their basic product and up to 10 in the premium edition.
One of the many advantages that Xero has over Quickbooks is that it allows an infinite number of users to access the software. It offers three subscription levels starting from $9 up to $70 per month. All the three levels allow for an unlimited number of users to access the software.
Zoho Books is another user-friendly online accounting software made specifically for small businesses. It lets you send invoices to clients and start accepting online payments. Zoho Books also lets you keep track of your expenses. Connect Zoho Books to your bank account to get a real-time update on your cash flow and monitor transactions. Just like Quickbooks and Xero, Zoho Books also offers rich reporting features such as Profit and Loss Statements, Balance Sheets, and Cash Flow Statements.
Unlike Quickbooks, Xero, and Zoho, Sage 50c Premium Accounting is a desktop application for small business accounting. Though it is a desktop accounting software, it also let you store and share your financial data with other accountants in your organization using a Web-based- Sage Drive. Sage 50c consists of three products: Sage 50c Pro Accounting priced at $192 per year and support only one user. Sage 50c Premium Accounting costs about $228 per years which supports up to 5 users. Sage 50c Quantum Accounting is the flagship product priced at $948 per years with support for up to 10 users. Each of these products offers full accounts payable and receivable functionality as well as integrated payroll, inventory management, and reports.
AccountEdge Pro is a desktop accounting software quite similar to Sage 50c. It is a pretty old software which has been in the market since the early 90s. AccountEdge Pro offers a comprehensive list of features such as tools to manage your company’s contacts, sales, purchases, inventory, time billing, and payroll. Recently a cool set of new features has been added to the software such as lead management, Web Pay, new profitability reporting, user-interface enhancements, and many others.
AccountEdge Pro also offers to access and submit data via a browser-based site and a mobile app but with limited functionality. AccountEdge Pro is the most expensive solution of the list starting at $399 for a single user. If you want to add new users, you can do so by paying $249 for each new user. You can also purchase a pack of 5 users for a discounted price of $999.
For small businesses, I really recommend subscribing to one of the online business accounting solutions such as Xero, Zoho, or QuickBooks which are cheaper and provide a good value for money. If you want a more comprehensive desktop based solution you can choose between the AccountEdge Pro or Sage 50c.