In the past, small businesses had quite limited options when it came to accounting software Now, that has changed, and there are myriads of different software applications to suit each business’ approach to accounting.
Choosing the best software for your business needs can be tricky. It’s better to have at least a few different software products to choose from, if you want to make an informed decision. Here are 4 recommendations.
1. Intuit’s QuickBooks Online
QuickBooks is probably the best-known software product in the world of accounting. Many businesses and accounting firms use the program for day to day accounting tasks. Any accountants who don’t use it usually have some type of cross-platform option to integrate their software with QuickBooks if need be.
The advantage of QuickBooks Online is its cloud-based platform that offers easy access to data regarding customers, vendors and employees. It can be accessed conveniently from any location with an internet connection.
QuickBooks Online is a great DIY accounting tool that has a relatively easy learning curve. It also has features like collections and fixed asset management, that other accounting programs don’t offer.
You can even try the sotwre for free for 30 days before deciding if it’s worth spending money on.
2. Sage 50 – for Small and Midsized Businesses
If you have a slightly larger business, you can choose Sage 50. Formerly known as Sage Peachtree, this software is ideal for small to mid-sized businesses. It’s pretty well-known for its advanced payroll and employee management system, making it ideal for growing businesses that want to add more workers to their ranks. Other features include bank reconciliation, accounts payable and receivable, and cash management.
Relatively affordable, the software might be a little less suitable for DIY accounting than some of the other entries, but it also comes with an excellent customer service which will make the learning curve a lot more manageable.
3. Track Your Money with Mint
Managing your budget has never been easier than with the use of Mint.com, a tool primarily designed to create seamless budgets and accurately track your expenses. Mint uses a powerful algorithm to automatically categorize all your bank payments, feeds and financial data. It ensures that you’ll know where all your money goes, and it also has a very easy to use user interface that makes it suitable for most DIY accounting practices.
This software is more like an advanced “aide” that you can use together with accounting software like QuickBooks for a complete suite. However, when it comes to financial planning and expense tracking, very few accounting tools are easier to use than Mint.
4. FreshBooks – for Invoicing and Time Tracking
FreshBooks has a lot of handy features that include seamless billing, automatic invoices and the ability to accept card payments from your customers. The tool is also great for scheduling everything from late payment reminders to payments and recurring invoices. It can even track your expenses, generate income statements and activity reports, and track your cashflow more seamlessly than most other accounting software options.
As long as you don’t need any overly advanced features such as accounts payable – for which you can still opt for other software, like QuickBooks Online – FreshBooks will be the only DIY accounting tool you’ll ever need for your small business.