For every business established, there is a need for accounting at a point or the other. Employing the service of an accountant or personnel to keep day-to-day account records can be daunting for some business owners, especially startups, as they are being characterized by limited manpower and financial resources. If you can gain little experience about taking account statements, it can be enough for you to perhaps take charged of your financial statements. There are many Top Best Accounting Software that can be used in that regard, especially for startup owners.
Top Best Accounting Software
These Top Best Accounting Software aid small businesses to track accounts receivable and accounts payable, have a clear understanding of their profitability and be prepared for tax season. There are lots of types of accounting software available for small businesses, with varying capabilities and price tags. It is on this we have helped compile a list of the best accounting software’s which you can use and suits your business demands.
What are the Factors to Consider in Choosing Top Best Accounting Software For Small Business
When selecting Top Best Accounting Software, there are some factors that must be considered in order to select what suits your business. These factors include:
1. Easy-to-use Software: The first thing to consider when getting accounting software for your startup business is flexible usability. It should help simplify your bookkeeping and accounting in the sense that it will have cash in or out of the company over the last six months, invoices owed to the company or bills to be paid by the company, and all user activities in one place.
2. Cloud or Desktop Compatibility: There is a need to consider if the software is Cloud-based or desktop. The cloud-based software is what most of the startup prefers as it affords them to collaborate with their staff or the accountants to speed up the things and also affords users the access to financial data anytime and anywhere which assist them in decision-making. The desktop-based software is that which you can fall upon when the internet in your environment is fluctuating, as it can be used just without the internet.
3. Multicurrency Functionality: Many accounting systems don’t have foreign currency functionality. This is why you should consider the software that has foreign currency functionality, especially if you usually post transactions in other currencies.
4. Scalability: There is no business established to be stagnant, growth is constant. So, you need to take into account while getting accounting software the ones that your business can grow with. You should know that when your business begins to expand, it will lead to an increase in transaction volume, which in turn called for the multiuser accounting system. In summary, you should be able to upgrade the software as your business expand.
5. Accounting Software Pricing: Cloud-based accounting software is not very expensive. The price is usually dependent on factors such as functionality and the number of users. Some packages are also priced based on the volume of transactions. So, the software to be chosen should consider these factors as well as what suits your budget.
6. Secure Data: The market trend is to use web-based accounting software. It is necessary you invest in such tools and not in the desktop-based ones because the desktop software days are fading out fast. The web-based saves your data from physical hazards and you can have access to it from anywhere you are.
List of Top Best Accounting Software for Small Business and Startups
Below is the list of Top Best Accounting Software:
1. QuickBooks: QuickBooks, leading accounting software that was developed and marketed by Intuit. It is an online software mostly used by small businesses and accounting professionals. It has many online training resources and forums for users to get support when needed. Furthermore, it is easier to use and all its accounting features can be conveniently accessed on one main dashboard. It has a mobile app, and it is integrated with third-party applications
QuickBooks Online has a 30-day free trial and four other subscription plans which include: Simple Start at $25 per month, Essentials at $40 per month, Plus at $70 per month, and Advanced at $150 per month.
2. Xero: This is one of the Top Best Accounting Software for small businesses is user-friendly and has a clean interface, and it is as well fully integrated with a third-party payroll service. It was created in 2006 and has over 2 million users globally. Its simple inventory management is just top-notch.
The company offers a 30-day free trial and a promotion of 50% off for two months. Its major’s subscriptions are three which include: Early at $11 per month, growing at $32 per month, and Established at $62 per month. All these come with full-service payroll option, offered through Gusto.
3. FreshBooks: Freshlook’s is one of the Top Best Accounting Software that was founded in 2003 in Toronto and started just as an invoicing software. Its primary function is to send, receive, print, and pay invoices, but can as well take care of a business’ basic bookkeeping. It is easier to used and integrated with a third-party app. It has no inventory management and payroll service, and also its mobile app has limitations.
Fresh Books has different four paid plans are which are: Lite at $6 per month, Plus at $10 per month, Premium at $20 per month, and Select, which is a custom service with custom pricing. Users can get 10% discount, if they choose to pay yearly, rather than monthly.
4. Wave: This is one of the Top Best Accounting Software platforms is ideal for a service-based small business that sends simple invoices and doesn’t need to track inventory or run payroll. These features can be accessed online or on the mobile app. It can run multiple businesses in one account and has no transaction or billing limits. There is a high fee for credit card and ACH payments.
The platform majorly makes money on its payment gateway. Its fees are slightly higher than other software. It charges 2.9% plus 30¢ per transaction for Visa, Mastercard, and Discover, and 3.4% plus 30¢ per transaction for American Express.
5. Sage 50cloud: Sage 50cloud is an accountancy and payroll product developed by Sage Group aimed at small and medium enterprises. It is different from other competitors as it is integrated with Microsoft 365. The platform enhances user productivity with convenient, cloud-connected features, such as digital invoicing, online payments, automated bank reconciliation, Microsoft Excel-based reporting, and more. It also allows users to access data remotely. However, it only works via the internet and doesn’t support offline usage.
The Sage 50cloud has three major plans which are all 12-months subscriptions, these are: Pro Accounting at $567 per year/user; Premium Accounting at $850 per year/user and Quantum Accounting at $1,404 per year/user.
6. Zoho Books: The accounting software package is though meant for startups, but it is more appealing to expand upmarket. Its usability is very flexible and has standard bookkeeping areas—sales and purchases, time and project tracking. It has multiple payment gateways and has generous support options. The platform didn’t only work on the website, it can be accessed on the mobile app as well.
Zoho Books has a 14-day free trial to and users can subscribe to the Basic Plan for $9 per organization per month, which limits them to 50 contacts, one user plus an accountant, and five automated workflows. The second paid plan which Standard plan is at $19 per organization per month. The Professional tier is at $29 per organization per month) supports unlimited contacts and users and 10 automated workflows per module.
7. Kashoo: Kashoo is a simple cloud accounting for small business owners who want the control and simplicity of doing their own books. It is simple and straightforward to use and make it easy for a small business owner to create and send professional invoices, capture and manage expenses, generate reports, view transactions, connect payroll, accept credit card payments. The platform doesn’t use a standard dashboard and has no android app. It also lacks time and inventory tracking. Kashoo has a 14-day free trial and its subscription plan is $27.00 per month (billed annually) or $30.00 (billed monthly).
8. OneUp: This is another Top Best Accounting Software package. It is best known for its inventory management capabilities and validates suggested entries, so users’ books are done quickly and accurately. It is synced with the popular banks. One-up pricing is based on the number of users, which means that whether the user purchases the single user plan at $9 per month or the Team plan at $69 per month, the user will have access to the same features.
There are many Top Best Accounting Software that is designed for small businesses and startups. There are some factors to consider in choosing the specific one that suits your business. The major factors have been outlined above, which serves as a guide to choosing the package that suits you. The best of the accounting software’s have been listed as well.