If you are looking for the best accounting software, you have come to the right place. Below, we have taken a look at some of the best accounting software options for small businesses.
Why Does My Business Need Accounting Software?
As a business, you are legally required to keep accurate financial records, but this can be complex and confusing. There is a lot to keep track of as a business – such as clients, invoices, payments, expenses, bank accounts and wages – but accounting software can help to keep everything organised. It’s also possible to generate financial reports using accounting software, which can provide an insight into the growth of your business. Plus, business accounting software can save you time on day to day jobs, such as invoicing.
Zoho Books has a free accounting software plan for you to utilise and it boasts a range of features. There are also paid plans available, and these tend to be slightly more affordable than other similar software options. Businesses receive access to phone support, live chat and an impressive mobile application. However, there are limitations on how many invoices you can send with Zoho Books, and a lot of important features are only available on the more expensive plans.
With ZipBooks, you can handle an unlimited amount of transactions and clients as part of the free accounting software plan. It’s also one of the easier accounting softwares to use and there are a lot of assisted bookkeeping options available. ZipBooks also covers both cash accounting and accrual accounting. Though ZipBooks is one of the best accounting software options out there, it does have its downsides. For example, it cannot track inventory and a lot of important features are only available in paid plans.
Lendio has an easy to use and convenient mobile application. It also handles recurring invoices, accepts short payments and has reliable customer service representatives. Though there are paid versions of Lendio available, there are options if you are looking for small business accounting software that is free. However, this only accepts one user.
GnuCash is aimed at small businesses and it has a range of useful functions including bank reconciliation, expense tracking and payroll management. It’s also a free software, which makes it one of the more budget friendly options for those who want to manage their accounting in a cost effective way. GnuCash is less suitable for larger businesses, as there are only a limited range of functions available and it’s not cloud based.
As the name suggests, TrulySmall is an accounting software for small businesses. It allows you to reconcile expenses, manage credit card and bank transactions and generate reports; it handles a lot of general accounting that a small business is likely to have. There is also a free version available with TrulySmall, though the paid option does have a lot more features.
If your business has fewer than five employees, NCH is completely free and you won’t need to upgrade to a paid version. It’s one of the easiest accounting softwares to navigate, and the dashboard is very simple. NCH isn’t a software that you will have to spend hours getting to grips with. One of the main downsides of NCH is that it doesn’t connect to your bank account and it’s unable to automatically record the cost of goods sold.
Like a lot of the other options, Crunch offers a free version of software to small businesses. There are paid packages that boast extra features and services, should you need them. Crunch ticks a lot of boxes and it does everything that you need accounting software to do, though the paid versions do tend to be more expensive than some others.