Best Accounting Software For Small Business 2024

Doing this will give you more time to focus on other aspects of your business. You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly business accounting from your social media accounts. Both of these platforms have free ad training to help you market your business. Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too.

Easy-to-Use Accounting & Bookkeeping Features

Wave’s built-in dashboard makes it easy to quickly access and understand your business’s financial information. Another outstanding feature is the fact an unlimited number of users can be added. Accounting software offers features for tracking the revenue and expenses of a business. The best small business accounting software has a wide range of reports that allow you to analyze the financial health of your business.

Best for On-demand Reports

See how you can track and manage your whole financial picture in one place—from bank transactions, expenses, and beyond. Today’s leading accounting platforms offer standard security features such as data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. Additionally, when I generated an invoice, the system alerted me if any necessary information was missing to save the invoice. A form would then appear on the same screen, enabling me to promptly add the required details, such as a service item for sale or a customer.

Honorable mentions for the best accounting software

NetSuite’s accounting software is a good choice for businesses that need help with financial compliance and those that want to automate as many accounting tasks as possible. Once you’ve sent your invoice, you can then track invoices to ensure they’re paid, run reports that show the age of each outstanding invoice and apply invoice payments to specified transactions. Once I filled in the form using drop-down selections or by manually entering text into the field, I simply had to click “approve and email” to send it. I then clicked on the “accounting” menu item and was taken to the accounting page. An explanation told me that doing so would allow me to automatically import transactions into FreshBooks, then match them with income and expenses in FreshBooks. When I opted to add my bank account, I was walked step-by-step through the process.

OneUp earns a 3.7 out of five-star rating on Capterra with six user reviews and 4.1 stars on G2 with 20 reviews. While it has very few user reviews, users who posted say that it is an easy-to-use solution with task tracking and lead capturing tools. They also appreciate the friendly, responsive and knowledgeable customer service OneUp offers. However, it doesn’t offer time tracking of payroll features, creating fewer efficiencies than some competitors provide.

• Our accounting reports are easy to use and show monthly or yearly comparisons, so you can easily identify cash flow trends.
• In this plan, payroll is full-service, meaning that all tax filings and payments are managed by Wave.
• If that’s important to you, then we recommend looking into other providers like Bookkeeper.com.
• Create accounting reports and use the accounting tools in FreshBooks so you always know the costs of running your business.
• Use the demo company to try things out, or enter your own business details and data to try it out for real.

Best for advanced data management and reporting

Note that Wave Advisors didn’t receive any user reviews, so this wasn’t factored into our overall score. We weighted each category equally to derive our star ratings, along with our accounting expert’s opinion and advice. In other words, doing accounting by hand is possible—but it’s also more complicated, time consuming, and error-prone. This means that you need to sell at least 456 units just to cover your costs.

Advance Your Small Business with Double-Entry Accounting on FreshBooks

It’s the reason we’re one of those most popular small business invoicing software – having been used by over 30 million people worldwide. The Xero Accounting mobile app works in tandem with the Xero accounting software so you can run your small business online from anywhere. Keep track of your unpaid and overdue invoices, bank account balances, profit and loss, cash flow and bills to pay – plus reconcile bank accounts and convert quotes to invoices. It is designed for small business owners without an accounting background. With just a couple of clicks and by filling out simple forms, you can create and send invoices, track expenses, manage projects and clients and view reports.

But if your primary goal is to streamline nonprofit accounting, Aplos is our pick. Finally, ease of use and collaboration for business owners, employees, and accountants was considered because it’s important for all users to be able to access and review the financials at the same time. Accounting, and accounting software, can often seem like dull chores that take away from the “real work” of running and growing a business, like marketing or sales or delivering your product or service. But avoiding the accounting can be a mistake, especially for businesses that have grown beyond the “micro business” stage. The full-service payroll option is offered through Gusto and starts at an additional $40 per month, plus $6 per employee. The Advanced subscription adds many features including expense management, exclusive premium apps, a dedicated account team, and on-demand training.

• In 2021, Neat transitioned to a full-fledged bookkeeping software to help small business owners spend minutes, not hours, doing their books.
• For freelancers and small businesses, this is often a more cost-effective option than employing a full-service accounting agency.
• Any credit created for your client, whether it’s a Credit Note, Overpayment or Prepayment Credit, can be automatically applied to invoices generated by a recurring template.
• Let’s look at a few reasons why choosing the right accounting software is the best thing you can do for your small business accounting.
• Use the apps you know and love to keep your business running smoothly.