Small Business Accounting Software

Have you ever felt the need of automating your accounting task? Most of you might have and most of you might not have found time to think over it. Anyways here in this article I shall present to you some of the small business accounting software that are solely meant to automate the tough and simultaneously boring task of accounting. Let’s upgrade our old fashioned way of accounting and leave this task for the machines and focus on something else.

What tasks can you automate with the help of a software?

You can automate most of the tedious and time consuming tasks like billing, recurring payments, tax calculation and also backup and many more tasks.

What to expect from a small business accounting software?

Well an accounting software might not completely provide you with all the facilities of an accountant but can be of great help if you are a beginner in the field of business and are just starting to do accounts all by yourself.

Some of the major things that you should be expecting your software to do for you are mentioned hereafter.

Invoicing:

Generating invoices are a major part of most of the businesses. So this is a basic thing to expect from an accounting software.

Tracking Income and Expenses:

Income and expenses must be kept in check for maintaining a good and healthy business and for it to grow enormously.

Generating Financial reports:

Financial reports are the reports that gives a record of all the financial activities over a certain period of time. An easy to understand financial report saves a lot of time, which can be utilised in developing business strategies.

Client and vendor management:

Managing the clients and vendors becomes a tough task if not handled properly and at the right time. Lacking in this field may result in loss of valuable customers resulting in losses in business.

Payroll Managing:

Managing the payroll of the employees in an organisation helps reduce a lump of stress, so let the software do this part.

Tax Preparation:

Taxing is a must for any business that is growing tremendously and has huge annual turnover. So taxation is another column that an accounting software must have in its design to enter this list.

Now keeping all these features in mind I could Jot down the following software. The first one is free while the second one offers a free trial for 30 days.

Wave:

This is a free software that has been split into different parts based on the services they perform. It has different apps for invoicing, accounting, payroll, personal, payments and receipts. You will have to sign up individually for these sections but can interconnect them for ease of use and do not have to fill accounting data again and again.

So what does this software provide?

This software provides users with the ease to use the software either on computer or a mobile handset. It has apps developed for Android and IOS, so that you can access your accounting data anywhere and anytime and that too for free.

Features:

  • Real double entry accounting
  • Integrates with payroll
  • Assistance from accountants
  • Allows you to run multiple businesses in one account
  • Bill and invoice reminders
  • Multicurrency payments acceptance
  • Safety
  • Security
  • Connect your bank account and download or upload transactions
  • Connect with paypal, shoeboxed and many more
  • Automatic data backup
  • Money saving option
  • Invoices
  • Multi user
  • Cloud accounting
  • Journal entries
  • Reports
  • Supports transactions from nearly 10000 financial institutions

 

Freshbooks:

This is another free accounting software that only provides you a free 30 days trial and then you need to choose a plan in order to continue further. There is no need to install any sort of software and can be accessed from anywhere.

You are greeted with an account overview page that provides you with graphs on invoices & expenses, expense categories and active projects. Besides these freshbooks also provides a video tutorial on “How to create and send your first invoice”. Below that you get to create an invoice, create a client, create a project & track time, and build your team and many more. Also as seen in wave accounting software’s pro service section, here also you get to connect with experts online.

Logo uploading and editing is a unique feature seen in this software. It basically has 4 plans, they are as follows:

Sprout:

This is the cheapest plan offered by freshbooks and it costs around $12.95/month and allows you to bill up to 5 clients.

Seedling:

This is the second cheapest plan offered by freshbooks and it costs around $24.95/month and allows you to bill up to 25 clients.

Evergreen:

This is the most popular plan of the organisation offered by freshbooks and it costs around $35.95/month and allows you to bill up to 250 clients. Apart from that you can add one staff member, team timesheets, track revenue and expenses by staff members.

Mighty oak:

The costliest plan offered by Freshbooks is the Mighty Oak and it costs around $79.95/month and allows you to bill unlimited clients and add up to 5 staff members and all the other features are same as the evergreen plan.

Features:

  • Project tracking
  • Multi-currency billing
  • Late payment reminders
  • Built in time tracking
  • Can be accessed from anywhere either via its mobile app or the desktop
  • Gives detailed invoices, expenses and reports.
  • Easy methods for receiving payments
  • Can be integrated with apps like paypal, mailchimp, basecamp and zenpayroll
  • Automatic reminders
  • Billing & invoicing
  • Expense tracking
  • Profit and loss statement
  • Sales tax management

This comes second on our list of as it is not a free software and provides a free trial of only 30 days (lifetime would be better).

Features

Wave

Freshbooks

Ease of use Yes Yes
Free Trial Yes 30 days
Plans None Sprout: $12.95/month

Seeding: $24.95/month

Evergreen: $39.95/month

Mighty Oak:$79.95/month

 

Backup Yes Yes
Security

PCI Certificate

 

Yes

 

No

Customer support Yes Yes
Invoicing Yes Yes
Tracking income and expenses Yes Yes
Generating financial reports Yes Yes
Bill and invoice reminder Yes Yes
Accept payments in foreign currency Yes Yes
Automatic billing Yes Yes
Automatic tax calculation Yes No
Tax reporting Yes Yes
Multiple users Yes Yes
Payroll processing Yes Yes(only in US)
Mobile access Yes (No app for Microsoft handsets) Yes (No app for Microsoft handsets)
Third party integration Yes

 

Yes

 

 

Now let’s have a look at the bonus software that can help you out if the above two software could not satisfy your needs.

Firstly I would recommend Quickbooks and secondly I think Intacct is remarkable:

Quickbooks:

The most important thing that I advise you to do is “Do not get confused between Quickbooks and freshbooks” as I did while I was researching on the two software. Quickbooks is a service of intuit while freshbooks is a service of 2ndsite Inc.

Also if you have a look the comparison table that you will find below this article, you’ll notice that Quickbooks actually is good in more aspects than freshbooks like the pricing but even though I chose to give freshbooks a higher priority for two reasons. Firstly, it is easy to use freshbooks in terms of simplicity and secondly freshbooks has ranked higher in a number of factors over quickbooks.

Features of Quickbooks:

  • Available on windows and mac
  • Available on android, IOS, mobile website
  • Languages supported: English French and Portuguese
  • Free trial available
  • Multicurrency
  • Time and expense management
  • Automated billing
  • Invoices
  • Purchase orders
  • Profit and sale statement
  • Sales tax report
  • Depreciation tracking
  • Project management

 

Intacct: 

Intacct is another software to look for in the market. Intacct has good customer support and is quite effective, but the reason for it ranking at this position might be clear if you go through the table at the end of this article which clearly mentions the traits it is lacking on par with its competitors.

Not wasting much time let’s have a look at the features that this accounting software has to offer.

Features:

  • Supported on Windows
  • Data backup is available
  • Has better security with payment card industry and data security standards certification.
  • Good for enterprise, Small and mid-sized businesses
  • Expense tracking is easy
  • Financial management
  • Fixed assets management
  • Depreciation tracking
  • Can handle multiple projects
  • Cash management

 

Features

Quickbooks

Intacct

Ease of use Yes Yes
Free Trial 30 days Yes(www.bill.com)
Plans Self-employed: $4.99/month

Simple start: $10.36/month

Essential: $18.86 /month

Plus: $23.97/month

Starting: $420.00 /month

Intacct software: $210.00/month

Each user: $210.00/month

Backup No Yes
Security

PCI Certificate

 

Yes

 

Yes

Customer support Yes Yes
Invoicing Yes Yes
Tracking income and expenses Yes Only Expense tracking, no income tracking
Generating financial reports Yes Yes
Bill and invoice reminder No Yes
Accept payments in foreign currency Yes Yes
Automatic billing Yes Yes
Automatic tax calculation Yes Yes
Tax reporting Yes Yes
Multiple users Yes Yes
Payroll processing Yes Yes
Mobile access Yes (No app for Microsoft handsets) Yes (No app for Microsoft handsets)
Third party integration Yes

 

Yes

 

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Shubham Agarwal

Shubham Agarwal is a Tech Maniac and a Gadget Freak. He is mostly interested in coding and programming apps, computer software and teaching people tricks that they can implement in their day to day life.