Do you find it difficult to manage the accounts of your business? Is managing accounts and other financial affairs a burdensome process for you? Are you searching for an easy solution that can help you manage your accounts in a less costly manner? Well, managing accounts is a bit difficult for many business owners because it is impossible for everyone to understand the technical points of managing accounts.
Moreover, you are supposed to have complete knowledge of analyzing your sales and expenditures in order to handle your accounts and finances appropriately. However, not many business owners are aware of this knowledge.
And especially if you are running a small business, it is very difficult to manage the whole company and accounts simultaneously. Hence, in that case, you are in need of an accountant who can take care of your accounts in a professional way.
And in all honesty, hiring an accountant has many disadvantages, which are explained below. Hence, to avoid these cons, you can look for a modern-day solution. Yes, you have heard it right. This is a modern-day solution that can help you to manage your accounts more quickly and easily.
If you are interested in knowing about this solution, then keep reading this article till the end. At the end, you will get complete information regarding what is the best accounting software and why it is important for any business.
Importance of Accounting Software For Small Businesses
Accounting software is very important for the growth of small businesses. Because with the help of accounting software, you can perform various tasks within a few minutes. These tasks usually include managing sales, payrolls, and creating and sending invoices. Moreover, accounting software also helps you to track your business performance deeply with better analysis.
In addition to this, you can even track the record of your pending payments because, as we know, remembering pending payments and sending reminders to the clients is the most difficult task. However, with the help of the most advanced accounting software, you can handle all these tasks easily.
Hence, seeing all these points, one thing is clear: accounting software is very important for the growth of any business. So, if you are interested in such software then the below given list can surely help you.
Best Accounting Software For Small Businesses:
Here is the list Best Accounting Software For Small Businesses in 2023 and 2024:
- Odoo
- FreshBooks
- Neat
- Accounting App- Zoho Books
- GnuCash
- Kashoo
- NetSuite
- Quicken
- Stax Bill
- FreeAgent
- Holded
- AccountingEdge
- Acumatica
- Intuit
- MYOB
1. Odoo
Oddo is one of the most popular account management software that is very suitable for the management of small businesses. This software was released by one of the most popular companies, Odoo SA, which has been serving in this sector for around 18 years. This company was established in 2002 in Belgium. Moreover, it was founded by Fabien Pinckaers, who has even been serving as the CEO of this company since its start.
This software provides many business management services under one roof, such as you can manage your sales alone by creating invoices and managing accounts just by using a single platform. Furthermore, this software helps users in better e-mail marketing. Lastly, it helps you to manage increasing your sales more accurately by hitting the targeted audience more accurately.
Key Features:
This software provides you with the facility of managing your sales through a personal dashboard.
You can hit the targeted audience and track your leads more accurately.
It allows you to manage your accounts quickly with the best tools.
Pros and Cons:
This software is free to access with limited features. However, to use its complete features you are required to pay $20 per month.
It helps you to increase your sales with better marketing strategies.
Although, it provides a lot of beneficial features that are really helpful for small businesses. However, this company still needs to work on its customer support system.
2. FreshBooks
FreshBooks is also one of the most popular software that can help you manage your accounting department. This software was released in 2004 under the management of software providing company 2ndSite. This company was founded in 2003 in Canada. Moreover, FreshBooks software is now under the management of Don Epperson who has been serving as its CEO since 2021.
Furthermore, this software provides one of the best services that can help small businesses and freelancers manage their accounts more easily. This software is used by more than 30 million users, which shows that it is one of the most trusted accounting software on this list. Lastly, it provides you with the facility of sending and receiving money with more accuracy, which makes it one of the best choices for your small businesses.
Key Features:
This software provides one of the best accounting services with better tools.
You can create and send invoices to your clients easily with this software.
It allows you to keep on checking your business growth and sales regularly.
Pros and Cons:
You can check your business performance through your personal Dashboard.
This service provides you with the facility of receiving notifications regarding the status of your account-related activities.
This software cannot be used free of cost. In fact, you are supposed to pay $15, which can go up to $27 and even more than this, depending upon the type of services you are choosing for your business.
3. Neat
Neat is another popular account management solution that is listed in this article. This company was established in 2015 in Hong Kong. Moreover, this company was acquired by Rapid in 2021, which is the most popular financial service provider company. However, this company has spent nearly 8 years in this business. However, it still has managed to earn the trust of more than 2 million clients.
Apart from this, this software provides many useful tools that can help you to manage the overall growth of your business. With the help of this software, you can manage your documents more accurately. Besides this, it allows you to analyze your expenses and cut unnecessary expenses in order to increase your sales. Lastly, this software also provides tax affairs to manage your small business more accurately.
Key Features:
You can enter data and make reports more easily through this software.
It provides you with the facility of managing your documents.
You can even manage your accounts quickly by analyzing sales and expenses in the easiest way.
Pros and Cons:
This service provides the facility of uploading documents through mobile phones.
You can track your activity through the dashboard. However, it does not provide you with the facility of sending notifications related to activities.
To use this service, you are required to pay almost $200 per year. This means that this service is a little bit costly as compared to others.
4. Accounting App- Zoho Books
The next most popular accounting software that is very popular in many countries is Accounting App- Zoho Books. Zoho was established in 1996, and this shows that it has been serving in this business for more than 25 years. Moreover, this company is under the management of Sridhar Vembu, who has been serving in this sector since 2000. Besides all this, the Accounting App provides many benefits for small business owners.
You can easily manage your finance department and accounts with the help of this software. You can check your sales and can even send invoices to your clients through this software. Another amazing feature of this software is it allows you to add to your team so that you can easily check your team’s performance and can help you to make detailed reports related to your company’s performance.
Key Features:
You can manage your accounts and even send payment reminders to your clients.
It helps you to trace your performance easily and accurately.
You can receive payment from your clients through different payment mediums such as bank transfer and check, etc.
Pros and Cons:
This service is available for clients free of cost. However, to enjoy advanced features, you can pay $10 per month, which can increase to $200 per month depending upon the needs of your business.
5. GnuCash
GnuCash is also one of the most popular accounting software that is listed for the benefit of small businesses. This software was released in 1998 in Alberta, Canada. This software has been providing its services for more than two decades and has earned the trust of millions of clients across the Globe. The most unique thing about this software is it is not under the management of any company. Hence, you can use it without any limitations.
In addition to this, it provides you with one of the most suitable tools that can help you manage your small business. You can make reports related to your business performance. You can manage the double entry in your accounts more easily with the help of this software. And last, you can manage your transactions and schedule them. So, that you send and receive your payments exactly on time.
Key Features:
You can track your transactions more easily with the help of this software.
It helps you in creating reports related to your business resources.
You can make better calculations related to your financial tasks and can make strategies for the growth of your business.
Pros and Cons:
The best thing about this service is it is absolutely free of cost.
You can use this software in order to make better strategies that can help you to increase your sales.
This software still lacks many advanced features and needs more upgrades in the future.
6. Kashoo
Kashoo is another one of the best alternatives for those who want to manage the accounts of their small business. This company was established in 2008 in Canada. Although this company has spent just 15 years in this business. Yet it has managed to earn the trust of many business owners across the world. Furthermore, it was founded by Dobes Vandermeer and is working under the management of Yves Millette, who is serving as its CEO.
This software is designed to provide different business owners with the best accounting apps that help them to serve their business needs. Whether you are running a small business, a freelancer, designer, developer or related to any other sector, this software can help you in managing your accounts more accurately. In short, if you want the most appropriate solution to manage your accounts, then this software can surely help you.
Key Features:
You can send invoices and track your payments.
This software allows you to analyze your company’s performance more accurately.
This software provides you with the facility of designing apps that are appropriate for your business.
Pros and Cons:
You can monitor your business status easily through your activity dashboard.
This software is available at a price of $216 per year, which can increase up to $324. This means that it is quite expensive compared to others.
This software will not provide you with the facility of sending notifications. Hence, you cannot get in-time alerts about your account’s activities.
7. NetSuite
The next one of the most suitable business software that is listed in this article is NetSuite. This software was released in 1998 in the United States. This software is actually under the management of another famous company, Oracle, and has many other subsidiaries, such as OpenAir Inc. IQity Solutions, and many others. Furthermore, it is working under the supervision of Zach Nelson, who has been serving as its CEO since 2018.
This software is being used by thousands of customers, which shows that it is one of the most trustworthy software providers on this list. Moreover, it allows you to manage your financial affairs more accurately with the best possible tools. In simple words, if you are looking for the most appropriate choice to manage the accounts of your small business, then this software can surely help you to achieve this goal.
Key Features:
It is a cloud-based software. This means that you can access this software at any place from any device without any limitations.
You can analyze your business performance more easily through your activity dashboard.
It helps you in making better analyses that can assist you in making strategies to increase your sales.
Pros and Cons:
This software is not available free of cost. So, you are required to subscribe to their paid plan in order to use this software.
It provides you with the facility of tracking and analyzing your business strategies that are appropriate for your business growth.
Although this software provides you with many beneficial accounting tools. But it still needs some more upgrades in the future.
8. Quicken
Quicken is also one of the most popular accounts managing software that has been providing its services in this business for nearly 40 years. This software was released in 1983 in the United States. Moreover, this software is currently working under the management of Quicken Inc. However, it was initially developed by Intuit Inc. The best thing about this software is it provides services according to the customer’s needs.
Whether you need a personal assistant to manage your finances or need a professional that can help you in running any type of business, you can surely use this service without any tension because it provides you with all the necessary features that you need to manage your accounts. Hence by seeing this, we can say that if you require an all-in-one solution to manage all types of business and personal accounts.
Key Features:
It allows you to create your budget. So, that you can manage your accounts freely.
It helps you to record your expenses and profits with more accuracy.
This software can be used on a mobile phone as well as on a computer.
Pros and Cons:
This software provides you with a facility for managing your budget, investment, and all other things under one roof.
It will not provide you with the facility of having your personal dashboard to monitor your business performance.
You can access this software just by paying more than $3 per month. However, this price may increase with the advancement of the subscription plan.
9. Stax Bill
Another popular solution that is very appropriate for managing accounts of small businesses is the Stax Bill. This company has spent more than 10 years in this business and providing its services to many clients. It was founded in 2011 in Ottawa, Canada. Currently, it is working under the management of Tyler Eyamie, who has been serving as the CEO of this company since 2019.
According to their claim, this company provides you with the facility of saving time in billing through the most advanced quick billing tool. Furthermore, you can send invoices to your clients. So you can receive your payments on time.
The most unique thing about this software is it provides you with a quick solution to add a new product list to your account. Hence, if you want an easy and quick solution to manage your accounts, then this company can surely help you.
Key Features:
This software provides its users with the facility of recovering payment through various options.
You can save your time by managing your accounts in just a few minutes with the help of this software.
It provides you with the facility of tracking your payments and other account records more easily.
Pros and Cons:
It helps you in managing your accounts more quickly.
This software is quite expensive compared to others on this list. You can use this service for more than $100 per month.
This software even provides you with the facility of credit card processing more easily.
10. FreeAgent
Another popular account management service that is very suitable for small businesses is FreeAgent. This company was established in 2007 and is working under the management of its parent company, FreeAgent Holdings Plc. Currently, it is working under the leadership of Roan Lavery, who is serving as its Chief Executive Officer.
Furthermore, it helps you in managing your expenses more easily. In fact, you can enter your expense data just by clicking a picture if the receipt through your phone. Hence, we can say that this software provides you with the facility of the most accurate expense management. Lastly, you can connect your bank account to this software, and it will eventually help you in receiving your money directly from your bank account.
Key Features:
You can manage your tasks, create invoices, and all the other accounting affairs simultaneously through this software.
You can get a number of templates to manage your bills and invoices.
This software allows you to check your daily reports through your personal dashboard.
Pros and Cons:
This service provides you with the facility of checking your business performance through a personal dashboard.
This software is available at very reasonable prices. You can even use this software just by paying $20 per month.
Although it provides many advanced features still, this software lacks some necessary tools. So, it needs to be upgraded in the future.
11. Holded
Holded is another one of the most popular accounting software that is listed here is Holded. This software is the product of the most famous software company in Spain, Holded Technologies S.L. Moreo
ver, it is under the management of Visma which is a very popular software company in Norway. Holded was established in 2016 in Catalonia, Spain.
Furthermore, this software provides you with one of the best automated tools that can
help you manage your accounts more easily. Besides all this, it allows you to record your sales in just a few seconds, which is great. In simple words, if you want to manage your accounting tasks more quickly then this service can help you in this regard.
Key Features
This software helps you to achieve your monthly and as well as annual targets related to accounting.
You can track your sales with the help of this software.
You can create detailed reports related to the performance of your team.
Pros and Cons:
You can check your daily performance through your personal dashboard.
It is available at quite a decent price. In fact, you can use this service just by paying $15 per month.
This software cannot provide you with any service related to credit processing, etc.
12. AccountEdge
Acclivity Group LLC is also one of the most reliable services that can help in managing accounts. This company has been working in this sphere for more than 15 years. It was established in 2005 in the United States. Currently, it is working under the management of Randy Thompson, who has been serving as its President since 2006.
This company provides its accounting services under the name of AccountEdge. It provides a double-entry system accounting software that is very unique. Furthermore, this service provides its users with an e-mail support system that helps them to provide assistance in their time of need.
Key Features:
You can easily manage your tasks with the help of this software.
You can manage your sales and track your revenue exactly on time.
This software is easy to access from all types of electronic devices without any limitations.
Pros and Cons:
This software does not provide you with a personal dashboard to access your performance.
It helps you by providing easy assistance through e-mail.
It is expensive software that is available at the price of $499 per month.
13. Acumatica
Acumatica is also one of the most popular solutions that can help you to manage the accounts of your small business. This company was founded in 2008 in the United States. This company has spent nearly 15 years in this business and is working under the management of John Case. John has been serving as the CEO of this company since 2022.
This software provides you with many beneficial tools that can help you to manage your workflow. You can track your sales and analyze your performance more easily through this software. Furthermore, it allows you to receive and send payment through different options without any limitations.
Key Features:
You can record your cash more easily through this software.
It allows you to receive money through various currencies.
You can manage your sales more quickly with the help of this software.
Pros and Cons:
This software can help you in managing your taxes easily.
It gives you notifications related to your activities on time.
This software requires many more advanced features to update in the future.
14. Intuit
Intuit is also one of the best financial management software companies that has been serving in this business for more than 40 years. This company was founded in 1983 in the United States. Moreover, this company has many subsidiaries that are working under its management, including Mailchimp, TSheets, Intuit Mint, and many more. Moreover, it provides one of the best financial service management tools under one roof.
You can check your performance with the help of this software. Besides this, it helps you to manage your workload easily through your personal dashboard. Furthermore, this software helps you to pay your taxes on time. Because it has the most advanced feature for managing taxes. Hence, if you want a trustable solution to manage the accounts of your small business, then this software is surely the right choice for you.
Key Features:
You can manage your accounts very quickly with the help of this software.
It provides you with the facility of managing payrolls more quickly.
You can receive and send your payments more securely with the help of this software.
Pros and Cons:
This software is not powered by API technology.
It allows you to manage your payrolls and even taxes exactly on time.
This software is available at a very expensive price. That is, you are supposed to pay around $60 per month.
15. MYOB
And finally, MYOB is also one of the most deserving accounting software that is listed in this list. This company has spent more than 30 years in this business. It was founded in 1991 in Australia. This company is working under the management of its parent company, KKR & Co, Inc. If we look deep into the services of this company, then you will be glad to know that this company provides all the necessary features to manage accounts.
The best thing about this software is it is available at a very reasonable price. Moreover, it helps you manage your expenses through the most advanced expense tracking feature. Furthermore, it allows you to create amazing invoices through plenty of templates. Hence, by seeing all these features, it is justified to say that this software can surely help you to achieve your goals very easily.
Key Features:
You can create plenty of invoices within just a minute.
This service allows you to receive your payment easily by connecting to your bank account.
This tool can be used to send reminders to your clients about pending payments.
Pros and Cons:
This software provides you with the facility of sending alerts to your clients as payment reminders.
It does not provide you with the facility to track your daily activities.
This software is powered by API technology. So you can manage many of your tasks are managed through the easiest way.
Wrapping Up:
To make any business successful, it is important to manage your accounts more accurately. Because all of your sales, profits, and revenue are totally dependent on your accounts. Furthermore, managing accounts is very necessary for the growth of your sales because an accurate report regarding the state of your accounts helps you in making strategies for the benefit of your business.
However, for small business owners, it is difficult to manage accounts. Because usually accounting software is very costly for small businesses. In case you are among those who are struggling with the issue of searching for reasonable software for your business that can provide you with all the facilities that can help you in managing your account. The above-listed articles will surely help you in this regard.
