Small businesses need to keep a sharp eye on their finances to stay afloat in today’s competitive market. Managing accounts and bookkeeping tasks can seem daunting without technology on your side. In fact, some small-business owners might actually dread the task of financial accounting. This is where accounting software helps businesses to streamline their accounting processes, enhance accuracy, and prevent human errors while saving time and money.
With so many accounting software options available in the market, it can be challenging to choose the right one that checks all the right boxes. To help you make an informed decision, we have put together a list of top 5 best accounting software for small businesses in 2021 that offer the best features and functionality to meet your accounting needs.
1. QuickBooks
QuickBooks is undoubtedly the most excellent accounting software for small businesses. Trusted by millions of businesses around the world, QuickBooks has an intuitive interface, user-friendly dashboards, and the capability of managing accounts precisely and effectively. The software offers accounting features such as invoicing, expense tracking, financial reporting, and tax management. QuickBooks allows users to access their data on-the-go by syncing with their mobile device. It also integrates with other business software and apps, simplifying tasks such as e-commerce, payroll, and CRM.
2. Xero
Xero is an excellent cloud-based accounting software that offers high-end accounting features and functionality for small businesses. The software provides users with comprehensive financial management tools, including invoicing, payment processing, and automatic bank feeds. With Xero, users can get real-time financial updates and insights, manage cash flow efficiently, track expenses and sales, reconcile bank accounts, and prepare financial statements quickly and accurately. It is also compatible with more than 800 third-party applications, empowering businesses to customize and enhance their accounting systems.
3. Zoho Books
Zoho Books is an affordable accounting software that offers small businesses the tools they need to manage their financials with ease. The software boasts basic functionalities, such as invoicing, expense tracking, banking, and financial reporting. Zoho Books has a user-friendly interface, intuitive dashboards, and integration with multiple payment gateways, CRM, and tax management software, which enables businesses to streamline their financial processes. Users get to enjoy a mobile app that enables them to manage their finances on-the-go.
4. FreshBooks
FreshBooks is a cloud-based accounting software that offers small businesses an all-in-one solution for their accounting requirements. The software offers everything from time tracking, project management, invoicing, payment processing, and financial reporting. With FreshBooks, businesses can track their expenses, access financial reports, communicate with clients, and get real-time updates on project progression. The software allows users to send customized invoices from anywhere, including mobile devices, and integrates with over 200 third-party apps.
5. Sage 50
Sage 50 is a robust accounting software that is perfect for small businesses looking for advanced accounting solutions. The software is highly customizable and comes with an array of features, including inventory management, project tracking, purchase orders, customizable charts of accounts, and strong financial reporting capabilities. Sage 50 also offers industry-specific accounting solutions, including manufacturing, construction, transportation, and distribution. The software has robust security features, such as two-factor authentication and bank-level encryption, to keep business data safe and secure.
Conclusion
The above-mentioned accounting software solutions have proven to be valuable tools for small businesses in managing their finances. They have user-friendly interfaces, customization options, and offer essential accounting functionality that enables businesses to keep track of their cash flow, expenses, and reporting. By selecting the right accounting software, small businesses can simplify financial management, focus on growing their business, and reduce the risk of errors in their accounting, thus achieving long-term success.
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