Are you looking for the best accounting software for small businesses? But before you make your choice of which accounting software is needed for your business, you need to understand the basics and functions of the accounting software you intend to use.
An accounting software is an automated system that allows organizations to simplify your financial transactions and other functions.
It includes modules like accounts receivables, accounts payables, billing ledgers, payroll, general ledger, and other financial functions. Depending on your needs, you need to choose the right accounting software.
An accounting software is important for small firms because it’s more efficient and produces minor mistakes than ordinary processing. Accounting software can also save time with features like automation.
A good accounting software provides a secure location for the owner to store crucial documents and receipts that can be accessed at any time. Individuals and business owners use accounting software to enter income and spending and keep track of their finances.
Accounting software have contributed about 64.4% success to business owners which 60% of small business owners agree to have no financial or accounting skills.
Read on to find out which accounting software is best for your small business if accounting isn’t your strong suit, or even if it is and you want to save time.
List of the top 10 accounting software for small businesses
Below is the list of the best accounting software for small businesses.
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#1. Intuit QuickBooks – Accounting Software
QuickBooks is a well-known brand in accounting software. It offers a variety of software options and features that can be tailored to each business’s needs, regardless of industry or size. QuickBooks Online and QuickBooks Self Employed are two types of QuickBooks accounting software for small businesses.
QuickBooks Online is the cloud-based accounting solution for small businesses, while QuickBooks Self-Employed is for self-employed individuals.
You can use the Self-Employed version of QuickBooks for invoicing customers, receiving cash flow alerts, managing employees and payroll, generating BAS reports, and tracking your company’s financial performance over time. QuickBooks Self-Employed works on desktop and mobile devices; however, your data can’t be imported into QuickBooks Online.
Intuit QuickBooks Online, a cloud-based accounting program, provides all the tools you need for running your business. You can use it for custom invoicing, expense tracking, tax time sorting, single-touch payroll, GST, and BAS generation. There are also insights and reports. A cash flow manager is available, and you can still manage your business even if you’re on vacation.
Key Differentiators:
- Scalable
- Commonly used in accounting.
- Integration of third-party apps
- Cloud-based
- Synced across Multiple Devices
#2. MYOB – Accounting Software
MYOB is a very popular accounting system. This software allows you to shift your focus from bookkeeping to managing your business. The online software allows you to access your accounts from any computer or mobile device.
It also allows you to keep an eye on your company’s progress and make adjustments as necessary. You can see everything in one place, including your cash flow, profits, and taxes.
You can link your MYOB account with an external bank. Connecting it to over 150 financial institutions and banks is also possible. Commonwealth Bank, ANZ Australia, New Zealand Banking Group, NAB (National Australia Bank), Westpac, and Westpac.
It can be used with more than 300 applications, including Neto Commerce Platform (Tanda), EzyCollect and ServiceM8, and HR Central.
Key Differentiators:
- Manage your Accounts Professionally
- Effective Tax Management
- Multi-Currency Exchange
- Operate Remotely
#3. Wave – Accounting Software
Wave Accounting Software is excellent accounting software for small service-based businesses that can send simple invoices and manage inventory and payroll. Wave’s many free features are sufficient for freelancers and service-based businesses, and it is our most affordable program.
Wave may provide the necessary reports for accountants to help prepare the company’s tax returns at the end.
Key Differentiators:
- Free accounting and invoicing
- No billing or transaction limits
- Run multiple businesses in one account
- Unlimited number
- Mobile app
#4. FreshBooks – Accounting Software
Invoice creation is a key accounting requirement for nearly every service-based company, and FreshBooks offers more options for invoicing than other accounting software. Although it is primarily responsible for sending, receiving, printing, and paying invoices, it can also perform basic accounting operations.
This software is used by service-based businesses to create proposals, and bills, receive deposits from clients, track time and pay payables, and also allows them to track the progress of projects.
Key Differentiators:
- Cloud-based
- User-friendly interface
- Integration of third-party apps
- Affordable
- Advanced Invoicing Features
#5. Xero – Accounting Software
Xero in Australia is a free and professional accounting program. Using this safe online platform, you can access your accounts from anywhere. This program allows you to track your cash flow.
This software allows you to import bank transactions and generate invoices. This software will allow you to save time and focus on your most important business activities.
Xero accounting software has many features and apps that can help you solve your company-related problems. Xero accounting software allows you to track your payroll and send it to the ATO (Australian Taxation Office span>).
Key Differentiators:
- Cloud-based
- Mobile app
- Payroll Integration with Gusto
- Third-party App Marketplace
- Simple inventory management
#6. Reckon – Accounting Software
Reckon, an accounting program that runs in the cloud is one of the most widely used in Australia. It allows you to keep track of your daily earnings as well as expenditures.
It allows you to keep track of your cash flow and taxes. Reckon lets you create and send custom online invoices. You can also accept credit card payments and pay your current bills.
Reckon accounting software is the most used in Australia by medium-sized businesses due to its unlimited team collaboration and superior customer support. It can be linked to PayPal, QODBC Drivers, Excel Accounting and Stripe. You can also get frequent, free upgrades to allow you to focus on running your business.
Key Differentiators:
- Manage Finances Professionally
- Security Assured
- Automated Bank Feeds
- Optimize Anytime
#7. Zoho Books – Accounting Software
Zoho Books is the top-rated accounting software for small and medium-sized businesses, is Zoho Books. The internet application takes care of the mundane aspects of bookkeeping so that you can focus on the important elements of your business.
It helps you manage your finances and operations, calculate taxes such as the Goods and Services Tax (GST), and assist with reporting it to Australia’s Taxation Office.
Zoho Books provides more than 40 analysis of your business to produce detailed reports on profit, loss, cash flow statements, balance sheets, sales reports by customers and items, payments, and credit notes.
This accounting program is ideal for small and medium-sized businesses. It is compatible with many apps, including Zoho. You can integrate Stripe, Zapier, and PayPal with Evernote, Google Drive or One Drive, Box, Slack, and Dropbox.
Key Differentiators:
- Pro Accounting Management
- Detailed Financial Dashboard
- Use Collaborations
- Manage Accounts, Remotely
#8. Sage – Accounting Software
Sage, a well-known UK accounting software company, offers a range of solutions for individuals and businesses. Sage, a cloud-based accounting service, offers standard features like cash flow forecasting and personalized invoices. It also can accept online payments via PayPal.
The Sage accounting software helps solve the payroll for multiple employees, inventory stock control, email assistance, and many business solutions that can be tailored to your company. Sage offers only one plan at $20 per month. If you are still unsure, there is a free 35-day trial, and Sage can also be downloaded for iOS and Android.
Key Differentiators:
- Automate complex tasks and multi-dimensional data analysis
- Intuitive dashboards provide fast, rich operational performance
- Smart solutions for automating complex revenue and billing processes
- Built-in tools for growth – integrates with Salesforce and other
#9. Saasu – Accounting Software
Saasu can be used by sole traders, contractors, startups, and small businesses. It is an accounting system that allows you to manage your money.
Many businesses use the software to manage their Single Touch Payroll and BAS. For $20 per month, you can get invoicing, cashflow projections, inventory and bank connections, and single-touch payroll.
Their support area, emails, and our online accounting blog will make everything seem simple and quick. The program was developed and implemented in Australia thanks to its minimalism in business culture.
Key Differentiators:
- Track your cash flow three months ahead of time.
- Pay quickly with professional invoices that customers can pay online.
- Automatic data entry using bank feeds
- Strip, Paypal, and eway all support payment services
#10. Rounded Accounting Software
Rounded is an accounting and invoicing software easy to use for sole traders and freelancers. Rounded connects to your accounting software and automatically generates tax reports.
This makes filing taxes easy and quick. Rounded makes tax preparation easy. You can send invoices, track expenses, get paid, and even receive receipts. Solo entrepreneurs need to maximize their time and resources, and Spreadsheets can be hard to manage manually, and accounting systems for larger organizations might be too complex. With Rounded, you get everything you need.
Key Differentiators:
- Connecting to your bank allows you to track income and expenses quickly and accurately
- Templates eliminate the grunt work, potential errors, and quoting and invoicing.
- Your financial year and GST data are well-organized and ready to go for tax time.
- Rounded’s simplicity inspires consistency.
List of The 4 Cheapest Accounting Software for Small Business
There are so much accounting software you can use for your business but below are the cheapest that anyone can afford.
#1. MYOB
MYOB is top-rated accounting software. This software allows you to shift your focus from managing your accounting books to your business activities. This online software allows you to access your accounts wherever you are.
It allows you to keep track of the progress of your business and adjust accordingly. It will calculate your cash flow, profits, and taxes and allow you to see it all in one glance.
MYOB has over 150 financial institutions and banks as members: the Commonwealth Bank, ANZ Australia, New Zealand Banking Group, NAB (National Australia Bank), and Westpac. It integrates with over 300 apps such as Tanda and Neto Commerce Platform. EzyCollect, ServiceM8, HR Central.
BENEFITS OF USING MYOB
- Manage your Accounts Professionally: This app makes it easy to save time and eliminates the need for spreadsheets. It tracks your cash flow, inventory, bills, payments, payroll, taxation, and more. It is a comprehensive solution to all money issues. It keeps track of who has to pay and who must pay. It allows customers to pay their invoices directly via credit cards, etc.
- Tax Management that works: It automatically calculates taxes using your financial data. This accounting software is ideal for small businesses. It calculates GST (Goods & Service Tax), PAYG, and produces reports for BAS. This software will take the worry out of tax time. The ATO (Australian Taxation Office), recognizes it.
- Multi-Currency Exchange. It converts money into more than 150 foreign currencies and keeps exchange rates constant. This allows you to conduct international business and monitor how much money you make from the global market in real-time.
- Remote Operation: This online tool can be used remotely. You can access live reports and keep up to date on the status as long as the internet is available. You can also use the mobile app to access it even if you aren’t connected to the internet.
#2. Xero
Xero is one of the best free and professional accounting software available for download. With the aid of Xero, you can manage your accounts online from any location and also see your cash flow. This tool allows you to import bank transactions and generate invoices.
This tool allows you to save time and manage the most important aspects of your company. The app features an impressive ecosystem of features and apps that can solve all your business-related problems.
Xero accounting software Australia lets you keep track of your payroll and file to the ATO (Australian Taxation Office). Xero allows you to keep track of all your transactions and taxes.
BENEFITS OF USING XERO
- Manage your accounts like a pro: It makes it easy to automate and manage your accounting. It allows you to import files and transaction details quickly and has all the information in one place. It allows you to import and characterize bank transactions and credit card expenses. You can also use it to create Stripe and PayPal transactions and calculate your taxes, payroll, and payments. All this information is available in one place.
- Visible Dashboard: This accounting program has a dashboard that allows you to see the performance of your business at a glance. You can customize it to meet your needs and keep track of your money. It provides reports on daily transactions using charts and figures that are simple to understand and read.
- Multiple Currencies Supported: It supports multiple currencies and converts them. It tracks your gains and losses automatically and provides you with a report. It can also track any outstanding payments and send automated reminders for payment.
- Stay in Loop Remotely: This online software is accessible from anywhere and can be accessed anytime. The mobile app is also included and offers all the features and tools. It also helps you with payroll and invoicing.
#3. Sage Business Cloud Accounting
Sage Business Cloud Accounting is the most popular accounting software in its field. This online software is available from any device at any time, anywhere. Cloud invoicing makes it easy to get paid quicker.
This accounting software is ideal for small businesses. It’s simple to use and doesn’t require any accounting experience. It allows you to enter data, reconcile bank accounts, report, and manage your finances, taxes, and payroll.
It integrates with add-ons like Altec, Commercebuild, and Datalinx Warehouse Management. It is a one-stop-shop for all your business and accounting needs.
BENEFITS OF USING SAGE BUSINESS CLOUD ACCOUNTING
- Manage Accounts Efficiently – It manages your company’s accounting. The payroll module can be accessed directly from within the accounting area. Its intuitive user interface makes it easy to streamline your workflow. You can also view detailed graphs and charts that will help you visualize your company’s growth. It securely transmits payroll information to Australia Taxation Office (ATO). Additional features include time tracking, multicurrency support, and direct bank feed.
- Assured security: This accounting software is free in Australia. It protects your data and information security. The powerful bank-level security means you won’t have to worry about your finances or invoices. You can focus entirely on your business.
- Use Collaborations: This allows you to communicate with your accountants and partners and allow them to collaborate. You can share your ideas and keep track of your progress. With your accountants and team, you can collaborate on real-time data. The support team is also available.
Stay in the Loop Anytime, Anywhere: This application is available for Android, iOS, Macs, PCs, and Macs. It is online and cloud-based, so you can work remotely.
#3. Reckon One
Reckon One is one of the most popular accounting software online. Reckon One is an online cloud-based accounting software that allows you to track your income and expenses. It lets you track your cash flow, taxes, and other money matters.
You can create customized online invoices and credit card payments and manage overdue and paid invoices. Thanks to unlimited team collaboration and extra customer support, it is the best accounting software for medium-sized businesses.
It integrates with PayPal, QODBC Drivers, Excel Accounting and Stripe. You can also get regular updates and no cost to improve your business management.
BENEFITS OF USING RECKON ONE
- Manage Finances Professionally: This software takes care of your finances with features like the dashboard, invoicing, and payroll. It also allows you to track expenses and timesheets. You can see a live snapshot of the financial performance of your company. You can create shortcuts and customize widgets. All your accounting tasks are available under one roof. It calculates your GST (Goods & Service Tax) and prepares a BAS (Business Activity Report) and PAYG(Pay As You Gain). You also get Single Touch Payroll (STP), which reports your superannuation and tax to ATO (Australian Taxation Office span>).
- Security Assured: This accounting software is free in Australia and provides industry-standard security. All your data is stored on Amazon Web Service (AWS), secure servers. All data is protected and stored in Australia according to Australian Law.
- Automated bank feeds: When you connect your bank account to it, it provides automated feeds. It automatically records all banking transactions that are related to your business. This helps you keep track of the money coming into and out of your bank account.
- Optimize Anywhere: This online software is accessible via your smartphone, computer, tablet, or laptop. It allows you to access its services remotely and keep track of your financial status.
#4. Saasu
Saasu accounting software is specifically created to be used by sole traders, entrepreneurs, contractors, and others.
It was designed with sole traders, startups, and contractors in mind. All financial aspects of your business are managed under one roof. You can also access real-time reports to see the financial status of your business and make informed decisions.
Customers can pay with credit cards using ‘Saasu Online Invoices. You can also receive automated reminders and statements from your debtors. This allows you to concentrate on your business, making it one of the most popular accounting software for small businesses. It integrates with add-ons like PayPal, Stripe, and Zapier.
KEY BENEFITS OF USING SAASU
- Professional Financial Management: With Saasu, you can manage your bank feeds and invoices, cash flow, expenses, and inventory. It will take care of all the accounting headaches and allow you to focus on the task. Connecting with and consulting your colleagues is also possible, allowing you to work more efficiently.
- Intuitive dashboard: This customizable dashboard provides a quick overview of your financial situation. It has intuitive features such as sales reports, cash flow, profit, and loss summary, accounts payables and receivables, balance sheets, and more with the help of flowcharts and dynamic graphs.
- Tax Management: Get rid of your tax worries with this free accounting software in Australia. It calculates taxes for you and provides a detailed report after each transaction. It prepares Business Activity Statements (BAS) and Single Touch Payroll (STP), so you don’t have to worry about filing with the Australian Taxation Office span.
- You can work on the go: Saasu services are available anywhere, anytime. You can access it online with private servers hosted in Australia by Rackspace and Amazon. The website and mobile app allow you to view, manage, backup, and update your accounting data.
5 Best Offline Accounting Software
I understand the fact that is not all businesses wants their financial statement or information online, so I decided to add these to the list of the best accounting software for small businesses. Meanwhile, this list works mainly offline.
#1. GnuCash
GnuCash is a small company accounting program that is open-source and free. GnuCash, unlike cloud-based platforms, can be downloaded and installed on devices and used offline. It provides access to the program’s source code, making it simple for developers to add new features and functions. As a result, the software will always be free and flexible to use.
#2. Manager
Is the most comprehensive free offline accounting software. When you download it to your PC, all of your work is done offline, and your data is automatically updated whenever you have an internet connection.
#3. SlickPie
Small enterprises can use this free accounting software. SlickPie comes in two forms: free and paid. The free edition includes automated receipt entry, the ability to create quotations, estimates, and invoices, and the ability to add up to ten different businesses to one account.
Although PayPal and Stripe transaction fees apply, you can link your PayPal and Stripe accounts to SlickPie for free to take payments from clients who utilize PayPal and Stripe.
#4. ZipBooks
This is a great free accounting software for small businesses because it includes all of the essential accounting functions like invoicing, billing, bank account interface, cost tracking, and reports. PayPal and Square are two options for accepting online payments to ZipBooks.
#5. Pandle
Pandle is an accounting program that is still in its infancy. It was created in the United Kingdom and is primarily used there, but its tax features can be upgraded for use in any country. It comes in two flavors: free and premium
The Most Commonly Used Accounting Software Online
After compiling the list of the best accounting software for small businesses, I also decided to spot out the most commonly used accounting software online so as to guide your decisions.
You should also note that, these software have their pros and cons, and also different functionalities. So, it is advisable to know the kind of task you intent to perform with the software.
#1. QuickBooks Online
QuickBooks Online from Intuit has long been one of the most popular accounting programs for small businesses and their bookkeeping and tax specialists.
The program is hosted in the cloud and can be accessed via a web browser or a mobile app.
We investigated a large number of tools and applications before settling on the top 10 accounting software for small businesses. We pick these based on the features and functionalities specifically tailored for small business owners, as well as the ease of use, pricing, and other factors.
If you are looking for the best accounting software for your business, the above mentioned software can help you execute your business account task with ease.
Feel free to share your suggestions and contribution about the best accounting software for small business with us on the comment box.
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