Best Software for Bookkeeping
Sometimes small and midsize businesses don’t need to hire an accountant in order to do their books. Many times it’s too expensive for the actual work they have to do. With these types of businesses the owners or employers often have the burden to fill those accounts and try to figure out many complicated matters. That is when accounting and bookkeeping software comes in. This software offers great solutions to fill your business accounts easily and accurately, many times for only a low fee.
Although, there can be so many different types of software available in the market that you don’t know which one might be best for you and your business. In order to help you navigate the intricate world of bookkeeping software. We will present to you some of the top software there is in the market to make your company’s accounts in order and filled with ease.
Most of these options are better suited for small to midsize businesses but some are also great options for larger businesses.
Intuit Quickbooks Online
This software is one of the most popular and there’s a reason why. Unlike many other software, Quickbooks has dedicated 24/7 customer service chat support that is there for any needs that you might have during the process.
Besides that, one of its greatest features is its integration with services such as Square, Shopify and Paypal. It is separated into several plans, but all of them allow you to track any expenses and income, as well as receive payments, send invoices, check reports and even track your sales, inventory and time.
Quickbooks is probably the first bookkeeping software that pops in your mind when talking about account software for small businesses. Mainly because it has been around for quite a few years, has adapted to the market and gathered a substantial client base. This is a great choice if you need accessible accounting software at an affordable price.
Their cheapest plan starts at $12.50 a month and includes the most basic and necessary features. Their Essential pack comes at $20 a month, while there are two more bundles called Plus and Advanced that are priced at $35 and $75 respectively.
FreshBooks is another great solution for software bookkeeping. The software can integrate with many applications for businesses and have a straightforward solution when it comes to combining everything in one place. On their dashboard, you are able to oversee your finances and accounts, as well as to manage them.
They also offer regular backups of your accounts so nothing gets lost. You can access the software through a computer, as well as from your phone with the FreshBooks app, which allows you to track many facets of your business.
FreshBooks is especially great if your business tends to send out invoices weekly or monthly, or if your services are based on subscriptions.
Their price starts at $4.50 a month with their basic package that covers all the essentials for a small business.
Pabbly is a subscription management software dedicated to medium and small size businesses, providing monthly information regarding revenue, payments, customers, new subscriptions and net revenue.
It has a powerful engine that can streamline your business workflows, as well as your invoices and communication with customers. If you are looking for fixed priced software bookkeeping, Pabbly is a great option, as it starts at $9 per month on the basic subscription.
A great feature that Pabbly has is its subscription model that allows for no extra fees while using the software. Doesn’t matter what your revenue is or how many transactions you do a month, the price of Pabbly won’t change.
Wave is a great accounting software that is dedicated to freelancers and small businesses. One of the best features Wave has is that it is free for the basic features, allowing additional costs if you add services such as payroll and order tax services.
It is very easy to use and to synchronise with all your applications and devices, plus it also provides additional resources and an all-in-one solution if you purchase their other products.
Invoice and transaction management are free features on this software so if you are a business operating with only a few employees, Wave might be the right choice for you.
Sage 50cloud is a great software for taking care of administrative work, such as sending invoices, tracking expenses and payments, as well as calculating taxes when the tax season comes.
To add features like payroll and time-tracking, you would need to pay a separate fee from the $340 a year for the basic subscription. It is great for small and medium-sized businesses, and although might be a little more expensive than the bookkeeping software we have seen, its features are ranked as one of the best in the market.
It is also great if you are seeing an influx of revenue coming in and are preparing your business for more sales and revenues.
Xero is a quite dominant software in the market of software bookkeeping and its direct approach can be extremely useful for you and your business. It has integration with your bank account, as well as a seamless experience when it comes to performance. However, if you need payroll, you will need to have a subscription with Gusto, each is a company parenting with Xero to reach this functionality to their customers.
One of the greatest functionalities of Xero is the capacity to be handled anywhere and on any device. You can have access to it from your phone, tablet or computer with all the functionalities available.
The basic bundle starts at $11 a month and includes invoice creation, inventory tracking, as well as creating purchase orders.
The best features of Zoho Books are its great resources when it comes to finance and the management of cash flow. It has automated workflows encompassing every department in your company, as well as banking, time-tracking, management of inventory and financial reporting.
It is very easy to use, mainly because of its user-friendly interface, as well as dashboard. Its customer service is also great and can access online payments. All of that is only for $15 per month if you choose their basic bundle of services.
Kashoo is a great software if you are looking for automatic features such as categorization and tracking of income and expenses. It is extremely easy to use, and the company offers plans starting at $20 a month with many great functionalities.
Another great thing about Kashoo is that there is no limit when it comes to its users, so you can have more than one account.
This bookkeeping software doesn’t use subscriptions in their business model, instead, they charge you a one-time fee of $149 if you choose the basic options of services. You should only decide on the subscription option if you are still not sure AccountEdge Pro is for you, otherwise paying the one-time fee straight away can save you a lot of money down the line.
Because this software bookkeeping doesn’t have mobile or tablet integration, it is good for businesses that don’t have to use the software on their mobile devices. However, their integration with Mac and Windows are superb.
However, there is a cloud collaboration that allows you to use your account on another desktop or laptop if you need it.
What software do professional bookkeepers use?
There are many great bookkeeping software available in the market and the one best for you and your business will depend on your needs. However, if we are looking at the most used bookkeeping software, the choice will probably fall on QuickBooks Online, mainly because it has been on the market for a long time and offers almost everything businesses and freelancers need for a small price
How to set up a small business bookkeeping system?
Well, that depends on the bookkeeping service you want to use. But the following steps might help you get the software running for you, as these are general steps.
- Choose your business bookkeeping software
- Pick the package that suits your needs better
- Set up a chart account
- Create an expense tracking system
- Set up your financial reporting
There might be other steps that you need to follow depending on the software that you are going to use.
Do I need an accountant if I use Quickbooks?
You don’t, however, it is wise to talk to an accountant to help you set up your account so you can start on the right foot. Although the software is designed to help people do all their accounting businesses there, it might be a bit overwhelming at first.
There are many bookkeeping software in the market that you can choose from, however, some might be a better suit for you and your business. Many of these software allows you to have a few weeks or a month of the trial so you can work with them before you make any purchase.
In the end, it is whatever makes your life easier that takes the worry of doing your taxes away and lets you focus on your business.