If you own a small business, chances are that you take care of your finances yourself. And it also means that you do the task of maintaining the books as well. Whereas manual accounting takes a lot of time, using accounting software can reduce the time required to perform complex functions and carry out tasks that require attention to detail and utmost accuracy.
Even as any accounting software program can make the existence of your business a great deal simpler, it’s currently up to you whether or not you use it to control your business accounts. However, you want to take into consideration which software is in step with the latest rules and regulations imposed via the authorities. Consequently, if you’re looking to file your tax returns online, the usage of accounting software which can integrate together with your virtual account can go a long way in ensuring success for the business.
Since there are so many options available to cater to your accounting needs, the question is: Which is the best accounting software for small businesses? Well, we have compiled a list of various applications that help small businesses in carrying out daily accounting and bookkeeping tasks. Let’s have a look:
QuickBooks is developed by Intuit, one of the very first providers of accounting software. Anybody can sign up for the basic package that helps in tracking self-employed income, while small businesses can use it for things like VAT and payroll. There are lots of reporting and monitoring tools too.
Xero is another major player, and it can also help with things like invoicing, inventory, and payroll. As well as that, it can import your banking, credit card, and PayPal data.
The biggest plus point for Zoho Books is that it is very customization, and it can help in issuing invoices, sort expenses, and track inventory. Currently, it doesn’t have a payroll feature but we are looking forward to the new releases.
One of the major benefits of FreshBooks include the user-friendly interface designed for freelancers and small businesses with basic accounting needs, so it focuses on things like invoicing and expense tracking. It integrates with apps like PayPal and Zendesk.
Sage is a big enterprise software provider, but Sage One is its accountancy offering for small businesses. It can help you with everything you’d expect, like invoicing, cash flow, and payroll.