The Best Online Accounting Software For Your Small Business

Online accounting and billing software is currently an excellent option for small businesses. It saves them money rather than having to visit an administrator frequently each time they have to record a transaction.

In addition to the cost savings of using online software to manage to account, convenience is another very attractive advantage. Think of all the trips that you are going to save from the moment. You can easily take care of different financial aspects of your company from your computer.

The accounting software resides and is accessible from any device and location through the cloud, it is part of what we know as Saas platforms (Software as a service). It empowers small businesses to keep track of their ledgers and records, to cover their general management needs, etc.

But not all accounting systems for SMEs are the same. Nor will all solutions be adequate for the specific needs of your company. That is why it is interesting to understand what the strengths of each one are concerning the rest.

It is also very useful to know what are the best and most common functionalities that this type of software usually offers. You will certainly want to be well informed before deciding which billing software to purchase for your business.

What is the best online accounting software for your small business? ( illustration credits )

Features you should look for in online accounting software

Here are some of the important features to consider when choosing the most suitable software for you:

• Fundamental Accounting Features  – This is a category that covers the basics, such as tracking income and expenses, billing, financial reporting, and customer and vendor management.
• Task automation  – Any decent online accounting software should allow you to automate billing, have reminders or notifications for late debts, and make it possible to set up recurring payments, thus saving you time to be more productive.
• Contact Management  – You’ll want software that manages your clients’ contact details or integrates seamlessly with the client management or CRM ( Client Relationship Management ) software you’re using.
• Tax management  – This functionality includes small subcategories such as tax calculation, tax reports, the ability to set different percentages for taxes, and the ability to instantly email any important information or files to your administrator.
• Support for bank accounts  – You want to be able to accept payments with ease through credit cards, and that this tool makes it possible.
• Creation of proposals and estimates – It is common for any accounting software to have several predefined and customizable templates to create and present both proposals and estimates to your clients.
• Payroll Management  – Your software should allow you to perform basic functions such as entering schedules, printing checks, calculating wages and, of course, processing your employees’ payments.

Here are some more features that can help you choose:

• Mobile operability  – It is very possible that today, like almost everyone, you use your mobile more than your desktop computer. It is practical and convenient to be able to manage your administrative tasks from any location.  Whether you are on vacation, in the middle of a trip, or simply outdoors. Especially useful if you are an entrepreneur who travels a lot for work reasons.
• Integration with third-party apps – The ability to integrate is currently a fundamental feature in the business world since your small business will probably depend on information managed by different apps and tools. Any accounting software for small businesses with a minimum quality should be compatible with POS systems ( Point of Sale ), with tools to manage cards, with multiple Google apps, with ERP systems ( Enterprise Resource Planning), with management tools. inventory, and with eCommerce solutions.
• Support for multiple users  – It is common in this type of software to provide access to both you and your manager so that both of you are synchronized and you do not have to do all the tasks yourself (after all, you are still paying your manager).

How to choose between the different software options available

When you compare them ask yourself the following questions and then determine which is the right solution for your company:

• Does it include a free trial period?
• Is it easily scalable to keep up with the growth of your business?
• Does it work well with the system your bank uses?
• Can you restrict access to certain users?
• Does it guide you in meeting the required accounting requirements?

Best Small Business Accounting Software – With Online Features

Here are ten robust accounting software options that you could consider managing the ledger and financially tracking your small business. Do not lose sight of the features that we have mentioned above and thoroughly test those that best suit your needs.

Intuit QuickBooks Online

This is one of the most popular online accounting tools, and for good reason. It’s great for most small business owners, from entrepreneurs and freelancers to consultants, store owners, and service providers. Not only is it easy to use, but its most economical plan – limited to a single user – doesn’t skimp on features that small business owners may need to manage their finances. There’s also QuickBooks Error Support that can help customers to solve their queries instantly  

Its automation of tasks, QuickBooks will also save you a lot of time, its customer support service is excellent. It includes support via phone and chat as well as abundant help materials on its website such as its manuals and the user community forum.

Since many professional managers already use QuickBooks, yours may well be able to use it with ease.

FreshBooks

FreshBooks is particularly powerful in its version for mobile devices through a complete app available for both iOS and Android. Which makes this platform a perfect solution for owners of small businesses who travel a lot and cannot always be in front of their desktop computer.

Its most prominent feature is its growing offering of time-saving tools, including:

• Create, send and manage invoices in real-time.
• Payment options both via PayPal and via credit card with invoice processing that includes automatic monitoring of balances owed.
• Cost register that allows you to effectively control expenses anywhere.
• Seamless integration feature through the import of contacts, quotes, conversions, and many other important features.

Zoho Books

Zoho Books’ specialty is making life easier for freelancers, consultants, homeowners without employees, and remote workers. Its charm lies in its astonishing simplicity to offer these entrepreneurs the support they need in robust accounting software, but without the extra hassle of software designed for large companies.

It has everything you need for highly effective online accounting software, for example:

• The creation and sending of invoices.
• Cost tracking.
• Synchronization with bank accounts.
• Creation of financial reports.
• Real-time accounting management.

While simple, its set of tools is complete enough to be able to scale at the same rate of growth of your business. It is also worth mentioning that its control panel provides an exceptional user experience. It is not overloaded and its navigation elements are clear to facilitate the efficient creation of invoices.

Xero

Think of Xero as an inexpensive alternative to QuickBooks that includes the basics – QuickBooks accounting features. In some cases, it may even be a better option since features such as the ability to add unlimited users.

Another advantage of Xero is that its interface is very simple to use, offering SMEs. An excellent experience in which they can easily find everything they need to invoice and track expenses in the app.

Xero even offers a free trial period, which is crucial when deciding whether a particular accounting software is right for you.

Wave

A wave is an accounting software specially designed for very small companies, or freelancers, and suppliers. Its attractive design and interface are just the beginning of an impressive package that improves with each version they release. It is software that is almost free since you only pay for payroll, payments, and premium support.

With a minimalist approach, this app offers an interface with the basics complemented with complete navigation. And visual aids in its interface. Its sections for payments and transactions offer clear and intuitive usability that will help you to manage and record your invoices efficiently.

Be careful though: Like many free solutions, Wave will show you advertisements on the right side of the screen.

Also, there are many services like Bookkeeping Services New York, Sage and many more which helps small businesses to avail the services without buying out any software which could in turn save a lot of time for the small businesses