Accounting is the backbone of any business. For smaller businesses, it is important to set organisational standards. Growing a business into a bigger organisation without preparing is a frequent mistake to make.
Online accounting software aims to fix this, with easy guidelines on how to fix your accounting once and for all.
We’ve gathered the best software for small businesses, which are bound to make accounting simpler and quicker for you, so that you can focus on growing your business.
I run a digital marketing agency in Dallas, Texas. We are big fans of Wave Accounting and have been using it for years. I began using it when I was freelancing almost 8 years ago, simply because it was a free option. Even as the business grows, we continue to use it today. It allows us to send estimates, invoices, and will accept payments directly from customers.
The best parts about it are that it is simple for business owners to use. It gives me a clear and easy to understand overview of where the business is at financially. You don’t need to have an accounting degree to understand it, which is a huge relief. It will also connect directly to your bank and import transactions automatically.
We love it and can’t see our business running without it.
The Wave team continues to add more features and functionality to the software all the time, and even offers add on services like payroll management.
ZarMoney is a flexible and cost-effective cloud accounting software. It caters to all ends of your operations: from invoicing to inventory to billing to financial planning. This is what makes ZarMoney so great for medium and small businesses! It offers rich features at a very affordable rate.
You can use ZarMoney’s automatic invoice feature to create accurate invoices quickly. You can customize an existing template with your logo, giving the receipts a professional look. Email them to clients. Also, print them and save them to your online database. This helps you track your incoming and outgoing payments.
The software comes integrated with multichannel billing options. You can receive online payments from your customers with just a single click. Accept cash payment as well as credit and debit through PayPal and Stripe. It’s convenient and secure.
Using ZarMoney, you can also manage your inventory 24/7. All the records are stored online, and the inventory database is updated in real-time. This means as soon as you sell a product, the quantity is deducted from the inventory. You can stay aware of your stock level at all times. Receive alerts when you’re close to understocking or stock outage and make timely restocking decisions.
As a cloud-based software, ZarMoney lets you access your accounts from anywhere and at any time. View the automatically calculated weekly statements to learn your income and expenditure. The financial report feature gives you a complete overview of your business’ performance. You can take effective decisions backed by numbers and increase your efficiency and profit.
I would say one of the best online accounting software options for small business is without a doubt, QuickBooks Online. As one of the most popular solutions on the market, it’s popular for a reason. First, QBO is web-based, giving small business owners mobility and flexibility.
Second, with multiple plan offerings and one of the most robust feature sets out there, business owners can choose the option that works best for their needs and budgets, as well as customize even further with the hundreds of integration options QuickBooks offers. Moreover, QuickBooks is fairly easy to use and set up and since it is so popular most accountants and bookkeepers are familiar with how to use it, making it all the more simple to find assistance or advice with the platform.
Xero makes it easy to do my small business accounting. It has lots of integrations to banks and other online tools that allows for all your accounting tasks to be done in one place. I’m also fond of the simple to use interface and the ability for me to share it with my accountant at tax time at no additional cost. It’s a wonderful tool that’s simple and reasonably priced.