Running a small business and looking forward to its success as fast as possible is every business person’s dream. However, this isn’t always an easy task. More often than not, you’ll encounter some bumps along the way, forcing you to reorganize to continue operating. However, making adjustments successfully needs you to have accurate data. As the business develops, accounting tasks become more cumbersome, prone to errors and time-consuming. The best accounting software will automate every accounting-related activity, reducing accounting costs.
With the best accounting software, you will determine cash flow, profits, expenses, and your business trends. However, getting the appropriate accounting software needs you first to figure out your business’s financial tracking requirements. Then, you’ll need to seek the software which will help you in those areas. Once done, you can wave goodbye to bookkeeping files. Accounting software comes with powerful accounting features for best checking accounts services like invoicing, including auto invoice generation. This is suitable for speeding up revenue collection in your business.
Moreover, accounting software also comes with an in-built payroll service. It can calculate employee hours, reimburse expenses, and process payroll taxes and account deposits (direct). Furthermore, with the software, you will be able to forecast and estimate your future costs, and evaluate your financial performance.
To ensure that you go through as little trouble as possible, we’ve gone through the process of finding out the best accounting software solution for you. In this article, we’ll discuss each of them in-depth.
Top 3 Best Accounting Software Systems For Your Business:
- Gusto: Overall Best Accounting Software To Improve Data Accuracy
- FreshBooks: Popular Small Business Software For Freelancers
- Sage: All-In-One Cost Accounting Software For Startups; Free Trial
Here are the detailed reviews of our top picks:
#1. Gusto -Overall Best Accounting Software To Improve Data Accuracy
This is payroll software that will help you automate your basic payroll tasks to be more improved. It’s suitable for use with both contractors and employees. This makes the boarding of the new employees to be a simple process and helps in eliminating manual errors. In addition, this payroll management is simple to use, making it easy for your payroll workflow to operate smoothly. With Gusto, you will get updated HR features, including payroll, hiring, management resources, etc.
Furthermore, this brand is proud to operate with about 200,000 small businesses operating in the US. This is a trusted system with competitive compensation tools and expert guidance to assist you in empowering your team. Besides this, payroll tools are automated, which makes the process reliable, fast, and seamless. With this accounting software, every employee will get their pay on time and accurately.
Besides this tool being a full-service payroll solution, it also provides accountant partnerships. Moreover, one can sign up and get about 20% client discounts and revenue share. In addition, one can also get CPE credits from live webinars for professional certifications. The number of clients you will serve determines the tools you require when you sign up. Moreover, with Gusto’s accountant partnership, one will get flexible payment plans for you and the clients. You will also have a dedicated representative who will answer your queries.
Building an accounting firm using Gusto, you will integrate the Gusto account with other main accounting software.
Automatic Reminders: Managing your payroll manually is tiring, and time-consuming and more errors are made, mainly when your team grows. Moreover, Gusto Payroll operates automatically to its robust sets up and features. Furthermore, it will also send you reminders when something needs to be done or when a deadline is approaching.
Responsive Customer Support Team: Once you are onboard the system, Gusto won’t leave you. You will get access to qualified professionals who are ready to assist you in solving any issue experienced or answer your questions.
Build Custom Reports: Gusto allows you to download a CSV or a PDF of any report easily. This can be a payroll report customizable by state, pay range, date, job codes, or earnings. Furthermore, you can also look at the contribution amounts using the benefits report. Again, other reports include agency payments, year-to-date reports, bank transactions, pay stubs, contractor payments, time-off balances, and employee summary reports.
Cost Friendly: Gusto still offers a relatively cheaper plan for all businesses, whether small, medium or big. The moment you pay the base price, you will only have to pay small amounts per employee. This depends on the features that you will use, of course.
Best User Experience: Gusto has dashboards and pages which are simple to navigate and are intuitive. Everything is on point, and the interface isn’t crowded. This also applies to both the payroll management side and the employee features.
- Easy-to-use software
- Friendly customer support
- It’s a full-service payroll
- Provides time tracking
- Features employee self-service tools
- It comes with automated reminders
- Features automated tax filing
- No mobile application
#2. FreshBooks – Best Small Business Software For Freelancers
This is an online invoicing and accounting service which helps in saving you time. Besides, you will also look very professional. This company believes finance record-keeping should be simple, quick and detailed enough to please your accountant. They offer a free trial for thirty days, making them suitable for those who are unsure if it works.
This accounting software is suitable for use by independent contractors and freelancers. Moreover, this brand is best with excellent customer service. Besides, it also has a customizable invoicing feature. This software isn’t suitable for a fast-growing business since it has client and user limits.
This Toronto-based brand is presently available in more than 160 countries. After your 30-day trial, you can select one of four available plans. The best option depends on the complexity and size of your business. Furthermore, a support page will assist you with account setup, and it has video webinars explaining how you can use its bookkeeping features.
The main dashboard summarizes profit, loss, invoices, spending, and revenue streams. In addition, FreshBooks has a mobile application for use on Android and iOS devices. This application offers access to software’s features, and it can track time and mileage.
With this software, you can set up automated online payment options, invoicing, and late payment reminders. You will boost your team’s productivity with the help of accurate time tracking plus collaborative project tools. Therefore, files and conversations will be tracked and logged every minute.
You will see the financial statuses through loss and profit statements, expense reports, and tax summaries. Moreover, it offers an overview of every deposit on the dashboard. The system’s time tracking component extracts unpaid hours into invoices, thus showing a breakdown of time spent and recording billable time.
Time and Mileage Tracking: FreshBooks plans have time and mileage tracking features, and this is also available on a mobile application. Thus, small businesses with numerous employees do not have to pay for a different time-tracking app.
Best Invoicing Services: It enables you to select different customizable designs and set up repetitive digital invoices. Furthermore, you can include discounts and have instant updates when the invoices are paid online or viewed. Remember, you will get all these on a mobile application.
Good Customer Support: This brand has a well-rated customer service team. You can easily reach them via phone or email. Usually, it takes about ninety minutes for the email to be answered. With phone calls, it’s within three rings. Moreover, the customer support team is available every weekday from 8 am to 8 pm ET.
Pricing: FreshBooks is available in different plans. These include lite, plus, premium, and select. With these plans, you can pay in either monthly or yearly plans. Select a plan that offers custom pricing depending on what you need.
- Well rated customer support
- Best for all business sizes
- Best invoicing service
- Has time and mileage tracking
- Supports numerous platforms
- Simple to use
- Offers great functionality
- Limits clients and users
#3. Sage -All-In-One Cost Accounting Software For Startups; Free Trial
Sage is a small-business accounting software that is cloud-based that provides solutions for invoicing, stock management, expense tracking, etc. Moreover, this tool comes with two affordable plans. This accounting software offers essential accounting and bookkeeping features with a comprehensive inventory and report tracking. With Sage, you will be able to create invoices, send invoices, receive and accept payments, and have a look at all your bookkeeping tasks within one platform.
With either of the two packages, you will be able to make sales invoices and estimates, generate quotes, check cash flow statements, etc. You will have a free 30-day trial as you explore its features.
Moreover, Sage has a mobile accounting application. You will be able to generate invoices, send, and track invoices. Also, you will be able to manage cash flow while on the go. After signing up, you will log in and access your dashboard. On the main dashboard, you will see a summary tab that offers an overview of important financial details, including sales, cash flow, and expenses. Moreover, you will also navigate various sections of the account with the help of the navigation bar at the top of the dashboard.
For beginners, they will have a start wizard for guidance. The wizard will walk you through the steps required to have your account ready. Furthermore, you can key in basic details regarding your business, including your address and company name. Beyond these, you can also link your bank accounts. Linking your bank account will auto download your transactions to Sage. Moreover, you can key in your customer and seller details. Users who have existing contact data on their spreadsheet can import it directly to Sage Accounting. After that, they can set up accounts charts, review their trial balance report and key in opening account balances.
Subscription Plan: Sage has a 30-day free trial for you to familiarize yourself with the software. You will also schedule a session with best small business accounting expert to answer any queries you may have. Furthermore, you can call for extra product details. Sage has two plans which include Sage accounting start and Sage accounting. With the Sage accounting plan, you will have comprehensive reporting, inventory tracking, and unlimited business users.
Accounts Payable: The interface for the account payable module is clean, simple, and organized. It is convenient to check unpaid vendor bills on this module. In addition, you will immediately have new vendors from the new vendor bill screen just in case you forget to set it up.
Banking and Money Management: This cloud accounting software comes with a clean interface that is simple to understand. Everything runs smoothly when setting up bank accounts. In addition, the software enables one to import bank transactions, and you will also record bank credits and debits.
Customer Service: Contacting a support team is through chat bots, email, live chat, or checking self-help details.
Mobile App: With the Sage mobile app, you will be able to send invoices, enter bills, receive payments, capture receipts, and key in bill payments.
- Fairly inexpensive accounting software
- Offers unlimited transactions
- Simple to set it up
- It has a fully-featured mobile app
- Double-entry accounting
- It has a free trial version
- Offers comprehensive inventory tracking and reporting
- Lacks integrated payroll
- It doesn’t have some advanced features
How We Made This List Of Best Enterprise Software Programs Of 2022
There are several different kinds of accounting software available for use in business. Besides that, software is often available at separate price tags. Usually, the type of business and number of employees determines the kind of accounting software that they will use. For instance, a freelancer will not use accounting software with similar features as restaurant or small business owners. To assist you in finding the best value accounting software to use in your business, we tested several accounting applications and made our list based on a set of important factors/criteria.
What We Looked For
- Phone Support: At times you can get stuck with some complex accounting software features or encounter some errors while trying to use the application. This can force you to wait for long, making you waste time, which is money. Thus, when choosing the best accounting software, we opted for those with features supported on the phone browser.
Other brands have mobile applications. Some of the third party apps have expense tracking features only, and some allow one to send and create invoices. We only selected those that provide a reasonable amount of value on mobile as well as PC.
- Features Available: Another thing that we considered when choosing the best accounting software was the features available. We decided on software with easy-to-use features like creating an invoice. Furthermore, our list contains only software that will help you manage your inventory and banking well. We then moved forward with only the software that imports all your banking transactions.
- Cost: Accounting can take all your money if you’re not careful and still have the accounting issues you had before. Thus, when making a list of the best accounting software, we chose those with all the essential features available at a friendly cost. Accounting software costs below $25 in one month.
- Customer Support: Simple accounting software may have errors, need updates, or some features may not function as required. All of these can be sorted out with the help of a good customer support service. Therefore, we chose brands with various channels to reach their support team. We also ensured that the service was available 24/7. This way, you will get a response to your queries anytime.
- Numerous Business Support: We opted to work with accounting software that has the option of adding more businesses to your account. However, some brands charge more money for you to enjoy the convenience
What to Consider When Choosing The Best Accounting Software & Tools:
Accounting software offers a comprehensive financial solution package for businesses. All you require for accountability in your business is software that allows you to handle billings perfectly. Furthermore, it should also do expense management, financial reporting, invoicing, etc. To help you make a better purchase decision, we’ve compiled a list of features you should consider before choosing an accounting software.
- Type of Business
The kind of business you operate plays an essential role in the accounting software you will select. For instance, those who sell hair products will have distinct needs compared to a graphic artist who offers a design service.
It’s important to buy accounting software that works best for you. However, the software should be within your budget and have the essential features that you need in your business. Moreover, from our list, you can still have a subscription for as low as $10 and enjoy the features accounting software offers.
- Customer Support
Another thing that you should put into consideration when choosing accounting software is the availability of customer service. Go for a brand with a support team that’s available and can be reached through a phone call, live chat, email, etc.
- Accounting Software Features
There are vital features that the software shouldn’t lack when choosing accounting software. These include core accounting for general ledger functionality and project accounting for maximizing profitability and efficiency. Other features include fund accounting, inventory management, billing and invoicing.
If your organization has many people who require access to accounting software, you will need a tool that restricts the kind of data other people can see. Moreover, choose the software that allows you to give a third-party program the ability to send and receive information to and from the accounting software.
- Managing Workflow
Go for accounting software that will allow your employees to sign in when they arrive at work. This will help when generating payroll. Other accounting software packages will enable workers to sign in on their smartphones using an app.
- Asset Management
Does your business have equipment that’s an asset for tax purposes? Good accounting software should track your possession and the use of the equipment. Furthermore, it should also track the depreciation cost, which simplifies calculating taxes.
- Tracking Performance
Small businesses with numerous groups or departments need accounting software that allows assigning expenses and profits to every department. This helps simplify the process of deciding what type of return you are getting from every department. Furthermore, it will also help you identify places where you can improve.
- Phone Support
Go for accounting software that’s compatible with a smartphone. This would provide you the opportunity to get things done even when you’re away from your computer.
FAQs Regarding Accounting Software Options
#1. What’s an accounting software?
An accounting software is a program that helps keep track of cash outflow and inflow of a business. Various modules are present that allow the invoicing software to operate as General Ledger, Account Payable, Account Receivables, etc. In addition, the software manages your payroll system and contains reports. The single modules are essential and are customized to suit any business. For example, the fund accounting system for a non-profit organization differs from that of a government organization. Account management is among the essential systems for businesses, and it is under Enterprise Resource Planning System.
#2. How much does an accounting software cost?
Different accounting software are available at different prices. However, the primary determinant of the price is the features available on the software. Some of the applications need a hundred dollars in a month.
Furthermore, other good accounting software is available for free, and others cost less than $10 a month. Moreover, most of this software is for freelancers or sole proprietors that require limited features, including expense and invoice management. Most low-cost and free applications don’t manage inventory or handle payroll.
#3. What does one expect from accounting software?
Accounting software help keep track of the money spent and money gained in your business. This is with accounts receivable and accounts payable features. However, some other software solutions don’t include accounts receivable and account payable details. Accounting software links to your credit card and bank accounts, and this will allow you to auto-download the transactions. Furthermore, if your organization is service-based, one needs project management tools.
In addition, if your business vends products, you need an accounting solution that contains inventory management features. Go for software accounting solutions that provide more benefits through connection to other business apps that you are using. Some of these apps include a point-of-sale system, email marketing software, or customer relationship management system.
#4. What does accounting software have?
Most accounting software comes with features that manage your expenses and income automatically. This allows you to concentrate on making the best decisions for your business to grow.
For instance, the average accounting software includes features that handle account receivables and payable, keep track of all transactions, reconcile information and create quarterly reports. This will save you time and eliminate errors that occur when done manually. In addition, you will also store documents safely. Other expensive features include a payroll system, financial forecasting, inventory management, and multi-user access.
Accounting software do not offer financial or accounting advice. In addition, you won’t also have tax-saving recommendations or tips.
Accounting software improves efficiency and supports document organization. Moreover, accounting software makes financial data transparent and visible. Generating a report will help you know the way your company is in terms of its business finances.
#5. How does accounting software operate?
Account software performs numerous tasks with the help of various modules. Accounting software will help record transactions and keep track of different accounting metrics. The software can be set to auto receive financial details from your bank.
Moreover, you can use a basic version that requires manually inputting the data. The software will help you automatically receive financial information from credit cards and banks. Some software solutions keep the details in the cloud. Thus, your report will be safe even when you experience technical issues or your computer crashes.
The core accounting module keeps track of receivables and payable accounts. The project accounting module helps track project costs and select jobs that offer better ROI. Fund accounting modules assist government and mid-level organizations to keep track of their development expenses. Moreover, with the inventory management module, you will be able to maximize profits, prevent overspending, and minimize depreciation costs. Invoicing and Billing module helps in payment collection and automates the whole process.
They are used in forecasting and budgeting, which helps map your company’s financial outlook. Moreover, fixed asset accounting helps create a central database while payroll management tracks and processes employee payrolls automatically.
#6. Can an accounting software act as an invoice generator?
This depends on your business. When you generate more invoices for customers and clients, find an accounting application that’s comprehensive and has an invoice-generating feature. If you’re a freelancer, you should use accounting software that generates invoices.
#7. Which of the business processes should be automated using accounting software?
Accounting software’s primary function is automating the manual processes in a business. This decreases the probability of having human error and saves time since it speeds up accounting. With accounting software, you will be able to extract information from huge tax documents and track online payments. Furthermore, you will be able to make new journal entries, do away with manual data entry, and send invoices.
Concluding : Top 3 Business Management & Accounting Softwares For Entrepreneurs 2022
The best accounting software will help create invoices, record outgoing and incoming payments, follow up on your past-due receivables, and generate reports. With all these, you will be aware of your business’s financial health and be able to predict the future.
When finding the best accounting tool for your business, check on your budget and who will operate the software. Also, find out if it needs mobile access and if you have an accountant or CPA who will assist with your taxes.
Some of the cloud-based accounting tools have a mobile app that allows one to access your business data and reports. With the best accounting software, you will have organized financial information from a single location.