Businesses of every size need an accounting system to track revenues and expenses, process invoices and send out bills, and track assets and liabilities. There are many things to consider.
The benefits of using the best accounting software for business are well known. When it comes to selecting the right product, though, the choices can be daunting, especially since switching from one accounting software package to another is not a trivial exercise in most cases. Examining your current and potential future needs can help you make the right decision.
Top best accounting software for medium-sized business
FreshBooks accounting software supports double-entry accounting and contains modules for invoicing, expenses, time tracking, projects, payments, reporting, and general accounting.
Working intuitively on both desktops and mobile devices, FreshBooks includes project management capabilities, making it a good choice for businesses that work on a per-project basis and need to track billable hours. FreshBooks charges per-use based upon the number of clients that your company has.
For example, the FreshBook Lite plan charges as little as $15 per month for five or fewer clients. This monthly fee can scale up to $50 per month for 500 or more clients.
Note: The latest version of FreshBooks no longer supports inventory management. The software automatically connects with financial institutions that you define for easy transaction transfer.
FreshBooks is a strong accounting package for freelancers, sole proprietors and small businesses, especially those that work on a per-project basis.
Intuit is one of the founding fathers of SMB accounting software with their flagship QuickBooks. For many people who aren’t accounting professionals by trade, QuickBooks is the first brand that comes to mind when they think of accounting software solutions.
Does it really live up to its name in terms of functionality and reliability? Yes! In fact, the QuickBooks name truly does stand up to its reputation and brand awareness.
QuickBooks’ customization capabilities allow users to import and export data from various applications they use to track other business functions. Integration equals automation.
Because QuickBooks is able to communicate with multiple systems, there is less chance for human error in terms of data entry, and users don’t need to waste time entering the same data into multiple platforms.
QuickBooks is the market leader, with a self-proclaimed 88% market share, because they have positioned themselves as an “eco-system” not just a general ledger. That is a big differentiator from the other accounting packages.
For small businesses that don’t need a lot of bells and whistles, Wave weighs in pretty well. This accounting software is good for very small businesses that have fewer than 10 employees, as the functionality is fairly limited and won’t provide the in-depth detail and analysis big or growing businesses need.
That said, it’s a great option for freelancers, consultants, self-employed individuals, or companies with only a handful of staff members because it does provide the essential functions necessary for accurate accounting and reporting.
Wave enhances efficiency by syncing with external accounts, easing reconciliation and tracking. It can securely connect to bank accounts, credit cards, PayPal, and other financial institutions’ sites, eliminating the need to manually populate fields business leaders will need for proper reporting.
Formally known as Sage Peachtree, Sage 50 is an accounting program commonly used by small to mid-sized businesses. The program offers accounts payable and accounts receivable services, bank reconciliation, and cash management. Users can also bill and invoice directly to customers through online services. Payroll and employee management is another feature of the program and is widely used by smaller and mid-sized businesses.
The program also allows the users to create and maintain a general business ledger. Sage comes at a monthly cost of $29.95 per month, with customer service being a part of this cost.
Xero is a program that both small business owners and accountants utilize. This online program can be utilize through mobile devices, like Kashoo, as well as via computer.
Users can process invoices and send out billing statements directly online. These can be done through pre-set templates or custom creation. You can handle payroll, including payroll taxes through the program. Xero does also have the capability to convert data directly from QuickBooks. Over 500 tools are available to allow the user to customize the program to their company’s specific needs.
Users can also reconcile multiple bank or credit accounts. Data is offer through a single ledger, which is a feature that makes it easy for users and accountants to collaborate and work together. Xero also supports multiple currencies.
It is not a “one size fits all” concept. Research your options, test what works for you, and you will find the right fit for your company. Take advantage of the free trials and demos out there, as well as reviews found all over the Web. Connect with other business owners in your line of work and see what works for them. However, most importantly, look at what features you need and what features you do not need. Line up those needs with one of the programs above, and you will find the right one for you.
How to contact us
Use the above information to carefully consider your choices, and you’re sure to land on the best one for you. If you’re looking for help get in touch with the best accounting software helpdesk. A team of accountants available 24×7 to help you at any time.