- July 23, 2017
- Posted by: Rukie
- Category: Finance & accounting, Innovation
Running a small business is no walk in the park. If you’re a business owner yourself, you probably know all too well that it takes serious perseverance to facilitate the operations of a new business. On top of tackling an endless to-do list, you also have to worry about your business’s finances, tax procedures, bookkeeping, and payroll systems.
Small business accounting is inherently stressful as it is, so it’s essential to find accounting software that best suits your company’s needs. Don’t know where to start? Gram LLP has got you covered! We’ll be giving you the breakdown of our top 3 picks for small business accounting software.
Dubbed a “must-have” for small businesses everywhere, QuickBooks continuously proves to be a leader in accounting software market.
When you sign up initially, QuickBooks will gather information about your business in order to create a dashboard best suited to your industry. The dashboard gives a brief summary of information, including your income, expenses, profits and losses, and invoices. Based on many online reviews, connecting bank accounts and credit cards also appears to be very straightforward.
QuickBooks places emphasis on automating tasks and creating a time-efficient system. It offers:
- Email invoices, and the ability to accept online payments and send e-signatures, to ensure timely payments
- Integration with over 150 third-party apps, which streamlines processes and allows you to automatically sync, export, and import data
The only potential downside is its very basic mobile iPhone and Android app, offering limited features such as viewing customer data and managing invoices. However, the dominant appeal of QuickBooks mainly comes from its user-friendly interface, diversity of features, reasonable pricing, timesaving qualities, and widespread use by accountants. If you’re looking for all-around “accountant-approved” software for your small business, consider signing up for QuickBooks Online!
FreshBooks Cloud Accounting
FreshBooks is another inexpensive online-only option, which specializes in basic bookkeeping and invoicing. It has a simple layout and includes pretty much everything you need in one page: invoices, customer information, expenses, income, and more. What separates FreshBooks from the rest is its excellent mobile app, available on iOS and Android, which doesn’t compromise the features businesses need most.
Its user-friendly structure includes a number of handy features, including:
- Tracking how much of outstanding balances clients have paid
- Classification of expenses and associating these to their respective clients
- Ability to take a photo of your receipts and link it to the associated expenses
- Integration with your phone data and with around 21 third-party apps to import/export data
FreshBooks does present limitations; it lacks basic functions such as payroll, accounts payable, and double-entry accounting. However, if you want a great mobile app, intuitive, easy-to-learn software and only really need the essentials, FreshBooks is great for invoicing, billing, and expense tracking.
Labeled a “QuickBooks alternative”, Xero is another software focused on providing an all-around accounting solution to small to medium-sized businesses.
Many reviews have named Xero as one of the most intuitive software. Its orderly dashboard makes it easy to connect accounts, reports, and add data. It includes snapshots of your company’s bank balances, invoices, cash flow, bills, and more. It also has a mobile app available for iPhones and Androids.
Some useful features of Xero include:
- Ability to set up automatic invoices that customers can pay online
- Automated account reconciliations
- Ability to create and email purchase orders right from the software, and then generate bills from this data
- Premium package includes multiple currency service
- Integration with over 500 apps that most small businesses already use
- Free unlimited users even for the basic package
One drawback to Xero is that it does not currently offer Canadian payroll, however it can be connected to various third-party apps such as SimplePay to alleviate this deficiency. If you’re looking for reasonably priced, intuitive, versatile, and user-friendly, Xero may be the right choice for your small business.
All in all, which software you choose should depend on the specific needs of your business. These 3 picks are only some of many, and each differs in its strengths and weaknesses. QuickBooks Online, FreshBooks, and Xero all come with 30-day free trials and video demonstrations online, so don’t hesitate to try them out for size!