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Many accounting software solutions are more similar than different in terms of features. Standard modules include general ledger management, invoicing, and payment processing.
Accounting has always been an integral part of any business organization as it provides businesses with a view of their profitability or in some cases, losses. The process is likewise necessary for sound financial management, enabling businesses to keep expenditure and income records, which can be utilized in coming up with sound financial decisions.
It maybe seen as a trying task but the importance of accounting can never be overstated. This necessary process has resulted in the development of accounting software, which aid accountants and bookkeepers in recording and reporting business transactions. In the olden days, these tasks were done manually with the use of bulky ledgers and journals. Thanks to accounting solutions, these processes, along with reporting tasks are now automated, eliminating the need for the consolidation of manual entries.
With accounting software, these tasks were automated and costs and human errors were remarkably reduced, making them indispensable tools for just about any type and size of business. What’s very interesting is that accounting platforms are now being used even by small businesses. These startups often need the basic functionalities that most of these platforms share.
So what should small businesses look for in such an app? For starters, ease-of-use, integration and security should be taken into consideration. However, what counts most is the pricing. As most of these players are on a tight budget, we recommend that they subscribe to a cloud-based solution as they provide customized processes, integrations and pricing flexibility.
These benefits, coupled with the demand for accounting automation have resulted in the growth of the global accounting software market. However, this market is forecast to further expand at a CAGR of over 6% from 2017 through 2021. The continuously rising demand for financial process modernization is seen to fuel this growth.
Another notable market trend is the increased use of mobile accounting applications, which have features such as payment acceptance, invoice distribution, receipt tracking and budget planning, to name a few. Although an emerging trend, businesses have yet to overcome the challenge of choosing the right solution as few of these tools are available on Mac despite supporting Android devices.
Xero
Xero is online accounting software enabling small businesses to manage invoicing, bank reconciliation, bookkeeping and more.
With the customizable Xero dashboard, businesses can see how cash is tracking at a quick glance. You can also reduce office administration time and improve cash flow by paying bills on time with Xero. The software comes in three tiered packages starting at $9 a month.
Wave
What’s great about Wave? It’s freeware! This financial software for small businesses allows you to track your expenses, send invoices, get paid and balance your books. Besides its ‘100 percent freeware’, Wave offers an additional premium payment service, which enables small businesses to accept credit cards on invoices and offer automatic recurring billing for repeat customers.
FreshBooks
FreshBooks is an accounting software designed to make life easier for small businesses by allowing them to spend less time on accounting and more time on doing what they love doing. This simple and intuitive platform automates tasks such as organizing expenses, tracking time and following up with clients about invoices.
As FreshBooks lives in the cloud, you can securely access its accounting features from multiple devices. FreshBooks is available in three packages, the basic ‘Lite’ package starting from $15 a month for five clients.
Kashoo
Kashoo is accounting software that works for small business owners in any industry. With its intuitive dashboard, you can see where your business stands in terms of invoices, expenses, payments, reports, bank feeds and more.
What’s great about Kashoo is that it provides real human support if you require assistance with the software and its features. Kashoo costs $29.95 on its Monthly Plan and offers a cheaper Annual Plan.
QuickBooks
QuickBooks is designed to help small businesses keep their finances organized in one convenient place. If you have an accountant, you can share your books for seamless collaboration.
Helping save you precious time, QuickBooks enables you to connect with your bank account to automatically import and categorize transactions. You can take photos of receipts and store them with QuickBooks Mobile. The software also creates dozens of reports, meaning you’ll always know where your business stands.
QuickBooks offers four tiers of pricing, starting with a package designed for the self-employed for $5 a month.
OneUp
OneUp is a fast accounting app, with an automation rate of 95 percent. OneUp takes care of all those essential accounting features for you, including invoicing, CRM, purchasing, inventory, logistics and more. OneUp is available in five different packages, starting with a ‘Self’ level, designed for independent contractors or sole proprietors for approximately $7 a month.
KashFlow
KashFlow is an all-in-one accounting software. Businesses are kept in the loop by having access to a full view of their finances. The platform provides intuitive invoicing, so you can get paid faster and provide reports that are easy to understand.
KashFlow also takes care of VAT returns and payroll. KashFlow is available in different packages that can be tailored to your needs. The ‘Starter’ package is an inexpensive option for sole traders and small businesses, priced at approximately $5 a month.
