The Small Business Accounting Tools You Need

As a small business owner, you’ve more than likely come across a multitude of small business accounting software and tools that everyone is touting at the latest and greatest in managing small businesses. But finding the right tools for your business isn’t always as straightforward as developers would make it sound.

If you’ve ever sat down to research accounting software, you’ll have found that once you’ve looked at a few, the functionality often seems very similar and the only difference is the price. You’ll also very quickly notice that pricing can vary wildly, from free through to hundreds of dollars a year. It is far too easy to choose the wrong accounting software and changing, later on, can be a complete-time waster.

As any small business owner can tell you, choosing the right accounting software in the first place is important. We’ve explored some of the best small business accounting tools available, both desktop software and cloud-based applications to help you save time.

Cloud-Based Accounting Software

FreshBooks

Available: Web application
Mobile: Android, iOS
Price: Plans start at $15 per month
Free trial: 30 days
Integrations: Shopify A popular and well-known small business accounting software, FreshBooks features smart technologies and automation that make bookkeeping easy and quick. You can set up the software to automatically reconcile credit and debit transactions via bank feeds and import data from a range of sources. One of the best features is that you can grant permissions on an individual basis – employees can be provided limited access to check transactions from customers while your accountant can be provided with administrator privileges.

Wave

Available: Web application
Mobile: Android, iOS
Price: Free
Free trial: N/A
Integrations: N/A
If your business is only in the start-up phase or very new, you probably don’t have a lot to spend on accounting software and even those software options that aren’t overly expensive, can build up. Wave has been designed for small businesses that don’t have a large turnover and is 100% free. Available on Windows and OS X, with apps on Android and iOS, it’s great for those businesses still getting started, and you won’t miss out on features including banking reconciliation, payroll and invoicing.

ZipBooks

Available: Web application
Mobile: OS
Price: Variety of plans available
Free trial: 30 days
Integrations: N/A
ZipBooks is a really simple, light small business accounting software that just makes life a little easier. It’s great for business owners who want something easy to use as well as those who don’t have a lot of experience with bookkeeping. You’ll get the basics including accounts receivable and invoicing, as well as some basic statements and reports that are easy to read and include just the essentials.

ZipBooks’ Starter Plan is free and includes unlimited invoicing, basic reporting and a single bank feed. There are then additional plans starting from $15 per month as your business grows.

Xero

Available: Web application
Mobile: Android, iOS
Price: Plans begin from $25 per month
Free trial: 30 days
Integrations: Integration with 800+ apps Xero is an accounting option for those wanting a little more, and wanting access to their data while on the go. This software is aimed at small businesses and can be synced across devices offering updates in real-time. Xero can easily handle a range of accounting tasks, including payroll, expenses, and invoices and there are a variety of plan options available from micro-businesses to larger businesses.

Desktop Accounting Software

QuickBooks Online

Available: Web application, OS X, Windows
Mobile: Android, iOS
Price: Plans begin from $15 per month
Free trial: 30 days
Integrations: Range of integrations available
If you need full accounting software without the expense, QuickBooks is a popular option for small business owners, allowing for accounting tasks to be completed quickly and easily. With a clean and simple interface, intuitive reporting, and the ability to track mileage, expenses, sales and tax reporting as well as managing contractors, and inventory support, QuickBooks is a good choice for small business owners.

Express Accounts

Available: OS X, Windows
Mobile: No
Price: Plans begin from $10 per month
Free trial: Free version of Express Accounts available for businesses with under 5 employees
Integrations: No

Express Accounts is an option for small businesses looking for the essentials. You can track sales and accounts receivable, record recurring orders and invoices, and create quotes, sales orders and invoices. If you don’t need top-level accounting software, Express Accounts is free for those with less than five employees (with restrictions) and quarterly plans are affordable. AccountEdge Pro

Available: OS X (except OS X Catalina), Windows
Mobile: No
Price: One-time fee or $399 + add ons
Free trial: 30 days
Integrations: Yes For some small businesses, paying a one-off fee for an accounting system makes more sense than one with an ongoing monthly fee.AccountEdge Pro is a desktop software that allows for a range of accounting tasks including sales and receivables and payroll options. With a one-time fee of $399, business owners can then add on various licenses and integrations as required.

MYOB

Available: OS X, Windows
Mobile: Yes
Price: Plans begin from $13.50 per month
Free trial: 30 days
Integrations: Range of integrations available MYOB provides a range of accounting solutions for small, medium and large businesses, from a simple payroll software through to full accounting software. It is very similar to Quickbooks in that it is easy to use with a range of integrations available. MYOB is an Australian owned corporation so you know the program has been developed with Australian businesses in mind. Continually updated to meet business and legislative requirements, and is the preferred choice of many small business owners.

Finding the right accounting software can be time-consuming but it is essential. Take advantage of free trials to see what feels right, as well as speaking to your accountant to ensure you have the right set-up for your business.