Best Accounting Software for Small Business of 2024

startup accounting software

Your supplier calls to let you know that they won’t be shipping any products until you pay your bill. While you may not keep physical checks anymore, be sure that you keep your bank statements handy so you can determine if a check has cleared and, if so, request a copy of the check to give your supplier. If you’re not sure whether something needs to be tracked, err on the side of caution and assume that it does. In all cases, the following financial items need to be properly managed.

  • These include NCH, Zoho Books, Kashoo, ZipBooks, Sunrise, GnuCash, TrulySmall Invoices and Wave Accounting.
  • Look for software that simplifies the recording and categorisation of transactions.
  • We pair our AI-powered accounting software and expert controllers together.
  • With Zoho, users can send customized invoices, connect to payment gateways, track expenses, create a variety of business reports and calculate taxes.
  • ZarMoney is a customizable software built for businesses that need flexibility and precision.
  • To learn more about how the top contenders stack up in terms of cost, features, ease of use and customer support, use our handy 🔍free cost comparison tool for the hard figures.

Specific Accounting Features

Starting at $30 a month, which goes down to $15 per month for the first three months during the current promotion, QuickBooks offers four subscription plans ensuring users only pay for the features they need. Wave is a free accounting service that is designed for small businesses just starting out. The easy-to-use software has all the basic features needed to keep your accounting department in order.

You’re All Set

Clients can pay by credit card straight from an invoice with just a couple of quick clicks. With high-level encryption and first-class security, your clients don’t have to worry about payment protection. FreshBooks offers a transparent, affordable accounting services for startups fee structure to remove the guesswork from online payments for startups. The all-new FreshBooks now supports double-entry bookkeeping, to give you deeper data about your startup’s performance and insights about your growth potential.

Payments received

Having to click around to find key features added to the product’s learning curve. However, the dashboard offers some convenience features that make the user experience intuitive. Each report has an action button embedded so you can complete relevant tasks. For example, the “savings account” report has a button that prompts you to import a bank statement, while the “checking account” report offers a button prompting you to reconcile any unreconciled transactions.

Wave’s built-in dashboard makes it easy to quickly access and understand your business’s financial information. Another outstanding feature is the fact an unlimited number of users can be added. Kashoo is cloud accounting software for small business owners who want the simplicity of doing their own books. The simple, straightforward platform allows users to easily create invoices, manage expenses, generate reports, accept credit card payments through Square and more.

Xero – Best for user interface and layout

Unfortunately, I was not able to add reports that I wanted to see there. Overall, the dashboard seemed very basic compared to some competitors. All in all, once I got past the learning curve surrounding account navigation in Zoho Books, I found the software to be feature-rich and with plenty of convenient tools to make completing tasks intuitive. Danielle Bauter is a writer for the Accounting division of Fit Small Business. She has owned Check Yourself, a bookkeeping and payroll service that specializes in small business, for over twenty years. She holds a Bachelor’s degree from UCLA and has served on the Board of the National Association of Women Business Owners.

QuickBooks also has the absolute best mobile accounting app you can find. The app can do basically everything the software can (a rarity for any software provider, no matter the industry). If you work on the go, QuickBooks’s app, which includes mobile mileage tracking, might make it a good fit. If you’re traveling and have expenses on the road, you can usually take pictures of receipts with your smartphone and upload them to your accounting app. Some accounting services attach these receipts to an expense form. Others, such as Intuit QuickBooks Online and Xero, read the receipts and transfer some of their data (such as date, vendor, and amount) to an expense form using optical character recognition technology.

startup accounting software

Read through expert-written guides, articles, and sample invoice templates. Consider prices on additional services you’re considering adding at some point. Email, online chat, and tutorials are becoming more common forms of support. These can be valuable resources if you’re new to financial management functions. Switching plans is easier and less time-consuming than switching platforms. Manage your startup business and track your business finances from anywhere with the Xero Accounting app.

startup accounting software

Pricing and Value (24%)

Xero’s three plans range from $15 a month to $78 per month with the first four months at 50 percent off during Zero’s current deal. The Growing plan is the platform’s most popular and is recommended for growing businesses while the Established plan is recommended for established businesses. Each plan includes an unlimited number of users for free, which is extremely helpful for companies with several team members or a large accounting department. A major disadvantage of the Early plan is the fact it limits users to 20 quotes and invoices per month and only five bills a month.

There are industry-specific CRMs available for those in niche-specific industries that require a unique set of features. Common industry CRMs include tools for call centers, financial advisors, real estate agents, mortgage providers and more. It’s important to assess the available industry features when choosing a CRM to ensure that your specific needs are adequately met. Pipedrive is best for small businesses that want a simple CRM for lead management. Businesses that need a comprehensive CRM in an all-in-one tool will appreciate Salesforce. As your company grows, you can add on additional products to support that growth.

After saving the invoice and accessing it under the “unfiled” menu option, I encountered an issue. Unlike clicking on other document types, such as receipts, I was unable to send the invoice directly from the platform or export it to send it through my own email inbox. Still, I could at least right-click on its listing in “unfiled” documents and move it to a folder of my choosing, allowing me to save it as an expense I could refer to later come tax time.

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