Find the Best Small Business Accounting Software For You
Here at Pioneer B1, we strive to provide the best value to our clients, giving them the power of SAP Business One to integrate and run all of their systems in one simple platform. But what about those who aren’t ready for that stage? Not all businesses require such a robust ERP system as SAP Business One at their current stage. For those businesses, another software platform may better suit their needs. For instance, what if all you need is accounting software? That’s what we are going to look at today on the blog!
How to Choose the Small Business Accounting Software That Meets Your NeedsFirst, you need to do some accounting of your own. Take a look at your business, the needs, and the budget you have available to you. If the only process you need software for is accounting, then you can follow these steps to find a great solution for your present needs.
Build a BudgetWhat can you afford when it comes to accounting software? Figuring out what you can reasonably afford can speed up the research process – you won’t be getting sucked into spending any time on high-end packages with bells and whistles that are drastically out of budget.
Identify Your NeedsWhat kind of features do you need in accounting software? Does your business handle a lot of shipping and having inventory tracking built-in would save you hours of headache? Is sales tax a key concern in your daily operations? List the major features your software will need to meet. Be reasonable, if the software meets 90% of your needs, but another has every feature under the sun (including dozens you don’t need) at a higher price, go with the first option. Paying for extra isn’t helping your accounting any! When you have these two pieces sorted you can start browsing through some of the best options for small business accounting software!
Accounting Software for Small Businesses
1. QuickBooks OnlineQuickBooks from Intuit comes with a whole host of benefits. And because it’s built by the folks at Intuit, you have access to experienced chat support 24/7, integrations with big names like Shopify, Square, and PayPal. It comes with plenty of standard features including sales tracking, receipt capture and organization, sends invoices and receives payments. Although QuickBooks starts at an already low price, there is also a slight discount if you have up to 5 users on a single account. QuickBooks Online also has an app for iOS and Android stores.
2. Zoho BooksZoho Books is known for its ease of use, streamlining the accounting process as much as possible. Easily manage cash flow, accept payments online, create easy to read balance sheets and more. There are three different tiers available, from Basic to Professional, each with a different suite of features. Zoho Books has iOS and Android apps as well.
3. Sage 50cloudIt might not be as pretty as Zoho Books, but Sage is another option for small businesses. Sage sends invoices, tracks payments and expenses and will calculate your expected tax burden when the time comes. It doesn’t come with everything however, missing time tracking tools and payroll itself is a separate product, but what it does do it does well. Sage comes in at a bit higher price point than the other options so far, with three tiers. Sage has apps for both iOS and Android.
4. WaveIf you work as a freelancer or have a company of just a few employees, Wave may be the accounting software for your small (or ultra-small) business! Some of its services are free including accounting, invoicing, and receipt scanning while access to other features like payroll, online payments are extra charges each. Payroll is an additional $35/month for instance. Wave is certainly not an all in one software solution, but for small businesses who only need a few features, it might do the trick for you, for a while at least.
ERP for Small to Midsize BusinessesThese are just a small selection of possible small business accounting software for you to make use of. Figure out your budget, narrow in on which features you need to be the most productive and then get out there and crush your business! Soon you’ll reach a point where a more robust, capable ERP are necessary. In fact, here are some factors to keep an eye out for, as soon as you encounter one it’s likely the right time to upgrade your ERP!
- Lack of inventory control
- Data duplication
- Lack of real-time data visibility
- Requiring two or more systems to run things smoothly