When running a small business, it is often challenging to manage expenses and maintain a financial book. That’s when you need the help of functional cloud-based accounting software to help you run your business smoothly from anywhere.
For small business owners, managing their firm’s accounting system and maintaining financial books is essential for keeping a check on the amount payable and receivable. But managing all the financial data manually is not possible. So, in this case, you need the right accounting software to manage your accounting and bookkeeping.
Here we have listed some of the best small business accounting software to make business with easy accounting and organized bookkeeping.
Best small business accounting software
As accounting software helps to analyze the business’s financial health, what goes right in the business, and what goes wrong in the business. With no further delay, let’s explore suitable accounting and bookkeeping software.
Free small business accounting software – mybooks
If you are a small business owner and looking for the best accounting and bookkeeping software on the cloud, mybooks can be considered as one of your picks. This application is the overall best industry-specific accounting software for free with effective bookkeeping. Also, if you would like to explore more features at an affordable price than the free planning features, then this is the perfect app to start your business.
Also, as we discussed above, the pricing is affordable – every small business can afford it, without any thinking.
Features of mybooks accounting software
- Invoicing and Billing with free professional templates
- Effective inventory management
- Real-time business reports more than 25 numbers
- Multiple business management
- Organized bookkeeping
- Accounts payable and receivable
- Bank reconciliation
- Bulk upload
- Industry-specific features
- The free basic plan, with basic accounting feature
- Standard: $4.99 /mon billed annually
- Premium: $9.99 /mon billed annually
- Enterprise: Need to contact mybooks
Best accounting software for micro-business owners: Xero
Xero is also the cloud-based accounting software for micro business owners. A business individual can also use Xero accounting for third-party payroll services. Though Xero can be utilized for accounting and bookkeeping for micro-business owners, one of its drawbacks with it is, that it looks much more expensive for micro-business to afford. So, most businessers go for Xero alternative accounting software like mybooks, to compensate for their budgeting.
Features of Xero accounting software
- Can send invoice and quotes
- Send invoice and quotes
- Multiple currencies
- Bulk reconcile transactions
- Can reconcile bank transactions
- Starter: $22 /mon
- Standard: $35 /mon
- Premium: $47 /mon
Accounting Software for Service-based Businesses: FreshBooks
If you are a small business service-based owner and looking for small business service-based accounting software, FreshBooks can be considered as one of your accounting software options. It helps service-based businesses with simple invoicing – holding customized invoice features. So businessers can explore service-business with simple accounting features. It doesn’t have any version
Features of FreshBooks Accounting Software
Here we have listed some of the features of FreshBooks accounting and bookkeeping software.
- Tracking business expenses
- Project management
- Time tracking
- Real-time business reports
- Simple accounting and bookkeeping
- Lite: $ 15.00 / mon
- Plus: $ 25.00 / mon
- Premium: $ 50.00 / mon
- FreshBooks accounting software also has customer pricing, where businessers can request pricing from FreshBooks accounting software.
Accounting software for freelancers & Sole Proprietors: Sunrise
If you are a business individual, looking for the best cloud accounting software for your freelance business, sunrise can be considered as one of your options. Sunrise cloud accounting software is not only suitable for freelancers, but sole proprietors can also utilize sunrise online accounting software.
Similar to the mybooks cloud accounting application, Sunrise is also a double-entry accounting software. One of the drawbacks with the Sunrise accounting software is the lack of some of the important features – like inventory management, effective business reports, less flexibility on accounts payable & receivable, and so on.
Features of Sunrise accounting software
Here we have listed some of the Sunrise accounting features, to get some idea about Sunrise.
- Can manage income and expense
- Send invoices and quotes
- Payment integrations supported
- Cash flow insights and alerts
- Auto-categorize expenses
- Can generate your Profit and Loss
- Has a free plan with minimal features
- Plus: $19.99 /month
NeatBooks is accounting software with basic accounting features. It holds all your basic necessities to manage your business accounting. Also, it gives the best user experience, Enables you to store the source documents for business transactions, can upload transactions in multiple ways, and has good support options, and business reports which can be customized.
Some of the major drawbacks of NeatBooks accounting software is that, as it is the accounts receivable only software, it is expensive, supported only for 2 currencies, and so on.
Features of NeatBooks accounting software
- Accounts receivable
- Good user experience
- Multiple ways to upload transactions
- Simple reconciliation
- Customizable reports
- $24/month (Discount applies when you buy the yearly plan only)
- If you are planning to play for the software per month, then it is $29/month
About mybooks on Brief
Managing all the financial data manually is not possible. Therefore, you require myBooks, practical and highly-customizable accounting software to utilize your business’ day-to-day functions with ease.
Besides financial management, it even integrates a multitude of other applications and programs to run your business effortlessly. MyBooks by Zetran is designed to let users import and export their financial data from different applications and even track various business functions. All thanks to its integration capabilities, you can easily house all the crucial data in one accessible and user-friendly space.
myBooks has easy customization capabilities for enabling users to easily track down various business activities, as per their individual business requirements. A fashion store may have different software requirements than a shoe brand. Therefore, myBooks allows users to get their software custom-made to easily integrate automation and essential business-related features.
myBooks can even communicate with multiple online systems. So, there is every chance left for users to make any errors while entering data. This ultimately saves their time, as there is no need to re-enter data on multiple platforms.
myBooks is focused on offering real-time, comprehensive financial reporting. These financial reports allow users to see a big picture while analyzing a company’s monetary solutions. Being the best QuickBooks alternative, myBooks is highly advanced and also offers unconventional accounting in the form of “multidimensional” charts.
Ease of Use
With myBooks, everything becomes easily accessible, as it’s easy to use through its simple user-friendly dashboard. Its interface is very intuitive and even provides snapshots of different information, such as overdue invoices and income, as well as profits/losses. However, ease of use means it’s easy to screw up.
Using this software, you can even close the prior periods by entering a closing date. However, you can go back to enter the data even of those close periods if you know your closing password. This makes the auditing process simple, quick, and painless.
It is considered the best QuickBooks online alternative for a good reason, which is easy integration and automation. It allows you easy integration of various features by automating reporting, payments, reconciliation, and other processes for increasing efficiency.
myBooks provides 24/7 customer service and this is great for small business owners that work almost 24 hours per day. They easily get accounting software convenience with 24/7 availability.
Frequently asked questions
What does accounting software do for small businesses?
With the guidance of the right small business accounting software, businessers can save their time – as the accounting software enables users to sync their respective business accounts and also the credit card with the help of the accounting application. Once the accounting software is synced with your bank accounts, businessers can see their transactions based on categories.
We cannot say accounting software does not need accounting knowledge. To analyze and see the business financial reports, knowing the basics of accounting is considerably required. But, with the help of the respective accounting software support team, a small business owner can operate the accounting software easily.
Here we have listed some of the most basic features in accounting software that help small businesses to the core.
- Invoicing and billing
- Accounts payable and receivable
- Bank reconciliation
- Collecting online payments from the customers
- Check financial health, cash flow management, balance sheet, and so on
What is the easiest bookkeeping software to use?
If you are looking for the best and easiest bookkeeping software for free, try mybooks. mybooks is one of the simple bookkeeping software to keep your business transactions in organized way.
Which is best? Cloud or non-cloud accounting software?
In the present scenario, businesses go for cloud-based accounting software – which can be accessed anywhere and anytime with the presence of the internet. There are lots of differences between cloud and desktop accounting software. Make sure to pick the right cloud accounting software which help you to take your business a long way.
What is the best free accounting software for small businesses?
One of the best free accounting software for small businesses is mybooks. mybooks is the free online accounting software with all the required accounting features. Also, mybooks offers the best customer support for free through the flexible platform, to know about the application efficiently. mybooks is one of the best accounting software for small businesses with industry-specific features. So businessers can grow their business with improved productivity.
What is the cost of cloud accounting software for small businesses?
The cost of accounting software for small businesses depends upon the size of the business. There are free as well as paid accounting software from cheapest cost to high cost. The minimum accounting software pricing starts from $5 and goes high as per your accounting needs.
If you are a small startup business, an individual can try the free version of accounting software or budget-friendly accounting software