Anyone at any stage of their journey as an entrepreneur knows the paramount importance of maintaining accounts efficiently. But small businesses may not have the budget for a full-time accountant. This is where small business accounting systems can step in and truly save the day. Here are the best accounting systems small businesses should consider.
Freshbooks lets you make extremely good invoices with a fabulous professional appeal. You can also manage other tasks such as tracking sales, receiving payments, organizing accounts, and managing taxes. Most of the tasks on this software can be automated. Freshbooks is perfect for small businesses and entrepreneurs who function independently. It works seamlessly with many apps including Gusto and Shopify. Freshbooks is known for its excellent customer support. You can also try this software for a free trial period of 30 days to see if it fits your needs.
Wave Financial is known to be one of the best accounting software options for independent entrepreneurs or small companies. It offers a host of free services such as invoicing and scanning of receipts. Wave can even handle recurring payments and billing. At an added cost, you can get features such as payroll and online payment setup. However, the project management feature is not available.
Xero is best known for its high functionality from smartphones and tablets. It can also work just as well on your computer. This software lets you manage inventory tracking and invoicing with great ease. You can also link this with your bank account. Xero offers payroll in connection with Gusto. The only drawback is that Xero does not offer any kind of live support so if you are seeking that, this may not be the ideal software for you. Xero works well with Google, Shopify, PayPal, Stripe, and Microsoft. There is a 30-day free trial period for those who want to try out the app before paying for it.
OnPay is one of the best accounting systems for small businesses. It offers a host of features such as payroll, and tax filings. Additionally, it manages insurance for compensation and health. OnPay lets you automate your accounting needs so you can work seamlessly. It integrates well with Xero and QuickBooks. The first month is a free trial run so you can figure out how comfortable you are with this software.