You’re proud of how well the launch of your small business has gone. While there are still things to refine, the potential to thrive for a long time is definitely there. Along the way, you’ll incrementally tighten your procedures and ensure every aspect of the operation runs as smoothly as possible. That includes making sure your bookkeeping is in full compliance with generally accepted accounting principles.

One way to simplify this aspect of the business is to invest in bookkeeping software. There are actually quite a few options available to you. So how will you settle on the best accounting software for small businesses as it relates to your company? Here are some software packages that you want to consider carefully. One of them is sure to be right for your business.

QuickBooks

This is probably one of the first suggestions you’ll hear when asking other small business owners for suggestions. That’s because QuickBooks has been around for a long time. In various incarnations, it’s served businesses of varying types and sizes. That includes small businesses like yours that are just starting up.

With this small business accounting software, you have simple invoice templates that allow you to make a bit of customization. Along with adding touches like a logo, there’s also the ability to add promotional notes that you can use for everything from offering discounts to spreading the word about an upcoming holiday sale. Changing the field is a breeze, so it’s easy to remove the note once you’ve finished with the current month’s batch of invoices.

You also have some limited flexibility when it comes to creating customized reports. Look at this closely and see if the standard formats work for you and if the customization will make it easy to structure anything else that you need.

A huge plus is an option of using the cloud for all your bookkeeping needs. Another factor that may cause you to pause is the fact that transferring data from other software is not always a smooth transition. Keep that in mind if you would like to be able to transfer information from a sales database to set up customer accounts rather than manually create each one.

bookkeeping zoom

Bookkeeping ZOOM

You’re not ready to hire an agency to manage your financials, but taking care of accounting tasks does mean taking time away from other core functions that need your attention. The solution right now is software that makes it easy to do what you need to do and reduce the time required to keep your records up to date. That’s where Bookkeeping ZOOM by BooXkeeping® Corp happens to shine.

With this option, you have access to in-house bookkeepers who receive your data and make sure it’s entered properly. At any time, it’s easy for you to access the data and run reports. There are also reports automatically generated and sent to you each month. There’s an expense overview for the most recently closed monthly period as well as a financial statement.

Visual reports are another perk of this outsourcing option. At any time, you can generate graphs as well as data reports. That can come in handy if you need to prepare documents in anticipation of seeking a business loan or some type of grant.

Since everything is cloud-based, you can access the data using personalized login credentials no matter where you happen to be. For business owners who travel for any reason, that means you can easily access the account using any secure connection. Your data is also available around the clock. If you’re up late working and need to check the financials, that’s not a problem.

Xero

Xero has been described as the perfect solution for micro-business owners. If it’s just you operating the company or maybe you and a couple of employees, this cloud-based software may provide everything that you need. It will make inventory management easy as well as creating and tracking invoices.

Managing the aging of your Receivables is also simple. If you do need to tweak it slightly, there are third-party apps that will work fine. In terms of add-ons, there is a way to integrate your payroll functions by adding Gusto to the mix.

Do keep in mind that there’s less flexibility with customizing reports than some other software packages provide. Customer support is also somewhat limited; that could be frustrating if you have a question and have trouble getting a response. There are also fees associated with ACH payments, so keep that in mind if you plan on allowing your clients to pay invoices online through the software.

Take advantage of the free 30-day trial and see what you think. That will provide time to determine if Xero is right for you, and which of their monthly packages would work best.

wave accounting for small business owners

Wave Accounting

Wave has only been around for a decade, but it’s definitely made an impression on small business owners. The best fit for this software would-be freelancers and other business owners who don’t need to be concerned about maintaining inventory records or dealing with managing a payroll. Should you mainly need to focus on generating and distributing invoices while also posting payments, do take a closer look at Wave.

While it’s great to have something that provides the basics of what you need and happens to come with free features, remember that there are some aspects that may cause you to pause, For example, you may find that the higher charges for credit card processing and ACH payments may not be to your liking. If you do decide that payroll is important, Wave can provide that for a fee, assuming you reside in one of the 14 states where this feature is available. Generally speaking, this one is for those with a small company structure that’s set up for people who work for themselves.

FreshBooks

Do you provide some type of service rather than supply goods to your customers? If so, FreshBooks is worth considering. You have a simple cloud-based interface that takes almost no time to learn. There are third-party apps that can be added to the package, as well as some advanced invoice features you might find helpful.

The tools also work well for preparing proposals or sending out estimates. You can also use the software to outline and budget customer projects. In terms of being able to track your paid invoices as well as the Receivables aging, this will work well.

Do keep in mind that there are no payroll features and no option to manage an inventory. If those don’t matter, then FreshBooks may be what you need. Along with use for a small business, FreshBooks is also considered among the best accounting software for personal use.

Zoho Books

If you would like to automate as much of the bookkeeping as possible, definitely take a look at Zoho Books. The goal is to make managing mundane accounting tasks as easy as possible. The nice thing here is that the software simplifies the data entry process. Instead of having to manually enter the same data several times, once is enough. It will then populate to every feature provided within the software package.

There’s more automation found within ZoHo’s accounting & bookkeeping software tools. For example, it’s capable of updating your inventory tracking with ease. That applies to shipment fulfilling as well as the reception of new goods that must be added to the existing inventory. You can also set up automatic reminds that go out to your customers when invoices age past a certain date.

Zoho Books begins with a modest monthly fee. It’s also part of a large line of Zoho software products. This is good news since you can add more software to your overall package as the business grows.

Keep in mind that only a few areas have the option of adding payroll functions to the mix. That may not matter now, but it could be an issue later on. There’s also a learning curve that’s a little more involved than some of the other options found here.

slickpie accounting software

SlickPie

Internet-based solutions are more convenient than relying on software that resides on a hard drive. If you’re looking for the best accounting software for small businesses that is a great online solution, SlickPie is worth looking at. Designed with the small business owner in mind, this option offers just about everything you will need and makes using the features simple.

You have the option of going with the basic invoice template or customizing it to suit your needs. There are several standard themes you can use with the template. Online billing and document management are also part of the basic package. There are also features that make it easy to manage your tax obligations. When you’re talking about a free solution, there’s no doubt SlickPie is worth looking at closely.

Sage 50

Sage 50 was formerly known as Sage Peachtree and has been known to give QuickBooks and a few other packages a run for their money. Geared primarily toward small and mid-sized businesses, Sage 50 offers all the features you would expect. That includes Payable and Receivables, bank account reconciliations, aging, cash flow management, and online invoicing. If you like, there are also options for payroll management and tracking employee data like vacation days, sick days, and other basics.

The monthly cost is reasonable and one that will fit into the budgets of many newly-launched small business operations. The simplicity of Sage 50 makes it a good choice for people who excel in other areas but are a little uncomfortable with managing accounting functions. Whoever you happen to be or whatever your background, this is a solution for bookkeeping software that’s sure to do the job.

small business software

Remember that the small business software that’s a good fit for another small business may or may not be exactly what you need or want. Compare the features carefully, including the options for customization and the ability to secure add-ons or upgrades as your company grows. The right choice will serve you well for many years while making sure your accounting is always in order.