Choose the Best Accounting Software for Your Small Business
Do you have a handle on your financial paperwork? Accounting can be a big headache for a business owner and even the best spreadsheets and receipt tracking won’t cut it.
Once your business starts to gain traction, it is crucial to keep your records accurate, organized and accessible with the best accounting software.
The good news is there are plenty of cloud-based accounting software options out there that alleviate the time and frustration spent on invoicing, bill payment, financial reports and more. If you have a limited budget, how can you find the accounting software solution that fits your situation? Here are solid suggestions.
#1: Figure Out Your Needs Before You Start
It won’t be very helpful to start looking for accounting software before you’ve pinned down your specific needs. Some of the features small business owners will want to pay particular attention to are:
- Training requirements
- Mobile functionality
- Integrations with other software tools, like payroll or POS systems
#2: Listen to Others About Their Experience
Once you have established your needs, start your software search. One of the best ways to get a handle on all of the brands available is to review what current users are saying. Honest, authentic online reviews can be extremely helpful. Review the pros, cons, strengths and weaknesses to find the right fit.
#3: Consider Your Budget
Business accounting software costs can vary greatly. Some general use applications are relatively inexpensive or even downloaded at no cost. On the other hand, specialized software can get costly. If you need a program that’s industry specific or customized, prepare to pay a premium.
#4: Consult a Professional
You don’t have to go it alone when choosing the right accounting software for your small business. Consult with your accountant before you pull the trigger on a purchase. Each business is unique and your accountant is the best financial professional to help guide your choice. Your accountant might even be a resource when you’re setting up your software.
Recommendations for Small Business Accounting Software
According to TrustRadius customers, these three solutions are some of the best options for small businesses.
QuickBooks Online can be a great way for small business owners to get started in accounting software. QuickBooks Online includes the ability to generate invoices and estimates along with mobile functionality and integration with a wide range of applications. With all of those features, the software starts at just $10 per month.
FreshBooks was created specifically for small businesses after its founder became frustrated with other options. The software covers all of the bases for small business owners – time tracking, online payments, sending invoices and more. FreshBook’s goal is to simplify the billing process and integrate with other accounting needs for small businesses.
Again, this software solution is for small businesses – and even more specifically, business with fewer than 10 employees. The cloud-based platform focuses on unlimited expense management and invoicing, with integration with Wave’s other small business apps. And it’s free!
Need more information? Review our blog post outlining the many benefits of online accounting here: Online Financial Reporting.
Feeling behind? This article gives actionable tips to get you up to speed: A Step-By-Step Guide To Catching Up On Your Bookkeeping
Not sure if you qualify for an SBA loan? Try the new SmartBiz Advisor™, an online educational tool to learn about how you can get your business SBA or bank loan ready before you apply – no cost involved. You can assess key criteria banks consider and where your business stands on each. Learn more about SmartBiz Advisor here.
Brooklin Nash writes about the latest tools and small business trends for TrustRadius. When he’s not writing, you can find him reading YA dystopian fiction (with guilty pleasure) and cooking.