Best Accounting Software for Small Businesses for October 2024

With these always at the top of my screen, I could easily complete key actions. However, not all actions were as useful as they would seem at first glance. When I clicked “+ create,” then “invoice,” I was taken to a long form to fill out to create an invoice. It was highly customizable, allowing me to answer details about the invoice accounting cycle that would aid in filing it in my storage system and making it searchable.

The Benefits of Small Business Desktop Accounting Software

However, creating complex custom reports requires some degree of coding knowledge. Most of Sage Intacct’s applications are financial-based, including accounts payable, accounts receivable, cash management, a general ledger, order management, and purchasing. We found its analytical capabilities extensive, with 150 pre-built financial reports. Its Interactive Custom Report Writer relies on a drag-and-drop interface rather than coding expertise.

These experiences enriched her understanding of small business management and marketing strategies. Today, she channels this first-hand knowledge into her articles for Forbes Advisor. While you’re thinking about your money, you might also like to consider our reviews of online payroll services and personal finance apps. Record templates vary in complexity, so you need to understand the differences before you go with one accounting service or another. Some, such as Patriot Software Accounting Premium, simply let you maintain descriptive product records.

Best for Service-Based Businesses

I could click on this folder image to access a “create new folder” form. It had fields where I could name the folder and choose where it would be stored in “my cabinet,” allowing me to add a new top folder or create a subfolder to another existing folder. Once I finished answering the setup questions, I was given access to the platform. The first screen I saw was the “all files” screen, which allowed me to see any files I had stored in my Neat account. As I tested the software, it was clear that the platform was designed primarily for the purpose of storing financial documents. To begin, I filled out a simple form with my name, contact information, company name, industry and a chosen platform.

PCMag.com is a general and administrative expense leading authority on technology, delivering lab-based, independent reviews of the latest products and services. Our expert industry analysis and practical solutions help you make better buying decisions and get more from technology. Xero and Zoho Books go further by letting you create more advanced forms, like purchase orders, sales receipts, credit notes, and statements.

Best QuickBooks Alternatives

As one of the market’s leading accounting solutions, try QuickBooks free now for an entire month. If you’re a small business on a tight budget leash, you may want to consider other options. If you’re interested in specialized time-tracking software, check out our roundup of the best employee time-tracking software here. This feature alone makes FreshBooks an excellent option for those who bill by the hour or need to keep track of their travel expenses. how are direct costs and variable costs different Within seconds, you can create professional-looking invoices that’ll make your business look more established.

Customer Support

1. Others, such as Intuit QuickBooks Online and Xero, read the receipts and transfer some of their data (such as date, vendor, and amount) to an expense form using optical character recognition technology.
2. Though the lower-level plans are limited in terms of inventory control, the Standard plan includes 10 custom reports and up to 5,000 invoices per annum.
3. Neat just has one pricing plan making it easy for business owners who have a hard time deciding on which plan to choose.
4. Every small business accounting service has templates for numerous types of insightful output.
5. The main difference between the plans is the number of users and the features included.
6. What’s more, you can use all Xero’s features for free for 30 days before paying to help you choose which plan best meets your needs.

We also specifically researched free software versus paid software and determined the best free software for personal use and for business use, in addition to the best paid software for each. Investopedia collected and analyzed several key data points from over 13 companies to identify the most important factors for readers choosing accounting software. Investopedia launched in 1999 and has been helping readers find the best accounting software since 2020. Quicken is the best solution for individuals because of its robust features. In addition to managing one’s personal finances, several of Quicken’s plans are well suited for family budgeting and accounting as well. This software is scalable and can support a household’s financial needs as they grow more complex over time.

Xero also integrates with popular e-Commerce platforms like Shopify so that you can manage your sales and accounting in one place. This makes it easy to track your finances and ensure your books are in order. Lastly, Sage supports multi-currency and multi-company financial management. If your business is growing and you’re ready to expand into new markets, this feature will come in handy.

Once I had completed the action, I could click the X on the action item to remove it from the to-do list. There are four basic areas you should consider when choosing a cloud accounting software solution. The first is cost, as every company needs to find something that fits into its overall budget. When considering cost, look at the monthly subscription fee costs as well as any third-party costs, such as integrations with other software, that may be necessary to have an efficient accounting system.