In the United States, the vast majority of enterprises are classified as small. In reality, there are so many little firms that the statistic might as well be fabricated. The data, however, tells no tales. The United States is home to 33,2 million small enterprises, all of which require an efficient method of keeping their records.
The bigger companies can hire accountants to take care of the heavy work, but that’s not always an option for the little guys. Manually keeping tabs on things using a spreadsheet or, even worse, pen and paper is a time-consuming and error-prone hassle. Fortunately, there is no shortage of low-cost accounting software packages available online.
Because it doesn’t require users to have any prior experience with accounting, FreshBooks continues to be a top choice for small businesses. Simple and quick expense tracking, invoicing, reporting, and credit card processing The simple iOS and Android apps make using the already-convenient app even more convenient.
There are a few tiers of service available at FreshBooks. For businesses with five or fewer billable clients, we recommend the $19/month Lite plan. For an additional $32 and $60 per month, larger companies can use the Plus and Premium plans, respectively, to better accommodate their expanding clientele. FreshBooks also provides scalable accounting solutions at a price that makes sense for your company.
Quicken by Intuit
There is a good reason why Quickbooks is so well-known. Millions of small and medium-sized businesses all over the world rely on the well-known accounting software provider, so you can trust them. It’s great for new users and a top pick among accounting experts. It’s highly adaptable, hosted on the cloud, and compatible with many other programs.
30-day free trial, $15/month for the first three months, $30/month thereafter for the lowest tier. Its easy-to-use interface and robust set of capabilities make it a good fit for most small firms, while expanding to support additional users or adding payroll functions will require an upgrade.
You can get all the advantages of premium accounting software without breaking the bank. Actually, zero dollars are required. Wave is a free web tool and smartphone app that helps small businesses make and send invoices, track unlimited income and expenses, and more.
Sadly, not everything is costless. Wave’s payroll services include a monthly price that varies with the total number of employees being paid. It’s a good alternative for individuals who can’t afford the other programs’ monthly fees, and there’s no harm in giving it a shot.
Quickbooks Online (Zoho Books)
If you don’t like using Wave, you could try Zoho Books instead. If your annual income is less than $50,000, you can get the free version. It’s a one-stop-shop for invoicing, mileage monitoring, and more. The free plan caps out to 1,000 invoices per year, which may be sufficient for smaller businesses.
In addition to providing subscribers with access to phone, email, and live chat help, Zoho Books is compatible with a wide variety of well-known applications. Premium, Elite, and Ultimate paid tiers offer even more sophisticated business features, starting at just $15 per month. Check out Zoho Books online, where you can try out the free edition or a paid tier for 14 days at no cost.
Xero is widely used by small businesses all around the United States. Create reports and invoices mechanically with its help. The site encourages collaboration with the opportunity to make comments and invite third-party experts. Over a thousand supplementary apps and plug-ins are available to further personalize it.
Pricing for Xero begins at $13 per month and goes up to $70 per month for the highest tier of service (called “established”). For an extra $40 per month, users can access the payroll features of the integrated Gusto program.
Things add up.
It’s always smart to spend the effort and resources necessary to master accounting software. Having your accounts receivable and payable in order now will give you peace of mind and could prevent you from having to scramble at tax time.
There is no need to spend a lot of money or time studying. Inexpensive and surprisingly simple to use, accounting software is readily available. You may need to upgrade your software, get an accountant, or purchase an enterprise solution as your business expands. However, until then, your small business should be able to meet its needs with one of the five top accounting software alternatives mentioned above.