Technology

5 Best Accounts Software For Small Business You Need To Know

It’s been almost two years since small businesses started feeling the impact pandemic .

Although countries have introduced timely policies to help companies recover in the long run, the financial situation of companies has also been significantly affected. Small business accounting websites are certainly not a panacea, but if used correctly, you can take control of your finances and plan more wisely for the future.

There are different types of accounts software for small businesses, with different capabilities and price points. Let’s take a look at the 5 best accounts software with us today.

QuickBooks Online

QuickBooks is an accounting software developed and marketed by Intuit. Its products are typically geared toward small and medium-sized businesses, and more than seven million businesses use the software. We have chosen it as the best accounts software for small business because it is easy to use for business owners with no accounting experience. Not only that, the software is also fairly quick to set up, reasonably priced, and offers useful tools and features for small business accountants. This software is cloud-based and can be accessed through a web or a mobile app.

QuickBooks Online
QuickBooks Online

The benefits

  • Can be expanded
  • Commonly used by accounting Professional
  • Allow to combine with third-party applications
  • Cloud-base
  • accessible through the Mobile Apple

The drawbacks

  • Need to upgrade to have more user
  • Sometimes sync problems with banks and credit card

Xero

Xero was founded in New Zealand and now has a large quantity subscribers worldwide. This kind of accounts software is very popular in some countries like New Zealand, Australia and the UK. The software has a clean interface and also fully integrates with third-party payroll services.

Xero
Xero

it is generally considered easy to set up and use as no accounting knowledge is required. It is cloud-based and also has Android and iPhone apps. It is known for its intuitive, easy-to-read dashboard and can be used to collaborate with multiple users including your team members, employees, and accountants.

The benefits

  • Cloud-base
  • Mobile applications
  • Payroll integration with Gusto
  • Third party app market
  • Simple inventory manager

The drawbacks

  • Limited Report
  • Limited customer service

FreshBooks

Founded in 2003 in Toronto, FreshBooks started out as just invoicing software. Over time, more features have been added and FreshBooks now has more than 500 employees.

FreshBooks is a cloud accounting tool that is very cleanly designed but packed with features. Although it is intended for accountants, its simplified and clearly categorized user interface makes it easy for almost anyone to use.

I can easily say that this is usable by a wide range of users and it can fit small and medium sized businesses easily. If you’re interested, they can even create custom plans for larger companies upon request.

FreshBooks
FreshBooks

The benefits                                            

  • Cloud-based
  • Use user-friendly interface
  • Third party app market
  • Reasonable price
  • Advanced invoicing features

The drawbacks

  • No payroll service
  • Many limitations for mobile app

Wave

Wave is an ideal accounts software platform for a small business based on a simple invoicing service that does not need to run payroll. For many freelancers or service-based businesses, Wave’s free features will cover all of their accounting needs and is the best free software in our review. I.

It is cloud-based, easy to use, and can be used by business owners with no accounting or bookkeeping experience. All your data is backed up for added security, and you can connect your bank accounts to sync your expenses anytime from anywhere.

The benefits 

  • Free accounting, invoicing, and receipt scanning
  • No transaction or billing limits
  • Run multiple businesses in one account
  • Unlimited number of users
  • Mobile app
Wave
Wave

The drawbacks

  • Limited third-party app integrations
  • Full-service payroll is limited to only 14 States

QuickBooks Self-Employed

As the name suggests, you might think QuickBooks Self-Employed is for the self-employed. However, the QBSE is for a sole proprietor who can be any freelancer providing a product or service. It helps sole proprietors stay organized. any freelancer, whether they offer products or services, and whether they sell online through third-party marketplaces or Amazon or Craiglist, QBSE helps you stay organized.

QuickBooks Self-Employed
QuickBooks Self-Employed

The benefits 

  • Cloud-based
  • User-friendly interface
  • Easy installation
  • Access from anywhere
  • Quarterly tax payment
  • Easy-to-use customer portal
  • Automated expense tracking

The drawbacks

  • Limited reporting
  • Limited invoicing functionality and customization

What does accounts software for a small business do?

Accounting software supports the handling of the work of accountants. In a word, accounting software is like an “assistant” to help accountants perform daily accounting operations such as inputting, calculating, summarizing, reporting, and exporting data. … automatically, systematically with high accuracy in a short time based on input data provided by staff.

The software is also a tool to assess the financial health of an organization through financial reporting, income statement, cash flow or cash flow forecasting features.

The functions of accounting software for a small business

The basic functions of accounting software are:

  • Invoice
  • Bank and credit card sync
  • Payable
  • Accounts can receive
  • Collect online money  from customers
  • Prepare basic financial statements, such as profit and loss statements, balance sheets, and cash flow statements

What is an effective accounting software?

Currently, the use of accounting software for businesses is increasingly popular. So what is considered a good and effective free accounting software that your business should choose? These are the criteria that customers need to know.

  • Convenient and easy to use
    The first criterion when choosing effective software is simplicity, convenience and ease of use. When using a simple accounting software, the accounting staff of the business can easily learn and access the software quickly. When the software is easier to use, the users will not be too difficult to adapt to the software and use it effectively.
  • Fully satisfy all accounting operation                                                                                                                            A good accounting software must fully ensure basic operations such as cash accounting, purchase – sales, etc. In addition, that software must also be expanded to integrate many other features to be able to meet  the needs of the business now and in the future.
  • Information about new circulars is regularly updated
    When using these software, which has the feature of self-updating information about new circulars, it will help accountants no longer have to fear that they will not be able to promptly update new circulars and laws to avoid problems. Unfortunate cases happen. The software will provide financial reporting systems according to the latest regulations of Vietnam’s accounting law and the standards of international accounting systems.
  • Prestigious products and services, quality
    To know if it is a good software or not, you should learn about the feedback, customer satisfaction with the supplier’s products and services as well as the reputation, quality and service attitude. to get the right choice.