Best Accounting Software for Small Businesses for November 2024

While QuickBooks Enterprise remains available as a desktop solution, its starting price is nearly triple that of Sage 50—making it unaffordable for many small businesses; read our QuickBooks Enterprise review to learn more. “It’s important to have the basics of your business figured out so you know exactly what you need,” said Taylor Kovar, CFP, a member of Investopedia’s Financial Advisor Council. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews.

Accounting made easy.

I was told the sales representative was not allowed to discuss pricing. NetSuite’s representative said that pricing depends on the modules and users a company needs. The software even allows a breakdown of tracked time based on billable and non-billable activities within each project or job. From there, you can track job progress based on its income, expenses and profit margin, then easily turn timesheets into invoices. Time billing reports further allow you to view time billing for activities, customers, employees, jobs, rate levels and productivity.

The software is downloaded onto a computer, and data is stored locally; however, most key features can also be accessed using a web browser or the Quicken mobile app. Since 1982, Quicken has offered management and tracking tools that allow individuals and families to be financially organized and prepared. Quicken can be used for household budgeting and income/expense tracking, which can help individuals prepare for tax season.

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2. Looking for affordable, flexible, scalable accounting solutions that grow alongside your business?
3. Overall, the dashboard seemed very basic compared to some competitors.
4. In addition, AccountEdge offers a free account for your accountant so they always have real-time access to your reports.

One way to think of an ERP is as a central hub that chains together all the different computer systems that run a large organization. Without an ERP, each department would develop its own specialized system that may not integrate with other systems. With ERP software, each department still has its own accounting explained with brief history and modern job requirements system, but all of the systems can be accessed through one application with one interface.

Identify Your Business Needs

Advanced features include double entry, payroll integration, project cost tracking, customization options and the ability to collaborate with an accountant. FreshBooks offers four plans starting with the Lite plan at $19 per month ($9.50 per month during the current promotion). This plan allows users to send unlimited invoices to up to five clients, track unlimited expenses, send unlimited estimates, track sales tax and accept credit card payments.

The banking section of this case study focuses on cash management, bank reconciliation, and bank feed connections. The software must have bank integrations to automatically feed bank or card transactions. The bank reconciliation module must also let users reconcile accounts with or without bank feeds for optimal ease of use. AccountEdge scored decently across different categories but got high ratings in banking and inventory.

FreshBooks is the best software for invoicing

ZipBooks’ paid plan starts at $15 a month and offers better bookkeeping and automation features than its free accounting plan. ZipBooks’ iOS app has disappeared from the App Store, and it’s never had a Google Play app worth mentioning. Wave Accounting offers a free software plan that covers basic accounting and invoicing. It doesn’t offer time or mileage tracking or a billable expense feature, but it does allow for unlimited users and recurring invoicing.

Accountant-friendly software

In short, Online is the more comprehensive and robust option for businesses with many vendors, employees, and clients. Solopreneur lacks Online’s reporting, inventory, and sales tracking tools. The best software accounting packages are easy to use, offer robust tracking and planning tools and reports, integrate with other software, and are easy to share with outside bookkeepers and accountants. Despite these benefits, 51% of small businesses with 19 or fewer employees rely on spreadsheets or non-digital methods to manage and track their funds, according to one recent survey.