The Best Bookkeeping Software Available
Need bookkeeping software but can’t decide which one? This handy guide reviews the top bookkeeping software for small businesses.
Operating your small business comes with its unique challenges. Many small businesses have fewer resources or a workforce to designate toward specific tasks like bookkeeping. Bookkeeping can be complicated and time-consuming and can ultimately steal your attention from generating more business and revenue. However, proper bookkeeping is vital for keeping sustainable and financial best practices. Accountants advise that the sooner you organize your bookkeeping strategy, the easier bookkeeping becomes for the long run. It is important to note that the purpose of bookkeeping is not just for the sake of organization. Bookkeeping is foundational for making the wisest business decisions.
Here are some reasons why accurate bookkeeping is crucial for your small business' success:
- Business Snapshot
An organized business owner needs to understand and find financial information about the business at any given time. When all your financial information is organized, it becomes easier to analyze how successful your business is functioning.
- Tax Preparedness
Bookkeeping improves the tax filing experience for your business and the employees that work for your business. Having organized statements will benefit everyone at your company.
- Budget Tracking
Maintaining an accurate budget will ensure your company is making the best financial decisions to meet its goal. Having all the financial information in place provides you with the information to determine you have not deviated from the financial plan.
- Acquiring Loans
Banks require businesses to demonstrate accurate and comprehensive financial information to determine whether or not your business can qualify for a business loan. Having all of your financial information in one location will prepare you for applying for a loan.
There are bookkeeping applications on the market that can help you accurately maintain your bookkeeping. Rather than storing your receipts and papers in a shoebox, accountants recommend choosing one of these five applications for bookkeeping for your small business:
Bench (starting price - $249/ mo)
Bench is an accounting software interface that will provide you with the most comprehensive bookkeeping solutions for less than the cost of a part-time or full-time bookkeeper. This interface will provide you with an easy-to-use interface for storing your company's financial information in one secure place with access to assistance from a professional bookkeeper. As a result, this application offers you extensive tax support throughout the full calendar year to ensure you have a stress-free tax season. Expect to have prepared monthly financial statements and frequent professional check-ins. While this may be one of the highest-priced options available for small business owners, it might be the most cost-effective if you need additional bookkeeping assistance. Here are some indicators if you need bookkeeping assistance:
You dread the coming tax season
You need a banking loan
You cannot direct time to other business functions
If the price makes you uncertain, Bench offers companies a free trial to determine if they are the right bookkeeping solution for your business.
Intuit Quickbooks (starting price - $25/mo)
Quickbooks bookkeeping software has dominated the accounting software industry and has over 7 million active users. Quickbooks has become well-known because they deliver an exceptional interface for easy bookkeeping maintenance. Since this bookkeeping platform has many users, your accountant will likely have familiarity using this interface. If you employ additional bookkeeping or accounting assistance, this software package will be the best option to make sure everyone knows how to bookkeep your business expenses.
Freshbooks (starting price - $15/mo)
Freshbooks is an online-cloud-based bookkeeping software designed to serve small to medium-sized businesses. Users tout Freshbooks as a comprehensive, simple to use, and budget-friendly experience. Chances are you will appreciate Freshbooks as much as Quickbooks for less money. However, if you employ an additional bookkeeper or accountant you may need to pay for the time it takes them to learn this less familiar interface.
Zoho Books (starting price - $0/mo)
Zoho books will provide you with the best application for new entry-level businesses. Additionally, this interface helps users with a considerable amount of inventory and invoices that need managing alongside financial information. This affordable bookkeeping application offers multiple available plans. The more robust plans will cost a monthly service fee from anywhere between $15 and $60 dollars a month.
Sage Inacct (starting price - quotes are user-specific)
Sage Inacct has received recognition for providing one of the best financial cloud management services for rising small to mid-sized businesses. They are distinguished from the other options because their product offers additional real-time analysis of your business to equip you to make the hard decision. Because this software integrates multiple elements of your business, there will be an additional learning curve to implement this service. Sage Inacct promises to provide you and your staff with comprehensive training and implementation of using this interface to track your bookkeeping. This software is best for small businesses with multiple employees who have outgrown using an interface such as Quickbooks and want to significantly expand their business potential.