What do Accounting Software Packages Most Small Businesses Use?

There comes a time for the small business owners, when they have to look beyond manual accounting solutions like spreadsheets. Automation of business' accounting processes gives you a chance to streamline the finances and improve the business's performance. With the best accounting software for small businesses, you get to be more precise in their cash flow management.

Implementation of online accounting software,

• Reduces workload

• Saves time and efforts

• Encourages reuse of business' financial data through report generation

• Brings accuracy and promptness to decision making

Online Accounting Software

Yes, it is relatively easy to understand that you hate accounting for your small business at the end of a hectic day. Juggling various tasks hardly leaves you any time for it. It is hardly a stress-buster activity. Many outsource the task to accounting services for small business.

And going back and forth between multiple spreadsheets and invoices and bills introduces manual errors in your business' accounting. Yes, almost 90% of spreadsheets contain errors. It is where online accounting software systems prove helpful. They promote the reuse of data and lighten your data entry work.

If you want to save on accounting services fees, here is a list of online accounting software systems to streamline day-to-day accounting of your small business.

One Accounting Software

If you prefer double-entry accounting for your business, One Accounting software is your candidate. The firms offering accounting services, SMEs doing in-house accounting, and accountants freelancing their services can securely use it.

One Accounting software, you can easily take care of multi-currency transactions, recurring transactions, customize invoices, payroll ledger, inventory, and collaborate with your accountant easily. The basic package costs you $9/month.

One user can use it to send unlimited sales invoices and record 49 purchase invoices. It comes with a dashboard with live data, easy-to-use interfaces & intuitive navigation. The free trial lasts for 32-days.

Sage

Sage is an easy-to-customize accounting software for small and medium businesses. It puts multiple financial tools at your disposal. You can send invoices and track payments or expenses with it.

However, if you are planning to use it in collaboration with your accountant, it is no go. It also does not support time tracking or provide dashboard. Purchase it only if you intend to use it on your desktop. You will have to shell out $50/month for Sage basic package.

OnePay

OnePay is accounting software that can lighten your data entry task. It makes it easy to enter payment-related data. It brings simplicity to your payroll, tax-filings, health and compensation insurance record keeping.

This system can estimate payroll tax, populate tax forms with appropriate data, and pay your taxes online. The basic package costs you $36/month and gives you unlimited payroll runs.

Kashoo

If you want to streamline the processing of income and expenses of your small business, check out Kashoo accounting software. It also gives you the ability to track project costs. In trouble, you can use the offered email, chat, or phone support to solve your problems.

This system offers no standard dashboard for at-a-glance reporting. Its time-tracking & billing features may not be up to your expectations. It also provides lacklustre support for inventory management. The basic package starts at $19/month.

FreshBooks

FreshBooks is accounting software for the freelancers. It makes double-entry accounting easy for them. It comes with a dashboard and assists them in tracking time, generates and send estimates and invoices. It is useful in managing proposals and accounting of multiple projects. Depending on your business needs, you find it a bit weak in customization of invoices. The basic package starts at $15/month.

FreeAgent

FreeAgent can easily simplify the accounting of your small and medium business. You can use it to prepare invoices & estimates. It enables tracking of business' cash flow, receipts, & time. You can use it to generate reports on income performance and profitability of your small business. You can comfortably track your business' finance. The basic package starts at $12/month for the first 6 months.

Take stock of the accounting needs and challenges of your business before subscribing to online accounting software for small business. Your choice largely depends on your workload related to payroll, invoicing, cashflow management and other tasks.