Capital isn’t this pile of money sitting somewhere, it’s an accounting construct. – Bethany McLean
One of the most common mistakes business owners make when starting a business is not investing in the right technology to help them run their business efficiently. This includes options such as accounting software that will help track finances and facilitate communication between customers and suppliers. Although expensive, hiring an experienced professional or doing it yourself can come at a high cost in terms of human error. This can lead to lost revenue for the business over time.
The best startup accounting software depends on the user’s industry, business level, and personal preference. We’ll cover that in this guide as it pertains to startups. Budget-conscious startups will appreciate affordable software that can grow as the business grows. On the other hand, a large company may require more work and scale than a startup. Either way, our guide will give you the information you need to make an informed decision on the right accounting software for your startup.
QuickBooks
QuickBooks Online is an enduring and favorite accounting software no matter the industry. Because QuickBooks offers a lot of built-in and scalable functionality, it’s a great package for startups of any size, but especially those who expect to grow and need a long-term solution. . QuickBooks Online is ideal for small business owners who need advanced business accounting software. If you have been using QuickBooks in the past, for example, the desktop version of QuickBooks, you may want to upgrade to the online version. The online version allows you to access it from anywhere, and you can easily access the Android and iOS apps.
Highlights:
Real-time view of your cash flow
Anywhere access
Invoice & taxes
Expenses and Employee Payrolls
Pricing:
Starter – $30/month
Pro – $200/month
Freshbooks
FreshBooks is a small business consulting software company that offers a variety of invoicing software and tools. Their accounting software records every business transaction, online and offline. FreshBooks’ double-entry bookkeeping system helps startup owners manage their financial processes by eliminating time-consuming processes. One such method is simple invoicing and using FreshBooks invoicing. This feature allows entrepreneurs and freelancers to create professional invoices that reflect their brands.
Highlights:
AppStore
Booking
Estimates
Invoice
Payrolls
Proposals
Time Tracking
Pricing:
Lite – $4.50/month
Plus – $9/month
Premium – $16.50/month
Select – Contact Sales
Xero
For companies with complex accounting needs, Xero is a good choice. It handles cash and expenses, inventory management, accounts receivable and payable, bank and credit card tracking, and other services that small business owners need. Moreover, it has a very user-friendly interface; little training is required to use it. In addition, the software vendor provides service learning tools that make learning easier for those who need it. And its large community is active in providing useful tips and advice.
Highlights:
Pay Bills
Claim Expenses
Bank Connections
PayRolls
Inventory Management
Invoices
Purchase Orders
Pricing:
Early – $13/month
Growing – $37/month
Established – $70/month
Zoho books
Zoho Books is a popular bookkeeping system from software giant Zoho. It is part of the Zoho suite, but can be used as a standalone product. It’s perfect for businesses that need integrated ERP services on a budget, and like most products on this list, it offers full general ledger, accounts payable, and accounts receivable services. Its dashboard view means that relevant data is displayed immediately after transactions are made or downloaded using bank and credit card transactions.
Highlights:
End-to-End accounting
Tax compliance
Integrated BusinessPlatform
Inventory
Banking
Time Tracking
Payables
Vendor Portal
Online Payment
Pricing:
Free version available
Standard – $15/month
Professional – $40/month
Premium – $60/month
Elite – $120/month
Ultimatum – $240/month
Sage Business Cloud Accounting
Formerly known as Sage One, Sage Business Cloud Accounting helps startups and small businesses support their bookkeeping and accounting operations with ease, efficiency and accessibility. With this cloud-based platform, invoicing becomes a breeze as it is easy to set up and even easier to use. In addition, with strong automation capabilities, Sage Business Cloud Accounting reduces the time spent on administrative tasks related to tracking and processing payments and expenses. You can also create a variety of tasks that include publishing expenses and payments to your bank account automatically. In this way, you will be able to monitor not only your business expenses but also the level of payment of your customers. Additionally, the AutoEntry feature helps capture data from receipts, bank statements, and more. Air.
Highlights:
Mobile App
Invoice Payment
Reporting
Multi-Currency
Stock Management
Account payable
Billing
Pricing:
Sage accounting start – $10/month
Sage accounting – $25/month
Wave
The Wave account is the perfect choice for businesses with a high level of needs. It is good for small service providers, such as professional cleaners, window cleaners, etc. Out of the box, Wave offers several features that can handle invoicing, vendor registration and payment tracking. Also, it provides many templates to help beginners organize their data properly. The outstanding feature of the Wave is its easy-to-use dual input system. This makes it easier to keep money in debt. Additionally, Wave comes with automatic reminders to send payments or invoices to customers. In addition to this great feature, Wave users have the ability to access and manage their bank and credit card accounts seamlessly. In addition, the monthly adjustment is compatible with the Wave.
Highlights:
Invoice
Banking
Payroll
Accounting
Pricing:
Free version available
With payrolls – $40/month
With Advisors – $149/month
GoDaddy Online Book Keeping
Formerly known as Outright, GoDaddy’s online accounting provides many of the tools marketers need to pursue profits in their startup businesses without the need for an accounting background. It’s not a two-door entry platform, but its strategic features are perfect for a variety of online sellers, including sellers from Amazon, eBay, Etsy, and Shopify. Profit and loss accounting is very easy with GoDaddy’s online accounting software. With each login (based on a browser or through a mobile application), GoDaddy Online Bookkeeping provides the user with information now classified in a way that will suit everyone: “My money” and “My money with”, for example. Selecting the Expenses tab provides an overview of all business, non-business, or unauthorized expenses from the main screen. Additionally, GoDaddy Online Bookkeeping automatically generates Schedule C workbooks and quarterly tax returns, which is a huge advantage for a sole proprietor startup.
Highlights:
Mobile App
Book KeepingAccounting
Easy UI
Online Store and product sales focus
Payroll
Pricing:
Starts – $4.99/month
1-800 Accounting
If you are not comfortable managing your own financial affairs, we recommend 1-800Accountant. They can take care of all your bookkeeping and accounting needs so you can relax and live your life. 1-800Accountant is a reputable company with excellent customer service and many positive reviews from people who have used their services. Plus, they’re cheaper than hiring a traditional accountant. If you’re looking for an affordable solution for small business owners, 1-800Accountant is a great option.
Highlights:
Tax Advisory
Audit defenses
Quarterly Estimate
Income taxes
Book Keeping
Payrolls
Pricing:
Free Version Available
Business – $125/month
Corporate – $224/month
Enterprise – $475/month
Less Accounting
LessAccounting is accounting software that automates accounting tasks to help you save time and money. It consolidates your business into a central repository, making it easy to track and manage information. This program provides a monthly breakdown that helps you stay on track with the correct accounting system. In addition, it helps to speed up the planning process by using customized templates. LessAccounting is best used as a cloud-based service for small and medium-sized enterprises (SMEs) in industries such as graphic design, finance, IT, software development, public relations, marketing, and advertising.
Highlights:
Book Keeping
Proposals
Invoices
Accounting/Taxes
Pricing:
Free Version available
Lite – $24/month
Team – $36/month
Melio
Melio is a useful tool for small businesses that want to manage their bills and documents efficiently. By allowing businesses to focus on their customers rather than a back office, Melio saves time and money and optimizes revenue. Customers can pay their bills by free bank transfer or complete the payment with their credit card. Sellers receive cash or bank deposits instead. In addition, Melio allows customers to process each bill individually, select multiple bills, and pay them all at once. All this saved time can make a big impact on the business floor.
Highlights:
Add unlimited users for free
Integrations
International Payments
Easy Bill capture
Team management
Workflow
Pricing:
Free Version available
Feature Pricing – Starting from – $1.50/month to $20/month per feature
Conclusion
Good easy-to-use Accounting software can help small businesses with a multitude of operations, including managing their expenses and tackling tax season. But every business is different. Hence choose wisely.
Best Wishes!