5 Best Business Bookkeeping Software Reviewed

Accounting software helps streamline bookkeeping activity. Using accounting software reduces errors and speeds up the bookkeeping process. The transactions can then be easily categorized into different categories.

Selecting the right accounting software requires careful consideration. Here we will also review the best accounting software that professional outsourcing bookkeeping service providers use to record accounting data.

1. FreshBooks

FreshBooks is the best mobile-friendly accounting software. The online accounting app allows double-entry accounting. The app is particularly suitable for small business owners. It supports all the functions that businesses need to record transactions.

The accounting app is best for companies that have few employees. This app can support almost all accounting functions such as sending invoices, managing accounts, and basic cash flow management. Accounting software can be used for managing the income and expenses of a business.

You can use accounting software for payroll, time monitoring, and mileage tracking. Management can access financial reports anytime using a mobile device.

Cost: The price of FreshBooks starts at $30 per month. Advanced tiers cost up to $200.

2. QuickBooks

QuickBooks is the best overall accounting software. The software can be used by small and medium-sized businesses to record almost any type of transaction. The app contains a lot of functions to manage accounts.

One of the standout features of accounting software is easily customizability. You can also extend the functionality of the accounting software using plugins. The online version of the accounting app can also be accessed using a mobile device.

Cost: The price of QuickBooks starts at just $15 per month for self-employed. The cost goes up to $200 per month for 25 users.

3. Sage 50

Sage 50 is another great accounting app for small businesses. The software is highly configurable and flexible and you can install on-premise or use it through the cloud. The app supports remote work and integrates with third-party apps.

The accounting app supports from 1 to 40 users. Some of the notable features of the accounting app include invoice tracking, purchase order management, expense management, automatic bank reconciliation, and inventory control. This accounting app also supports advanced features such as job costing, workflow management, and fraud protection with Sage Security Shield.

The accounting software is particularly suitable for companies that want advanced inventory control features. Moreover, the software is suitable for companies that require customization and advanced accounting capabilities.

Cost: Sage 50 accounting software pricing starts at $33 per month for a single user. The cost of the accounting app for 40 users is $91 per month.

4. Xero

Xero is another online accounting application that is suitable for startups and growing businesses. The app can be accessed using Android and iPhone devices. It features an easy-to-understand and intuitive dashboard.

The accounting software allows collaboration between employees, accountants, and team members. This accounting app has several useful features such as the Hubdoc which allows you to upload receipts and bills.  You can also use the app to track project costs.

The two-step authentication features keep the data secure. The app allows integration with bank accounts streamlining the bank reconciliation process. The accounting app also supports integration with over 800 plugins that extend the functionality of the app.

Cost: The price of the accounting app starts at just $11 per month which is suitable for self-employed individuals. Startup businesses can subscribe to the Growing plan which cost $32 per month. Established businesses that want features such as multi-currencies, projects, and expenses can opt for the advanced version that cost $62 per month.

5. Wave

Wave is a basic bookkeeping app that supports most of the functions required for small businesses. The basic free version support expense monitoring, income tracking, invoicing, financial reports, and scanning of receipts.  

Users can access the accounting app using a mobile device. The premium paid version supports advanced features such as payroll and customer payment processing.

Cost: Wave charges a fee for processing payments from customers. The fee amounts to 2.9 percent plus 60 cents per transaction using Discover, MasterCard, and Visa cards. The fee for processing American Express cards is 3.4 percent plus 60 cents. Customers are charged 1 percent per transaction with a minimum fee of $1 for processing ACH payments.

The payroll plan cost $20 per month and $6 per employee. There is also a full-service plan that cost $35 per month plus $6 per employee where Wave manages payroll tax calculation and submission. This service is currently available in 14 countries.

Things to Consider When Selecting an Accounting Software

You need to consider various things to select the right software for your business. Xero and QuickBooks are the most common accounting software used by professional bookkeepers. The software contains all the functionalities required by small and medium-sized businesses.

Sage 50 is the best accounting app for inventory management. Retail and businesses generally use the software as it contains useful features such as integration with the point-of-sale system. Xero is the preferred accounting software if you sell products in foreign currencies.

An important piece of advice when selecting accounting software is to sign up for a free trial. This will let you test the features of the accounting app before purchasing the monthly or yearly subscription.

Scalability and flexibility are also important considerations when selecting accounting software. You should be able to upgrade easily once your business grows over time. Moreover, the software should be accessible using both a desktop PC and mobile devices.

Conclusion

Price should not be the deciding factor when selecting an accounting app. You must select an app that adequately serves your purpose.

Consider contacting a professional bookkeeping service provider to take care of your accounting tasks. This will let you focus on more important aspects of your business such as setting and achieving sales targets.

Maxim Liberty offers bookkeeping services to small and medium-sized companies. Our certified public accountants can handle all bookkeeping tasks. They record transactions using generally accepted accounting principles to ensure accurate representation of your company’s financial position.