I wish I could tell you that you don’t really need to keep track of your finance (especially for your business) but the truth is, whether we like it or not, account or finance management is a must in every business’ financial health. Accounting communicates information that owners, managers, and investors need to evaluate a company’s financial performance.
However, keeping books and records of your finance can be very time consuming, (trust me, I know!) especially for entrepreneurs or small business owners. Each second we spend on accounting can be used in a more productive task or improvement of our day-to-day operations. It also boils down to time – and for entrepreneurs, time is money. Not everybody can afford their own accountant, so for small business owners, any tools or programs that can make our work faster and more efficient is a ton of help, in this case – accounting software apps.
What Are Accounting Software Apps Exactly?
Accounting software apps are computer programs that assist bookkeepers and accountants in recording and reporting on a firm’s financial transactions. It’s basically a gift from the tech gods for business owners. These software apps provide detailed tracking of financial transactions real time analysis.
Top Accounting Software Apps for Entrepreneurs
Now, there are a lot of accounting software apps out there but here are some that we think are really worth it:
Geared toward small to medium sized business, Intuit’s Quickbooks is one of the leading accounting software worldwide. They have features like tax estimations, create/send invoices, manage VAT, payroll, and a lot more. Quickbooks’ program provides real-time report that can be accessed through a computer or a mobile device. Their price range from $5 and above.
Xero is a top Quickbooks alternative. It offers full-featured accounting software. Like Quickbooks, it’s by subscription and mostly used by small-sized businesses. One of its advantages is that every plan comes with unlimited users. Priced at $9 a month. Check out our in-depth review of Xero here.
Clearbooks is a cloud-based accounting software for small businesses. Based in the UK, it was founded in 2008 by Tim Fouracre. Like Xero, you can unlimited users and set detailed user permissions. Overall, Clearbooks is also great software however, according to TopTen Reviews, one of its cons is its inventory feature lacks functionality. Pricing starts at £7.40 and depends on the plan.
Coming from Zoho, a business software company that offers CRM and app-building software. Zoho Books contains all the basics: invoicing, tracking expenses, reports and alike. It is one of the best accounting software for really small businesses because of how easy it is to use. Pricing is a bit higher than other software at $24/month but, unlike the cheaper alternatives, you’re getting all access to all the features.
A free accounting software with the core functionality. Wave is perfect for freelancers or business composed of 10 and below. On the other hand, because it’s a freemium software, you can expect some limitations. Instead of paying for the software, Wave charges for customer support. Payroll is also not built in the software and you have to purchase Wave Payroll which costs $15.
Like Wave, NolaPro is a free web based accounting software. NolaPro offers core services like billings, payable and customer tracking. If you want more features, there are payable add-ons like payroll, employee tracking, point-of-sale (POS) and more. NolaPro caters to all business sizes, it’s also fully-customizable.
If you’re looking for more Quickbooks alternative, Sage50 is one its major competition. It provides a powerful accounting tool and offer a great insight on your business’ operation up to the tiniest details. Sage50 is suitable for small-medium business and can be easily navigated by beginners to experienced CPAs. Pricing starts at $439.00/year and above depending on the plan.
According to GetApp, KashFlow is the leader in UK web-based accounting software. Belonging to the best accounting apps on the market it is an incredibly easy-to-use application designed for busy owners-managers who do not have the time or inclination to learn all of the ins and outs of accounting. Even though it’s based in the UK, you’re not limited to UK currencies. KashFlow supports over 90 currencies. Their pricing starts at £7.00/month or $8.71/month.
Before purchasing or subscribing to these software apps, try to do a more in-depth research, read reviews or ask around. See if they have free trials, try them out and see which one fits the best for your business. Any recommendations? Leave a comment down below.