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According to Yelp’s Economic Impact Report, it was discovered that business closures in the US had been on the rise due to the coronavirus pandemic’s economic toll. By August 31st, 2020, 163,735 businesses had closed. This had shown a 23% increase in the number of business closures since mid-July.
The coronavirus pandemic’s economic toll affected most, if not all businesses, but some may have been able to ease its effects by utilising business accounting software tools.
Business accounting software assists businesses in performing a range of tasks, such as tracking inventory, reconciling credit card and bank activity, accounting for taxes, and utilizing double-entry accounting standards. This article will explore the best small business accounting software tools for startups. Check out the best Enterprise Invoicing Software currently available.
If entrepreneurs would like a more indepth view into business accounting software, The Really Useful Information Company (TRUiC) is able to provide more information.
Because of necessities such as compliance and even taxes, always look for a tool with document generation capabilities, such as Quickbooks, if you are required to provide evidence of certain transactions. It just makes things a lot easier and saves time.
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FreshBooks
FreshBooks is an accounting software firm that offers invoicing and bookkeeping tools. Their accounting software is suitable for business transactions, online or offline. FreshBooks offers a well-organized platform as well as visual dashboards, and this allows business owners to keep track of their money at all times. Some of FreshBooks features are sales tax and report tracking, unlimited customized invoice, as well as lower credit card transaction fees, to name a few.
The pros to using FreshBooks are:
- Full service and support
- Full customization
- Free migration from any other business accounting software
- Thorough onboarding and training
- Deep business analytics and insights
- Real-time inventory tracking
- Time tracking
- Multiple app integrations
- Cloud-based
The cons to using FreshBooks are that they require potential users to speak with a support specialist first before purchasing.
FreshBooks offers four, affordable packages to potential clients, namely Lite, Plus, Premium and Select. These packages range between $7.50 and $25+, suiting the needs of all types of businesses.
QuickBooks
QuickBooks Online is a software that handles well and is especially useful if a business has hired an accountant seeing that most accountants are familiar with how it works. This accounting software is best for small business owners who need premium business accounting software. Some of QuickBooks features are custom invoices, quarterly tax estimation as well as time-tracking for employee time and billable client hours, to name a few.
The pros to using QuickBooks are:
- Popular accounting software for small businesses
- Integrates with third-party apps
- Cloud-based
- Accountant-friendly software
The cons to using QuickBooks are:
- The online version is not as robust as the desktop version
- Customer support has long wait times
- Necessary add-ons and integrations are expensive
QuickBooks offer five packages to potential clients, namely Self-Employed, Simple Start, Essentials, Plus and Advanced. QuickBooks offers a free 30-day trial, but offers 50% off any package for three month if it is purchased without the trial. These packages range between $7.50 and $150, suiting the needs of all types of businesses. QuickBooks can also be accessed on cloud. Large businesses prefer using QuickBooks Enterprise Cloud Hosting from QuickBooks Hosting Service Providers to fulfil their remote accounting needs.
Xero
Xero is a simplistic accounting software for small business which is able to manage the books. The accounting software is able to handle income and expenses, inventory management, A/R and A/P, as well as bank and credit card tracking. This accounting software is best for small businesses which require fewer accounting features. Some of Xero’s features are bill tracking, expense monitoring and inventory management, to name a few.
The pros to using Xero are:
- Easy to use bookkeeping software
- Simple inventory management
- Business ledger
- Calculate tax and other miscellaneous expenses
- Manage and make manual journal entries
- Multiple payment processing options through various app integrations
- Easy to use mobile app
The cons to using Xero are:
- Fewer features than with other small business accounting software
- Less customer service and support options
- Basic inventory management
- Xero charges for ACH transactions
Xero offers three packages to potential clients, namely Early, Growing and Established. These packages range between $11 and $62, suiting the needs of all types of businesses.
Wave Accounting
Wave Accounting is a free accounting and invoicing software platform. Users do have the option of including Wave's payroll processing, which is $35 per month, as well as Wave's payments which is 2.9%-3.4% plus $0.30 credit card processing. Wave Accounting is best suited for small service businesses and small business owners needing very few features. Some of Wave’s features are unlimited income and expense tracking, the ability to add unlimited partners, collaborators, or accountants, as well as the ability to run multiple businesses on a single account, to name a few.
The pros to using Wave Accounting are:
- Free software for small businesses
- Users can send unlimited free invoices
- Great for a small service business for income and expense tracking
The cons to using Wave Accounting are:
- Unlikely to scale with your business
- Very basic features
- Extras are more costly than other options
The takeaway
These accounting software tools offer benefits suited for all types of startups. Entrepreneurs need to evaluate their business’ needs and goals before being able to select which account software tool best suits their business. By doing so, they would be able to pinpoint what is required from the accounting software for their business.
