10 Best Accounting Software Products for Small Business

Photo by Dan Dimmock

What is business accounting and why is it so important for every business? Accounting maintains an accurate and comprehensive report of all business transactions of a company. Accounting is vital in small businesses as it assists the owners, managers and other stakeholders to make financial decisions.

With software, most accounting operations are automated, eliminating the need for hiring professional accountants. Not every small business owner has the knowledge or expertise to perform accounting operations accurately. However, many software programs and platforms exist to serve your accounting needs. Here, we listed the 10 best pieces of accounting software for small businesses you can find on the market today.

1. actiTIME

Key features:

  • Payroll calculation
  • Billing time tracking
  • Automatic invoicing
  • Cost and profit reports

actiTIME is primarily a timesheet tool yet it offers quite an extensive array of accounting features for small businesses. With it’s help, you can collect all the essential pre-accounting data, including the information on billing time and working time of your employees, for consequent invoicing and payroll calculation.

In addition, actiTIME allows for an easy analysis of project costs and revenues, which facilitates the budgeting process. Overall, actiTIME is the ideal software if you are looking to manage your business productivity and perform accounting operations in one centralized platform.

Platforms: The tool is available as both a cloud solution and a self-hosted package.

Pricing: actiTIME offers a fully functional 30-day online trial and has a free version for 1–3 users with limited functionality. The paid version of actiTIME Online will cost you $6–7 per user a month. As for the self-hosted version, it costs $120 per user.

2. QuickFile

Key features:

  • Customizable invoices
  • Automated bank feeds and reconciliation
  • Invoice reminders

QuickFile is a cloud-based accounting software for small and medium-sized businesses. It provides an array of accounting capabilities, including professional invoicing, expense management, Value Added Tax (VAT) and bank feeds. In addition to all the excellent accounting features, QuickFile serves as a fully branded portal where your clients can view and pay their invoices. It offers multi-currency support covering sales, purchases and foreign currency bank accounts.

Platforms: Web-based, cloud, SaaS, mobile (both iOS and Android).

Pricing: There’s a free version with limited functionality for small to medium-sized accounts. For the paid QuickFile version, pricing starts at $54 a year. You can try this piece of software out during a fully functional 30-day online trial.

3. Gekko

Key features:

  • Online invoice editor
  • Mobile invoicing
  • Manual time tracking
  • Expense tracking

Gekko is a freemium invoicing and accounting software designed for small business owners and aspiring entrepreneurs. With Gekko, you can easily send invoices, track your hours, register your receipts and monitor your work trips. This tool is a perfect match for those who like mobility — it helps you run your business whenever and wherever you want.

Platforms: Web-Based, cloud, SaaS, mobile.

Pricing: Gekko has a free basic version with limited features for small businesses. The premium pricing starts at $11 per month. A fully functional free trial is also available.

4. billfaster

Key features:

  • Sales invoicing
  • Financial reports
  • Tax compliance
  • Multi-user permissions

billfaster is an online accounting software for small business owners with minimal accounting and software knowledge. It promises a unique user experience by providing an interface that reduces time spent on paperwork and bookkeeping by 80% with quick and straightforward entry screens. With billfaster, you can access your information at any time. The instant, up-to-date financial reports created with the app can help you track money in and out of your business to maintain healthy cash flow.

Platforms: Mac OS, Windows OS, Web-based, cloud, SaaS, mobile.

Pricing: billfaster pricing starts at $25 per month. It doesn’t offer a free version, but a 30-day free trial is available.

5. Yendo

Key features:

  • Sales and customer relationship management
  • Scheduling
  • Task management
  • Reports

Yendo is a CRM and accounting software for small organizations that streamlines your business operations. It allows small business owners to track sales performance through critical metrics in real time. Yendo also helps you create customer quotes and invoices, accept credit card payments over the phone or online, as well as monitor projects and tasks as they are completed.

Platforms: Mac OS, Windows OS, Web-based, cloud, SaaS, mobile.

Pricing: Yendo pricing starts at $29 per month for five users and one company. There is no free version, but Yendo offers a no-obligation 30-day free trial.

6. LedgerLite

Key features:

  • Double-entry bookkeeping
  • Unlimited accounts and cashbooks
  • Automatic tax calculations

LedgerLite is a piece of accounting software offering bookkeeping services for small business owners in need of a general ledger or cashbook. With this tool, you can reconcile your cash books with your bank statements. Besides, you can import CSV data into your cashbook and export data in CSV format to other programs such as Excel.

LedgerLite’s ease-of-use makes it the best for small business accounting. If you need software with double-entry bookkeeping features, you will find that LedgerLite is a perfect blend of price, reliability and convenience.

Platforms: Windows OS (no installation, database configuration or Internet connection are required).

Pricing: LedgerLite registration costs $50. This registration fee is a one-time payment with no additional charges.

7. Fiskl

Key features:

  • Expense and time tracking
  • Mobile invoicing
  • Payment processing
  • Quote management

Fiskl is an accounting software for small business owners, looking to manage their admin and finances on the go. It is simple, intuitive and built with mobility in focus. Fiskl is widely used by small businesses locally and internationally to make sense of their finances, boost productivity and drive their business forward.

This piece of software allows for creating and converting quotes into invoices. Plus, you can use the automated time tracker and see precisely how much time you’re spending on projects in order to bill clients and calculate payroll.

Platforms: Web-based, cloud, SaaS, mobile.

Pricing: Fiskl pricing starts at $7 per user a month (billed annually). It has a free version with limited functionalities. There’s no free trial.

8. HostBooks Accounting

Key features:

  • Bank reconciliation
  • Expense tracking
  • Billing and invoicing
  • Fixed asset management

HostBooks is a piece of cloud-based accounting software that helps small business owners to overcome accounting challenges. It aims to reduce the time and effort spent on compliance and bookkeeping and features accounts receivables, business tax accounting, payroll, project accounting and CPA services.

Platforms: Web-based, cloud, SaaS.

Pricing: The pricing starts at $9.99 per user a month. There is a free version with limited functionalities. Plus, HostBooks Accounting offers a free trial.

9. Debitoor

Key features:

  • Invoicing
  • Portable data with API
  • Automatic bank reconciliation

This accounting tool is created with small business owners in mind. With Debitoor, you can easily create and send professional-looking invoices and know the moment your customer views your invoice. The automatic bank reconciliation feature makes it easy to match your invoices and expenses with your bank transactions. Besides, with Debitoor, you can organize your expenses and get a comprehensive overview of cash flows in your business.

Platforms: Web-based, cloud, SaaS, mobile.

Pricing: Debitoor pricing starts at £4 per month if billed annually and £5 per month if billed monthly. There is no free version, yet Debitoor offers a free trial.

10. QuickBooks

Key features:

  • Expense tracking
  • Invoicing
  • Cashflow management
  • Reports

One of the most popular software products for accounting, QuickBooks allows users to manage sales, expenses, and keep a record of daily transactions. QuickBooks automates invoicing, billing, payroll accrual, tax filing and many other accounting tasks. It is incredibly safe to use since it has a bank-level data encryption to ensure users’ data is always secure. Besides, automatic backups on the cloud take place regularly.

Platforms: Web-based, cloud and SaaS.

Pricing: Quickbooks offers a free 30-day trial on several plans, ranging in cost from $5 up to $25 per month. Payroll and payment services attract additional charges.

Originally published at actitime.com

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