What is the Best Small Business Accounting Software? 5 Great Options

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With 2020 taxes being due on April 15th, people are seeking out quality bookkeeping solutions for their small businesses. Searching for said software is bound to turn up hundreds of results with every tool claiming to be the premier solution.

So, which business accounting software truly reigns supreme?

As it turns out, there are five solid solutions that our team would happily recommend to freelancers and small business owners alike. Below, we share a few insights on our top picks!

1. QuickBooks

If you’ve heard of any business accounting software for small companies, you’ve heard of QuickBooks. QuickBooks has been the premier player in the digital accounting space for years. Since it’s owned by the same company that manages TurboTax, you’ll love the integrations that are offered between the two programs.

QuickBooks is affordable and even offers a discounted product for “self-employed” individuals who have more freelance-focused aspirations.

2. FreshBooks

There are endless FreshBooks vs QuickBooks debates that rage online during tax season. The verdict of these debates is… well… there is no real verdict.

The truth is, FreshBooks and QuickBooks are both powerful cloud-based bookkeeping solutions that have their share of evangelists. If anything, we’ve seen FreshBooks gain momentum in freelance communities given the software’s simplified user interface that seems to cater wonderfully to non-tech-savvy entrepreneurs.

3. GoDaddy Bookkeeping

If you’re familiar with GoDaddy’s web hosting and website building tools, give their bookkeeping product a try. GoDaddy Bookkeeping can be accessed from the same panel you manage your website from (assuming you host it with GoDaddy).

The product is inexpensive and shines when it comes to offering flexible invoicing solutions. Furthermore, GoDaddy Bookkeeping will estimate quarterly taxes which is a feature that’s missing from FreshBooks.

4. Wave

The next two pieces of business accounting software are nowhere near as talked about as the first three we’ve mentioned. Still, they offer a wonderful suite of small business and freelancer tools.

Wave is free for basic use and offers fantastic invoice and transaction management functions. You’ll also enjoy a great user interface with this tool as well as several add-ons aimed at businesses that have employees and manage payroll.

5. Xero

Despite its name, Xero is a winner in our books. The tool shines thanks to its inventory tracking functions, solid expense management suite and affordable price tag.

If you’re going to need a lot of customer support when doing bookkeeping, Xero may not be for you since it doesn’t offer phone or chat assistance. If you’re somebody that generally knows what you’re doing when it comes to new software though, this small business focused cloud product is worth a go.

Sample Several Business Accounting Tools to Find the Perfect Solution

The list of business accounting software choices that are available to you goes beyond what we’ve mentioned. Our recommendation is to try as many solutions as possible, starting with the ones we’ve mentioned.

If you do, we’re confident you’ll find the perfect tool to meet your unique needs.

Need more insight into online accounting? Check out more of the content on our website to continue fulfilling your need to know.


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