When I started my business, tracking finances always seemed like a constant battle for me. QuickBooks was an easy suggestion but as I started looking into it, it came across as complicated and expensive for what I actually needed. I thought surely I am not the only person in this boat. Most small business owners just need basic, reasonably priced options that work. Hence, I looked for options that were relatively easier to conduct accounting and did not stop at a lingering price rate. If you want an Accounting Software that fits your business, then you should continue reading.
Why Look Beyond QuickBooks for Accounting Software?
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QuickBooks is popular. That’s been in the game for a while now with so many users. However, it is not always a great match. Especially if you require only fundamental features, QuickBooks can be too complicated. And the cost of its subscription fees can really pile up, month after month. 26% of small business owners claim that Quickbooks is way too expensive for their needs and much more complex than required. Which is why I believe it might be time to look into some other accounting software – simpler, cheaper and just as effective.
- Xero
If you are looking for an easy-to-use, cloud-based alternative, Xero is a great option. Xero is a favorite among small business owners due to its simple features and great automation. Forbes has reviewed Xero and concluded that it is the best for advanced features for small business 2024.
One time I was speaking to a buddy of mine who owns a digital marketing agency and he told me that once he made the switch over to Xero things became 10 times easier when invoicing clients. He was able to monitor his spending, administer payroll, and even interface with more than 800 other applications. What’s even better? Xero starts at an entry-level plan around $13 a month, which is usually cheaper than QuickBooks.
With bank feeds brought straight to your dashboard, Xero makes accounting as smooth as it gets. Even if you are running a tiny service based business or a one-man show, Xero has your back.
- FreshBooks
If your business is built around a service, freelancing or consulting of any sort, FreshBooks is particularly helpful. FreshBooks specializes in simplifying invoicing.
Imagine you are a freelance graphic designer. From only one dashboard FreshBooks allows you to create invoices and fully customize them, set up recurring billing, and accept payments online. I mean, it’s basically like having a phantom accountant.
And the best part? Check out FreshBooks 30 Day Free Trial. Its Lite plan will then start around $17 per month, which is within just about any small businesses’ budget. From using it, I feel like FreshBooks gives you all the basics without bombarding you with features that you would never use anyway.
- Wave
Now, let’s talk about Wave, a free accounting software. Wave is the perfect option for a micro-business or new startups.
Wave’s main features are free like invoicing, expense tracking and even receipt scanning. It works best when you don’t have employees to pay or lack sophisticated needs like time automation or inventory tracking. Plus, it can also be accessed from anywhere as it is cloud-based. If you are a small business looking to minimize expense, its free model makes it difficult to compete against.
- Zoho Books
Another great option is Zoho Books, especially if you already use any of the other features in Zoho’s suite of business tools. Zoho Books is a full-fledged accounting solution with features such as invoicing, expense tracking, project management and even inventory management.
According to a recent report by Capterra, Zoho Books is among the highest-rated accounting platforms for small businesses because it strikes the best balance between features versus price. The base plan for Zoho Books is $20 per month; it’s also one of the few choices to have multi-currency even at this price range.
Zoho Books is also designed to integrate with other apps created by Zoho so if your company uses tools like the Zoho CRM or Zoho Projects, it integrates seamlessly.
- Kashoo
Finally, if you are really a newbie to accounting, give Kashoo a look. Kashoo excels at simplicity. It includes all standard functions for tracking income and expenses as well as invoicing or bank reconciliations.
Forbes Review states: “Regarding pricing, Kashoo and Wave are your go-to options.” The app also comes with a feature called the “Smart Inbox,” which automatically organizes the receipts and expenses received in your email, making life easier for you.
Kashoo is an average price at around $20 monthly. But if simplicity is first on your priority list and you do not want to deal with complex dashboards, then it is the best option.
- Sage
When it comes to accounting giants, Sage is a household name. Sage Accounting also has one of the lower price points at about $10 per month for its “Start” plan. This is especially helpful if you are running a product-based business and need inventory management, for instance.
I have known many small retailers who used Sage and swore by its inventory and invoicing capabilities. Also, Sage offers excellent customer support which is ideal if you are still finding your way.
If you have ambitions to expand your business, Sage’s reporting and forecasting tools are also useful. Have a look into where your cash is flowing to, and aim at some financial goals. This is a major benefit if you are managing physical products because you need solid inventory controls, and Sage has proven reliability.
Finding Your Perfect Accounting Software
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As a business owner, I’ve learned that accounting software is never a one-size-fits-all solution. Each business has unique needs, so what works well for one might fall short for another. That’s why it’s essential to identify the specific features your business requires.
There are plenty of good alternatives out there. Wave is free and Zoho Books and Sage Accounting need only a modest layout upfront. Zone of Genius has a ton of articles directed at small business owners which could help you with the right tech tools.
Ultimately, there’s no single “best” software. Accounting doesn’t need to be a source of stress. With reliable software, you can spend less time crunching numbers and focus more on growing your business.
