Did you know that there are more than 32 million small businesses in the United States of America? Finding the best software for accountants is a great way to make your business run in a more efficient manner. Accounting is not a simple task even if you have years of experience and training as an accountant.
Finding software for accountants will make it easier to understand where your business’s money is going and what your budget is. If you feel that you need to upgrade your small business accounting practices and equipment then you can’t go wrong with small business accounting software for your industry.
The good news is that you’ve found the right article to learn more about the best account software options that you need to try out in 2022. Keep reading to learn more about the best accounting software options and the benefits that you’ll enjoy after you install and use this accounting software today!
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QuickBooks is a staple of the industry when it comes to accounting software, so it shouldn’t come as a surprise to see them get a mention. Many people consider them to be the pinnacle of accounting software for small businesses.
A big part of the popularity of QuickBooks Online is the sheer amount of training materials and videos at your disposal. If you run into issues you’ll have no problem getting the support that you need. It also features a great interface that is easy to use and navigate.
Pros of QuickBooks Online
A big reason why many small businesses choose to go with QuickBooks Online is the fact that it’s quite scalable. If you see some major growth in your business’s future then you’ll need accounting software that will grow with you. QuickBooks makes it simple for you to match your accounting needs to the size and scale of your business’s operations.
It’s also a common choice of professional accountants throughout the industry. You should gain peace of mind that this is the software option that the seasoned professionals are choosing to go with.
Another big benefit of going with QuickBooks Online is the fact that it works well with other applications. You can integrate other systems that your business uses with QuickBooks. It makes for a much easier user experience since there’s less switching back and forth from one system to the next.
You can also access your accounting information from anywhere in the world as long as you have an internet connection. QuickBooks works off of a cloud platform, making it easy to work from home or abroad. Add in the mobile app capability and you’re good to go!
Cons of QuickBooks Online
A significant drawback of choosing QuickBooks Online is that you need to pay more if you want to add more users to the accounting software program. QuickBooks is well-suited to grow with your business, but you’ll need to spend more money as you add more employees. Still, you could say that it’s a good problem to have that your business is growing that quickly.
The other con that is worth noting with QuickBooks Online is that it sometimes struggles to sync with different credit cards and banks. It can get frustrating for your accounting department to deal with if it continues happening on a consistent basis.
Xero is another great option if your small business is in the market to purchase software for accountants. Xero works by making the accounting process as simple as possible for startups and small businesses. You’ll love the clean and simple interface when you log in for the first time.
If you’re using a different software system for handling payroll then you can combine it with Xero with no issues. You can even use it to collect payments from your customers for your goods or services. That’s due in large part to how Xero integrates with Stripe and GoCardless.
Pros of Xero
Like QuickBooks, Xero is a great option for your small business or startup because it makes use of the cloud. The cloud makes it easy for you or your employees to access all of your financial and accounting information from anywhere that you have internet service. You can use the perks of Xero to recruit the best accounting candidates by selling them on the ability to work from home.
Xero also has a mobile app that you and your accounting employees can download onto personal mobile devices. The mobile app is geared to allow you to handle most accounting functions while on the go.
If you use Gusto as your payroll software at your business then you’ll love using Xero for your accounting for small business. These two programs integrate seamlessly with each other so you can get more done in less time. The end of the financial quarter will become a walk in the park when you combine Xero with Gusto.
Xero is also a great accounting software solution if you’re selling products or working as an e-commerce business. You can Xero to help you keep inventory as you make additional sales over the course of the week or the month. It’s definitely one of the best software options for accountants at small businesses.
Cons of Xero
A big downside of choosing Xero for your business’s accounting needs is the fact that it is limited when it comes to the reports that it produces. These reports play a big role in helping you get to the bottom of what’s going on with your business’s finances. You can use them to forecast what will happen in the market and identify areas of weakness within your business with reports at your disposal.
You’ll also encounter additional fees when using Xero for your small business accounting needs. Any time that you process payments through ACH you’ll find yourself paying extra fees. It might not seem like a big deal, but those fees could add up in a hurry over the course of the year.
The customer service with Xero is also quite limited compared to other options on the market. That isn’t the end of the world, but it’s nice having support when you run into issues while using the accounting software.
If you’re running a small business that provides a service then you’ll definitely want to take a look at how FreshBooks can help you out. The single biggest feature that you’ll gain when you purchase FreshBooks for your accounting department is the invoicing perks that it provides.
It’s easy to customize your business’s invoices to meet your services and industry when you have FreshBooks working for you. It’s easier than ever to send, print, and pay invoices with this accounting software option.
Pros of FreshBooks
FreshBooks is another accounting software option that uses the cloud for storing all of your important financial data. Not only does using the cloud offer better security for this sensitive data but it also opens the door to remote work for you and your employees. Your employees can access this information from anywhere that they have internet service.
FreshBooks also uses a great interface that makes navigating their software a breeze. You won’t need hours of training in order to handle simple tasks on this accounting software platform.
It’s also a great choice if you’re looking for accounting software that works well with third-party software for other aspects of running your business. Best of all, it’s quite affordable compared to some other options for software for accountants. It’s great when you use it in conjunction with Accounting Practice Management Software.
Cons of FreshBooks
There aren’t many notable drawbacks that you’ll encounter if you choose FreshBooks for your service-based small business. It’s a great solution for any small businesses that offer services rather than products since it’s easy to make invoices.
The main con of FreshBooks is the mobile app. It’s great that a mobile app is offered but the app is often glitchy. It’s not the most usable feature offered by FreshBooks.
If you’re looking for a free accounting software option when getting started with your small business you’ll definitely want to give Wave a fair shot. Wave is the only free accounting software platform listed in this article.
It’s a great solution for service-based startups since it offers some great invoicing options. If you plan on sending out simple invoices and you don’t need a payroll software solution then Wave is one of the best options for you. It should cover almost all of your business’s accounting needs and will do so for free.
Pros of Wave
The biggest benefit of choosing Wave as the best software for accountants is the fact that it doesn’t cost you anything to use. It offers free accounting, invoicing, and receipt scanning to make the lives of your employees much easier. There are also no billing limits when you use Wave for your accounting needs.
You can also add an unlimited number of users to Wave, making it great if your business continues growing. Similar to other top options for accounting software, Wave provides a mobile app to make it easy to access your account and information when out and about.
Cons of Wave
The main drawback of Wave is the fact that you’ll face more fees, especially when customers choose to pay with a credit card for your services. Still, that’s a small price to pay (pun intended) for a free accounting software program.
It also has some notable limitations when it comes to payroll for your business. The payroll functions from Wave are only offered in 14 states. If you don’t have a need for payroll software at this time then Wave is a great option.
Benefits of the Best Software for Accountants
The biggest benefit that you’ll gain from the best software for accountants is the amount of money and time that these software programs save you. Accounting is known to be a tedious and time-consuming part of running a business. If you’re running a small business odds are that you don’t have the time and energy to run the numbers without help from accounting software.
If you can’t afford to hire an accountant for your business then your next best option is to find the best software for accountants and take care of running the numbers on your own. You’ll also find that having accounting software for small businesses will help you decrease errors in your business.
Doing the calculations of your business’s financial numbers in a manual way is asking for a costly mistake. You need to ensure that your books are accurate if you want to be ready to go when tax season rolls around. You also won’t have a good idea of your actual budget if all of your books are off.
Another big benefit of getting accounting software for your business is the fact that you’ll have much better inventory management. If your small business is selling products then you need to keep tabs on how much of each product you have in inventory. It makes managing your supply chain much easier and it will make your customers happier.
Best of all, you’ll make better decisions for your business’s future. Finding accounting software for small businesses that allows you to run reports will give you all of the information that you need to plot the course for the future of your business.
Start Shopping for the Best Software for Accountants Today
Finding the best software for accountants at your small business doesn’t have to be a headache as there are tons of great options out there for your small business accounting needs. QuickBooks Online offers cloud services and a mobile app to make working from anywhere a walk in the park.
Wave is a great option if you want a free accounting software program that doesn’t require payroll software. You’ll also love what FreshBooks has to offer if your business is a service-based business.
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