Some Of The Top Accounting Softwares For Small Businesses

More companies, whether they’re small or large, are taking advantage of accounting software. However, not all accounting softwares for small business needs are the same.
With so many options on the market, it can be difficult to find the right choice for your company’s specific needs.

What is accounting software?

Accounting software is a way for accountants and bookkeepers to record and report the financial transactions of a company. It’s helpful for many reasons including automating tasks such as invoicing and transaction categorization, managing customer and vendor contracts, creating custom reports, staying organized, and more. There are various types of software such as cloud accounting software that’s accessible in real time, billing and invoicing systems, or enterprise resource planning (ERP) systems that are designed for large corporations with complicated requirements.

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How can accounting software help your company?

There are countless benefits of accounting software. If you’re a small business owner who is contemplating making the switch, here are some benefits to consider. First, it can highly improve accuracy and reduce errors that are linked to manually entering data. This improves how businesses track income, expenses, assets and liabilities.

Other benefits include an increase in organization, automating processes such as payroll management, generating custom reports, facilitating collaboration, and keeping data secure. Although software can be a bit of an investment, it is typically worth it to gravely improve your small business’ financial operations.

Three options to consider

There are countless options to consider, and the specific one that works best for you will largely depend on your budget and the use case of the software. Other factors to keep in mind are the ease of use, who will be using the software, and how scalable it is. Our team at Founder’s CPA has outlined some of the top choices of accounting software for small business for you to consider.

QuickBooks Online

QuickBooks Online is one of the most popular software options for both small and large businesses. It’s ideal to use for inventory management, in-depth contact records and transaction forms, and customizable reports. It can be used to benefit projects and payroll and it has a useful mobile app.

Zoho Books

Zoho Books is an affordable option for larger small businesses and growing businesses. It has a range of features that are useful but could potentially be overwhelming to small business owners who are just getting started. Every module has depth and flexibility and its reporting features are particularly flexible. When it comes to cons, Zoho Projects charges for turning uploaded documents into transactions and it doesn’t have inventory assemblies.

Wave

Wave is another option that has powerful invoicing and transaction management. Users report it having a strong dashboard and the majority of the features are free to use. This software can be beneficial for companies who use multiple currencies, but its overall feature set is limited and will likely only be suitable for very small businesses.

FreshBooks

FreshBooks has an appealing and simplistic user interface while still having the in-depth functionality that appeals to savvy business owners. It has a full-featured, double-entry accounting system with context-sensitive settings. Users enjoy using the FreshBooks mobile app and it can help with time tracking. On the downside, it has weak inventory tracking and can get expensive if additional team members are added.

Work with the Founder’s CPA team

While one-off software can be helpful for your team, it’s best to work with a company who can do more than software can. At Founder’s CPA, we offer industry leading accounting, tax, and CFO services for businesses in cryptocurrency, fintech and SaaS. Schedule a free 15-minute consultation to get started.

Post by Curt Mastio
Sep 2, 2024 6:18:01 PM

Curt Mastio started Founder’s CPA in 2017 and currently serves as the Managing Partner of the firm. After obtaining both his Bachelor’s and Master’s degrees in accounting from the University of Illinois in Urbana-Champaign Curt started his career in Big Four public accounting. Shortly thereafter Curt served as the Chief Financial Officer of Storage Squad began his stint as an Adjunct Instructor at Northwestern University’s Farley Center for Entrepreneurship and has been teaching Accounting & Finance to undergraduate students for 6+ years. In his current role Curt oversees strategy, operations, and business development at Founder’s CPA. Further, Curt has experience working directly with 200+ startups and small businesses providing accounting, tax, and outsourced CFO services. His industry expertise lies in the SaaS, Blockchain, Marketplace, and Fintech industries. He has served as a key advisor working directly with startups that range from pre-revenue to companies generating over $30 million dollars a year in revenue. Lastly, he serves a key role working directly with the firm’s clients that have collectively raised over $200 million in venture capital funding to date. Curt is also an active advisor, mentor, and investor in the startup ecosystem. He has facilitated numerous workshops, webinars, and presentations to incubators and other startup-centric organizations. He is also an active mentor for Techstars in both Chicago and Iowa. Outside of his daily professional duties Curt is actively involved with Beat the Streets Chicago and was a founding member of its Young Professionals Board. His efforts in both leadership and community involvement were recognized when he was awarded the Illinois CPA Society’s Outstanding Young Professional Leadership Award in 2020. He was also a panelist at their annual conference in 2022 where he spoke about his experiences starting and operating a public accounting firm. He maintains an active Certified Public Accountant designation that he obtained in 2014. Outside of work, Curt can be found spending time with his friends & family including his dog Rufus. His hobbies include golf, boating, cooking, reading, and attending sporting events & concerts.