Choosing accounting software for your business is very important. This is the software that will be generating invoices for clients, paying your employees, and tracking your expenses. The software needs to fit the needs of your business in order to give you exactly what you are looking for.
What Do you Need?
Depending on what type of business you have, the best type of software for you will differ. If your company has a large amount of inventory, you will need software that keeps close track of that. If you are more interested in keeping an eye on sales and expenses, a different type of software will be best for you.
Intuit QuickBooks Online
One of the more popular options, QuickBooks is a user-friendly software that is often used by small businesses. QuickBooks is integrated with PayPal, Shopify, and Square, which make it easy to accept or send payments. This software can perform most general financial functions such as track income and expenses, generate invoices, track payments, upload receipts, and produce reports. If you are working with an accountant, they will typically look at your QuickBooks and generate a list of reports, from which they can create financial statements for your company. QuickBooks starts at $8 per month.
Pabbly is a software that can give you recommended actions to improve your sales, expenses, and customer base. It is also able to automate your financial workflows, including invoice generation and communication with customers. This will allow you to focus on the business side of things and leave the financial aspects to the automatic software. Pabbly does not charge extra fees based on the number of transactions or how much revenue is generated per month. The fee to use Pabbly starts at $9 per month.
Xero is a good software for business that is done on the go. Xero can be used via phones or tablets. Some of Xero’s features include creating and sending custom invoices, tracking inventory, and creating purchase orders. You can also use your mobile device to view financial reports, which can be helpful in a pinch. The software can be connected directly to your bank account. Xero does not offer payroll services or live support. Xero starts at $9 per month.
Tipalti is a good option for businesses that require quick payments and turnaround time. If your business is having issues with non-compliance or customers paying late, the software will work to improve this. Payments, both international and domestic, will be streamlined, and certain operations can be automated. This software will also ensure that your business is tax compliant. Tipalti pricing is available upon request.
For small to medium-sized businesses that need help with payroll, OnPay could be a good choice. The software manages benefits, health insurance, and 401(k)s for employees. It will also handle W-2 and 1099 employees. OnPay can be used to organize documents and pay taxes. This software is available for $36 per month, plus $4 per additional user.