The Best Accounting Software for Small Businesses and Solopreneurs

In today's digital world, there are a lot of options for businesses looking for accounting software. With the many choices available it can be hard to know which one is right for you. In this post we'll review some of the best accounting software and help you make an informed decision about which system will work best with your needs as a small business or solopreneur.

 

1. Xero

Xero is a cloud-based accounting program with plenty of add-ons, so you can customise it to fit your needs. It's a great option for those looking to improve their cash flow management thanks to the handy dashboard display which allows you to see exactly how much money is entering and leaving your business. It's also one of the most user-friendly choices out there and doesn't come with a steep learning curve.

One of the best features of Xero is that you can automate bank feeds so that you no longer have to manually import your statements. It's also one of the best programs in terms of integration,  so you can easily connect it to a multitude of third-party apps to create more efficient business processes.

 

2. QuickBooks Online

Another popular choice is Quickbooks Online. It's a great (and affordable) way to manage your expenses and income along with keeping track of invoices sent through the system. Quickbooks also works with a whole host of other business apps and tools, including PayPal, Gusto and Expensify.

 

3. Freshbooks

If you're looking for a simple invoicing and billing system, FreshBooks is the answer. This is an ideal solution for solopreneurs with relatively simple accounting needs. Freshbooks makes it really easy to track your time and income by client or project, so that you can identify your most profitable activities. It's also great for automated invoicing and reminders, and it's easy to set up - no need to call in an IT expert.

 

4. Dext

Formerly ReceiptBank, Dext is a multi-purpose platform that can help you to streamline your sales and payment process, prepare accounts easily and communicate more clearly with your clients.  It's extremely streamlined and easy to use, giving you a quick overview of your income and expenses as well as greater insight into your client data and productivity.

 

5. Sage

For solopreneurs, Sage  is a great option when it comes to accounting software. It's well-known for its user-friendly interface and ease of use, but also offers the features you need to manage your business finances effectively. This software gives you greater financial visibility, makes tax ten times easier and puts you in control of your cash flow.

 

6. GoDaddy Bookkeeping

You might know GoDaddy as a domain registrar and internet hosting company, but it also offers a handy bookkeeping solution that's ideal for online business owners. This platform allows you to sync your Amazon, Etsy and eBay accounts to easily keep track of all your sales and data, and it also features easy-to-use invoicing features.

 

7. Wave

Wave is a free accounting software with a range of great tools, including invoicing and billing. It's simple to use and works well for small businesses with straightforward accounting needs. There's no limit on the number of users, either, and all of the basic features, such as expense tracking and financial reporting, are free. However, Wave does have rather limited third party app integration capabilities and it charges higher credit card fees than most other platforms. Payroll is also an add-on service.

 

Summary

It can be difficult to decide on the right accounting software for your small business. However, with the right information at your fingertips, you can make an informed choice about which system will work best with your needs. If in doubt, speak to your accountant or business consultant/advisor as they will be able to help you understand which software is most suitable for your needs.

 

For more info on starting or managing your business, why not read some of our other blogs to help simplify things.

If you have any questions, do feel free to get in touch with us!

Have a great week,

Ben & The BR Team.