Entrepreneurs usually prefer to run their business rather than to take care of their bookkeeping. They prefer sharpening their core competencies to finding misplaced invoices. Nonetheless, most entrepreneurs would rather have the status of their finances at their fingertips than waiting for their accountant’s update.
Fortunately, modern accounting software products simplify bookkeeping and allow the entrepreneur to focus on value-added tasks, such as reading easy reports that detail the status of their finances. The following products offer the best trade-off between simplicity and effectiveness.
1. Wave Accounting is the best free accounting software for small businesses
Wave Accounting is a free software designed for businesses made of up fewer than 10 employees. Wave has a user-friendly interface and is very easy to navigate. The software allows entrepreneurs to print invoices, to enter bills and receipts and to run reports that assess the financial health of their business. All these features are clearly explained in Wave’s free webinars.
Wave Accounting offers time-saving features such as automatic billing and invoicing. Moreover, it is possible to set up recurring tasks as well as reminders to keep track of paid and unpaid items. Additionally, Wave schedules automatic backups in order to safeguard information. Lastly, Wave delivers easy-to-read financial reports and features snapshots of the business’s financial status.
Unfortunately, Wave Accounting comes with two significant drawbacks. The software is free because it uses advertisements. Wave places ads on the software interface as well as on communications sent to clients, such as invoices and emails. Moreover, Wave does not have a native mobile app, which may be a deal breaker for entrepreneurs who would like to access the software on the go.
2. FreshBooks is the best mobile accounting app for small businesses
FreshBooks is a web based accounting software that also offers a comprehensive mobile app for iOS and Android devices. FreshBooks offers the most popular accounting features as well as a wide array of useful time-saving accounting tools. The cost of the subscription for this cloud-based accounting software starts at $15 per month.
FreshBooks is a simple and intuitive accounting software that enables entrepreneurs to save time and to manage their finances stress-free. Indeed, entrepreneurs can invoice customers on the go, directly from their phone or tablet. Moreover, entrepreneurs can get paid faster since customers can immediately pay the invoice online with their credit cards.
Unfortunately, FreshBooks comes with a significant drawback. The mobile app is only natively available on iOS and Android, which means Windows Phone and BlackBerry users can only access the software through their browsers.
3. QuickBooks Online is the best overall accounting software for small businesses
Overall, Inuit QuickBooks Online is the best accounting software for small businesses and comes at the low cost of $9.99 per month. QuickBooks Online offers a comprehensive list of accounting features that are suitable for all types of small businesses, such as online merchants, restaurant owners, consultants, freelancers, etc.
The best part is that QuickBooks Online offers an intuitive interface that can be customized with advanced features as the business grows and as the needs change. Moreover, QuickBooks Online offers a wide array of time-saving features such as automatically categorizing expenses and linking receipts to expenses.
Regrettably, QuickBooks Online comes with a slight drawback, since its mobile app lacks features. Indeed, the mobile app does not offer sufficient features for entrepreneurs to get their accounting done on the go. Only very basic features are available such as viewing customer information and invoicing clients.