Bookkeeping for businesses can be tricky, but it does not have to be with some basic financial training and the proper software. But what is the best software? When you have dozens of programs competing for your attention, choosing just one may seem overwhelming. Here is a look at the top software programs that help keep your business finances straight.
- Intuit QuickBooks Online
This software program is ideal for small businesses; it is jam-packed with all sorts of features that benefit businesses from childcare providers, restaurants, and freelancers. Not only that, Intuit QuickBooks Online is affordable, and accountants and CPAs tend to use it as their default program.
The only drawback that might give you pause about using Intuit QuickBooks Online is if you prefer to do most or all of your bookkeeping for businesses on a tablet or smartphone; its mobile features are limited, particularly compared with what mobile apps from other accounting programs provide.
Now on to the advantages–and they really are tremendous.
. Suppose your business uses an accountant or retains one later on. Chances are that this person uses Intuit QuickBooks Online. You should have no issues with a transition.
. The company is great with providing support, whether you prefer online or phone chat. Resources on the QuickBooks website also give you the lowdown on using the software.
. The ease of use is excellent. You will enjoy third-party integration capabilities with apps covering payment processing, time tracking, marketing and much more. Furthermore, work is done automatically; for example, data syncs to reconcile transactions and expenses, and you can use automation to develop financial reports.
. The price is affordable; you can pay as little as $9.99 a month for one user (accountants do not count toward this limit).
Perhaps the main negative of Xero is that some accountants tend not to use it, instead opting for Intuit QuickBooks Online. That said if accountants are not a concern or if you find one who can work with Xero (and many accountants do), this program offers worthwhile advantages over QuickBooks.
. The ease of use is smooth, and Xero has a marked advantage when it comes to mobile devices.
. Xero is not as costly as the already affordable QuickBooks, and you get more features for the money. For $9 monthly, you can have as many users as you like, 1099s and more, features that cost extra on QuickBooks. If you are searching for a payroll program, Xero’s costs $30, while it would be more like $75 elsewhere.
- Wave Accounting
If your software needs to be free, you might want to look no further than Wave Accounting, but do consider carefully if your business is really better off with it. If growth past 10 employees is likely, it is best to look elsewhere. Meanwhile, you will have to deal with advertisements and paid customer support. Now on to the advantages.
. The automation is excellent and includes data syncing and billing.
. The ease of use is there.
. A free webinar helps you get started.
So, there you have three programs for three possible situations. Go with Xero if you plan to do much of your accounting from mobile devices. Ditto if you can find an accountant who works with Xero. Otherwise, Intuit QuickBooks Online is excellent.