Globally, more and more people are deciding to become self-employed or set up their own small business, and there are numerous online accounting programs at their disposal to help make life a little easier. Making it easier and quicker to organise your company finances, these programs can help get you organised for tax time. With numerous different features available, it is important to research which software you will find the most beneficial. Discovering the right software for your business is essential to reducing stress, saving time and making sure that your financial records are correct and up to date. So, which program is right for your business?
Freshbooks is the ideal accounting solution for a small business. Easy to use and full of time-saving auto-fill features, Freshbooks contains all the features that you would need to help maintain your company finances. This software is incredibly simple to use, but if you do find that you need assistance, there is an advisor available during business hours to help guide you. Freshbooks can be used on your computer, iPhone, iPad or Android, so you can take your business on the go and manage your accounts away from the office. One of the key great features on Freshbooks is its ability to quickly generate invoices based on time, expenses or services, saving you precious time that could be spent focused on other aspects of the company. Freshbooks offers a free 30 day trial so that you can try out the software and see if it right for your company, after that you will be asked to upgrade to a paid account or continue using the software as a free member but you will have limited access and you will only be able to manage one client.
This program is ideal for a company that does not need to manage complex accounts, as it is not able to store a large amount of inventory or manage complicated selling or purchasing transactions. However, if you find that you want more out of this software, then there are an abundance of add-on products that can help you grow and develop what you are able to do with your company accounting.
Key Advantages of Freshbooks
Simple to use
Mobile phone compatible
This software is great if you are looking for simplicity and your accounts are fairly straightforward.
Wave Accounting is a free cloud based software program that is great for companies that have between 1 and 10 employees. Managing invoicing, accounting and payroll is quick and easy with this simple software that offers straightforward functions. Wave is unique in that it is completely free and without having to upgrade to a premium version, you are able to send as many invoices you want to as many customers as you want. This is a great feature for self-employed people or businesses that find themselves sending countless invoices that they would rather be easily accessible and with a professional appearance.
This software is a great choice for those of you who are self employed, as it allows you to link your personal finances with your business finances so that you have access to everything in one place. Wave can also connect with most banks to download recent transactions. Wave contains lots of great features and definitely worth a try!
Key Advantages of Wave Accounting
Great for self-employed individuals
Can connect to banks
Easily link business and personal accounts
If you are self-employed and you produce a lot of invoices, then it might be worth looking into this free software, especially if your accounts aren’t complicated.
Xero Online Accounting software is unique in that it can manage slightly more complex accounting tasks that other accounting software would not be able to. Its more complex features including managing fixed assets and depreciation. Xero also offers all of the standard features that you would expect to be available, including generating age accounts receivable reports and general ledgers. This software is easy to use when you are doing basic accounting tasks and with the right payment package, you can opt for unlimited users and 100GB of file storage. This software can also support different currencies and adapt to different tax rates. Xero offers a great skeleton for an accounting program but a lot of features have to added to make it a successful business accounting solution.
Key Advantages of Xero Online Accounting
Offers some complex accounting tasks
Supports unlimited users
Large amount of file storage
This software can perform a lot of basic accounting functions, but if you want it to work successfully for your business then you would have to look into getting the add-ons.
QuickBooks Online is a great choice for your accounting software as it was created by Intuit, a large company that are consistently working to develop and improve their software alongside advancing technology. With a strong reputation, QuickBooks is able to more than meet the accounting requirements for a small business. QuickBooks covers all general accounting tasks including payroll, banking and inventory. Known for responding to customer feedback and constantly working to improve, this software has developed into an easy to use program that small business will not find intimidating. If you don’t know much about accounting procedures then this program will guide you through the process and help you organise your company finances. Many accountants are accustomed to using QuickBook files, meaning if you ever need to bring an accountant into your office then it will be likely that they will already be familiar with your software.
There are different versions of QuickBooks and you will need to upgrade to a premier version if you require industry-specific tools, which may be used by retailers, contractors of non profit organisations.
Key Advantages of QuickBooks Online
Easy to use
Contains all the tools you need
Recognised in the industry
QuickBooks is a front-runner when choosing accounting software for your small business. It offers all of the essentials that you will need to successfully manage your company finances.
Like other accounting software, Kashoo is easy-to-use and offers you all of the essentials that you will need for basic company accounting. Kashoo is unique in that it offers free account access to your accountant and works using the basic accepted accounting principles that many will understand. Kashoo is useful if you are looking for a program that can download transaction history from any bank, and this includes credit card transactions. Kashoo is great if are just looking for a basic accounting program as it does not yet have the capabilities to support a complex inventory or perform complicated transactions.
Many accounting programs for small businesses are recognising the importance of the idea of “business on the go” and unfortunately Kashoo isn’t quite there yet. Although the software works on iPad, the company has not yet developed its mobile technology or an app that you can use on the move.
Key Advantages of Kashoo
Simple to use
Free for you accountant
Can download transaction date from any bank
Kashoo is a good program if you want something really basic and you work a lot with an external accountant. It is a little behind other accounting software in that it cannot be used on a mobile phone, but it is easy to use and can meet your basic accounting needs.
It can be confusing when choosing the right accounting software for your company, but it is important to do your research and opt for a program that can support all of your accounting needs. Don’t be misled by price or fancy add-ons, it is important that you feel comfortable that you are using software that you can rely upon to meet all of your business needs. Most accounting software offers a free trial and this is something that you definitely need to take advantage of as it is a great opportunity to discover whether the software is right for you company. Whether you value the features, the mobile capabilities or the simplicity, there is definitely a software available for your small business.