Accounting & Bookkeeping Software for Small Businesses

Enter your login credentials for that account, and the software imports recent transactions, usually 90 days‘ worth, and adds them to an online register. Banks have been tightening up their security (which is a good thing), so you may have to jump through a couple of security hoops to get connected. FreshBooks accounting software gives you instant access to the tools you need to manage your finances. It’s perfect for everyone from self-employed professionals to growing business owners. But, once you sign up for a FreshBooks plan, check out our Advanced Payments feature, which includes recurring billing. Advanced Payments lets your small business accept credit cards online and accept payments like bank transfers, payments over the phone, and invoice-free payments with Checkout Links.

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1. You can also set up recurring invoices, easily set up discounts, and get updates when your invoices are viewed or paid online.
2. During a trial, small business owners get access to all FreshBooks features except Advanced Payments (like FreshBooks invoicing, time tracking, and expensing).
3. The app’s innovative layout and user-friendly features make using the software an enjoyable experience.
4. Plus, it syncs with far more third-party apps than Sage or Zoho Books, which can streamline and simplify business processes for busy business owners who are pressed for time.
5. These reporting features demonstrate that Zoho has designed its accounting software to be used by customers with beginner, intermediate and advanced accounting needs.

FreshBooks is another solid accounting solution to consider, particularly if you’re a freelancer, a sole contractor or running a small business. The setup process is very easy, all you need to do is add a few details about your business and why you’re using the platform, and upon completion, you’ll be directed to the main dashboard. You can also create various business reports from the dashboard, including balance sheets, profit-and-loss statements and cash flow statements.

Saves You Time and Money

Xero is also useful if you want your accounting software to come with payroll options. Through Xero, you can set up your employee’s bank accounts for payment, organise employee leave and timesheets and organize taxes. The dashboard summarizes your business’s health, including your total cash in and cash out, overdue bills and outstanding invoices. You must connect your bank accounts to the app to view this information. Another feature that freelancers or independent service providers, in particular, will find beneficial is the time tracking features included with all FreshBooks plans. For example, you can add the type of service you’re carrying out, the client you’re completing the task for and the amount of time you’ll spend on it.

How does online accounting software improve productivity for a small business?

During the meeting, you can ask your most pressing accounting questions and get help customising your new software programme. Depending on how long your business has been operating, getting started with a small business accounting service can take anywhere from five minutes to several hours after signing up for an account. Most offer free trials or a demo account and charge monthly subscription fees once you’re ready to commit. Generally speaking, the more you need from an accounting service, the longer it takes to set one up and the higher the monthly payment. Small business accounting that helps you monitor your day-to-day income, expenses and cash flow. Invite up to 10 Accountants per business at no extra cost, on Plus and Premium plans.

The company doesn’t provide a customer support phone number on its help pages. Instead, Xero offers 24/7 online support but only phone support in certain situations. These limitations can be somewhat frustrating if you have lots of questions about the software and need a walkthrough. We particularly like the invoicing features that FreshBooks has what is a rent ledger and how to make one to offer.

Sage is a UK-based accounting software company that supports businesses across 26 countries, including Australia. Sage offers several products that support medium-sized businesses and enterprises, including a higher-level ERP solution, qualified retirement plans vs nonqualified plans but its most popular accounting product is probably Sage Intacct. Xero is easily one of the most popular accounting software programmes for Australian businesses — and it’s not hard to see why. Its interface and mobile accounting app alike are easy to set up and understand, which makes Xero a good choice for new business owners unfamiliar with accounting businesses.

All online accounting services simplify the accounting process, but there will undoubtedly be times when you have questions. Some apps provide context-sensitive help along the way and a searchable database of support articles. You can also match related transactions, such as an invoice entered into the system and a corresponding payment that has come through. You can split transactions that should be assigned to multiple categories, make notes, and reconcile your accounts with your bank and credit card statements. One what is a general ledger account of the great things about using small business accounting software is that it reduces repetitive data entry. Once you fill in the blanks to create a customer record, for example, you never have to look up their ZIP code again.

The Best Accounting Software for Small Businesses in 2024

Manage your cash flow, track expenses, accept payments online, and much more – all without leaving Xero. Would you like to let customers pay with credit cards and bank withdrawals? Then, you need to sign up with a payment processor such as PayPal or Stripe. For example, do you plan to use specific features such as purchase orders and inventory tracking?