Accounting software is a one-stop solution for a variety of accounting tasks. Accounting software, which replaces traditional bookkeeping, lets you automate your finance management process by reducing the time spent on repetitive operations such as accounts payable, billing and invoicing, and reconciliation.
Accounting software for small businesses should be multifunctional and capable of measuring the inflow and outflow of money into various accounts to help you manage your business finances. There are several small business accounting software available in the market, namely Quickbooks, Freshbooks, Zipbooks, Xero, and myBillBook. The capabilities of accounting software should include invoicing, accounting, inventory management, etc. Software that is clear, lucid, and transparent will simplify your balance sheet and cash flow.
Let us look at some of the best accounting software for small businesses.
- Quickbooks Accounting Software
Quickbooks has many features that help you manage your business accounting and manage all records related to the cash flow. It also makes the transaction and invoicing simple using the admin interface.
Features of Quickbooks
- Customer relationship management
- Amazing user interface
- Interface for mobile & tablets
- Complete ownership of financial data
- Allows to share customer invoices and accept online payments quickly
- Freshbooks Accounting Software
Freshbooks is robust accounting software for small businesses that is highly customisable, simple to use, and optimised for small enterprises. It can keep track of your bank accounts, income, and expenses and generate reliable accounting reports. In addition, this program, which is based on fundamental accounting concepts, ensures that calculations and reports are error-free.
Features of Freshbooks
- Its cheque book type register provides a familiar and simple interface for entering transactions.
- It allows to make scheduling for every transaction and provides reminders on such schedules as well.
- Freshbook app allows currency conversion from any monetary value to country-specific currency.
- Xero
Xero is a collection of adaptable modules that can be utilised in various industries and business types. Due to its tremendous flexibility, it enables developers to incorporate the functionality required by a particular organisation. Highly adaptable and packed with comprehensive capabilities, this program is ideal for accounting, manufacturing, stock control, and customer relationship management. Apart from accounting, this software offers modules for handling POS, eCommerce stores, manufacturers, customers/suppliers, warehousing, and inventories.
Features of Xero
- Catalogue streamlines product and price management.
- Manages sales, operations, procurement, and order processing in one click.
- Allocates individual product information pages, blogs, and websites and manages them in one place.
- myBillBook
myBillBook is a GST-compliant billing and accounting software designed for small businesses in India. The small business billing software is user-friendly, intuitive, and accessible to multiple people of a firm, including those who aren’t accounting or tech-savvy. myBillBook serves all the purposes related to accounting software in India.
Features of myBillBook
- Handles all accounting functions that include transaction entry and balance sheet updating
- Combines inventory management with billing and invoicing.
- Generates GST-compliant invoices.
- Offers POS billing for retail businesses.
- Allows online payments.
- Low stock reminders.
- Report generation.
