10 Business Accounting Software For SMEs

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Different accounting software have been developed over the years to simplify business operations. The larger a business grows, the more accounting problems it is likely to experience. These software help small businesses to save time and resources by creating an automated method of managing finances, payroll and accepting payment. People often wonder why it is necessary to have a business accounting software to help manage finances. 

Scientech recently published a report assessing various accounting software available and did a thorough comparison amongst them and their functionality. The market was estimated using various research methodologies and internal statistical models. This showed how rapidly the world is evolving and evaluated how beneficial these software are to small businesses and even the big ones.  

Below is a list of business accounting software that would greatly benefit your business:

1.  QuickBooks Online

Quickbooks is an accounting software package developed and marketed by Intuit tailored to suit mainly small and medium businesses. It is a software that offers on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills and payroll functions. This software also issues professional-looking invoices in a matter of seconds and monitors all transactions made. The software gives a 30 -day free trial. Your subscription can be upgraded as your business grows. Each upgrade offers advanced features from time tracing, Inventory management and budgeting. It offers a lot of customization options as well. This software is available as a mobile app, you can monitor and manage your business account from your mobile phone.

2. Wave

Wave is an accounting software platform used largely by service-based small business owners and freelancers because it offers just one accounting plan. So businesses can’t scale up to plans with more features as they grow. You can start using this software at no cost and it includes a lot of helpful features like expense tracking and double-entry accounting.

3. Freshbooks

Freshbooks is a cloud-based software that organizes expenses, makes invoicing easy, collaborates on projects, processes online transactions, create reports and bookkeeping. It also has a mobile app. Freshbooks is known for saving time with automation. It offers 50% off for the first 3 months. It is said to have a vast option of customization as regards invoicing. 

4. Xero

Xero is a cloud-based accounting software designed for small and medium enterprises. It is well known for its affordability and rated very highly. All their plans include allowing unlimited users which makes life easier for any business owner. Its functions include customizing invoices, reconciling bank transactions, capture receipts and easy record keeping.

5. Zoho books

This app enables you to set multiple tasks to autopilot at 9$ per month. It automates all the bookkeeping tasks giving you more time for your business. It can be used for accounting, customer relations but it does not have a payroll plan. 

6. Sage 

Sage business accounting software allows you to create invoices, track customer billing and amount owed alongside other features. Navigating the site sometimes tends to be challenging and its subscription starts at a $10 per month plan.

7. ZipBooks

ZipBooks is an accounting software that offers a lot of unrestricted features for free. It has an unlimited number of invoices you can send and clients you can bill for free. It also has a paid plan with other features, the least plan is $15 per month.

8. Kashoo

Kashoo is an accounting software known for having an easy to navigate interface. It has a good income and expense payment, project cost tracking, payroll feature and free email, phone and chat support. Although, Kashoo is easy to use it is yet to have a mobile app.

9. Sunrise

This is a software that is considered more suitable for sole proprietor and freelancers as it lacks certain features which more complex organizations might require. It creates invoices, tracks accurately income and expenses and has a free trial which lets you achieve a whole lot.

10  GoDaddy Bookkeeping

This software has a direct integration with Amazon, eBay and Etsy making the perfect tool if you sell on those sites. This is a perfect tool for online shop owners. It is easy to use and is rated highly for its bookkeeping function but lacks multicurrency support.

Running a business requires wit and exposure, gone are the days of calculating figures on paper or beating sales girls for forgetting to record transactions. These accounting software have been made available to ease you of stress and give you ample time to grow your business. Hard work pays but I’ll say smart work sometimes pays better. Also, see 10 daily income businesses in Nigeria.

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