Startups and even some newer small businesses need to have their company finances in order to succeed, grow, and reach their goals. Managing finances can be a tedious and stressful endeavor, but luckily, we’re blessed to live in a time where there’s a wide range of financing tools and software at your disposal.
As a startup business owner, you’re going to be wearing many hats — one of which will be handling finances. While business accounting software isn’t going to make you instantly more profitable, it will give you the confidence and transparency needed to make tough choices that can put you in a position to achieve your goals.
What Can Business Accounting Software Offer?
Whether you’re new to the startup or business world or a seasoned veteran, understanding financial bookkeeping is an essential piece of the entrepreneurial puzzle. It can be a complex process, but with the right tools — it can be made exponentially easier. So, what can business accounting software do for you?
- Help you manage finances for short-term or long-term growth
- Understand how bills and other expenses are affecting profitability
- Prepare you for tax payments
- Determine whether or not you can invest in new equipment, machinery, or technology
- Let you know if you should consider fast business financing or loans for quick capital
- Is your budget allocation accurate?
- Can you afford new hires or expenses?
- Are your accounting numbers available to key team members online?
While this seems like a lot of information to digest, it’s all managed by robust business accounting software that can help you stay prepared for the future.
Why Use Accounting Software For Your Business?
It should come as no surprise that business accounting software can massively reduce the chance of human error and save you a ton of hours that can be better spent on day-to-day operations. The automation of business accounting is extremely accurate, as long as the correct information is inputted.
Whether it’s managing invoices, collecting financial reports, or tracking expenses — you’ll have all of the insights needed to plan for the future and succeed.
Our Top 7 Business Accounting Software
You’ve most likely heard of Quickbooks, as it’s been a staple of the business world for some time now. Quickbooks Online is an online-only, cloud-based system catered to businesses with well over 4 million customers throughout the world. It has a list of incredible features for a reasonable price point, such as:
- Time tracker with Time-Only access (along with manual entry capability)
- Real-time automated inventory tracker
- The ability to manage multiple businesses in one login
There are some drawbacks, such as limited Mac compatibility. Compared with its desktop Quickbooks counterpart, it’s not nearly as robust — however, it is a great option for startups looking to get a handle on some of the core aspects of business accounting and management.
$15 – 50 per month depending on the subscription
Coming in at number two is FreshBooks, an incredibly popular software used by over 10 million people. FreshBooks is also extremely affordable and offers reliable options that customers love. Some of these features include:
- Flexible payment plans
- IOS and Android apps for easy mobile access to financials
- Simple notification features that alert user when customer view invoices
It’s one of the most popular and beloved software on GetApp, with high ratings and plenty of reviews. With so many satisfied users, it’s a great option to look into for your business accounting software.
$13.50 – $45 per month depending on the subscription
Another popular option is Xero, a major business accounting company with over 1 million subscribers. They host an impressive suite of capabilities and features, including but not limited to:
- Continous updates (Every 3-6 weeks)
- Seamless integration with over 500 business applications
- 24/7 customer support for questions and concerns
Similar to FreshBooks, Xero has great customer reviews and scores on GetApp — and their continuous updates keep their software running smoothly with additional options always on the horizon. It’s a great accounting software option for small business owners and startups alike.
$9 – $70 per month depending on the subscription
Sage is an extremely affordable accounting software option that companies can take advantage of today. While its affordability is oftentimes its most rewarding feature, it also offers a wide range of capabilities for smaller operations that don’t need comprehensive accounting software.
- Simple integration with hundreds of third-party software systems and apps
- Optimized to function with a wide range of currencies and foreign countries
- Great customer feedback
$10 – $25 per month depending on the subscription
We haven’t forgotten about all of our freelance and sole proprietors out there. LessAccounting is an excellent option for these enterprises as it’s a super simple and easy to use software for those who may be unfamiliar with the business accounting side of their operations.
- Simple money management tools
- Flexible automated accounting offerings
- Depreciation tracking
- Easy to learn
LessAccounting is all in the name, as it’s a super simplified option for smaller operations. If you have just a few employees, it’s a fantastic solution that can help streamline your business accounting and give you some insights into your financials.
$20 – $45 per month depending on the subscription
While this business accounting software may not have incredibly diverse options, it does make up for it with ease of use and a streamlined user experience with a great set of features.
- Easy to learn and master for startup entrepreneurs
- Super responsive customer support
- Project tracking tools
Another popular option on GetApp, with great customer reviews, Kashoo is a simple and reliable business accounting software.
$19.95 – $199 per year depending on the subscription
Install and Start Today
When it comes to managing your business financials, it’s never too soon or too late to start getting your company’s house in order. Many of these business accounting tools and software offer free customer support to help you get set up, making it a seamless process that only benefits your company in the long-run. After reading your morning business blog, perhaps it’s time to start considering a new accounting software to help you achieve your goals.
Startups and small businesses are always fighting an uphill battle, and it’s imperative that business owners are utilizing all of the tools at their disposal to ensure the success of their company’s future.