The Best Accounting Software for Small Businesses in 2022

bookkeeping software

Very small businesses could use it for basic money management, like sending invoices, monitoring financial accounts, accepting payments, and tracking income and expenses. More complex companies can add advanced tools that include projects and proposals, mileage and time tracking, and reports. We looked at nineteen accounting software companies with specialized products for small businesses before choosing our top five software options. We considered cost, scalability, ease of use, reputation, and accounting features. Scalability was the next most important consideration because as a company grows, its accounting needs grow as well, and transferring financial information to new software can be tedious. Finally, ease of use and collaboration for business owners, employees, and accountants was considered because it’s important for all users to be able to access and review the financials at the same time. Small business accounting software ranges from $0 to $150 or more per month.

You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Moving towards a paperless office environment can have a positive effect on all areas of business. A big part of the digitization process is usually done through scanning.

AccountEdge Pro

There are three pricing plans that cater to different-sized businesses and merchants. NetSuite may not make sense if you are self-employed or a microbusiness without complex needs.

Sage also offers one-on-one help through online sessions with Sage accounting experts. Most small businesses are crunched for time, so anything they can automate is welcome.

Best Bookkeeping Software Packages for Businesses

Your data is always available, and backed up for extra peace of mind. We recommend reading our in-depth review of any service first to make sure it fits your needs—and your budget. If you’re traveling and have numerous related expenses on the road, for example, then you can take pictures of receipts with your smartphone. Some sites just attach these receipts to a manually entered expense form.

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  • Organise and Clean your Data in Excel.
  • Present your Excel Data with Interactive Graphs and Charts.
  • Look Up Values using VLOOKUP, HLOOKUP, and XLOOKUP.
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After selecting the proper category, transactions begin to populate the business’ financial statements. Business owners can run a financial report in seconds to review profitability, compare revenue and costs, check bank and loan balances, and predict tax liabilities. Having quick access to this financial information gives business owners the power to make important decisions. Dynamics 365 is one of Microsoft’s lesser-known accounting software offerings, and it packs quite a punch. The mission statement of Dynamics is to automate where possible, enabling users to streamline bookkeeping and supply chain management with minimal time investment.

Online Invoicing

Easily link bunq with your favorite software and say goodbye to manual processes. These items allow the website to remember choices you make and provide enhanced, more personal features. For example, a website may bookkeeping provide you with local weather reports or traffic news by storing data about your current location. Accounting, on the other hand, is the process of compiling all of that information prior to filing tax returns.

How do you do financial formula in Excel?

  1. #1 XNPV. Formula: =XNPV(discount_rate, cash_flows, dates)
  2. #2 XIRR. Formula: =XIRR(cash flows, dates)
  3. #3 MIRR. Formula: =MIRR(cash flows, cost of borrowing, reinvestment rate)
  4. #4 PMT. Formula: =PMT(rate, number of periods, present value)
  5. #5 IPMT.
  6. #6 EFFECT.
  7. #7 DB.
  8. #8 RATE.

It’s geared toward small- to medium-sized businesses, has a basic version and a pro version, and offers comprehensive accounting solutions full of customizations. Although some customers are impressed with the ease of use, not all users are fans.

Our picks for best accounting software

Besides its primary plans, it also offers a custom plan with custom pricing for businesses with complex needs. Unlike accounting programs that base pricing on the number of users each plan supports, Xero’s subscription plans support unlimited users.

  • Melio may not check off all the boxes for big businesses that need a lot of complex accounting features.
  • The bulk are the type that any small business owner could customize, generate, and understand.
  • First off, you don’t need to worry about your service being interrupted when your free trial ends.
  • As a small-business, you’ll never have to chase down checks again.FreshBooks accounting softwareoffers online payment options to make your client happy and get you paid 11 days faster.
  • This is a key function she looks for in accounting software, because business owners receive automatic transaction updates.

Do you want access to the transactions you have stored in online financial accounts ? Enter your login credentials for that account and the small business accounting site will import recent transactions, usually 90 days’ worth, and add them to an online register. Banks have been tightening up their security , but you may have to jump through a couple more hoops to get connected.

Pick a solution that will grow with you.

In many cases you’ll simply need to add in your figures, collated from things like bank statements and receipts. Best accounting software aimed at SMB users needs to be straightforward and efficient to use too, because not everyone has experience of accounting. Therefore, simplicity and value for money are two major factors we also look out for.

bookkeeping software

Keeping a tight grip on finances is critical for the success of small businesses and freelancers. We tested and rated small business accounting tools to find the best and help keep your company in the black. Rebecca Freedman, owner of Conscious Accounting, is a Certified Public Accountant and business consultant who has a passion for making accounting fun and approachable for business owners. Using PDFelement to complement your accounting software will save time and resources for more effective accounting, reducing the time needed to get important forms completed and processed. Get up and running with free payroll setup, and enjoy free expert support. Software that allows the user to record daily financial transactions for a business. Bookkeeping software can simplify recordkeeping for a business by serving as a digital replacement for traditional business ledgers and other business books.


Wave is best for small businesses on a tight budget that still want strong accounting capabilities. Tag any transaction with a customer, project, location, or other custom tag then generate an income statement and other accounting reports based on one or more of your tags. Earlier, we used Spreadsheets for maintaining our accounts and Zoho CRM for invoicing.

bookkeeping software

Many users rave about the quality of its customer support, the ease of setup, and the overall ease of use. Patriot offers everything you’d expect from accounting and payroll software, including expense tracking, invoicing, unlimited payroll runs, and free direct deposit.