Shortlisting the right accounting software for your business needs takes time and effort. There are so many options out there! And with a neck-to-neck competition, spotting the minute difference between any two is challenging. 

Accounting software is handy when people want to automate monotonous tasks like bookkeeping, billing, managing invoices and payments, and predicting financial growth.

Not only that, but these accounting softwares also enables its users to manage the cash flows better, streamline all operations, remove intricacies, and get complete control of their business’s finances.

Before picking software for your business, it is always better to do some research upfront because switching can be a real headache. This simple guide is here to prevent that!

The guide below highlights the 7 Best Accounting Software for Small Businesses in 2024. Without wasting any more time, let’s dive straight into it:

7 Best Accounting Software for Small Business in 2024

1. Zoho

Zoho is a freemium accounting software that offers free and paid plans. The free option comes with a full suite of features for extra small business owners, and as the business grows, they can always add in more customers and users by paying a small fee.

The free Zoho account provides support for 1 user, the ability to invoice up to 5 customers, and 5 automated workflows. It is the best option for small business owners who have just stepped into the business world and cannot quite shell out a monthly fee.

Zoho offers scalability, meaning that if your business starts to pick up some traction, you, as an owner, can opt for the premium plans, which range from $9 – $29 a month.

The software’s features include expense tracking, timesheets, time tracking, recurring invoices, and a customer portal. Not to mention, its multi-currency support makes it easy to reach out to customers worldwide. However, one thing that Zoho lacks is an integrated payroll option.

2. Wave

For young businesses that are just starting, managing expenses is quite crucial. While there are many options out there that can aid this need, Wave does just the same, but for FREE! Wave stands out from the rest by offering a robust solution, which is the best if you’re looking for something that wouldn’t touch your wallet.

The software comes packed with all the vital features a small business needs, like expense management, banking reconciliation, invoicing, payroll, etc. It does everything without adding any cost!

Wave is also known for its high compatibility. It doesn’t matter if you are using a Mac OS or a Windows desktop or on the move with your Android or iOS device. Wave has you covered, and it’s a web-based application that ensures easy access to your account from anywhere in the world.

Wave is completely free to use. There is no trial period. It offers support for both, iOS and Android devices. However, what it needs is some advanced options and phone support. But, if you’re starting, it’s the best option, to be honest.

3. OneUp

OneUp offers CRM in addition to accounting, invoicing, and inventory management functions. The software allows its users to link the invoices and quotes to the customer’s contact info easily, making it much easier for your team to personalize client interactions.

OneUp is one of the best small business accounting solutions and an excellent option for budget-conscious businesses. The plan prices are directly related to your number of users, making the solution ideal for even the smallest of businesses out there.

It is one of the fastest-growing online accounting software, as it offers a full suite of accounting features and a complete CRM solution starting at a humble $9 per month. 

4. Xero

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Xero is an ideal option for small business owners on the move. This software solution offers tailored accounting for small businesses, prioritizing mobile accessibility and simplicity.

It seamlessly connects multiple devices, and delivers real-time data that business owners like you can use to get fresh insight, no matter the location!

Xero manages everything from bill management, payroll(through a Gusto link), expense logging, sales tax estimations, and invoicing.  It also features Hubdoc, an automatic receipt, and bill-capturing features in all its tiers.

The plans start at $13 per month, whereas the free trial lasts up to 30 days. All in all, Xero suits you if your taste lies in simplicity and locomotion.

5. QuickBooks Online

QuickBooks Online is another popular accounting solution owned by the parent company Intuit. The tool has a straightforward interface, making it easy to navigate the bookkeeping tasks.

Every package includes tools for tracking income, mileage, expenses, tax reports, and detailed sales. 

If you want additional features like inventory tracking or a dedicated customer support manager, consider upgrading to one of QuickBooks Online’s premium plans.

QuickBooks Online also provides resources for managing up to 1099 contractors. It also has third-party app compatibility, a double-entry accounting system, and abundant learning resources.

The Plans for the software start at $15/month, with a free trial period of 30 days. 

The app is compatible with both iOS and the Android devices and also supports Shopify integration, which no other software does, so this is a significant plus point for QuickBooks!

6. Sage Intact

The Sage Intact app is compatible with both, iOS and the Android devices and supports Shopify integration, which no other software does, so this is a significant plus point for QuickBooks!

The reviews for its accounting software are positive and have earned Sage Intacct its high ratings as an alternative to QuickBooks and an all-in-one solution allowing you to manage ERP, accounting, payroll, payments, and analytics from its dashboard. 

Sage Intacct sets itself apart with its feature Sage University, which offers its users several accounting know-how guides to make the most of the accounting software. 

This is a dependable and relatively low-priced option across all industries and has been one of the more trusted brands since 1981. 

However, some reports indicate its mobile app can be glitchy and slow sometimes. But it is not something to worry about as it can get smoothened out by some updates.

7. Kashoo

Kashoo’s accounting software eases small business owners’ bookkeeping grind.

With machine learning behind the scenes, Kashoo adapts and learns from your business operations. It efficiently handles tasks, from monitoring sales tax to sorting the receipts, and provides tailored advice to enhance savings, reduce expenses, and boost operational fluidity. 

While Kashoo’s clever hands-off accounting may only suit some, those intrigued by its unique features can test it by opting for its 30-day free trial. Paid plans start at $216 per year.

Conclusion

The future of accounting software is all about AI-driven automation, seamless integrations, real-time data analytics, and enhanced security. As businesses evolve, software will adapt, offering actionable insights and personalized solutions, revolutionizing financial management for small enterprises and start-ups.

Some outstanding free accounting software solutions we saw today can be of great use to your business if it is in its embryo stage. You can always opt for the premium memberships once your business starts gaining traction.

I hope this guide on 7 Best Small Business Accounting Software Solutions helps you somehow. Please let us know which software you want to try in the comments below.

Also Read: The Future Of AI: A Glimpse Into The AI Trends And Predictions By Industry Experts

FAQs

Which accounting software is best for small businesses?

The best accounting software is the one that meets your specific business demands. There is simply no one-size-fits-all solution. Most businesses choose cloud-based accounting solutions for accessibility, enhanced security, and scalability. 

Why is QuickBooks recommended for small businesses?

QuickBooks stands out as a multifaceted accounting solution for small businesses, providing essential features like expense monitoring, sales tax tracking, and inventory oversight, out of many. It is one of the reputable software in the accounting niche.

Which online accounting software is the cheapest?

Wave offers online accounting services at no cost. However, it may lack some features your business needs. But, if you’re starting, then it is the best option to test the waters.