Best Accounting Software For Small Business 2024

simple bookkeeping and accounting systems for small business

The app supports multiple currencies and has a smart selection of features for very small businesses. It doesn’t have a dedicated time-tracking tool, comprehensive mobile access, or inventory management, though. We recommend FreshBooks for sole proprietors and companies with perhaps an employee or two—though it’s capable of handling more. Very small businesses can use it for basic money management, like sending invoices, monitoring financial accounts, accepting payments, and tracking income and expenses.

Alternatively, you may just set up a tip pooling or sharing system all together. Many excellent accounting apps, like Freshbooks or Sage, are unavailable in the WooCommerce store. Luckily, Zapier can send your WooCommerce data to nearly any external software, even if you’re old-fashioned and prefer managing finances in Excel. WordPress Enterprise accounting and bookkeeping for small business Resource Planning, or WP ERP, is a complete business management solution with HR, CRM, and accounting systems. It made it to our list due to user-friendliness, customizability, and flexible pricing structure. You wouldn’t want sensitive financial information to get into the wrong hands, so accounting software must be secure.

Do your own small-business bookkeeping

While data visualization isn’t unique to NetSuite, its quality is top-notch. WooCommerce accounting plugins have varying pricing, but cheaper isn’t always better. Ideally, the software should calculate tax based on the customer’s country of residence to comply with import/export tax regulations and customs duties. Human errors lead to discrepancies in financial records, and if you’ve ever dealt with balance sheets, you know that’s a headache to fix.

To keep your books in order, recommends QuickBooks Online. Its detailed reports and straightforward interface make it a good software option for non-bookkeepers. Or, if QuickBooks’ high starting price keeps it out of your budget, Xero is our preferred runner-up.

Sage 50 Accounting

Accounting software is a computer program that helps businesses track income and expenses. The software can also be used to generate reports, such as profit and loss statements and balance sheets. Most accounting software programs include features for invoicing, tracking payments and managing inventory. It offers cloud-based solutions, ensuring that businesses have access to their financial data wherever they are. Integrating financial management with inventory, HR, customer management and e-commerce, it consolidates disparate systems into one unified platform. By doing so, businesses can shift their focus from managing multiple software solutions to driving growth and innovation.

simple bookkeeping and accounting systems for small business