As a small business owner, managing your finances can be a daunting task. However, with the right accounting software, you can streamline your financial management and keep your business on track. In this article, we will explore the best small business accounting software of 2016.
Key Features to Look For
1. User-Friendly Interface
The software should be easy to navigate, even for those who are not accounting experts. A user-friendly interface will save you time and frustration.
2. Cloud-based
Cloud-based software allows you to access your financial information from anywhere with an internet connection. This feature is especially helpful for businesses with remote employees or multiple locations.
3. Invoicing and Payment Processing
The software should have invoicing and payment processing capabilities to help you keep track of your finances and get paid on time.
4. Inventory Management
If your business sells products, inventory management is crucial. Look for software that allows you to easily track your inventory levels and set up automatic reorder points.
5. Reporting and Analytics
Reporting and analytics features will help you understand your business’s financial health and make informed decisions about future growth.
6. Customer Support
Choose software that offers excellent customer support, so you can get help when you need it.
Top Small Business Accounting Software of 2016
1. QuickBooks Online
QuickBooks Online is a cloud-based accounting software that offers a user-friendly interface, invoicing and payment processing, inventory management, reporting and analytics, and excellent customer support.
2. Xero
Xero is another cloud-based solution that offers invoicing and payment processing, inventory management, reporting and analytics, and excellent customer support. It also integrates with over 700 third-party apps.
3. FreshBooks
FreshBooks is a cloud-based solution that focuses on invoicing and payment processing. It offers a user-friendly interface, time tracking, and reporting and analytics features.
4. Zoho Books
Zoho Books is a cloud-based solution that offers invoicing and payment processing, inventory management, project management, and reporting and analytics features. It also integrates with over 40 third-party apps.
5. Wave
Wave is a free cloud-based solution that offers invoicing and payment processing, receipt scanning, and reporting and analytics features. It’s a great option for small businesses on a tight budget.
FAQ
1. What is the best accounting software for small businesses?
The best accounting software for small businesses depends on your specific needs. QuickBooks Online, Xero, FreshBooks, Zoho Books, and Wave are all great options to consider.
2. Is cloud-based accounting software safe?
Yes, cloud-based accounting software is safe as long as you choose a reputable provider and take necessary security precautions.
3. Can I access my financial information from anywhere with cloud-based software?
Yes, with cloud-based software you can access your financial information from anywhere with an internet connection.
4. Is customer support important when choosing accounting software?
Yes, customer support is important when choosing accounting software. Look for software that offers excellent customer support, so you can get help when you need it.
5. Can I try out accounting software before buying?
Most accounting software offers a free trial period, so you can try out the software before making a purchase.
6. Is it important for accounting software to integrate with third-party apps?
Integrating with third-party apps can be helpful for streamlining your business processes. Look for software that integrates with the apps you already use.
7. How much does accounting software cost?
The cost of accounting software varies depending on the provider and the features you need. Some software is free, while others can cost hundreds of dollars per month.
8. Do I need accounting software if I have an accountant?
While an accountant can help with your finances, accounting software can help you stay organized and make informed decisions about your business.
Pros
Small business accounting software can help you save time, stay organized, and make informed decisions about your business’s finances. With cloud-based software, you can access your financial information from anywhere with an internet connection. Many software providers offer a free trial period, so you can try out the software before making a purchase.
Tips
When choosing accounting software, consider your specific business needs and choose a software provider that offers the features you need. Look for software that is user-friendly, cloud-based, and integrates with the apps you already use. Don’t forget to consider customer support when making your decision.
Summary
Choosing the best small business accounting software in 2016 is all about finding the right features for your specific business needs. QuickBooks Online, Xero, FreshBooks, Zoho Books, and Wave are all great options to consider. Look for software that is user-friendly, cloud-based, and offers invoicing and payment processing, inventory management, reporting and analytics, and excellent customer support.