Best Small Business Accounting Software 2022

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Advantages of accounting software

Many small business owners start balancing their bills with nothing but spreadsheets to help them out. But good business is all about compromise and time is money. If you start paying for accounting software, you’ll save yourself countless hours of work, and you can spend your newfound free time earning a whole lot more money.

Here are the key benefits that make good accounting software the best investment a business can make:

  • Reduce errors — Lost inventory, misplaced decimals and unpaid invoices can all slip through the cracks. With accounting software, it will be easier to spot a discrepancy. Plus, the intuitive interface will make you less likely to make a mistake in the first place.
  • Automate processes — You won’t need to manually upload files from your bank accounts, you can easily search for the right invoice with a keyword, and management tools can ping you when you need to send an invoice or invoice. The impact? Infinite time saving.
  • Generate financial reports — Income statements, balance sheets, and cash flow statements are all essential for doing business, and accounting software can create them immediately, store historical records, and allow you to download any documents you need. need.
  • Centralize data — Your employees’ bank accounts, credit card accounts, and payroll are all accessible from the right accounting software, so you won’t have to wade through a ton of different accounts to figure out how they’re linked each other.
  • File your taxes more easily — Tax season doesn’t have to be the bane of every business owner: accounting software services can auto-fill your tax filings and, depending on the state, may even be able to file them in your name.

Finance and accounting software is useful for all small and large businesses. But different use cases will determine which type of software plan is best for you.

Independents will want to choose accounting software specific to freelancers. These are usually less expensive, as they are designed for a single user and won’t need to offer certain features. They will not support payroll because a freelancer has no employees. Nevertheless, the main advantages of generating invoices and financial reports make independent accounting solutions worth paying for.

Small or medium enterprises will need a more feature-rich plan. As their business grows, they will have to manage an increasing number of suppliers and invoices. And for any business with employees, a payroll service is a must.

To finish, large companies can benefit from the most advanced accounting services, as granular data tracking can allow them to turn their scale to their advantage. If an advanced accounting report finds that sales are higher at a certain time of day, managers can increase their staff or attempt a flash sale.

Whatever the use case, accounting software will ensure that your finances are centralized, automated, and error-free.

Our research methodology

To determine which accounting software services to include on this page and how to rank them, our Tech.co researchers used a metric listing the top eight categories that matter to an accounting service:

  • Software attributes
  • Account bookkeeping
  • Accounts payable
  • Accounts Receivable
  • Advanced features
  • Pricing factors
  • Financial report
  • Help support

We then ranked each software on this page in each category on a score scale of one to ten. By adding up all the scores and dividing by the total number of categories, we found a single overall rating number for each service.

When rounded up, these rating numbers turned into five-star reviews listed in the table at the top of this page, while the whole research process helped us better explain the highs and lows of each service in its respective entry in this article.

Accounting software for your business needs

Not all businesses have the same needs, and therefore some accounting software will be more suitable for some businesses than others.

If your business does a lot of direct-to-customer online sales, for example, we recommend Xero. It’s seamlessly integrated with Squarespace and Square Online – useful if your business uses either of these website platforms.

Likewise, if you just want to get set up as quickly and easily as possible, we recommend QuickBooks or Kashoo. However, QuickBooks has more features than Kashoo, so it might be a better fit for more businesses.

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