Best Accounting Software Options for Small Business

Even if you do partner with an accountant, accounting software makes their job a little easier. You also get real-time updates so you don’t have to wait on your accountant to make strategic decisions. Airwallex also supports multiple currencies, making it easier to manage foreign currency transactions within QuickBooks. This feature is particularly beneficial for businesses that operate globally, as it provides a clear view of your financial position in different currencies. Airwallex also supports multiple currencies, making it easier to manage foreign currency transactions within Xero.

Reporting

• However, QuickBooks Desktop doesn’t automatically backup your information.
• For basic inventory features, we looked for the ability to track units, per-unit costs (using either FIFO or average cost), and the automatic recording of COGS upon a sale.
• Missing receipts, forgotten invoices, or skipped entries throw off your financial statements and often take even more time (and money) to fix later.
• Track hours for employees and contractors, create schedules, and track mileage.
• Solid bookkeeping doesn’t need to be complicated, but it should be consistent.

Budgets don’t need to be perfect, but they do need to give you a clear idea of what’s coming in and going out. Comparing your expected vs. actual income and expenses can help you spot issues early on and give context to your cash flow statement. Staying on top of accounts payable helps you avoid late fees and maintain good relationships. Whether you’re running a solo operation or managing a growing team, you need a way to track money, make informed decisions, and stay compliant with tax and reporting requirements. Bookkeeping isn’t just part of that process; it’s the foundation of financial success.

Managing cash flow made easy

Take control of your finances with QuickBooks small business accounting software. To make sure you pay bills to your vendors and manage customer payments correctly, make sure your customer details are correct within QuickBooks. You’ll do this by heading to the “Customer” tab and controlling settings for things like payments and invoicing. The price of your accounting software shouldn’t eat into your overhead budget too much. The standard desktop option — QuickBooks ProPlus 2022 — gives you advanced accounting tools like online bill pay and customized payment stubs to vendors. Identify and implement necessary third-party apps or custom programming post-QuickBooks setup.

QuickBooks Online vs Desktop: Key Differences

In her day-to-day, she breaks down complex tech jargon to help businesses streamline their end-to-end financial operations. Xero also integrates with services like Airwallex, which supports Payment Links & Plugins, Expense Management, and Bill Pay. Even for payroll, which has a huge tax liability, taxes are calculated automatically every cycle. If you operate in multiple international locations QuickBooks allows you to accept payment in local currencies. Of course, it is safer to first check if QuickBooks accepts payment quickbooks small business accounting in the currency you deal with.

It integrates with third-party applications for banking and payroll services, and its functionality is further enhanced by integration with tax preparation software and Microsoft Office. We were impressed by QuickBooks Online’s automation tools, which stand above some competing platforms we reviewed. QuickBooks can automate payment reminders, recurring invoices and bill payments. It automatically backs up your data to the cloud, saving you the time it would take to perform manual backups. In an increasingly globalized environment, this is a valuable feature for businesses that operate abroad.

FedRAMP certification is typically required for cloud services used by the federal government to ensure they meet specific security standards. Businesses needing FedRAMP-certified solutions should explore other options. New users can expect a straightforward onboarding process with QuickBooks. The software offers a range of tutorials and guides to help users get started quickly. Lastly, in consideration of all the other criteria, we review the average price of entry-level plans against the core features and consider the value of the other evaluation criteria.

• Once you set up your account or free trial, connecting your bank account to QuickBooks takes only a few minutes.
• Yes, QuickBooks supports multi-currency transactions, allowing businesses to manage and track transactions in different currencies.
• Originally, QuickBooks was intended for personal financial management, especially for self-employed individuals and small business owners.
• Empowering small businesses with the capability to manage their accounting with professional-grade efficiency, QuickBooks Online stands as a beacon of financial management proficiency.
• All of QuickBooks’ payroll plans include full-service payroll, which means QuickBooks calculates and files payroll taxes for you.

How does QuickBooks Online help small businesses?

Accounting software for small businesses automates financial tasks, such as tracking income and expenses, managing invoices, and generating reports. It typically integrates with bank accounts and payment platforms to sync transactions, reducing the risk of human error. For businesses looking to optimize their financial operations, QuickBooks Online offers an array of features tailored to various accounting needs.

How We Test & Score Accounting Software

We also loved the lack of monthly fees, overdraft fees and monthly minimums. The 5 percent APY on savings accounts – 70 times the U.S. average – is the cherry on top. We like that the platform is easy to set up and use, allowing you to get your accounting software up and running yourself. However, if you want extra assistance, Intuit’s professional bookkeepers can help you configure the software in a way that makes sense for your business.

You can also personalize the invoices with your company’s brand images and color schemes, thereby keeping your brand at the forefront of all communications. Invoices can be sent manually or scheduled to be sent automatically on a recurring basis, which we found especially useful. Another QuickBooks tax-deduction tool we were really happy with is the guided Q&A experience in the bank transactions module.

Invoicing

In addition to accounting products, QuickBooks offers payroll and POS software, along with payment processing services. Customizing your QuickBooks Online experience is about more than personalizing a software platform; it’s about designing a financial management solution that grows with your business. One of the standout features of QuickBooks Online is its extensive integration capabilities. The platform seamlessly connects with numerous third-party applications and business services, including ecommerce platforms, payment processors, and CRM systems.

So if you sell goods, you don’t necessarily need to exclude Simple Start. But QuickBooks Online definitely has its shortcomings, most notably its high price and low customer service ratings. Our review can help you decide if QuickBooks is right for you, or if your business needs a cheaper QuickBooks alternative instead. QuickBooks uses advanced, industry-recognised security safeguards to keep all your financial data protected. Organise your finances in one secure, automatically backed up place and work anytime from any device. Kat Cox works to provide answers to the questions small business owners have about how to set up, run, or fund their businesses.

This is a different service from QuickBooks Live Tax, an add-on through which you get hands-on tax assistance via another Intuit property, TurboTax. Additionally, QuickBooks Online allows you to create custom invoices and forms so your company’s branding is always at the forefront of client-facing communications. We found QuickBooks Online to be the best accounting software for small businesses.

The app allows you to view dashboard data, create and send invoices, and accept payments. You can also capture receipts and attach them to expenses, reconcile transactions, view customer information, and message customers. During our test run, we found the app well-organized and straightforward. But, we found that QuickBooks Online’s breadth makes it the best overall pick for small businesses needing a one-size-fits-all solution.

Again, QuickBooks has many reports available to analyze your bills and expenses. If you have a record of bills available, you can track upcoming payments easily to ensure timely payments of bills. QuickBooks is one of the most popular accounting software for small businesses in 2025.