September 20th, 2019 | Updated on April 13th, 2021
According to the US Federal Bureau of Labor Statistics, around 20 percent of small business startups fail to live through the second year.
The reasons for such a large percentage of failing business just as a brand is blowing its second-year candles vary from inexperienced management to burning though the planned budget for the first year.
Newly formed entities could prevent demise with an effective accounting solution that would help business owners cut down the expenses, plan investments more thoroughly, and provide a seamless cash flow tracking.
Here are our top 10 accounting software picks based on their functionality features, ease of use, synchronization capabilities, and other practical aspects.
This tool comes with several levels of functionality, depending on your business size and needs which could include a one-man army providing only services, the way college-paper.org reviews various writing agencies or a 100 people team with loads of diverse products and a long list of clients.
QuickBooks Online is a paid tool, however, it’s yearly subscription rates can’t compare to the amount you would have to spend every month if you hire an accounting specialist.
At the same time, the software can do your sales tax, keep track of income and expenses, plan and execute the budget, analyze client data, perform payroll tasks, create, send and receive invoices, as well as countless other accounting activities.
What’s more, since it’s an online platform, QuickBooks lets you access your data from anywhere in the world and add access to members of your team.
You have multiple users who work then you can also access the benefits of both QB online and Desktop with QuickBooks Enterprise Cloud Hosting on cloud PC from a reliable desktop as a service provider for a full-fledged remote bookkeeping experience.
2. Truckn Pro
Cost-effective accounting software for owners of startup trucking companies. It enables all the necessary tasks regular in this industry which are included within three tiers of service.
Depending on the size of your fleet, the number of workers, client and business requirements you can manage income and payments, budget spending, plan trip routes, create invoices, and much more.
3. Zoho Books
Another simplified accounting tool intended for entrepreneurs who run several small business entities at the same time. Zoho Books also allows you to organize your inventory items, track and log time, inspect cashflow, and conduct numerous other accounting tasks.
The downside of this tool is the payroll processing feature, which is available only for California state territory. Therefore, if you’re a California-based low-budget company, Zoho Books is a respectable choice.
This is an invoice and accounting piece of software that allows you to track and log hours for payment, track income and outcome, create and organize invoices, and many other features.
The app also allows you to manage projects and collaborate with the rest of your team on achieving the optimal performance.
Let’s say you’re planning a marketing campaign and you need to order content from online services like UK essay, resumewriters, or some other company; FreshBooks allows you to schedule payments according to your input and generates a detailed report for each expense.
Since the app is cloud-based, and mobile devices nowadays represent a standard connectivity channel, you and authorized person can access the interface through a mobile app just as you would using a desktop version of the tool.
Created for small business entities with a limited budget, Wave provides fully automated free invoicing and payment tracking features. For a small fee, you can add payroll or tax payment features.
The app lets you connect to Pay Pal, Etsy, and Shoebox, keeping all your data updated in real-time. Along with multiple bank accounts and cards, you can manage more than one business entities with a single user account.
6. PC Law
Made for law firms, PC Law offers legal startups a chance to focus on their work at the Court and expedite administrative tasks as much as possible.
This app allows you to manage clients, store case files and materials, track time, income, and expenses. Moreover, you can import data from third-party sources to fill in client documentation or allocate expenses made by the firm or a client.
A simple, yet effective, software solution intended for small business entities engaged in virtually any industry from retail and construction to farming and healthcare.
Xero lets you manage financial flow, manage company assets, analyze your business potential and performance, organize inventory, create smart lists for your business contacts, and much more. One of the most interesting features this product has in store is multi-currency accounting.
This way, in case you’re working with foreign clients you can receive payments in their national currency. Furthermore, it won’t matter if you’re making a payment to American-based TopResume or a UK dissertation writing service, as long as your bank account is positive.
Intended for Contracting, Nonprofits, Wholesale, and professional services startups, the desktop version of QuickBooks accounting software offers a series of template solutions for provided industries.
You can manage your income and expenses, organize inventory items, and perform progressive billing which gives you the insight into your clients’ current progress and lets you make payments per completed project milestone.
Free accounting software that helps you facilitate workflow and manage your operations through four basic functionalities:
- Invoicing and Billing – allows you to create invoices clients can address using all major credit cards or Pay Pal. Moreover, the software equips you with automated reminders about incoming payments and auto-billing option.
- Accounting – seamless bookkeeping process using intuitive color coding, a set of accounting reports, automatic categorization, and live update of your cash flow changes.
- Reviews and Growth – After each purchase, the software sends an automated invitation to your clients so they could leave a positive review and build your brand identity.
- Intelligence – With ZipBooks you can analyze reports data to enhance your business process. Furthermore, the app features analytical components that help you understand how well you’re keeping up with the competition.
10. Job Power
This app is dedicated to construction companies, allowing seamless usability and loads of template functionalities, designed to automate payroll, billing, payments. Also, you can manage budget and actual balance and analyze spending through reports created in real-time.
Moreover, Job Power improves documentation management, which facilitates subcontracting, obtaining building materials for all types of contractors, industrial, commercial or homebuilding.
Since most startups aim to recruit only the most essential staff in their first year, accounting often turns out to be the job for the business owner.
However, there’s more to bookkeeping than just following the income and outcome, which is why entrepreneurs without proper experience with finance management rarely pay attention to details that would never miss a trained professional.
Luckily, there is a multitude of accounting software solutions that provide comprehensive functionality and cost less than hiring an expert.