Investing in the best accounting software for small businesses is necessary. It is designed to facilitate the operations of the accounting business. That is a prudent decision. This software helps to cater to accounting firms and accountants. It is unlike generic accounting solutions available in the market. Its functionalities are geared towards managing diverse client portfolios. It ensures adherence to regulatory standards and seamlessly handles payroll. It also ensures expense reporting tasks and other accounting services.
However, the digital age has made things much more accessible with innovative accounting software like QuickBooks. While QuickBooks is still a good option, you can explore several alternatives to find what works best for your business. Here are the best QuickBooks alternatives to consider in 2024. This article deals with 11 QuickBooks alternatives for small businesses. Let's examine it.
QuickBooks Alternative Accounting Software for Small Business
The best accounting software for small businesses must provide simple data entry techniques, decreasing human input with qualities. It involves bank feed connection, transaction grouping, etc. It speeds up the process and reduces mistakes. It also frees specialists to focus on their work. After all, the best accounting software for small businesses should have updated compliance capabilities. This means it helps small companies adhere to the generally accepted accounting principles (GAAP) or other relevant standards. It involves automatic tax computations, current tax forms, etc. Small businesses may prepare accurate statements of finances, balance sheets, etc. It uses comprehensive reporting options. Here is the QuickBooks alternative accounting software for small businesses.
1. SAP
SAP is one of the best accounting software for small businesses, facilitating financial accounting and reporting functions. This software captures transactions, generates periodic operating data reports, and conducts in-depth analysis of financial information. The impact of SAP accounting software on the automation of accounting systems is profound, offering businesses, regardless of their scale or industry, an enhanced capacity for data management and streamlined financial processing. SAP accounting software empowers outsourced accounting firms to embrace advanced financial management practices.
Benefits of SAP
- Accounting operations are streamlined by merging diverse financial activities.
- SAP, one of the best accounting software, keeps a complete audit record of financial transactions and modifications. It is essential for transparency and fairness.
- Small businesses can handle various financial transactions using a single integrated system.
- Small businesses may create up-to-date financial reports and insights because of real-time reporting and analytics capabilities.
Qualities of SAP
- Customer management
- Business intelligence
- Data visualization
- General ledger
- Analytics and Reporting
2. NetSuite
NetSuite is the best accounting software for small businesses, enhancing operational efficiency through automated core processes and immediate access to clients' financial data. This cloud accounting software streamlines transaction recording, payables and receivables management, tax collection, and book closure, enabling precise, timely reporting and enhanced control over financial resources.
Benefits of NetSuite
- Uses strong security measures to protect sensitive financial information from possible breaches
- Assists outsourced accounting firms in staying up to date on evolving accounting standards and tax rules
- Accounting qualities of all types are combined into one platform
- Various accounting operations are automated
- Less manual data entry and error reduction
- Increases efficiency and saves time
Qualities of NetSuite
- Accounts payable
- Accounts receivable
- Payment management
- General ledger
- Cash management
- Tax management
- Account reconciliation
3. FreeAgent
With over 150,000 users, FreeAgent is a cloud-based accounting software that provides advanced expense-tracking tools to monitor cash flow and tax bills. FreeAgent is equipped with numerous features like payroll management and invoicing. You can use it to generate, send, and track invoices, which can be monitored on an easily customizable dashboard.
Benefits
- 30-day free trial and 50% off for the first six months after signing up
- Payroll function available on all UK membership plans
- Seamless API integration capabilities
- Award-winning customer support
Qualities
- Provides access to business insights with expense reporting tools
- Tracks and automates recurring income and expenses using its built-in project management tools
- Provides essential time-tracking tools like smart timesheets and an in-built stopwatch
- Enables UK accounts to run HMRC-recognized payroll for streamlining employee compensation
- It allows you to file VAT, self-assessment easily, and RTI returns from a dashboard, allowing you to remain tax compliant.
- Seamlessly integrates with payment gateways like PayPal, Stripe, and Zapier.
- Enables you to create estimates and invoices in over 25 languages and different currencies
4. KashFlow
KashFlow is a cloud-based accounting software offering functionalities similar to most QuickBooks alternatives. Since 2005, this award-winning software has been used by business owners to customize invoices, produce quotes, and balance ledgers.
Benefits
- 24/7 online customer support
- Automatic credit control
- 14-day free trial
Qualities
- Complies with the MTD initiative to help you keep track of taxes with automated VAT filing
- Allows you to access your financial records whenever, wherever
- Uses automated credit-control features to track recurring payments from loyal customers
- Automatically converts quotes to invoices, enabling you to accept payments easily
- Allows you to share your books with your accountant directly for easy management
- Provides payroll functionalities for a set fee
- Allows you to create personalized reports of cash in-flow and out-flow and export them to PDF and CSV
5. Quicken
Quicken is one of the oldest finance management platforms. It has helped over 20 million customers in a span of 40 years. Although it was established as a personal finance management tool, it has expanded its functionalities to cater to small and large businesses. This QuickBooks alternative provides an all-in-one accounting software that tracks your spending and displays your bank account details on a centralized database.
Benefits
- Straightforward and easy to use
- Affordable subscription fees, with the lowest tier being only $2.99 per month
- Advanced financial data security
- 30-day money back guarantee
Qualities
- Equipped with payment scheduling and tax planning features
- Offers a wide range of industry-specific accounting capabilities with in-depth investment features
- Offers annual subscription fees instead of monthly plans
- Offers different software versions, so you have the flexibility of choosing what works best for your business
- Includes both cloud-based and desktop-based functions, depending on the plan you choose
- Enables you to create and send customized invoices via email
6. Square Invoices
Square Invoices is an accounting tool powered by Square, a leading fin-tech company offering various business software solutions. This QuickBooks alternative has multiple features, such as sending invoices and scheduling payment reminders. That way, you can receive timely and automated payments from customers.
Benefits
- Easy to use
- Works well with payment gateways like PayPal, Google Card, Cash App, or ACH bank transfer
- Creates customer profiles to expedite recurring payments
- One-time payment with no monthly fees or hidden costs
Qualities
- Provides both standard and advanced editions, each offering distinct services tailored to address your company’s specific accounting requirements
- Includes customizable invoice templates with automatic payment reminders
- Allows you to approve payments with e-signature
- Integrates with Square’s suite of business tools like payroll software and retail POS systems
- Features a mobile-friendly interface to authorize invoicing and payments on-the-go
- Generates and sends digital receipts through email or text
7. Invoicera
Invoicera is a custom cloud billing solution for more than 75 global enterprises. It's undoubtedly one of the best QuickBooks alternatives in today's market. This accounting tool has all the cloud-based features you need to automate invoices, time-track your employees, and manage business expenses.
Benefits
- Easily scalable
- Offers seamless payment gateway integration
- Free version available
Qualities
- Supports 15+ languages and currencies from over 40 countries around the world
- Creates and sends invoices with professional templates
- Sets up recurring bills and late payment reminders
- Offers desktop and cloud-based solutions for easy accessibility
- Allows you to create projects and track their progress status to monitor expenses
- Provides a time-tracking feature to record billable hours for more precise payment processes
8. Xero
Xero, a distinguished and best accounting software for small businesses, delivers a comprehensive suite of bank transactions, payroll processing, inventory management, and invoicing qualities. Its standout attribute is the user-friendly interface that simplifies tasks like invoicing and payroll, instilling confidence in small businesses regardless of their accounting proficiency. Accessible from any internet-connected device, Xero ensures seamless connectivity, allowing small businesses to monitor and manage accounting responsibilities effortlessly. With Xero, Small businesses can feel reassured and supported in their financial management.
Benefits of Xero
- Suitable for both Windows and Mac operating systems
- Prioritize user experience in its design
- Automate bank feeds for effortless daily reconciliation
- Manage client accounts from any location with ease
- Safeguard data by storing it securely online, employing industry-standard encryption
- Access the latest Xero versions through a product subscription
Qualities of Xero
- Capture data
- Reporting
- Sales
- Online invoicing
- Accounting dashboard
- Pay bills
- Track expenses
- Track projects
- Bank reconciliation
9. Zoho Books
Zoho Books presents itself as a versatile accounting solution that addresses the multifaceted financial needs of firms. As the best accounting software for small businesses, it streamlines various financial activities in an industry where accuracy and efficiency are paramount. Zoho Books offers a centralized platform to manage the intricate web of economic processes, empowering small businesses to operate efficiently and effectively.
Benefits of Zoho Books
- CFAs can graphically convey financial facts, which aids in customer presentations and improves communication efficiency.
- Accounts payable, receivable, and transaction recording are automated, allowing CFAs to focus on higher-value analytical work.
- Streamlines different financial procedures, allowing CFAs to handle their customers’ financial data, transactions, and records more effectively
- Ensures accurate and well-organized financial data that aligns with the accuracy and attention to detail CFAs should have.
Qualities of Zoho Books
- Audit trail
- Reporting
- Documents
- Banking
- Bills
- Invoicing
- Expenses
- E-invoicing
- GST
10. Sage
Being the best accounting software for small businesses, Sage offers valuable assistance to accounting firms by automating data entry, optimizing workflows, and enhancing collaboration with clients. Small companies can efficiently oversee their clients' bookkeeping requirements. It can be done with Sage Accounting, a user-friendly online accounting solution. This intuitive platform empowers outsourced accounting firms. It helps to send, monitor, and manage invoices without effort. It also ensures rapid and precise data entry through cloud-based automation. Small businesses can expand and become indispensable partners to their client's expert guidance and varied support options. It can be done by leveraging Sage's comprehensive
Benefits of Sage
- Implement measures to safeguard sensitive financial information and protect against unauthorized access.
- Efficiently manage multiple clients' financial data within a single software platform, simplifying client portfolio management.
- Hassle-free integration with other tools small businesses commonly use, thus streamlining workflows.
- Access accounting data from anywhere with an internet connection
- Facilitates effective collaboration among team members
- Advanced reporting, including cash flow management, gives valuable insights into growing the accounting firm
Qualities of Sage
- Multicurrency
- Project tracking
- Payments
- Financial Reporting
- Automatic bank reconciliation
- Invoicing
- VAT and Tax
- Billing
11.Wave
Wave empowers small businesses to effortlessly search through transactions, create tailored accounting reports, and harmonize data across diverse offerings. As the best accounting software for small businesses, it even automates sales tax calculations, enables personalized payment term adjustments, and provides clear-cut access to comprehensible cash flow perspectives. The software boasts an uncluttered, intuitively organized dashboard with separate sales, purchases, accounting, banking, payroll, and reports sections.
Benefits of Wave
- Navigate with ease through a user-friendly interface designed for simplicity.
- Effortlessly handle transaction management
- Simplify reconciliations and bank uploads effortlessly
- Experience seamless invoice management without any hassle
Qualities of Wave
- Ability to export fundamental accounting reports and financial statements
- Tailorable options for sales tax management
- Limitless linking of bank and credit card accounts
- Calculation of tax and deductions
- Profit and loss statements
- Automatic data backup
- Dashboard oversight of cash balances and invoice statuses
- Better and quicker bookkeeping
- Invoicing
- Endless monitoring of income and expenses
Closing Remarks
The assistance and training provided by software firms are critical in ensuring the effective use of the best accounting software for small businesses. This feature is essential since it immediately affects a company's capacity to fully utilize the software's capabilities, improving efficiency and avoiding mistakes. This best accounting software for small businesses in 2024 offers tailored tools to meet the specific needs of firms providing accounting outsourcing services in the USA. From streamlined financial management to advanced reporting and compliance qualities, these software options empower outsourced accounting firms to excel in their roles and drive business success.
Fino Partners is one of the leading firms that offer accounting services to small businesses. Are you looking for the right partner to manage accounting services? Connect with us today.
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