The Best Accounting Software 2019
We are in the age of innovation and with so many people creating businesses, a demand has risen for independent accounting software. It is easy to see why accounting software is in high demand, it saves time and money while also providing the invaluable service of keeping precise records of financials. With such a demand for accounting software came a response of even more options for a provider. There are now so many options it can be overwhelming to tell them apart.
Comparing The Options
By comparing the biggest competitors in the space you can decide which one is best for you and your business. Traditional accounting software all originally operated as downloadable files and software. Today, it is much more common to see the application running in the cloud. This allows you to access your data from any device – including a smartphone! We will take a look at some industry leading software suites and go over what makes each one unique as well as their pros and cons to help you decide which is best for you and your business.
First up is FreshBooks, a popular accounting service that is based in the cloud and designed specifically for small business owners. FreshBooks is known to be very simple and easy to use, making it very approachable for even those with no accounting experience.
To say it is simple is not to say it is lacking in features. FreshBooks has many in depth features that are great additions to any accounting software. These include:
- Expense tracking
- Time tracking
- Business reports
- An option to accept credit card payments
- Billing in any currency
- Setting up recurring invoices
The system also integrates with other third party applications such as WordPress, Paypal, Mailchimp, Basecamp, and more making it an easy addition to your portfolio of business applications. Also, because it is cloud based your FreshBooks account can be accessed from anywhere including the mobile app on your phone, making management easy.
You can try the program free or sign up for as low as $15 a month, a cheap price for all of the features included and the only time you will need to upgrade is when your company expands to having more clients. The easy to use nature but in depth features of FreshBooks make it a useful tool for everyone, but is most powerful in the hands of a small business owner or freelancer due to its cheaper price for smaller amounts of clients.
Next is Intuit QuickBooks, a veteran in the space that is making strives towards the future by also offering cloud based services. QuickBooks offers many of the same services as FreshBooks but the price tends to quickly rise with the addition of each service, making it a more pricey option if you require multiple services.
For the price of $40 a month you get:
- Expense tracking
- Time tracking
- Bill management
- The option to add either self service payroll or full service payroll for an additional fee
- Access for up to 3 users
We place QuickBooks as a good option for larger corporations that require a lot of support in accounting and have a large and diverse workload. It’s high price and design make it hard to justify unless already a well established company with a large number of clients.
Finally we will look at Xero, a cheap but basic starter plan. It’s number one selling point is it’s price which is the low cost of $9 a month for their basic plan. However, this plan may be missing out on what you need from it. With the maximum number of invoices you can send per month at only 5, it is not very likely that Xero will work for everyone at its most basic plan. For individuals looking to just get started and not pay for a full service this is the plan for them however we would not recommend it for anyone with more than 5 invoices and bills per month.
Making The Right Decision
In the end, it can be a tough choice when deciding which software for accounting. By keeping your specific needs and budget availability in mind it is a little easier to narrow down the best choice. Each software has its own pros and cons, but between the three examined it is the size of your company that determines the best for you.