Best Small Business Accounting Software – Top 4 Providers Compared

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Information about Best Small Business Accounting Software – Top 4 Providers Compared

Published on January 29, 2014

Author: FitSmallBusiness



In today's presentation we are going to review the top 4 providers of accounting software for small business. So let's get started.

Best Small business Accounting Software Review

We review the 4 most popular small business accounting software packages which is the best fit for your business?

Quick Books FreshBooks Cost for Basic Package Cloud or self hosted? Sage 50 Wave $12.95/ Month $19.95/ Month $379.99/ One Time Free Cloud Cloud Self Cloud

Quick Books Other Available Features (may require additiona l cost) Invoicing Time Tracking Payroll Payments Point of Sale Inventory Management FreshBooks Sage 50 Invoicing Time Tracking Payments Invoicing Time Tracking Payroll Payments Point of Sale Inventory Management CRM Wave Invoicing Payroll Payments Point of Sale

Quick Books FreshBooks Sage 50 Document Management, DemandForce, Basecamp, Sales Other Salesforce and highrise and Integrations Management Many others many others and many others Wave Not Listed

Quick Books FreshBooks Sage 50 Wave Email. Learn More Customer Phone/Email Service Phone/Email Phone/Email Live Chat Learn More Learn More Learn More

QuickBooks online How It Stacks Out: QuickBooks has been the most sophisticated accounting solution on the market for years. The online version has done an excellent job in keeping pace with the cloud revolution, boosting collaboration functionality, and integrating with mobile devices.

QuickBooks online Pricing: You pay a monthly subscription fee and can choose from three different packages. Simple Start is $12.95 per month and allows basic functions such as income and expense tracking, automatic banking integration, and sending invoices.

QuickBooks online Why we like it? • Cloud hosting means you can access 
 the program any time, from any computer. • Well-designed dashboards display the financial health of your company at a glance. • Improved collaboration functionality allows you to seamlessly share data with clients, your accountant and employees from different business units.

QuickBooks online Why we like it? • Deeper focus on multi-tasking and you 
 can now easily switch between accounts 
 without logging out. • You can easily synchronize your bank accounts for timeeffective, stress-free bank reconciliation. • Integrated QuickBooks Online smart phone apps keep you connected at all times .

QuickBooks online Limitations Payroll functionality is not included in any of the three subscription packages. It’s held back as an additional add-on for an extra $31.20 per month. ! You’ll also need to turn on QuickBooks Payments to accept credit card payments and bank transfers with per transaction fees applying.

FreshBooks Best For: Small business owners seeking a simple cloud-based accounting solution that requires little training to use.

FreshBooks How It Stacks Out: FreshBooks was purpose designed for small business and offers many of the basic functions available in QuickBooks without some of the more advanced functionality that is mostly reserved for medium and large business. ! Is a user-friendly interface that’s easier to use and doesn’t require the training time or expense required for the more complicated QuickBooks.

FreshBooks Pricing: FreshBooks starts from $19.95 per month to manage a maximum of 25 clients. ! Most businesses, however, will need to upgrade to the Evergreen package that allows you to manage an unlimited client base and gives five additional team members access to the program.

FreshBooks Why we like it? • FreshBooks was designed for small
 business people, not professional 
 accountants. • The award-winning iPhone app and 
 new Android app allow on-the-road 
 connectivity for service-based professionals. • Customer support line provides advice and troubleshooting help during business hours.

FreshBooks Why we like it? • Customizable online invoices 
 support 14 payment gateways
 including credit cards and PayPal, 
 and late payment reminders and 
 recurring invoices save you time. • You can easily synchronize your bank 
 accounts for time-effective, stress-free bank reconciliation. • Track your time and pull your billable hours directly into your invoices, set different rates for each project and boost productivity with team timesheets .

FreshBooks Limitations Our major problem with FreshBooks is the price. It’s expensive if you need access for multiple staff members, and QuickBooks offers a cheaper entry point, along with more advanced functionality for your money.

Sage 50 Best For: Small and medium businesses owners with accounting experience who want a traditional, self-hosted software package.

Sage 50 How It Stacks Out: Sage 50 is the only of the big four that’s not cloud hosted. That means a more complicated set-up procedure and limited remote access. ! Sage 50 will be especially valuable if you have accounting experience, however beginners may feel overwhelmed.

Sage 50 Pricing: The software starts at $379.99 for a single user; $699.99 for three users; and $949.99 for five users. You may also need to factor the time IT staff will take to install it into the set up costs. !

Sage 50 Why we like it? • It’s a complete accounting solution 
 and is the only on this list that 
 includes payroll processing as a 
 standard inclusion. • The Inventory and Services 
 Management Center is great for planning 
 purchases, customizing item and service data, 
 and expanding service offerings. • Project management tools help you ensure large projects don’t get out of hand.

Sage 50 Why we like it? • Run ‘what if’ scenarios in the 
 Cash Flow Manager to anticipate
 your cash needs into the future 
 under a range of different conditions. • You get quick access to customer 
 information – such as credit status 
 messages – when creating invoices. • Run ‘what if’ scenarios in the Cash Flow Manager to anticipate your cash needs into the future under a range of different conditions.

Sage 50 Limitations After a year of free Sage Business Care Silver plan for new users, you’ll need to pay it. The user interface also seems quite out dated and if you’re used to using more attractive cloud-hosted software in other areas of your business, using Sage 50 could feel clunky.

Wave Best For: Freelancers, contractors and sole proprietors who are on a tight budget and need a basic accounting system.

Wave How It Stacks Out: This collection of simple accounting tools will not cut it for most businesses. ! However, if you’re a sole proprietor with little accounting knowledge who feels overwhelmed by the complicated bells and whistles of other more advanced systems, then this could be the answer to your prayers..

Wave Pricing: Wave is free to download and use, however the optional payroll add on will cost you $5 per month plus $4 per employee for the first 10 employees and $1 per employee after that. !

Wave Why we like it? • Wave connects to your bank account,
 PayPal account or other sources of 
 data to automatically download your 
 transactions into the system to 
 eliminate manual entry. • You can set recurring invoices and you can include a ‘Pay Now’ button to accept credit card payments.

Wave Why we like it? • Personal finance software lets you
 set budgets, assess your progress, 
 and track your investments with 
 real-time stock data. • Snap a photo of your receipts with your 
 smart phone and they will automatically upload into your records for easy bookkeeping.

Wave Limitations Wave runs internal advertising integrated into your dashboard to keep the service free, but this can be distracting. It would be worth offering an ad-free version for a small subscription fee, but for now it seems you’re stuck with ads.

And Finally...

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