7 Small Business Accounting Softwares in 2020

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Accounting is one of the keys to success in any business. I have listed 7 Small Business Accounting Softwares in 2020.

Before choosing the Accounting software we must understand Why Accounting is important for the business. what factors should be taken into consideration while choosing software?

What is the Best Small Business Accounting Software?

Image Credit: Pixabay

1.  GNUCash

GNUCash is mostly used for small businesses. It is a Powerful and flexible accounting tool. GNUCash is easy to use accounting software.

Image Credit: GNUCash

 Key Features

1. It is Fully featured with bank accounts Tracking and stocks

2. Easy to track your income and expenses

3. Based on the Professional Accounting Principles Providing Accurate Reports.

4. Graphs can be shown in many forms as
bar charts, pie charts, scatter plots, etc

5. Easy Payroll Management with GNUCash

6. Double-entry accounting feature

Advantages

1. It is cross-platform

2. free Plan is Available

3. Manage business budgets tools are available

4. Easy customization in graphs and reports

 Pricing

FREE Plan Is Available And With Additional Features Paid Plan is Also Present

DisAdvantages

1. Multiple users can not access the main data file
2. You May get Trouble for using on macOS

2.  QuickBooks

Quickbooks is a popular and Web-based online accounting Solution. It is a Cloud-Based Accounting Software which means you can access it from anywhere with an internet-enabled computer.

Image Credit: Quickbooks

 Key Features

1. Cloud-Based Accounting solution

2. Automatic backup Feature

3. Generates GST Empowered reports.

4. Easy Customised Accounting Reports

5. A number of guidance videos are available for training purposes.

Advantages

1. It is totally web-based

2. Data is safe with Quick books as they use advanced standards for  security

3. It is available on the App Store or Google play

4. Best customer supports via Webinars, Tutorials, and Live

5. It is available on the App Store or Google play

 Pricing

Image Credit: Quickbooks

DisAdvantages

Sometimes we may face many bugs in software

3.  Odoo

Odoo is an Easy to install Accounting software. Empowered with the double-entry feature.

Image Credit: Odoo

 Key Features

1. Expense Tracking

2. Fund Accounting

3. Tax Management

4. Fixed asset management

5. Duplicate payment alert available

Advantages

1. Excellent design makes it user friendly

2. Easy to Install Software

3. Almost all business aspects are present

4. Best customer supports via Webinars, Tutorials, and Live

5. It is a Cross-platform software.

 Pricing

Image Credit: Odoo

DisAdvantages

1. It is not well organized
2. Supports may frustrate you

4.  Zip Books

ZipBooks is an Easy to use software for non-accounting Background peoples. It is a powerful tool that will take the business to the next level.

Image Credit: ZipBooks

 Key Features

1. Expense Report

2. Financial reporting – general ledger

3. Fund Accounting

4. Tax Management

5. all team members can have access to the same data in real-time.

Advantages

1. Affordable as compared to other software

2. Web-based and iPhone installed

3. Phone and email support is available

4. Best customer supports via Webinars, Tutorials, and Live

5. Feature-rich accounting software

 Pricing

Image Credit: Zip books

DisAdvantages

No live online training

5.  FreshBooks

Freshbooks is the Most popular accounting software used in the market. Fast and Easy to use with Quick Learning Curve.

Image Credit: Freshbooks

 Key Features

1. Amazing features including Time Tracking, Invoicing

2. Best Project Management

3. Expense Tracking

4. Multi-currency

5. Online invoicing

Advantages

1. Quick Learning Curve

2. A free trial is available

3. It is really very easy to use

4. Starting price – $15 per month

5. Web-based and iPhone, android installable

 Pricing

1.Image Credit: Freshbooks

DisAdvantages

Sometimes we may face many bugs in software

6. Slickpie

Slickpie is a Simple, Cloud-Based Software for all the accounting needs. An excellent Free Plan is available.

Image Credit: Slickpie

 Key Features

1. It is an Online accounting tool

2. Online invoicing with Multi-Currency Feature

3. Automatic payment reminders And recurring invoices

4. Built-in Automated Data entry tool, the magic bot

5. Tax management, accounts receivable, expense tracking, CPA firms.

Advantages

1. Free Plan is available

2. In more than 150 countries worldwide

3. All forms of training available as individual, live, docs, webinars

4. Supports in business hours, online

 Pricing

1.Image Credit: Slickpie

DisAdvantages

1. Little difficult for beginners
2. Sometimes customer supports is frustrating
3. Limited charts available

7.  Wave

Wave is useful for small businesses, freelancers. It is Full-fledged with almost all accounting features that will meet all your accounting needs.

Image Credit: Wave

 Key Features

1. Financial reports available in minutes

2. Accounts Receivable

3.Billing & Invoicing, CPA Firms

4. Easy Customised Accounting Reports

5. Fixed Asset Management, Project Accounting, Purchase Orders, Tax Management

Advantages

1. Double-entry accounting

2. Free plan available

3. All forms of training available – Webinars, Live, Documentation

4. Supports both online, business hours

 Pricing

Image Credit: Wave

DisAdvantages

1. No time expense
2. No phone support
3. Sometimes may slow down

 Conclusion

 I have Listed 7 Small Business Accounting Softwares in 2020, which will help you, to get your Accounting ideas and implement Them into Practice. I am working on the related topics, that will be coming in this week.

Do you find this software useful for Accounting??.. I will look forward to your comments. If you find this information useful, please share this post.