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Top 5 Online Accounting Softwares for Small Businesses

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Top 5 Online Accounting Softwares for Small Businesses

For those of you who are accounting professionals, accounting may be much simpler with the conventional accounting softwares. For the rest of us, we need super simple softwares for accounting in order to be comfortable in our accounting roles. With the rise of self-employment, small businesses, and freelancers, there is a need for simple online accounting softwares to help these businesses manage their financial records. Luckily, there are simple online accounting softwares already on the market. There are several new, simple online accounting softwares that have been developed for small businesses and custom made for non-accountants; you only have to make a smart choice and select the one that is most suitable for your business. Here are 5 of them.

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1. Xero

Xero is an online accounting software that is efficient in managing the financial records of a small business. Xero is able to transfer all the financial transactions of the business into its database and connecting them to their matching transactions. On the dashboard of the application, you’re able to get a complete and simple-to-understand representation of the major accounts. You’re also able to view the expenses and income reports, outstanding bills, and invoices payable. The application can be custom modified to make it a particular type of business. It is by far much simpler compared to Quick Books.

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2. Slickpie

Slickpie comes with various features that are suitable for most small businesses. Some of its features include MagicBot, which refers to automated data entry. This means you will save the time you would have spent entering the data into the computer, as it is automated. Other features include online invoicing, online billing, bank reconciliations, production of financial reports, and tax management; all these come in a free edition of the software. It is user-friendly, and simple to learn and understand. Slickpie offers its users an all-in-one accounting package for the whole business. Those who have used it testify that it has enhanced the performance of their businesses, as they are able to do a lot within a short time, leaving enough time to run other aspects of the business.

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3. Sage One

Sage One is accounting software that handles all business transactions, from invoicing, debts, financial reports, value-added tax (VAT), cash flow predictions, and so much more. It can be integrated to your bank so that every transaction that happens in the bank is updated in the Sage One system. It has the ability to predict your cash flow depending on your recent transactions. It can therefore predict the amount of cash the business will need or have in the future. The reports produced by Sage One are customizable to meet the demands of every unique business. The dashboard gives a quick overview of the business performance, showing the top customers, turnover history, and more.

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4. Quick Books Online

Quick Books offers an affordable package for different types of small businesses. It is is suitable for all small businesses, including freelancers, consultants, and online traders and services providers. It is suitable for a new or an existing business, and is customizable to accommodate the changes of growth and expansion. Some of its features include financial reporting, recording all incomes and expenses, automated data back-ups, and filing tax returns. The software is easy to use, and its dashboard will update periodically. It will also show important aspects of the business, such as the financial status, income, and outstanding and paid invoices, as well as the profit or loss of the business.

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5. MYOB

MYOB is an easy online accounting software with all the tools to manage the accounting records of a small business. It shows the business cash flows, produces financial reports, and manages the payroll of the employees with ease. The software will store all the bills and invoice records online, and ensure they are secure. The system is integrated, and can share business information with other members of the staff. It also updates frequently as transactions happen, and produces prompt tax returns, making filing of returns a simple and enjoyable job.

Featured photo credit: Geoffrey Whiteway via stockvault.net

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