The Best Small Business Accounting Software in 2023: Review and Comparison
Did you know that now you can use business accounting software free of charge as well?
Shocking, right? In this article, we are going to offer you some exciting software options for managing bookkeeping and accounting operations. As you might have already guessed, we are talking about accounting software that is ideal for small businesses.
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The current market is practically saturated with an overwhelming number of accounting software options. But how do you choose the right one for your business? Which software can give you the best value for your money? Which one has the best features to enhance your business processes? Where would you find the best deals? These are some of the pressing questions you must ask before you make a decision. And as expected, it would require thorough research on your part.
To save you the hassle, we have carefully curated a detailed comparison of the leading business accounting software for desktops and smartphones. All you need to do is read the reviews carefully and figure out which software fits your needs perfectly. And then, subscribe and enjoy flawless accounting and bookkeeping services only to grow your business further. So, without further ado, let’s jump in.
Table of Contents
1. Field Promax
Field Promax is the one-stop software solution for field service businesses of all sizes. It is specifically designed to automate service delivery operations and simplify tasks. Essentially, it is SaaS-based field service management software designed for service delivery companies. It is packed with incredible field management features and functionalities to provide comprehensive automation support. Furthermore, it has garnered significant popularity for its seamless billing and invoicing feature. Unlike most other accounting software solutions, Field Promax enables businesses to expedite billing and invoicing even from the field. Thanks to the powerful mobile app, field technicians can create final invoices right from the job site, and even edit, modify, or add items before sending them directly to the customer for instant payment approval. The best part is that Field Promax supports seamless two-way integration with QuickBooks Online, which allows users to synchronize the databases and maintain a flawless, efficient system when it comes to accounting and bookkeeping.
Field Promax is undoubtedly the most popular automation tool among small businesses. The primary reason is its wide range of features, which enable service companies to add efficiency, transparency, and scalability to the business process. However, the reason Field Promax ranks so high in this list involves some more merits.
To begin with, Field Promax offers perhaps the most efficient and powerful integrated mobile application. It helps business owners and technicians manage accounting and bookkeeping while on the go. You can take care of your invoices even when you are out of the office. Or you can entrust your technicians to handle invoicing when they are present at the job site. This gives you more flexibility and less room for errors or miscommunication. Furthermore, the software offers some incredible features, such as custom pricing modules, expense and mileage tracking, and so on. No wonder it is said to give you the best value for your money.
The highlight of the app is its smooth integration with QuickBooks. By allowing a two-way sync, Field Promax helps you use data both ways. When the work is completed, you can post and close to automatically generate an invoice in QuickBooks. This keeps your current process intact, and all billing still remains consolidated within QuickBooks.
- Easy interface
- All-around automation support
- Wide range of features
- Comprehensive dashboard
- QuickBooks integration
- Zero learning curve
- 14-day free trial with unrestricted access to the entire feature range
- Mobile app
- Unparellal user experience
- 24/7 customer support
- Flexible pricing
- Smooth onboarding
- Digital signature support
- Payment tracking
- Instant customer approval
- Perfect for small, medium, and large businesses
- Speed optimization
- Feature set might be overwhelming for some businesses
Verdict: Best free small business accounting software with end-to-end automation support
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Wave is the best software for business owners like sole proprietors and freelancers who need an online accounting service and may want a little room to grow. Integrated payroll and double-entry accounting support make it a potential option for small businesses with a few employees, though there are better choices for those companies. And because it has a simple user interface, even financial novices could use it.
Wave is one of only two online accounting services that you can use for free unless you need payroll and payments, which you do have to pay for. Wave follows standard accounting rules and is especially skilled at invoicing and transaction management. It’s one of the cleanest, most understandable business services available. It supports multiple currencies and has a smart selection of features for very small businesses. It doesn’t have a dedicated time-tracking tool, comprehensive mobile access, or inventory management, though.
- Free for those who don’t need payments or payroll
- A smart selection of features for very small businesses
- Excellent invoice and transaction management
- Great dashboard
- Multicurrency support
- Sparse record templates
- Invoice customization could be stronger
- Lacks full-service payroll for several US-state-supported formats
- Slim feature set on mobile apps
Verdict: Best for small businesses with less than 9 users
3. Zoho Books
Zoho Books is a online business accounting software solution designed to help businesses streamline their back-office operations, automate business workflows, and securely collaborate with accountants online. It is designed for all business sizes, from small businesses to large enterprises, and can be used by service, consulting, and marketing companies. The accounting solution offers a range of features, including cash flow management, invoicing, one-off or recurring invoice generation, balance sheet management, inventory management, purchase order management, expense tracking, automated workflow creation, and much more. While it’s at least as capable as some of the best of its competitors, Zoho Books is surprisingly affordable, and it even has a free version.
Zoho Books is the small business accounting element of Zoho’s ecosystem of productivity applications. Your accounting data can be tightly integrated with numerous related apps and functions, like CRM, customer service, and email. Zoho Books’ usability, flexibility, and depth in standard bookkeeping areas (sales and purchases, time and project tracking, and inventory management) equal and sometimes surpass what’s offered by competitors. Overall, Zoho Books is best for businesses that use some of Zoho’s other applications, but its appeal isn’t limited to such cases. We also recommend it to small businesses, growing businesses, and established businesses that want its customizability, depth, and usability. That said, the depth of its features might be overwhelming to very small businesses but welcomed by companies with more advanced needs.
- Depth and flexibility in every module
- Multiple sales and expense form types
- Excellent, customizable reports
- Exceptional support options
- Integration with SurePayroll
- Great mobile app
- May be too complex for some small businesses
- Time tracking must be tied to projects
- No inventory assemblies
- Limited pool of accountant partners
Final Verdict: Best for scheduling and job management.
If you are a service-based business, FreshBooks is designed for you. Small businesses could use it for basic money management, like sending invoices, monitoring financial accounts, accepting payments, and tracking income and expenses. More complex companies can add advanced tools that include projects and proposals, mileage and time tracking, and reports.
We recommend FreshBooks especially for sole proprietors and companies with perhaps an employee or two—though it’s capable of handling more. FreshBooks’ good looks and simplicity are deceptive. FreshBooks is actually a full-featured, double-entry accounting system that happens to offer an exceptional user experience. It has won numerous PCMag Editors’ Choice awards for these reasons. FreshBooks is one of the first accounting options a very small business should consider because it’s intuitive enough for novice bookkeepers to learn but supports all the elements that a larger business would need, including payroll.
- Delightful user experience
- Context-sensitive settings
- Team collaboration and time-tracking tools
- Inventory tracking
- Automatic mileage tracking on mobile apps
- Some dashboard deficits
- Limited invoice customization
- Minimal onboarding help
Verdict: The best software for business owners looking for a simple yet comprehensive accounting tool
4. Intuit QuickBooks Online
QuickBooks Online is a cloud-based accounting solution perfect for businesses of any size. It is the perfect accounts payable software small business owners can leverage to manage their accounting, income, expenses, payroll, and more. No additional software is required as all accounts are viewed via the online login portal, with custom feeds and charts, custom invoice creation, ‘Pay Now’ buttons, and mobile websites, all with auto-synchronization. The native mobile apps for Android and iOS facilitate on-the-go sales receipt capture, expense tracking, cash flow management, account balance tracking, time tracking, transaction review, purchase order management, client communications, and more.
Intuit QuickBooks Online has been the small business accounting service to beat for many years. It puts highly effective accounting functionality into an exceptional user experience. The service stands out because it’s easily customizable, comes in multiple versions with hundreds of add-on apps, and offers better mobile access than most rivals. Intuit QuickBooks Online, however, is expensive, so it’s most appropriate for small businesses with a technology budget. It’s easy enough for an inexperienced bookkeeper to learn but feature-rich enough that a more demanding user can make use of its advanced accounting tools. Because it’s so customizable and user-friendly, it would appeal to a wide variety of business types.
- Excellent user experience
- Dual-screen dashboard
- In-depth contact records and transaction forms
- Numerous customizable reports
- Supports projects, payroll, and many add-ons
- Great mobile apps
- Confusing toolbar
- Online support could be better
Verdict: The best software for business accounting and bookkeeping
Keeping a tight grip on finances is critical for the success of small businesses.
If you are still doing things manually, i.e., using the traditional paper-based methods, then you are bound to face some critical issues. Manual processes always involve the risk of error, no matter how carefully you try to handle your operations. This is why more and more businesses around the world are leaning towards digital transformation and taking advantage of emerging technologies. Accounting is not beyond its scope either.
To develop this resource, we looked at hundreds of business accounting software solutions with specialized services for small businesses before coming up with our top five choices. As you can see, they all offer cutting-edge technology and efficient tools to add more accuracy, efficiency, and transparency to your accounting and bookkeeping processes. Moreover, you can use some of these accounting software small business free of charge.
If you still cannot make up your mind, we would recommend that you sign up for Field Promax. Take the free demo, complete the free 14-day trial, and talk to the expert team of customer support executives. This is going to help you understand the whole process a lot better. The good news is, you don’t even need a credit card to sign up!
For more information and resources, contact Field Promax.