When you are handling a business, there are a lot of things other than sales that you need to take care of. You need to keep an eye on income, expenses and track your finances. You also need to make calculations for taxes and more.
As your business grows, you will have a hard time doing all of these manually. Instead, it is better to switch to accounting software that will automatically track and manage the financial status of your business.
These software give you tools to record transactions, manage the contacts of customers and vendors, generate detailed analytics reports, generate purchase orders, create bills for customers and keep an eye on account balances.
We observed some of the accounting software available on the internet, and the following are the ones that we liked. We chose these software based on features and factors like cost, ease of use, type of accounting, etc.
Top Accounting Software of 2021
EZLease - Best for Lease Accounting
If you want a simple software that will help you manage your leases on properties, equipment, etc., then EZLease is one of the best accounting software you can find.
The setup is very simple, and you can load leases in minutes. Their detailed online user guides and video tutorials teach you how you can utilize the features of EZLease. They have simple templates which are useful for uploading and updating leases in bulk. Using automated validation, you can manage your accurate lease data efficiently.
Say goodbye to transferring data between spreadsheets and stop worrying about using complex solutions. EZLease can manage your finances easily using the accounting expertise that is built into the software.
This accounting software will simplify compliance reporting for all sorts of leases, like real estate, vehicles, equipment, and more. It can automatically classify a lease as a finance or operating lease and will continuously send you reports of its activities.
They have an excellent database management system that can maintain all forms of fiscal calendars. It can track and record seven different types of contingent rates individually. It will automatically send you and your customers notifications about rent changes, specific events, and lease expirations. It will also keep the lease active after it expires.
There are tons of other features that you can check out from their site. And the prices are reasonable as well. They also have a free trial, so give this lease accounting software a try.
FreshBooks - For Cloud-Based Accounting
If you want to manage your accounts anytime and anywhere, you should check out FreshBooks. It is a cloud-based accounting software that you can access using your smartphones and tablets.
You won't need any accounting experience as it contains various helpful functions that will help you manage your accounts easily.
It will automatically send your customers payment reminders. You can create recurring invoices that you can customize. Take your business to the international market as you can create multi-language and currency billings.
You don't have to spend hours calculating taxes anymore, as FreshBooks will handle it for you. The expense categories present in FreshBooks are very tax-friendly. You can integrate this accounting software with tax apps and tools for deductions, estimates, and filling.
There are several tiers of prices, and you can even customize the features and prices if you have lots of billable clients.
Intuit QuickBooks Online - Best for Small Business
This is a popular accounting software among small business owners. It can make bookkeeping a whole lot easier and more efficient, thanks to its user-friendly dashboard. QuickBooks has lots of training resources to help you manage your finances like a pro. There is even a forum of QuickBooks users where you can get support for any issues.
There are advanced features like inventory management, budgeting, additional users, and time tracking. Even their cheapest plan has all the tools any small business owner needs. If you want to scale up your business, you can buy their advanced subscription that comes with Fathom. It is a powerful financial report analysis tool that is used by lots of enterprises around the world.
You don't need to create your financial reports from scratch. This software has built-in reports that contain a trial balance, general ledger, and 1099 transaction detail reports which you will need when paying taxes. You can even mark some of these reports as favorites so that you can get access to them easily.
You can integrate this accounting software with several third-party apps like Stripe or PayPal for easier payments.
Zoho Books - Ideal for Micro Business
Simplicity in account management is something every micro-business owner needs, and that's where Zoho Books comes in. It contains all the basic and advanced features any microbusiness owner needs, like project billing, time tracking, etc.
You can install this app on all major platforms. In fact, they have dedicated apps for Apple watch and android smartwatches as well. Now, you can create customized invoices and send them to your clients on the go without waiting to go to your office and do it.
The platform has a modern and sleek design that anyone can operate. It contains a lot of automated business processes, which can save you a lot of time. You can schedule Zoho Books to run reports, and it will send you the results via mail.
One thing that makes it stand out among its competitors is the client portal. Here, your customers can visit and view bills, make online payments and leave comments.
An accounting software can save a lot of time and will be extremely helpful if accounting isn't your strong suit. Even if you own a small business, you can own an inexpensive accounting software without any customizations. Once you grow your business, you can switch to enterprise resource planning systems.