Best small business accounting software [2020 Guide]

Radu Tyrsina
by Radu Tyrsina
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  • If you've just started a business or running a start-up scale company, you probably don't need us to remind you how busy things can get.
  • Save on time and money alike with the best financing software for small businesses available on the market.
  • Check out more accounting software to ease up on your burden in this Cloud Accounting Guide.
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We live in an age of technological prowess and that influence seeps through every single layer of our society. Hence, finance and accounting make no exception.

Financing software can lift a huge burden off the shoulders of stressed accountants. Needless to say that it’s in everyone’s best interest for them to be right the first time.

While accounting software has been available for years, digital advancement helped these financial tools to evolve.

Here, we will look at the top solutions for accounting software based on popularity and efficiency.

Business owners and managers will have the opportunity to see what kind of programs other businesses use and praise.

That being said, let’s get straight to it.

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What is the best financial software for a small business?

QuickBooks

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QuickBooks is the best accounting software for small businesses available on the market that does more than save you time and money.

What’s most interesting about this software is that it provides important insights and allows you to better understand, track expenses, and ultimately save money in the long term.

The tool is versatile enough to match all major platforms from Windows and Mac to mobile phones and tablets in the online version, but you can also download it as full-scale software.

There is even a live bookkeeping feature freshly added that provides a certified virtual expert to manage your books with guaranteed accuracy.

Let’s quickly look at its key features:

  • Generate detailed reports and get vital financial insights
  • Closely track income and expenses
  • Track profitability, inventory, mileage sales, and sales tax
  • Capture, manage and pay receipts and bills
  • Maximize tax deductions
  • Enter employee timesheets
QuickBooks

QuickBooks

Track expenses and check profitability quickly and easily with the very best accounting software for small businesses!
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Freshbooks

When it comes to financing software, Freshbooks definitely has a solid reputation as being one of the very best solutions on the market.

There are many different attributes that recommend Freshbooks but it all starts with excellent support.

This means that any trouble that you might run into can be swiftly solved so that work can continue in an efficient manner.

Another great aspect is that it can be as expansive as the user needs it to be. Within a firm, priorities, and necessities so if you’re after something bigger, Freshbook can grow into the finance software you’ve grown to need.

Let’s quickly look at its key features:

  • It provides great support for teamwork, making collaboration a significantly easier task thanks to all the new tools and options
  • It caters to the financial needs of multiple types of businesses and so it can be used for more than one endeavor
  • Users can rely on context-sensitive settings to ensure that accuracy as at full capacity
  • Reports and processing of payments down to invoices and cloud invoicing
  • Great tracking and expense management features
  • Customizable with add-ons that provide additional API and tax management support

Try Freshbooks for free

Moneyspire

Moneyspire has a friendly and customizable user interface, so you can easily customize font size, colors, and all other aspects.

The application is fully compatible with other finance software, allowing you to import QIF, QMTF, OFX, QFX, and CSV files from other financial apps.

It’s worth mentioning that this application supports all world currencies so it will work regardless of your region.

Let’s quickly look at its key features:

  • Can download the latest exchange rates and it can even transfer money between foreign accounts. Supports Bank, Credit card, Cash, Investment, and other types of accounts
  • Automatically record and create reminders from transactions
  • Create and generate comprehensive dashboards and reports
  • Optional cloud support so you can sync and share data between several devices
  • Financial data is protected by 128-bit encryption

Get Moneyspire free

Xero

Xero is a software solution that many people will find appealing especially if they are users coming from another software solution: QuickBooks Online.

What this means is that Xero offers a great experience not just for fresh newcomers but also to QuickBooks users that want more out of their accounting software.

The need of advancing to a more robust solution for finance software is often seen with businesses, especially small ones or startups, due to the change in necessities that they experience given their status.

Let’s quickly look at its key features:

  • Easy for users to switch between processes
  • Inventory tracking
  • Access to hundreds of new add-ons
  • It provides a true Mac interface integration which means that users can easily make use of the Mac module to establish a native connection to the Apple UI
  • You can use the software for many different tasks ranging from balance sheets and expense claims to financial reporting, bank reconciliation, and invoicing
  • Integrated module for payrolls

Get Xero here

GoDaddy Bookkeeping

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Excelling in multiple business domains, GoDaddy also offers bookkeeping services through their accounting software.

GoDaddy Bookkeeping initially started as nothing more than a website that would cater to the basic needs of a distinct class of upstarts and self-employed.

The original use of the service revolved around helping those individuals calculate their expenses and see exactly how much they would owe in terms of estimated taxes.

The service took into consideration tax expenses for individual quarters, which made it that more appreciated and used.

Over the years, however, GoDaddy Bookkeeping grew tremendously and is now featuring a wider range of options.

Let’s quickly look at its key features:

  • Integration with some of the biggest online shopping platforms available such as Amazon, eBay, Etsy but also PayPal
  • It does a good job when it comes to invoicing
  • It provides basic requirements for time tracking
  • The ability to estimate quarterly taxes remains a strong perk

Get GoDaddy Bookkeeping here


There you go, we hope you’ll put these tools to good use and save both time and money while you’re at it.

What software are you currently using to manage your business? Share your experience with us via the comments section below.

FAQ: Learn more about financing and accounting software

  • What is the easiest accounting software to use?

Wave excels in the basic tasks and operations of a small business’ financial situation. Check out more easy accounting software solutions in this complete guide.

  • Is there free accounting software?

There is no shortage of free solutions on the market that perform a neat job as well. Feel free to explore these best free home finance tools to use today.

  • What is a good accounting software?

Our recommendation goes to QuickBooks, a reliable software to cover all your accounting needs. Take a look at these accounting tools for personal use as well.

Editor’s Note: This post was originally published in December 2019 and has been since revamped and updated in July 2020 for freshness, accuracy, and comprehensiveness.