6 best small business finance software to use

Radu Tyrsina
by Radu Tyrsina
Founder & Editor-in-Chief
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Which accounting software is the best for small business?

  1. Moneyspire
  2. Freshbooks
  3. AccountEdge Pro
  4. Wave
  5. Xero
  6. GoDaddy Bookkeeping

We live in an age of technological prowess and that influence seeps through every single layer if society, even finance and accounting. Using accounting software can lift a huge burden off the shoulders of stressed accountants that are very nervous about messing up an account or getting a couple of numbers wrong.

Of course, that’s nothing unusual as it’s something that more or less comes with the job description. However, when those depend highly on accuracy and the repercussions are massive, it’s in everyone’s best interest for them to be done right the first time.

Of course, that’s nothing unusual as it’s something that more or less comes with the job description. However, when those depend highly on accuracy and the repercussions are massive, it’s in everyone’s best interest for them to be done right the first time.

New age, new tools

Accounting software has been available for many years now but with the advancement of the digital space, so have accounting software solutions improved and evolved. Small companies that use Windows as their operating system can benefit from the options we provide in this article. Here, we look at the top solutions for accounting software based on popularity and efficiency.

Business owners and managers looking for such software will have the opportunity of seeing what kind of programs other businesses use and praise. That being said, let’s get straight to it and see what businesses can rely on for solid accounting support on the software side of things.

What is the best accounting software for small businesses?

1. Moneyspire (recommended)

Another software that we have to mention is Moneyspire. This application 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, so you can easily import QIF, QMTF, OFX, QFX and CSV files from other finance applications. It’s worth mentioning that this application supports all world currencies so it will work regardless of your region.

If you tend to work with foreign currency, you’ll be pleased to hear that Moneyspire can download the latest exchange rates and it can even transfer money between foreign accounts. The application can work with an unlimited number of accounts, and it supports Bank, Credit card, Cash, Investment and other types of accounts.

In order to keep a close eye on your finances, there are several types of reminders available. The managing process is quite straightforward, and the application can even automatically record reminders and create reminders from transactions.

Moneyspire allows you to create an unlimited number of categories and tags in order to organize your finances, and you can easily create reports by tags or categories. Of course, the application supports an unlimited number of payees, so you can easily keep a close eye on each payee and even generate reports by payee.

Moneyspire has online baking support and you can easily download transactions thanks to the Moneyspire Connect and Direct Connect services. In addition, you can easily pay bills using the Direct Connect service. The application also has optional cloud support so you can sync and share data between several devices.

It’s worth mentioning that you can separate your personal and business finances and even transfer money between your personal and business account with ease. If you’re concerned about your safety, you should know that the financial data is protected by 128-bit encryption, so malicious users won’t be able to access it at all.

Moneyspire is a great application if you want to manage your home or business finances, and with its simple interface and plethora of features, it’s perfect for all users. The application is available on PC and Mac. As for mobile devices, iOS version is available, while the Android version is coming out soon.

2. 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 such as its support. Freshbooks provides excellent support, meaning that any trouble that the user might run into can be swiftly solved so that work can continue in an efficient manner.

Great features make Freshbooks obviously useful and a no-brainer when it comes to its popularity

Right off the top, the reasonable pricing is an important factor that needs to be taken into consideration. On the feature side of things, Freshbooks isn’t lacking, with a sturdy list of available features. One of its best features is definitely the fact that it can be as expansive as the user needs it to be. Within a firm, priorities and necessities can change as it also grows.

If you’re after something bigger, Freshbook can grow into the finance software you’ve grown to need

Freshbooks can be also grown into something that suits all needs, from small to challenging. It comes with great tracking and expense management features but it can also be enhanced with add-ons that provide additional API and tax management support. That can be quite the useful thing to have on-hand.

Other than that, Freshbooks provides a long list of available functions that help users keep their finances in check, starting with reports and processing of payments down to invoices and cloud invoicing.

Great things about Freshbooks

  • 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.
  • Users benefit from a grade An experience that makes using the software easy and comfortable.

3. AccountEdge Pro

AccountEdge Pro can be a good solution for businesses looking for a desktop heavy program to help them with finances. There aren’t many of its type left and that would make business owners feel a bit wary to its efficiency. That shouldn’t be a concern however as AccountEdge Pro is able to provide great accounting perks to smoothen out processes and make previous dreadful chores into something way more endurable.

AccountEdge Pro features all the perks of a modern day tool but with the vast experience of a 90’s software

The service itself has active for a very long time and AccountEdge Pro was used as early as the 90’s when it functioned under a different name (MYOB). However, the software available today isn’t the same one from the 90’s obviously, as the developer has made massive upgrades over the years.

The software is massively different today even when compared to rather new iterations such as the 2015 version of the software. The fact that updates are continuously pushed through ensures that the latest capabilities are being thoroughly represented in today’s era of accounting software solutions.

There are quite a few advanced features here, but that doesn’t mean accounts will have to spend endless nights up to learn them

There are many different features that would make AccountEdge Pro the perfect buy for a large number of users and businesses. For starters, it provides help for lead management and it improves on the user experience with a very efficient interface that furthers its efforts to be a productivity booster. The software is proficient in both active duty enhancements and various reporting and report management. For instance, it comes with a Web Pay feature that strengthens the business’s integration in the online medium but also a profitability report tool.

Great things about AccountEdge Pro

  • Even though it provides some really complex features, it manages to keep their management under a pleasing user accessibility threshold. This means that they won’t be virtually locked for anyone that doesn’t have a certain proficiency level with those types of features.
  • It features very useful double-entry tools that are easy to get into and visibly boost accounting performance thanks to the easy learning curve.
  • It strikes a balance between making itself user-accessible and not shying away from the more complex and advanced accounting software functionalities.

4. Wave

There are many complex software solutions out there but when it comes to handling basic and simple tasks, you might want to take a different approach. A simpler software solution might be what you are looking for. Excelling in the basic tasks and operations of a small business’ financial situation, Wave can play that role and take a lot of unnecessary additional functions off your hand. They aren’t unnecessary because they’re not useful but because they’re not really useful to your particular trade.

Having and using accounting software that offers way more than you actually need can be a detriment to your operation for the simple reason that accountants might find it confusing and hindering to work around them. If there are just the essentials, they can focus on using those towards the benefit of your business. And when it comes to that you can definitely count on Wave, which is also a free service.

The more precise term would be freemium, as this free service also includes internal ads which might be a bit annoying for some. On the subject of being a “basic” solution, it’s also worth noting that it’s an online accounting software meaning that users won’t even have to deal with offline, desktop installation and management.

Wave is a good tool to have for keeping things in check and always being on top of your financial situation. Even though it limits itself to the bare essentials of finances, it covers all the important ground ranging from balance sheet and profit-loss report tools to receipt and invoice handling. It does however have a few problems such as the absence of any means to track payments or bills for that matter. This can be a legitimate concern for some business owners and it’s important to keep that in mind when considering Wave.

Great things about Wave

  • You still have to pay standard payroll incur fees but other than that Wave is a free service which business owners can take advantage of. For this reason, it is especially great for fresh startups that already have a lot of things going on without adding the cost of accounting software.
  • It caters truly to small businesses as it leaves out some of the more complex options that come with other software and focuses on the essentials that are needed in small business spaces with a great selection of features.
  • It comes with a great user interface that makes it extremely easy for users to get the hang of it and start using it towards the company’s advantage.
  • It features support for multicurrency which can come in handy big time in some instances.
  • Payment and transaction screens are efficiently represented in Wave, being one of its best perks.

5. Xero

Xero is a software solution that many people will find appealing especially if they are users coming from another software solution: QuickBooks Online.  There are a lot of similarities between the two, and Xero manages to provide pretty much everything that makes users like the QuickBooks Online experience. The two aren’t identical however, as Xero comes with a batch of new features to add on top of those that QuickBooks users are already familiar to.

What this means is that Xero offers a great experience not just for fresh newcomers but also to QucikBooks 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.

Xero offers true Mac integration that works not despite but in harmony with Windows nativity

While we use this opportunity to cover the best accounting software solutions for Windows, it’s important to note that some companies that are switching from another service or some accountants in general might be more familiar or comfortable with the Mac system. The great thing about Xero is that 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.

One notable downside to Xero is the fact that it doesn’t feature direct contacts with US banks, meaning that it might be necessary to set up your bank details manually. However, considering that adding your bank to the software manually is an option, the problem of it not being automatic is not as threatening or impactful, but it’s still a problem for some.

When it comes to features, Xero provides a nice selection as previously mentioned. You can use the software for many different tasks ranging from balance sheets and expense claims to financial reporting, bank reconciliation and invoicing. It even has an integrated module for payrolls.

Great things about Xero

  • It comes with a really good price which places it ahead of many competitors from that point of view.
  • It features redesigned contact records.
  • It is very useful for a large number of processes, making it very easy for users to switch between managing accounts and reconciliation tasks for instance.
  • When it comes to inventory tracking, Xero does a fine job.
  • On top of what the base package offers, the experience can be thoroughly enhanced and expanded upon as users get access to hundreds of new add-ons.

6. GoDaddy Bookkeeping

Excelling in multiple business domains, GoDaddy also offers bookkeeping services through their accounting software. GoDaddy Bookkeeping initially started as nothing more than a website which 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.

Although it started out small, the advances made by GoDaddy Bookkeeping cannot be shunned

Over the years however, GoDaddy Bookkeeping grow tremendously and it now featuring a wider range of options and features. This makes it great for upstarts and new entrepreneurs that are at the beginning of their journey. One of the things that make GoDaddy Bookkeeping really pop on the market is its integration of some of the most popular online shopping services existent.

Websites like Amazon, eBay or Etsy are features as integrations for GoDaddy’s accounting software, making it extremely easy and convenient to instantly link sales from those platforms directly on the bookkeeping software.

It’s been a while since the software has seen any significant additions or changes, but what it already has is sure to please. In comparison with some of the other accounting software options, it can indeed seem a bit stale but a second, more in-depth glance might prove you of the contrary.

Great things about GoDaddy Bookkeeping

  • It comes with one of the best prices on the market, which definitely makes it a very attractive option.
  • It features the previously mentioned integration with some of the biggest online shopping platforms available such as Amazon, eBay, Etsy but also PayPal. This means that users can take advantage of this and easily link sales from those platforms for a more accurate report.
  • It does a good job when it comes to invoicing.
  • While it could have raised the bar in this aspect, it does provide the basic requirements for time tracking.
  • The ability to estimate quarterly taxes remains a strong perk.

Editor’s Note: This post was originally published in June 2017 and has been since revamped and updated with new products so our users would have a wider range of alternatives.