9 Best Accounting Software to Simply Accounting for Small Businesses 2021

SoftwarePriceNumber of Users AllowedUser RightsBest ForPrice Details
QuickBooks (Desktop Pro,
Enterprise, Online Advanced)
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$1.603 to 30 users depending on which plan you opt for.YesNew startupsStarts from $1.60 per month up to $3.40 per month.
Zoho Books
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$10.00Maximum 10 usersYesEarly-stage businessesRanges from $10 to $30
Sage Intacct
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$0.00It offers many plans, so the number of users varies with each plan.YesSmall to established businessesContact the company for a quoted price.
Godaddy
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$4.99Only one userNo, as it allows only one user to utilize itStartupsRanges from $4.99 to $ 14.99 depending on the plan you choose
Oracle NetSuite ERP
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$999.00From 10 to more than 1000 usersYesEstablished businesses, warehouses, and enterprises$999 per month
Wave Accounting
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$35.00Unlimited- you have to pay for every userYesSmall to flourished businessesIt includes some free and some paid tools. No plans are offered.
Microsoft Dynamics G.P
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$5,000.00Depends on which license you purchase. 10 user license allows 10 users only.YesEstablished businessesIts plans range from $5000 to $10,000.
Oracle Cloud
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$0.16It does not count users but vCPUs. You have to pay for each vCPU.YesAll kinds of businesses, enterprises, and warehousesRanges from $0.1613 to $1.0753 per vCPU per hour.
SAP (ERP and Business)
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$1,357.00As many as you wish because it has charges per person.YesSmall to established businesses • One-time purchase plans range from $1,357 per user to $3.213 per user.
• Subscription plans range from $110 per user per month to$132 per user per month.

QuickBooks (Desktop Pro,
Enterprise, Online Advanced)

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QuickBooks (Desktop Pro,  Enterprise, Online Advanced)

QuickBooks is the most utilized software by small businesses. Users prefer it because it is easy to understand and use. QuickBooks provides one dashboard that contains all the exclusive features that are convenient to access. When choosing accounting software, automation...

  • QuickBooks is beginner-friendly and simple software.  It creates efficient and up-to-the-mark reports. It is cost-effective accounting software. It is cloud-based
  • allowing easy access from any remote device.
  • Lacks a backup feature making you vulnerable to a security threat.  Allows limited members to use it. Lacks advanced features like IoT tracking
  • barcode scanning
  • etc. The system has stability issues
  • resulting in a system crash.

Zoho Books

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Zoho Books

If you are looking for cost-effective and the best accounting software for small businesses, then you might have heard of Zoho Books. It generates instant invoices and payment reminders, so you do not have to wait to get paid. Your...

  • It is the best customizable CRM. Zoho uses the cloud so you can connect to it remotely. It is simple to use and affordable. You get new updates and features frequently.
  • Integration may get complicated. It allows a maximum of 10 users that is very few. Custom fields are 150 per module
  • which is less. Great for startups but cannot handle complex businesses.

Sage Intacct

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Sage Intacct

Sage Intacct is another popular software that handles your financial calculations professionally and more accurately. It offers various tools and features suitable for businesses of all levels, making it stand out in a crowd of CRMs. It helps you to...

  • It is easy to integrate with your current data. It has a powerful inventory tracking system. Offers a wide range of customization opportunities. You can access data easily on one dashboard.
  • Users complain about its complexity and difficulty in usage. Journal entry feature lacks efficiency. It lacks documentation and support. It gets expensive in the case of complex businesses.

Godaddy

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Godaddy

GoDaddy is an excellent bookkeeping software that is a top choice among small businesses and freelancers' communities. It keeps your finance organized and manages all your records and receipts. Keep yourself on the safe side when it is time for...

  • Cost-effective
  • making it an excellent choice for your small business. It is simple and clear to use and navigate around. Downloads all the transactions from PayPal directly. It has helped many users with tax filing.
  • It has limited features when it comes to expanding your business. It allows the single user only
  • which is a major drawback. There need to be more tools for tax returns.

Oracle NetSuite ERP

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Oracle NetSuite ERP

You can call Oracle NetSuite the best Enterprise Resource Planning (ERP) software in the market. It delivers a variety of features and tools and serves as the Central Nervous System of your business. Oracle NetSuite is multi-tenant software. Everyone can...

  • It can deploy from 10 to more than 1000 users of your company. No doubt
  • Oracle NetSuite has better performance than any other software. It has robust financial management with in-built intelligence.
  • It is expensive for small businesses. Oracle NetSuite has inadequate performance with modules. It offers limited or no training for new updates. It lacks support and can be annoying in case of an issue.

Wave Accounting

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Wave Accounting

Wave Accounting Software is popular among small business owners and freelancers too. It is easy to access, and you can create an account conveniently online. Its simplicity makes it successful. Wave Accounting login is completely free, and once you are...

  • It offers free plans for startups and small businesses. It is the best customizable invoicing software. Wave Accounting provides an extremely user-friendly interface. The number of users that you can integrate is unlimited!
  • Its features are limited when it comes to expanding businesses. Communication with customers is poor. It often bugs you when you connect it to your bank. It lacks multicurrency functionality.

Microsoft Dynamics G.P

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Microsoft Dynamics G.P

Microsoft Dynamic G.P. is also an Enterprise Resource Planning (ERP) software. It is specifically designed to overcome every challenge and provide you a wide range of services. It covers all the characteristics required for your small business. It can manage...

  • It simplifies employee management. It helps with processing payables more effectively. Microsoft Dynamics G.P. displays all the transactions accurately. The Journal entry feature is convenient to navigate through.
  • It can be complicated to use
  • and beginners need tutorials. The built-in writer is challenging to work with. You need to click many times to reach an option. It lacks speed and needs to improve.

Oracle Cloud

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Oracle Cloud

Oracle Cloud operates on the foundation of cloud technology, allowing you to create a smarter and virtual environment. All information is stored and calculated on the cloud. It offers small businesses and enterprises tools to move to an online system...

  • It provides a better user experience. It is highly secured
  • making it preferable for every company. It simplifies accounting and financial management with advanced technology. Oracle cloud is easy to integrate with your existing system.
  • The dashboard needs to be more defined and user-friendly. The price is high for small businesses. It lacks self-help tutorials. It can sometimes be slow.

SAP (ERP and Business)

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SAP (ERP and Business)

SAP stands for Systems, Applications, and Products. It offers various modules to help integrate with any business. Like the Oracle Cloud, it is designed to help any company at any level. It is not only for established enterprises. SAP says...

  • Its flexibility allows it to be compatible with any level of business. It ensures that your data is secured and safe from hackers. Users can have access to insights and analytics remotely. It enhances financial control and maintenance.
  • Some users may find it costly. It has a bit complex design that needs to be simplified. Reporting can be a little tricky and difficult. When more users work on it simultaneously
  • it slows down.

If you are running a business, one of the most crucial parts is managing the financial records. Till now, you might have been using a spreadsheet that allows only a few automatic calculations. But as a business expands, it can no longer rely on simple spreadsheet software.

Do you want to reduce human error and become more accurate with your financial accounting process? All you need is to upgrade your business by deploying accounting software in your system. Accounting software helps with faster and more accurate calculations and enables a company to keep an eye on its profit efficiently and calculate future budgets.

Reasons Why Your Small Business Needs an Accounting Software

Small businesses have to consider their budget when investing in something new. But accounting software is worth your money. Here are the top 3 accounting software benefits for small businesses.

1. More Accuracy and Efficiency

For a successful business, you need to be very productive and efficient. Accountants cannot handle everything with spreadsheets because manual work lacks accuracy and efficiency. To err is human, but accounting software does not make mistakes. The software makes calculations convenient and more precise.

Most accounting systems are compatible with bank accounts. Accounting software will ease financial accounting by syncing with your bank account and ensuring all entries’ accuracy.

Moreover, the whole crucial information of your business is stored in one place with accounting software. So you do not have to search for specific data by digging through a bunch of spreadsheets. Sharing data with your employees and staff is also a piece of cake.

2. Automatic Accounting

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Half of your problems and challenges are solved with automation in accounting. If you perform the calculations and prepare reports manually, you waste your crucial time and increase the chances of more errors.

Computerized accounting is an appealing feature that compels many business owners to opt for accounting software. You just have to provide the software with raw data, and it will process it to produce results based on your requirements.

Here are some examples of how accounting software can aid in automation:

  •  Prepare a financial report (You can set a particular time of the month).
  •  Issue checks.
  •  Create invoices for every sale.
  •  Create automatic journal entries.
  •  Send a reminder for late payment to your customers.

To wrap it all, you can automate most of the operations depending on the type of software you opt for.

3. Make Tax Filing Simpler

Misrepresented records or disordered information on your returns can cost you more and charge your business with fines. You might face legal issues if you merely rely on your accountant. Accounting software simplifies tax filing by ensuring that no entry or receipt is missed and all records are precise.

Factors to Consider When Choosing an Accounting Software

According to statistics of the U.S., 64.4% of businesses are already using accounting software. Therefore, if you do not own one yet, you give your competitors a golden chance to beat you.

You might be confused about what to look for when investing in accounting software, especially for a small business. So here are five key factors to consider when choosing an accounting software:

1. Uses Cloud or Desktop?

It is always better if your accounting software is cloud-based. All your company’s crucial information is stored online that you can access from anywhere and anytime. Your accounting system is no more limited to a P.C. All you need is a reliable and faster internet connection.

Moreover, cloud-based accounting software promotes better collaboration within the company.

Say goodbye to those times when you had to share the accounting sheet with your staff members every time you made a change. With an accounting system, the changes you make are automatically incremented on everyone’s desktop due to cloud technology.

2. Compatibility with Bank

You can save time and enhance the accuracy level by integrating your system with your bank accounts. The software will ensure that the entries and amount of money entered is accurate. That is why you should always opt for accounting software that is compatible with bank accounts.

3. Reporting

Accounting software has an in-built report writer. You need to check what standard reports it can write. It saves you from wasting time on creating and managing reports. With accounting software, you can even go for custom reports once you have mastered using it. You can set a particular time of the month to generate an account.

4. User Security

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When you look forward to a successful future for your business, user security is a major concern. Not every member of the company should have access to all the information. You can set the security by choosing who can view, read, and edit your company’s data using the accounting software for small businesses. The employees have access to limited data while the manager can view profit and loss and other details.

5. Multicurrency Functionality

If your business deals with foreign clients and you often make transactions globally, then it is important to look for multicurrency functionality in your accounting software. Such software can keep organized records of your foreign and local currencies and perform the desired calculations.

If your accountant manually handles both payments and finances, he may get confused and make errors. However, many accounting software for small businesses does not offer this feature. So if your company deals with international transactions, make sure the software you choose has this functionality.

Final Thoughts

You can choose the best software that meets your requirements from our list of the top nine best accounting software for small businesses in 2021. Convert your company into a smarter one and generate more revenue by keeping an eye on your strategies with financial management. 

Whether you have just kick-started your business carrier or already own a top-rated company in the market, you cannot neglect the importance of accounting software. Deploying accounting software will change the level of your game. 

The majority of companies and enterprises have already invested in accounting software. What are you waiting for? Do not let your competitors overwhelm you when you can perform the best!