Top Accounting Software And Invoicing For Your Business

By April 21, 2020 Accounting, Blog

Just like oxygen is vital for your life, your business craves accounting to last. You absolutely must track your income and expenses. There is accounting software for this particular task.

Statistics show that about 20 percent of small businesses fail before they complete their second year.

The lack of effective money management and bookkeeping is a major player in this sad realization. Small business accounting software can do a lot to prevent your business from falling into this trap, keeping you on the right side of that grim statistic.

Manual financial bookkeeping is complicated and time-consuming. Business owners find it challenging enough to cover the basics i.e paying the bills and tracking incoming revenue. These questions keep business owners up at night:

  1. Are we profitable?
  2. Why or why not?
  3. Can we make the required tax payments?
  4. Should we invest in new equipment?
  5. Do we need to explore financing?
  6. Will, we hit our budget numbers? Where can we cut expenses?

A good small business accounting software can help answer these. The particular tool will only need you to populate with data ranging from financial accounts, your customers and vendors, and the products or services you sell, you’ll be able to use that data to create transactions.

What is Accounting Software?

As defined by Finances Online, Accounting software is a suite of computer applications and programs that automate financial management in the corporate environment and help managers handle their accounting activities. Accounting software systems are designed for freelance accountants and accounting teams, based on which they vary from simple single-entry apps to enterprise-grade, double-entry solutions.

Top Accounting Software Choices

1. Intuit QuickBooks

QuickBooks is a small business accounting software finder’s dream. QuickBooks can manage all your finances with either their licensed or online version. It provides instant access to customer, vendor and employee information.

There is free support and upgrades with the online versions.  It also comes with a 30-day free trial.

There are three versions of QuickBooks Online that are designed for small businesses, all of which look and work similarly and offer a 30-day free trial.

Simple Start

  • Costs $25 per month and is designed for microbusinesses.
  • You can track expenses and income.
  • Create and send invoices and estimates, connect to your bank accounts. R
  • Run basic reports, and track sales tax, among other features.

Essentials Plan

  • Costs $40-per-month.
  • An upgrade on Simple Start adds bill management.
  • Provides supports for up to three users, and time-tracking.

Plus Plan

  • Costs $70 per month.
  • Un upgrade on Essentials Plan.
  • Lets you track inventory.
  • Allows access for up to five users.

QuickBooks Accounting Software Dashboard – MonkeyPesa

There’s a new Advanced level that supports up to 25 users and includes numerous advanced features, but it’s geared toward larger businesses that might need to consider midrange accounting solutions.

QuickBooks features include Accounting, Accounting Price Management, Accounts payable, accounts receivable, bills and invoicing, bookkeeper, and non-profit accounting.

PROS

  • Excellent user interface and navigation.
  • In-depth contact records and transaction forms.
  • Project profitability.
  • Customizable reports.
  • Comprehensive payroll support.
  • Hundreds of add-ons and integrations.
  • New mileage tracking.

CONS

  • Expensive.
  • Poor online documentation.

Related: Sales Revenue – Definition, Calculations and Overview

2. FreshBooks Cloud Accounting

Starting as an invoicing solution, FreshBooks has over the years grown into the go-to online accounting service for sole proprietors and startups. Its popularity extends to small to midsize businesses (SMBs) in many cases.

  • FreshBooks is available for as little as $15 per month for the Lite plan, which lets you bill up to five clients.
  • For $25 per month, the Plus plan lets you bill 50 clients.
  • And for $50 per month, you can bill as many as 500 clients with the Premium plan. Custom pricing is available above that level.

FreshBooks has a 30-day free trial.

The accounting software integrates seamlessly with a variety of third-party apps such as Stripe, Shopify, PayPal, and G Suite, among others, to extend the app’s functionalities.

Freshbooks also have mobile apps, available on both iOS and Android, and these enable you to run your business anywhere, anytime using your mobile device. You can send invoices, log expenses, track time, receive updates and chat with clients. The information is synced across all your devices to ensure you have access to data even when you’re out of the office.

PROS

  • Now double-entry accounting.
  • Delightful user experience.
  • Good client records.
  • Team collaboration tools.
  • Time tracking.
  • Estimate and retainer functionality.
  • Simple product and service records.
  • Proposals and projects.
  • Excellent mobile apps.

CONS

  • Some dashboard deficits.
  • Limited invoice customization.
  • No quarterly tax estimates

 

3. Accounting by Wave

Accounting by Wave is a business accounting software whose target market is small business owners (1-9 employees), freelancers and solo entrepreneurs. Wave’s primary accounting features are free. However, there are, of course, charges for payments and payroll.

Wave offers 100% free, real double-entry accounting for small businesses. As a cloud-based software, Wave allows you to access your data from anywhere, add unlimited collaborators and work on all of your businesses from a single login. Wave eliminates data-entry and puts the financial reports you need at your fingers tips, allowing you to spend more time doing what you love. Your accounting is also seamlessly integrated with invoicing, receipt scanning, payment processing, and payroll.

PROS

  • Free, though payments and payroll incur fees.
  • Smart selection of features for very small businesses.
  • Excellent invoice and transaction management.
  • Good user interface and navigation tools.
  • Multicurrency.
  • Instant Payouts.

CONS

  • No dedicated time-tracking features.
  • No comprehensive mobile app.
  • Payroll is not as capable as other solutions.

4. Sage50 Cloud Accounting

Sage50 Cloud is a business accounting software best tailored for small and medium-sized businesses that offer features such as taxes, inventory, budgeting, cash flow, and invoicing. Plus, you get a wide range of add-ons for credit card processing, payroll, and more.

Organizations can utilize the app’s built-in accounting best practices to stay compliant and to track their finances. You can make payments on-the-go and bill customers, and provide your accountants real-time access to accounting books.

Sage 50cloud itself is more complex in some ways than even the best of the low-end accounting websites, and this plus subscription costs make it less desirable to SMEs.

The Sage 50cloud line consists of three plans:

Pro Accounting – It is priced at $503.23 per year for a single user.

Premium Accounting – It starts at $778.63 per year for a single user.

Quantum Accounting It starts at $1,981.75 per year for three users.

All the above are required to be paid annually.

Monthly pricing is available but a one-year commitment to Customer Care is required.

Paid monthly, the Pro Accounting plan costs $50.58 per month for a single user, the Premium Accounting plan costs $78.21 per month for a single user, and the Quantum Accounting plan starts at $197.55 per month for three users. Integration with Microsoft Office 365 Business Premium adds $150 per year to each plan.

What sets Sage 50cloud apart from its sister app Sage Business Cloud Accounting is that the former is an add-on service that allows for the integration of the latter to the cloud. Businesses can store and share databases on the cloud and do the same with credit card numbers, both done securely. It has add-ons that include EFT, payroll, automatic tax computation, and e-filing. Users can also accept secure and compliant payments anytime, anywhere once the app is merged with Sage Payment Solutions. Suppliers and other payments may also be scheduled if needed.

PROS

  • Exceptionally sophisticated feature set.
  • Great customizability.
  • In-depth contact and item records.
  • Unusually strong inventory management tools.
  • Multiple pricing levels.
  • Good (mandatory) support options.
  • Office 365 integration.

CONS

  • Price.
  • No dashboard.
  • The interface looks dated, crowded.
  • No dedicated time tracking.
  • Many links open new windows.
  • No comprehensive mobile app.

5. Zoho Books

Zoho Books is an online accounting software which is a freelancers’, Medium Business, Small Business owners find.

It allows you to easily manage the money flowing in and out of your business. Zoho Books lets you manage your customers and invoices while keeping expenses in check.

Zoho Books Dashboard – MonkeyPesa

Furthermore, you can record, monitor and reconcile your bank accounts and transactions, and collaborate with your accountant in real-time. Most importantly, Zoho Books helps you make better, more informed decisions and stay on top of your business.

After a 14-day free trial to Zoho Books, you can subscribe to the:

Basic Plan

  • It costs $9 per organization per month and limits you to 50 contacts, one user plus an accountant, and five automated workflows (more on that later).
  • The supported features include invoices, expense tracking, projects, and timesheets.

Standard plan

  • It costs $19 per organization per month) gives you higher limits on everything in Basic.
  • It adds bills, vendor credits, and reporting tags.
  • It also offers two new tools: multi-level purchase approvals and integration with Twilio (allows you to automate SMS messages to customers).

Professional Plan 

  • It costs $29 per organization per month.
  • It supports unlimited contacts and users and 10 automated workflows per module.
  • It is an upgrade to the Standard plan and in addition to purchase orders, sales orders, and inventory tracking.

One thing that is specific about Zoho Books is its smart design, with extreme attention to detail and a bundle of useful functions arranged in a way that doesn’t disturb the user’s operations.

PROS

  • Affordable.
  • Excellent user interface.
  • Superior depth in records and transaction forms, including numerous custom fields.
  • Multiple payment gateways.
  • Document management.
  • Generous support options.
  • Excellent mobile version.

CONS

  • Integrated payroll feature limited to California and Texas.
  • Time tracking must be tied to projects.

 

6. Xero

Xero is another accounting software that is an absolute find for all small and medium-sized businesses and accounting & bookkeeping practices.

This system is designed to meet the requirements of small businesses regardless of their industry, and is often qualified by accountants as the ‘handiest asset for managing financial activities’.

The company offers three pricing levels that kick in after a 30-day free trial.

Xero Early

  • It costs $9 per month.
  • It has monthly limits of five invoices and quotes, five bills, and reconciliation for 20 bank transactions.

Xero Growing

  • It costs $30 per month.
  • An upgrade on Xero Early, it adds unlimited billing and invoicing, quotes, and bills.

Xero Established

  • It costs $60 per month.
  • It is the only version to offer multiple currency support.
  • It also supports projects and the new Xero Expenses.

Xero is a slightly more affordable solution than QuickBooks Online; its prices range from $25-70 per month. Both, though, charge extra for payroll. Xero has partnered with Gusto, which starts at $39 per month plus $6 per person per month.

If you have files already set up in Microsoft Excel, CSV or TXT format (contacts, inventory items, invoices, and so on), you can import those into Xero.

PROS

  • Affordable.
  • Good Dashboard.
  • Inventory tracking.
  • New report filters.
  • Interactive quotes.
  • Complex reconciliation tools.
  • Updated expense tracking.
  • Exceptional online support.
  • Project-tracking.
  • Integrates with Gusto (payroll).

CONS

  • Lacks phone and chat help.
  • Mobile apps need improvement.

 

7. Sunrise by Lendio

Sunrise is a user-friendly accounting software created with freelancers and small businesses in mind.

It is loaded with core accounting and sales automation capabilities, including invoicing, payment, and expense management and tracking. Developed and created by freelancers, Sunrise eliminates the hassles of accounting, doing away with accounting jargon, complicated accounting rules, and very tedious processes.

With Sunrise, freelancers and small business owners have a comprehensive solution that integrates accounting, invoicing, and bookkeeping features they need to effectively manage their business.

Read: Everything You Need To Know About Monthly Recurring Revenue

The software lets them create and send invoices with ease, monitor their expenses, access information to make sound business decisions. Traditional accounting practices involve complex rules and procedures. Sunrise makes it all fast and easy by taking all processes under a single roof.

When Lendio acquired Billy, it slashed the monthly subscription price to zero; you can use all of Sunrise’s features at no charge. Fees come in if you want to use the company’s professional bookkeeping services. All three levels offer help with reconciliations, bookkeeper support (text and email), and a monthly closing of your books. For $99 per month, your pro will provide up to 50 reconciliations. Pay $299 per month, and you’ll get phone access to your bookkeeper and up to 200 reconciliations. And $499 per month gets you up to 500 reconciliations.

PROS

  • Free.
  • Excellent user experience and dashboard.
  • Double-entry accounting.
  • Transaction timeline.
  • Supports both quotes and estimates.

CONS

  • Atypical reconciliation process.
  • No dedicated time tracking.
  • No full mobile app.
  • No add-ons.

 

8. MonkeyPesa Accounting

MonkeyPesa Accounting is a new business accounting software tailored for startups, small and medium businesses.

It allows you to easily manage the money flowing in and out of your business, on top of managing your customers and invoices, while keeping expenses in check.

Monkey Accounting Software Pricing

MonkeyPesa Accounting gives a 30-day free trial after which you can subscribe to:

Starter Plan

  • It is a free version
  • It has yearly limits of 30 invoices and quotes, 100 estimates and 20 customers.

Standard Plan

  • It is an upgrade on the Starter Plan
  • It costs $100 per year.
  • It has a yearly limit of 70 customers and 50 businesses while offering unlimited options for invoices and quotes.

Premium Plan

  • It is an upgrade to the above plans.
  • It cost $290 per year.
  • It provides unlimited options for customers, businesses, quotes, and estimates.

The MonkeyPesa accounting features include expense tracking, invoicing, automated working.

Conclusion

The absolute business accounting software has to cater to the basic tasks – invoicing, expense tracking, external application and the ability for the user to customize it for best usage. lest we forget, pricing is a factor but the higher the prices, the better the services.

 

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