Best Accounting Software for Small Business in 2020

QuickBooks Solopreneur is specifically for freelancers, while QuickBooks Online is a good fit for nearly any size business. QuickBooks Solopreneur offers basic features at a cost-effective price. Businesses that require multiple users or want more accounting features will benefit more from using QuickBooks Online.

Free Accounting Software for Small Business

For expert help managing your finances, consider FinOptimal’s managed accounting services. QBO and FreshBooks both target small businesses, but their strengths lie in different areas. FreshBooks excels in invoicing and time tracking, making it a popular choice for freelancers and service-based businesses. Its intuitive design and focus on client management make it easy to handle projects and get paid quickly. QBO, while also offering invoicing, provides a broader range of accounting tools, including advanced reporting and payroll features. If you need a more comprehensive accounting solution that goes beyond invoicing, QBO is the stronger choice.

• Assess your current and future needs to select the right plan from the start.
• QuickBooks Desktop Pro is the software that put QuickBooks on the map.
• Whether you’re a small startup or a larger company, QBO offers a range of features designed to meet your needs.
• QuickBooks Premier is best for small to medium business with five users or fewer that need strong accounting and industry-specific accounting features.

QuickBooks Online makes it easy to upgrade or downgrade your plan as needed. So, if you start with the Simple Start plan and later realize you need inventory tracking or more users, you can seamlessly transition to a different plan. This flexibility allows your accounting software to scale with your business.

• Although you can track expenses, QuickBooks Simple Start doesn’t enable users to pay bills.
• QuickBooks Checking Account opening is subject to identity verification and approval by Green Dot Bank.
• This flexibility also makes it easier to collaborate with team members and share information with your accountant.
• You can access QuickBooks Online from your web browser, the mobile app, or download the QuickBooks Online for Mac or Windows apps to use QuickBooks Online on your desktop.

Both the Plus and Advanced plans significantly expand your reporting options, offering over 90 reports. This broader range allows for more in-depth analysis of your financial data, empowering you to make data-driven decisions. If you’re looking for more comprehensive reporting, consider exploring the features offered in the Plus or Advanced plans. You can compare time periods in reports to gain a deeper understanding of your financial trends. Beyond the free trial, QuickBooks often runs promotional offers, like a 50% discount for the first three months on all its plans. This discount significantly lowers the initial cost, making it easier to transition to a paid subscription.

QuickBooks Enterprise Manufacturing Demo 2023 Advanced Inventory

FreshBooks is great for self-employed individuals, sole proprietors and independent contractors. It is incredibly user-friendly and easy to navigate, so if you are a sole proprietor looking for basic accounting software, FreshBooks will meet your needs at a relatively low cost. Its basic plan is in line with QuickBooks Simple Start, at $15 per month. But this varies depending on your business’s average monthly expenses. When it seems like there is a business software application for everything, it pays to be choosy.

Free mobile apps

If you want to avoid these fees, you can just manually record payments. You can also use other payment processors QuickBooks integrates with. You can set up automatic contributions or let your employees decide how much they’ll allot for it.

QuickBooks Mac Plus Pricing

QuickBooks is a great accounting software option but how much will QuickBooks Online actually compare qbo plans cost you? Our QuickBooks pricing guide covers costs, extra fees, plan differences, and more. Spreadsheets can be a useful tool for historical tracking—but they have limited functionality when it comes to syncing data and automating processes, making them prone to errors. QuickBooks Online automatically syncs with connected bank and credit card accounts and auto-categorizes expenses to help small business owners save time.

For businesses seeking to optimize their accounting workflow, FinOptimal offers managed accounting services to help enhance efficiency. It has four plans, which means businesses can scale up to plans with more features and users as they grow. Its mobile app is great for on-the-go accounting and bookkeeping. QuickBooks Enterprise offers around 200+ industry-specific reports to Premier’s 150+ financial reports.

You can easily separate personal and business expenses, which is ideal for freelancers who don’t have separate business bank accounts. Not only does QuickBooks Self-Employed help freelancers navigate the scary waters of estimated quarterly taxes, but it also gives them basic bookkeeping tools to track income and expenses. If your business has complex inventory management needs, particularly if you deal with manufacturing or wholesale, you might find software like Xero more suitable. Xero offers more robust inventory tracking features compared to QBO. Alternatively, if you’re a freelancer or solopreneur with very basic accounting needs and a tight budget, Wave, a free accounting software option, might be a practical starting point. While Wave lacks the advanced features of QBO, it covers essential functions like invoicing and expense tracking.

The mobile app is a valuable tool for staying organized and maintaining control over your finances, even when you’re on the move. For more information on mobile accounting solutions, contact us at FinOptimal. QuickBooks Online offers features for a wide range of industries. Whether you’re in retail, construction, or professional services, QBO can be tailored to your specific needs. Features like time tracking, inventory management, and project profitability tracking can be incredibly valuable for certain industries. When choosing a plan, consider which features are essential for your industry and ensure the plan you select includes them.

Your data is securely backed up and you have instant access to the latest product and feature updates. Additionally, you can connect QuickBooks Online to over 300 apps you already use, and save even more time. For a subscription-based Desktop plan, learn more about QuickBooks Desktop Premier Plus. QuickBooks also offers several desktop versions of its cloud-based accounting software, including QuickBooks Desktop Premier Plus and  QuickBooks Enterprise. QuickBooks for desktop also has a more complicated interface than QuickBooks’ online software.

QuickBooks Desktop Premier is the step up from QuickBooks Pro and is best for medium-sized businesses. QuickBooks Premier is robust, locally-installed software with plenty of features and 200+ integrations. QuickBooks Solopreneur is best for freelancers, contractors, and other self-employed individuals in need of basic bookkeeping and tax support. If they use their smartphones, the app can alert them if they ever forget to clock in or out of the office.

QuickBooks Mac Plus has the usability of QBO matched with the advanced features and accounting of the other QuickBooks Desktop products. The software supports up to three users, although additional users incur an extra fee. All of these small costs can add up, making your end bill higher than the predictable $35-$235/month fee. Ideal for small businesses seeking user-friendly, cloud-based accounting software with robust mobile applications, QuickBooks Online, introduced in 2004, boasts over two million users.

At $235 per month (or $117.50/month with a 50% discount for the first three months), this plan supports up to 25 users, making it ideal for growing teams. Check out our picks for the best accounting software for small businesses. QuickBooks Enterprise is best for large businesses with up to 40 users looking for advanced accounting software.

However, it lacks the depth and advanced functionalities found in QBO, such as detailed reporting, payroll services, and inventory management. If you anticipate needing more robust accounting tools as your business grows and are comfortable investing in a paid subscription, QBO offers greater long-term value. However, for those just starting out with minimal accounting requirements, Wave can be a practical starting point.