Four options of accounting software for small business





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Published on Jun 20, 2016

There are several options of Accounting software for small business! Today I will be talking about four popular cloud based accounting software apps.

As I mentioned in the previous episode, before looking for accounting software, think about what you need for your business:

- What volume of transactions do you expect?
- Do you need payroll?
- Do you need to track inventory?
- Do you have a bookkeeper?

Inventory/ payroll/ small and mid-size
Quickbooks — There are four different options for Quickbooks online with different levels of functionality. Inventory support is available with the Plus option. Quickbooks is great for small and mid-size businesses. Online- integrates with other applications. A lot of accountants are familiar with it.
Xero — Started in 2006. Xero provides very good functionality for small and mid-size business, and it integrates with several applications to complement their product offering. It has basic inventory functionality and it has a step-by-step tutorial to set up payroll. They recently added payroll support for the State of Colorado. Integrates with more than 500 business apps.
Micro-businesses / Serviced based business
Freshbooks — This is accounting software for small businesses and sole proprietors. With a starting cost of less than $15/month, Freshbooks has time tracking capabilities for service- based businesses. It integrates with third-party providers for payroll services. Recently partnered with Gusto to handle payroll.
WaveApps — How does “free” sound to you? WaveApps provides free accounting software for service-based businesses with up to 9 employees. How do they make money? They charge for payroll services or for processing payments. WaveApps also allows you to log journal transactions (a great features for geeks—like me ;-) —that like to keep track of credits and debits).
Next episode: how to create invoices in WaveApps.


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