The Top 15 Best Bookkeeping Software For Small Business for 2024
What do you think of when considering small business bookkeeping software? Most businesses over the past 30+ years defaulted to (and many continue to use) Intuit’s QuickBooks. For decades it was best in class, and staunch advocates today will still argue the point. Business management software has evolved substantially from those days when nearly every small business operated on some combination of QuickBooks, spreadsheets, and manual processes.
The next great leap forward in business software was ERP software that handled the rest of business operations. Many of today’s ERPs are targeted toward smaller businesses with smaller budgets, and include bookkeeping and accounting functionality as a vital component of the larger whole.
Whether standalone, or included as part of an ERP, bookkeeping software is an essential investment for small and medium-sized businesses (SMBs) looking to streamline their financial management processes.
Here’s why it’s important:
Cost Savings: One of the main reasons to consider the best accounting software for small business is to reduce expenses. Bookkeeping software automates time-consuming tasks like invoicing, payroll, and tax filing, cutting down on costly errors and reducing the need for outside accounting services. You can also track and categorize expenses to identify areas for cost optimization.
Efficiency and Time Savings: Manual bookkeeping can be tedious and error-prone. The best QuickBooks alternative software simplifies accounting processes by automating data entry, reconciliation, and report generation. This automation frees up valuable time for your team, allowing them to focus on more strategic areas of the business.
Improved Financial Visibility: Best bookkeeping ERP software solutions provide real-time insights into your business’s financial health. With clear dashboards and reports, you can track revenue, expenses, and cash flow to make informed decisions. Enhanced financial visibility also allows for better forecasting and budget planning.
Better Compliance and Accuracy: Many bookkeeping software options include tax management tools that ensure you remain compliant with government regulations. These systems can automatically calculate taxes, generate financial reports, and prepare the necessary documents for filing. By using these tools, SMBs can avoid costly penalties or audits.
Scalability: As your business grows, so do your financial management needs. The best bookkeeping ERP software can scale with your business, managing larger transaction volumes, handling multiple currencies, and supporting complex accounting scenarios, making sure your financial systems grow in line with your business.
Enhanced Collaboration: Modern cloud-based bookkeeping software allows multiple users, including external accountants, to access and update financial data in real-time. This level of collaboration ensures accuracy and provides stakeholders with the information they need to make decisions quickly.
Accurate Decision Making: With detailed reports and analytics, the best accounting software for small business provides key financial insights that can drive strategic decision-making. This includes identifying trends, forecasting future cash flow, and evaluating the financial impact of different business decisions.
Increased Transparency and Accountability: Bookkeeping software creates an audit trail for all transactions, improving transparency and accountability. Every entry is traceable, reducing the risk of fraud and ensuring ethical business practices.
Bookkeeping software not only simplifies daily financial tasks but also helps SMBs scale effectively, optimize costs, and make informed decisions based on accurate financial data.
When it comes to finding the right bookkeeping software solution for your business, here are some features that you should look for:
User-friendly Design
Invoicing and Billing
Expense Tracking
Reporting and Analytics
Tax Prep and Compliance
Multi-User Access
Mobile Accessibility
Integration with Other Systems
Automated Data Entry
Customer and Vendor Management
Bank Reconciliation
User Permissions and Security
For a lot of small and growing businesses, it’s not always easy to determine the best bookkeeping software fit. Many businesses just take the path of least resistance and go with Quickbooks because “it’s what we’ve always done.” But with so many other choices out there, it can be hard to know the best QuickBooks alternative that really fits the unique needs of your industry, your business, and your budget.
Don’t worry, there’s good news—finding the best bookkeeping software for small business has never been easier.
We’re here to help. Our software experts have compiled this comprehensive breakdown of the Top 15 Best Bookkeeping Software For Small Business for 2024.
*Note: Our best bookkeeping software for small business review is for informational purposes only. We encourage you to perform research and demo small business bookkeeping software systems to achieve the most comprehensive comparison.
1. Striven
Striven is an all-in-one ERP business management software solution built with small to mid-market businesses in mind that includes integrated bookkeeping and advanced financial management functionality.
Our sophisticated software combines accounting, project management tools, CRM, sales performance metrics, lead management, collaboration tools, purchasing, HR and payroll, operations, inventory, task management tools, (and so much more) into a single, easy-to-use interface.
Striven is an infinitely capable software solution that supports every employee role within your company.
Highlights:
- Project, task, and time management w/ interactive calendar
- Detailed financial and productivity reports generated in seconds
- Fully integrated CRM
- Contractor and subcontractor management
- Self-service portals
- Scheduling & dispatch route planning capabilities
- Fully integrated accounting
- Complete HR functionality
- Inventory management
- Sales tracking and lead management
What Sets It Apart: Striven’s expert team of business analysts personally see to your success. From training and onboarding, technical support, and business-specific customizations, our US-based Striven Support Team is available 24/7. On top of that, Striven’s automation capabilities allow you to work more efficiently.
Pricing: Free trial and custom demo, packages begin at $35/user.
More info: Striven Earns Numerous Awards For Q4 2023
2. QuickBooks Online
QuickBooks Online is considered one of the best accounting software for small business, providing robust features like invoicing, expense tracking, and tax preparation tools. It’s highly scalable, making it a great option for growing businesses with expanding needs. Its seamless integration with third-party applications adds to its flexibility and usability.
Highlights:
- Cloud-based access from any device
- Automated invoicing and expense management
- Financial reports, tax prep, and bank integration
What Sets It Apart: QuickBooks Online is a leader in its category due to its wide adoption, making it an excellent choice for businesses needing a proven solution with comprehensive bookkeeping features.
3. Xero
Xero is recognized as one of the best QuickBooks alternatives for small businesses, especially those requiring advanced payroll capabilities and multi-currency support. The platform’s user-friendly interface and powerful reporting tools make it a strong contender in the bookkeeping software landscape. Additionally, Xero offers over 700 integrations with various apps to optimize business processes.
Highlights:
- Multi-currency support
- Payroll management with employee timesheets
- Bank reconciliation and financial reporting
What Sets It Apart: Xero’s open API and extensive app marketplace make it particularly appealing to tech-savvy small businesses looking for high customization.
4. Wave Accounting
Wave Accounting is free bookkeeping software for small business, offering essential features like invoicing, accounting, and receipt scanning, all at no cost. It’s especially attractive to freelancers and small business owners looking for an easy-to-use solution without a price tag. Wave is ideal for companies that need basic features but don’t require advanced options.
Highlights:
- Free invoicing and accounting tools
- Receipt scanning via mobile app
- Integration with Stripe for payment processing
What Sets It Apart: Wave’s completely free model sets it apart, providing substantial value to businesses without a large budget for software.
5. Sage Business Cloud Accounting
Sage Business Cloud Accounting is one of the best accounting software for small business, offering a cloud-based platform with features such as cash flow management and real-time reporting. Sage is known for its ability to grow alongside your business, providing scalability as your financial needs become more complex. It also integrates with other Sage products and third-party apps.
Highlights:
- Real-time collaboration with your accountant
- Automated bank feeds and transaction reconciliation
- Cash flow forecasting and budget tracking
What Sets It Apart: Sage’s reputation and comprehensive support for multi-company accounting make it an ideal solution for small businesses with ambitious growth plans.
6. Kashoo
Kashoo is user-friendly bookkeeping software for small business designed for freelancers and small business owners who need simple yet effective bookkeeping tools. Kashoo offers features like expense tracking, invoicing, and multi-currency support within a clean and intuitive interface. It’s highly regarded for its quick setup and ease of use.
Highlights:
- Automatic categorization of transactions
- Real-time reporting and dashboards
- Simple invoicing and multi-currency functionality
What Sets It Apart: Kashoo’s simplified approach to bookkeeping makes it perfect for small businesses with straightforward accounting needs who value simplicity over feature richness.
7. Pandle
Pandle is a UK-based QuickBooks alternative offering free bookkeeping software tailored to small businesses and freelancers. Its key features include invoicing, expense tracking, and VAT returns, with the option to upgrade for more advanced features. Pandle provides robust reporting tools to help business owners manage their finances effectively.
Highlights:
- Invoicing and VAT submissions
- Real-time bank feeds and transaction reconciliation
- Multi-currency support for international businesses
What Sets It Apart: Pandle’s free version offers surprising depth, making it an ideal option for startups or freelancers on a budget.
8. ZipBooks
ZipBooks is cloud-based bookkeeping software for small businesses offering both free and paid versions, designed to simplify accounting for small companies and freelancers. Its primary features include invoicing, expense tracking, and financial reporting, with AI-powered insights to help optimize financial decision-making.
Highlights:
- Smart insights and analytics with AI assistance
- Time-tracking for billable hours
- Built-in credit card payments processing
What Sets It Apart: ZipBooks’ AI-powered financial health scores set it apart, giving businesses actionable insights into their financial performance.
9. FreeAgent
FreeAgent is a popular QuickBooks alternative, providing an all-in-one accounting solution for freelancers, contractors, and small businesses. With tools for invoicing, project management, and expense tracking, FreeAgent focuses on simplicity while offering robust accounting features. It also supports UK-specific tax compliance.
Highlights:
- Automatic tax calculations
- Project management and time tracking
- Comprehensive expense management
What Sets It Apart: FreeAgent’s specialized focus on freelancers and contractors, particularly in the UK, makes it ideal for service-based businesses needing project tracking alongside accounting.
10. AccountEdge
AccountEdge is desktop-based bookkeeping software for small businesses that offers advanced inventory management and time billing features, making it a standout choice for businesses with more complex operational needs. Despite being desktop software, it offers cloud collaboration options. It’s particularly suited to companies needing robust inventory and job tracking.
Highlights:
- Inventory tracking and management
- Time billing for service-based businesses
- Customizable reports and financial insights
What Sets It Apart: AccountEdge’s inventory management is far more advanced than many other small business bookkeeping software, making it perfect for companies with tangible goods.
11. Less Accounting
Less Accounting is streamlined accounting software for small business, designed to minimize the complexity of bookkeeping tasks. It offers basic features like invoicing, expense tracking, and reporting, all in a user-friendly interface. It’s perfect for entrepreneurs who find most accounting software overly complex and just want to handle the essentials.
Highlights:
- Easy invoicing and expense tracking
- Simple reporting and financial overviews
- Minimalist design focused on ease of use
What Sets It Apart: Less Accounting’s ultra-simplified approach makes it a favorite for those who want to spend as little time as possible managing their books.
12. Patriot Software
Patriot Software is affordable bookkeeping software for small businesses that integrates payroll with accounting features. It provides small business owners with tools for invoicing, tracking payments, and managing payroll, making it a great all-in-one solution. Its ease of use and budget-friendly pricing are its major selling points.
Highlights:
- Integrated payroll with tax filing
- Invoicing and payment tracking
- Comprehensive customer support and tutorials
What Sets It Apart: Patriot’s combination of payroll and accounting tools at an affordable price makes it ideal for businesses with employees.
13. Sunrise by Lendio
Sunrise by Lendio is free accounting software for small businesses that’s especially tailored to freelancers and micro-businesses. It offers invoicing, expense tracking, and bank reconciliation, with the option to upgrade for additional features. It’s ideal for businesses that want basic accounting software without monthly fees.
Highlights:
- Simple invoicing and expense management
- Bank reconciliation and financial reporting
- Payment processing and cash flow insights
What Sets It Apart: Sunrise is a compelling free option for solopreneurs or businesses that want to avoid ongoing software costs while getting access to essential accounting tools.
14. GoDaddy Online Bookkeeping
GoDaddy Online Bookkeeping is a niche solution designed specifically for online sellers, providing features that integrate directly with platforms like eBay, Amazon, and Etsy. It simplifies tax preparation by automatically categorizing transactions. This makes it one of the best bookkeeping software for small businesses operating in the e-commerce space.
Highlights:
- Automatic import of sales from online platforms
- Tax tracking and reporting for self-employed individuals
- Invoicing and expense tracking
What Sets It Apart: GoDaddy Online Bookkeeping is perfect for e-commerce businesses selling through multiple online platforms due to its seamless integrations.
15. Bench Accounting
Bench is an outsourced bookkeeping service combined with its own software platform, offering small businesses a unique blend of software and human bookkeeping support. It’s designed for companies that want hands-off bookkeeping but still want access to financial data. Bench handles all aspects of your bookkeeping for a monthly fee.
Highlights:
- Dedicated bookkeeper to manage accounts
- Customizable financial reports
- Access to bookkeeping software and dashboard
What Sets It Apart: Bench’s unique service model combines a human touch with software, making it ideal for businesses that prefer to delegate bookkeeping tasks to professionals.
Contact a Bookkeeping for Small Business Software Expert
Our Small- to Mid-Market Business Analyst Team at Striven has decades of experience with accounting and bookkeeping software for small businesses across a broad spectrum of industries.
Just like every car needs a trusted mechanic, every software needs a dedicated support team.
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