Any type of accounting software provides applications which help in accounting, managing day to day financial records any many other things but by purchasing a package, you can simplify the process.
Small business owners cannot afford expensive business accounting software.
Cloud accounting services is an attractive option for the small entrepreneurs. The application vendor manages the IT tasks such as data backup and version upgrades.
There are some applications which are specially designed for small business. These applications meet the budget and the needs of a small business.
Following are some of the applications which cost $20 or less per month.
Let us have a look at it:
It is a cloud accounting application which is designed to help the small business owners to manage their work. The advantage is that you can access your data at any place and at any time as it is a hosted accounting service. The data stored in it is safe and secure and can be backed up for you.
FreshBooks have the options for making online payments, tracking the expenses and accounting taxes and reports. It also includes reminders for sending late payments, customizing invoices, supervising the rates for different projects and managing profit and loss reports.
FreshBooks’ step by step wizard and help boxes help the small business owners every time they perform a task.
For the first 30 days, FreshBooks is free. The basic plan starts from $19.95 per month. To add new features and functionality, you can have the access to an add-on the store. There are some apps which you can purchase by paying a monthly subscription while some of them are free like FreshBooks Connector for Sage Peachtree and Constant Contact.
QuickBooks helps in fulfilling the accounting needs of small businesses. The online version of it is available for $12.95 per month which includes a free trial for the first 30 days. The software helps in creating invoices, tracking the revenues and expenses, tracking sales and purchases, downloading bank transactions and accessing other data related to your business. Exporting data to Microsoft Excel and printing are other handy features of this software.
To add more functionality, you can use another addon like Payroll Bundle which helps in making payments to your employees and merchant service app which helps in accepting credit and debit cards.
With the help of this cloud accounting software, you can have the access to your financial data at any time and at any place with the help of a Web browser or from your iPad.
This service helps in making professional invoices, connecting to online bank accounts, dashboards and to classify the incomes and expenditure for analyzing the tax. You can also share the data with your accountant online. Kashoo also asserts double- entry accounting for the bank reconciliation statements.
It is available for $16 per month. A free version of it is also available but is limited to only 20 transactions per user per month.
For the e-commerce owners who want to keep a track of their sales and revenues at a single place, outright is a user- friendly cloud accounting system. You can keep the track of your profits and losses and also find out who are your customers with a single glimpse. You can also connect all your bank accounts, PayPal, your web store to Outright. Another advantage is that you can import your transaction history. It also systematizes your data into IRS approved tax categories which help in eliminating the workload at the time of taxing.
A free account is offered by Outright but if you want to have the access of Plus version, it is available for $9.95 per month. The paid version has more features than the free version.
To share the latest numbers online and to have a check on the cash flow, you can use Xero. After being loaded, it displays a dashboard through which you can rapidly have a glance at your bank balances, bills, and invoices. An interactive graph showing money going in and out is also there.
Another feature which makes Xero stand out from all other cloud accounting software is that it helps in collaborating online which let the employees work as a team. It also helps in sharing the data with your accountant. You can invite an infinite number of people that too for free and can regulate what type of information each person can see.
The starting price of Xero is $19 per month. Mobile apps are also available for Android, Apple, and Blackberry. Its functionality can be expanded through third-party add-ons which helps in incorporating CRM, invoicing, inventory management and other tasks.