Top 7 Accounting Startup Software

the best accounting software for small businesses

Let’s be straight – we are present the top seven accounting startup software but do you really need accounting software as a startup?

The positives of using such software are enormous.

By using such software, you reduce the chance of human error, as the software will do the calculations for you.

The software will eventually save time, as the software will complete all your financial reports automatically for you.

Most software will invoice customers and track these invoices, meaning you will get paid and likely get paid quicker.

Finally, it will track expenses for you, meaning you can keep an eye on how to save money.

There doesn’t seem to be much of a downside to accounting software.

Some minor concerns include the initial time it will take to implement the software, which will feel like a pain when you want to be getting on with the business that earns you cask.

Also, the software will not be the saviour of your finances – it is only as good as the figures you put into it.

It is not a replacement for an accountant, who may be able to offer you some insight into opportunities and cost-saving essentials that will help your business.

What Are You Looking For?

Accounting Startup Software

Getting started is difficult, and you are going to be looking for the top accounting startup software to support your development.

The needs of a startup are different from an established company, and this needs to be considered when selecting the software that you should use.

As a small business, you need an accounting software that is cost effective and simple.

You are looking for timesaving features, maybe automated entries and invoicing. You are probably looking for bill payment, expense reports, financial reports, and more.

You are not likely going to have a developed IT infrastructure that would support or demand an on-premises installation.

Therefore, the best options for you as a startup is going to be cloud-based that syncs with your bank accounts and your point of sale systems.

With all this in mind, which are the top accounting startup software?

The Best Accounting Software For Startups

The Best Accounting Software For Startups

FreshBooks

What puts Freshbooks at the top of the list is its app. Most accounting software comes with an accompanying app but none with the ease of use and features as FreshBooks.

There is also probably the best customer service provider of all software providers – which is crucial for a new company seeking to find its feet.

Downloading and setup are quick, with no need to give credit card details at the start. The home screen has a clear layout with easy navigation to invoices, client records, expenses, time tracking and project management.

It is available for iOS and Android phones and tablets. The app includes most of the features you will find on the desktop application, meaning it is one of the most mobile accounting apps on the market.

An added bonus for freelancers or service-based companies is that it includes time-tracking and project management tools.

The pricing plans are competitive and the $15 per month for the lite version should be enough for most startups, and you are not required to sign up to a contract – avoiding the potential of a hefty cancellation fee if you don’t get on with the application.

Quickbooks

If you want to go with a name that is trusted, then Quickbooks is likely the name you will want to go with.

It is designed for small businesses of all types, from freelancers to service providers to restaurant owners, with a series of essential features to get you started.

However, the thing that Quickbook also offers is the chance to scale-up when the business grows with lots of advanced features.

Quickbook’s best features include that it connects to your bank account and it is accountant approved – meaning your accountant can get access.

However, it also allows for invoicing, expense tracking, inventory management, purchase orders, and reporting.

So, unlike some other accounting software, it serves the needs of companies needing to manage stock in and out of business.

There are apps available for Android and iOS devices, and the software integrates with many third-party applications.

The installation of the software takes a little time, as you are asked a lot of questions about your company. This helps the application design the dashboard to your needs, so it is worth the effort.

As well as being intuitive, the application offers some automated features – such as the sending of recurring invoices or making regular bill payments.

As it syncs with your credit card and bank account, you can avoid some of the more tedious manual entry.

All this sounds great – and it is – it is just a lot to cope with maybe when just beginning. However, if you assume you are going to grow pretty quickly, then this is the software you should probably opt for.

Kashoo

If just want it to be easy then choose Kashoo. There are no real stand out features other than how easy it is to install and how easy it to use.

You can customise your invoices easily enough and sync with your bank account. It makes it easy to collaborate with partners or employees because there is permission based sharing within the software.

Best of all, it offers bank-level encryption, so your data is secure in this cloud-based application. Even though it is internet-based, the mobile app has an offline version which can then sync when you are back online.

Unlike other accounting software that claims to scale with your company, Kashoo has a one-tier pricing policy.

You get all the features from the start, no matter how big you are. However, it is not the best application for medium-sized or large companies.

So, if you do grow incredibly quickly, then this application might not be up to the job.

Online accounting services for startups

Wave Accounting

Wave Accounting is a free software. Do we need to go on?

You suspect that features of a free application will be limited, but not as much as you would think.

There are all the features you would imagine you need, such as income, expenses payables, invoices – but also includes credit card processing and payroll.

You can import data from banks, Googles, using CSV files, amongst others. Plus, you can customise your forms.

The reason that it can be few is that it runs ads on the site and when it emails you it will include co-branding in the email.

This is a big downside and quite annoying – but then is it annoying enough to pay for a platform that doesn’t use advertisements?

Zoho Books

Zoho is for tiny businesses, starting you with the most basic accounting tools. If you are a startup, you don’t need some of these fancy advanced features – which is why we like Zoho.

You can cover the basics of invoices, time tracking, expenses and generating reports. It works on a mobile device – iOS, Android and Windows – so you can account on the go.

There are other features that you can grow into as your business grows. However, if you are indeed starting out small, then this is precisely the right amount of software to make accounting smooth and not at all intimidating.

The basic plan is a neat $9 a month, allowing you an extensive 50 contacts in this plan.

Many others tend to offer only five invoices per month in their standard plans.

Xero

Mac users tend to favour Xero – but with over 1 million subscribers – this is a significant accounting software superpower – and best of all it promises software updates every 3 – 6 weeks – making sure your accounting practices are always up-to-date.

There is also integration offered with 500+ business applications, which means it will likely slot into whatever you are doing right now.

Packages range from $9 to $70 a month – so there is every chance to scale your use of the platform with the size of your business.

This platform is top for its ability to automate a lot of tasks for you and with 24/7 email and live chat support – there is no doubting that you will get the software to do what you need it to do.

Sage One

Can you mention accounting software without mentioning Sage?

Well, we haven’t – but beware – this is full-fledged accounting functionality and so may be a little intimidating for your average startup business.

It is pretty old-school in its style – sticking to the traditional double-entry accounting practices – and if this has already lost you – then this shows you that you probably want one of the other application.

However, Sage One is great for dealing with tax regulations in your local area, and there are some great collaboration tools integrated into the application.

With traditional also read “proper”.

When you look at the reports that Sage produces you will realise that there will be little need to provide anything else for your accountant or bank manager.

This is the professional level software, and it aims to make you look just that.

Add-ons are also a significant benefit with e-commerce-based widgets linking straight to your Sage One account. At a reasonable monthly subscription, it might be worth spending the time it takes to learn how to use this software.

Which Software Is The Best Pick?

the best accounting software for small businesses

This decision, unfortunately, has to be left entirely to you.

While choosing the right software, you have to look at the level of difficulty.

Some software has advanced features that might be overwhelming for beginners, and your business might not require all of them.

At the same time, if you are predicting a rapid growth of your company, you might be better off with investing in software like Sage, which will facilitate for larger businesses.

Once you choose one of the top accounting software for startups, you should move on to selecting the best CRM software for startups to facilitate potential customers in the best possible way.

About Alex 38 Articles
The idea behind ThinkThyme was born when Alex realised a huge niche on the market - the lack of an educational and informational platform for young Project Managers and Product Owners. With over 7 years of experience in Product Management, Alex shares everything she had to learn herself on-the-go.

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