In the fast-paced world of small business, keeping accurate and up-to-date financial records is not just a necessity; it’s the backbone of success. As the digital age continues to evolve, the tools and resources available to small business owners have expanded, offering a plethora of options to streamline operations, especially in the realm of bookkeeping.
Below, leaders from the Young Entrepreneur Council (YEC) share their invaluable insights on this very question:
“What would you say is the best bookkeeping software for small-business owners, and why? What features do you find most helpful? (Please do not name your own.)”
Here’s what YEC community members had to say:
1. QuickBooks Online
“For small-business owners, QuickBooks Online offers a robust suite of features to streamline financial management. Its intuitive interface simplifies tasks like invoicing, expense tracking, and bank reconciliation. The automation capabilities save valuable time, while customizable reporting provides insights for informed decision-making.” ~ Michelle Aran, Velvet Caviar
2. Xero
“I’m a big fan of Xero. Their bookkeeping software comes with a ton of great features that we use all the time. What I like most about it is I was able to integrate it with our current payroll provider, Gusto. This made it extremely easy to set up and track our finances without totally uprooting the system we had in place.” ~ Chris Christoff, MonsterInsights
3. FreshBooks
“There are several good bookkeeping software options for small businesses, but I’d suggest FreshBooks for its features and user-friendly interface. You can easily perform tasks such as tracking invoices and expenses as well as track time if you bill clients by the hour. They also offer several plans to meet the needs of small, medium, and larger businesses. ” ~ Kalin Kassabov, ProTexting
4. ZipBooks
“If you’re just starting out, I suggest ZipBooks. This basic bookkeeping tool is free if you want to do things like send invoices and accept digital payments. There are also paid options with tons of other features that are relatively affordable, with $35 a month being the most expensive. Overall, it’s a great pick if you’re trying to get comfortable in the world of digital finance and bookkeeping.” ~ John Turner, SeedProd LLC
5. Zoho
“I think the best bookkeeping software for small businesses is Zoho Books. Zoho comes with a variety of features, like accounting and bank reconciliation, expense management, invoicing and inventory management, documentation, project management, and more. The software doesn’t have a steep learning curve and offers scalability, making it an ideal choice for small and growing businesses.” ~ Stephanie Wells, Formidable Forms
6. Harvest
“I really like Harvest for time tracking and invoicing in my freelance work. It’s easy to use for tracking tasks and billing clients accurately. I appreciate its integration with tools like Asana and Slack, which boosts my productivity. The mobile app is handy for tracking time anywhere. Its reporting features also help me make informed business decisions.” ~ Bryce Welker, Accounting Institute of CPAs
7. Wave
“Wave is a great bookkeeping option for small business owners. You can quickly and easily create invoices, accept payments, track finances, and even pay your employees. I would say that this is a simple software that’s geared toward service-based businesses as opposed to those who sell physical goods.” ~ Daman Jeet Singh, FunnelKit
8. Odoo
“One of the best bookkeeping software’s I have seen is Odoo. It’s ideal for a small-business owner because its completely scalable. Its a robust ERP that is priced affordably per user. It gives you the same (or more) bells and whistles as the six-figure software companies but is priced 1% of the cost. Its also open source so customizations can be made to meet all needs ” ~ Raymond Kishk, Interstate Air Conditioning & Heating
9. Expensify
“Small business owners quickly learn just how much paperwork, receipts, and expenses they need to keep track of after starting their business. One of the most helpful tools you can use to stay organized is a receipt tracker app like Expensify. This will help you manage your expenses, track receipts, record vendors, etc., and helps you easily organize paper receipts digitally.” ~ Jordan Conrad, Writing Explained Business Writing
Image: Envato Elements
This article, "9 Best Bookkeeping Software for Small-Business Owners" was first published on Small Business Trends
via https://www.aiupnow.com
The Young Entrepreneur Council, Khareem Sudlow
