Best Cloud Accounting Software for Small Businesses in 2024

Staying on top of business finances is largely a question of document management. Receipts, invoices, purchase orders, bank statements – reconciling all that paperwork can be tricky. AccountEdge Pro and AccountEdge Network Edition plans come with free email support. You’ll then be able to reach the trained help reps from Monday to Friday, 9 a.m. Although this added cost is annoying, it may be worth it if you regularly need assistance.

Outstanding industry-specific features

QuickBooks Online is best for small businesses looking for a full-featured, affordable accounting solution and is ideal for businesses with five users or fewer (though you can add up to 25 users for an additional cost). As a QuickBooks ProAdvisor, Mark has extensive knowledge of QuickBooks products, allowing him to create valuable content that educates businesses on maximizing the benefits of the software. Small business accounting software varies in price depending on your needs. Resist the temptation to sign up for something that has way more functionality than you’ll ever need as costs can mount up too. Equally important, don’t saddle yourself with a package that can’t evolve, so pick an accounting package that can be expanded if business starts to boom. KashFlow – Best simplified online accounting optionKashFlow is a cloud-based accounting package that comes bristling with lots of features and functions, all designed to make life easier for the small business owner.

Is cloud accounting software secure?

However, Xero’s $13 a month plan limits you to entering only five bills and sending only 20 invoices a month. You can send unlimited invoices and quotes with only the Growing and Established plans, which start at $37 and business accounting $70 a month, respectively. In contrast, both QuickBooks and FreshBooks offer small-business expense tracking up front. Now you’ve got an idea of what to look for in an accounting tool, but what about what to avoid?

Best for just the basics

However, with so many options on the market today, choosing the right solution can be a challenge. To help, I’ve narrowed in on the best accounting software for a variety of small businesses. Mercury was designed to streamline the financial side of things for startups and small businesses. It allows business owners to generate statements instantly, sync transactions with accounting software, schedule payments in advance, and more. It also provides credit cards, treasury portfolios, capital, and deals on partner products, such as Gusto and Slack. With no minimum or monthly service fees and unlimited transactions, this could be a great fit for a small business looking for a full-service option.

Basic features such as inventory management features, customer support, expansive tax services and time tracking, are not available through Wave. Among the software we’ve reviewed, Wave is the simplest and most user-friendly solution for businesses with basic accounting tasks. It lets you create and send unlimited invoices, track income and expenses, and create financial reports easily. FreshBooks allows only one user by default, with additional users incurring extra monthly fees – though most freelancers won’t need to add extra users anyway, so that may not be a huge issue. Its tax compliance functionalities, while capable of tracking sales tax, don’t support e-filing tax forms like some competitors do.

NetSuite is unique from the other software products on this list, as there is no clear pricing data advertised on the website. You have to contact the provider for an estimate for an annual license fee (you won’t be able to get a monthly rate). OneUp goes the extra mile to make set up easy, helping you get started by migrating your first account over for you. The company further promises live support and advertises one-on-one support for all of its plans except for the Self plan. OneUp can save anyone time with its automation and synching capabilities.

QuickBooks for MacOS is the Mac-exclusive version of one of the most widely used accounting products ever, QuickBooks Desktop. New in 2020, the Mac version includes modernized reporting, an improved customer snapshot, a dark mode, electronic invoices with online ACH, credit card, or e-check payment options, and bounced check processing. ZipBooks is an easy accounting software for a small business just getting started. It has a free plan that provides basic invoicing, vendor and client management and digital payment processing through PayPal or Square. If you want a straightforward small business accounting software solution, Kashoo claims to be the world’s simplest accounting software for “truly small” businesses.

• You can use its invoicing plan for free and its accounting plan for only $20 per month.
• Your budget and needs, as well as the software’s ease of use, are all major factors to consider.
• To help you find the best cloud accounting software, Forbes Advisor has compiled a list of the top picks based on pricing, features, support and more.
• Many or all of the products featured here are from our partners who compensate us.
• QuickBooks Online is easy enough for an inexperienced bookkeeper to learn but feature-rich enough that a more demanding user can tap its advanced accounting tools.

The great thing about this package is its flexibility and can be configured so that multiple users can make use of its many and varied accounting tools. If your business sends invoices, the ability to email them and accept online payments helps you get paid faster. Most accounting programs integrate with third-party payment processors; others require you to use their in-house processing services. It’s a plus for accounting software to serve as an invoice generator.

• Intuit QuickBooks is one of the more expensive providers we surveyed, so it’s not ideal if you’re on a budget.
• With your accounting software and data stored online in the cloud, you can access your up-to-date accounts anywhere there’s an internet connection.
• Having an expert on hand, either by phone or via email can be a huge help when you inevitablyif you run into problems.
• Overall, Xero offers a basic interface for completing key accounting tasks.
• Choosing our selection of the best accounting software has involved testing out each of the packages featured here over a period of time.

• Another superb open source tool, Money Manager Ex is well designed and packed with enough features to rival premium software.
• Despite Xero’s promotion of seamless integration with numerous popular banks, users have reported instances where the software stops integrating with their bank.
• It puts highly effective accounting functionality into an exceptional user experience.
• The Xero Accounting mobile app works in tandem with the Xero accounting software so you can run your small business online from anywhere.
• And, you can attach documents to the invoice when needed, including warranties, contracts and return policies.
• Keep track of your unpaid and overdue invoices, bank account balances, profit and loss, cash flow and bills to pay – plus reconcile bank accounts and convert quotes to invoices.
• For instance, its project accounting feature doesn’t allow you to compare estimated and actual inventory used, which is also the weakness we found in QuickBooks Online.

The best applications suggest potential matches as you reconcile your accounts, and a few include a reconciliation tool in their mobile apps. Our favorite features during our test of Freshbooks accounting software included its invoicing and project management tools, and the Gusto payroll integration. The monthly subscription for this software can be upgraded as a business grows. The feature-packed mobile app can be used to receive payments, send invoices, capture an image of a receipt, provide estimates, and more.