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Key Features and Functionality of Square POS and Squarespace Integration
In the dynamic world of e-commerce, a seamless and efficient point-of-sale (POS) system and a user-friendly website platform are crucial for business success. Square POS and Squarespace stand out as leaders in their respective domains, providing comprehensive solutions for businesses looking to thrive in the digital marketplace. When these two powerful platforms are integrated through SKUPlugs,…
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Best Accounting Software
Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.
82% of businesses fail because of poor cash flow management and subpar accounting practices. Yikes. It’s no secret that accounting is hard — and there’s a reason people spend their entire lives learning how to do it well.
But there’s good news.
You can avoid becoming a part of this statistic without heading to university to get a Bachelor’s (or Master’s) degree in accounting.
Enter… modern-day accounting software. It exists to help even the smallest businesses improve their bookkeeping processes, save time, and make fewer costly mistakes.
Plus, understanding your numbers can lead to smarter business decisions and improved overall business health/performance as well.
However, choosing the best accounting software isn’t easy, thanks to the thousands of options on the market. Which one offers everything you need without a slew of confusing features you’ll never use?
If you’re not sure how to answer that question, you’re in the right place. This article covers how to choose the right software, the different types of software, and my top five recommendations.
Let’s get started!
The top 5 options for accounting software:
FreshBooks – Best for freelancers and solopreneurs
QuickBooks – Best accounting software for small businesses
Zoho Books – Best for businesses with 50+ customers/vendors
Sage50 Cloud – Best desktop accounting solution
Wave – Best free accounting software
How to choose the best accounting software for you
There isn’t a one-size-fits-all accounting solution for every business in every industry. Furthermore, the size and complexity of your business play a role as well.
Because of this, it’s critical to understand your budget and software requirements before making any decisions. To help you out, these are the criteria I considered when creating this list.
Feel free to use them as you go through the process of making your final choice.
Number of clients, vendors, and users
It’s important to consider the number of clients and vendors you manage because certain plans limit the number you’re allowed to have. So be sure to pay close attention to the limitations of each plan before making your final decision.
Furthermore, you need to know how many user accounts you need as well. Some of the basic plans included in this list limit the number of users to one or two.
So, you may need to upgrade to an advanced plan to accommodate your needs if you need more than that.
Mobile accessibility
Make sure the software you choose offers a mobile app so you can manage payments, invoices, and cash flow on the go. It may not seem like an important feature now, but you never know when (and where) you need to access your accounts or send an invoice.
Client management
The best accounting software includes intuitive features that let you follow up on invoices and a portal where your clients can pay you. With internal client management tools, revenue and accounting are centralized in one location to simplify the process.
Plus, it’s easier on your clients.
Billing and invoicing
Most accounting software includes invoicing functionality but in different capacities. Some offer highly customizable invoices while others are easier to use with fewer customization options.
Furthermore, the software you choose should make paying invoices as easy as possible for your clients. Some other billing and invoicing features to consider include:
Automatic payment reminders
Payment due dates
Late fees
Recurring invoices
Ability to save client information
Payment processing options
One-click payments
Lastly, consider the payment processing fees associated with each software. Most charge a set percentage plus a small fee for credit card transactions and 1% for ACH transfers.
Receipt management
Many modern accounting tools make it easy to categorize and store digital versions of your receipts. All you have to do is snap a photo of your receipt and attach it to the associated expense in your account.
However, not every software includes this. So, if this is something you’re interested in, be sure to choose an accounting software with receipt management capabilities.
Banking
Connecting your bank accounts and credit cards to your accounting software makes account reconciliation a breeze. It also reduces the chances of human errors when making manual entries.
However, not every software offers this capability on basic plans (but all of my top recommendations do).
So make sure you opt for a software that includes this functionality.
Integrations
It’s important to consider the tools you’re already using to run your business. Why? Because the best accounting software for you integrates seamlessly into your tech stack with minimal hassle or headache.
So before you get started, make a list of everything you need and the tools you already use.
Then, make sure the top contenders on your list include your full requirements and the necessary integrations.
You can even schedule a call with a sales rep for each accounting software to walk through your list of requirements to make sure they can handle everything you’re looking for.
The different types of accounting software
When it comes to accounting software, you have several options. Some of them are better than others, but the best choice for you depends on your situation.
So let’s walk through your options before we dive into my top recommendations.
DIY spreadsheets
Spreadsheets are a free, DIY option if you’re on a tight budget. They work okay if you’re just getting started and have a limited number of business transactions.
However, they’re not a long term solution and they leave a lot of room for human error.
If you’re looking for a free option, I highly recommend Wave as an alternative.
Cloud-based accounting software
Most modern-day accounting software is cloud-based, making it easily accessible from anywhere with an internet connection.
And it’s usually billed on a monthly basis, scalable, affordable, easy to use, and built for small to midsize businesses.
Every option on this list falls under this category.
Database accounting software
This is a type of highly secure accounting software specific to enterprises and large businesses.
It’s very expensive and requires an in-house team of engineers and/or financial specialists to install and maintain.
Because of that, I didn’t include this type of software in my research.
Now, let’s dive into my top accounting software recommendations based on the size of your business and your specific needs.
#1 – FreshBooks Review — The best for freelancers and solopreneurs
If you’re a freelancer, solopreneur, or small business, FreshBooks is a great accounting software to consider. To date, they serve more than 10 million businesses around the world.
And the software complies with double-entry accounting standards, providing you with more in-depth insight into your finances and business transactions.
FreshBooks specializes in invoicing, but the tool also includes small business features, like:
Time and expense tracking
Recurring invoices
Automatic payment reminders
Automatic late fees
Multiple currencies
Project management
Client proposals
Tax calculations
Reporting and analytics
Furthermore, your account dashboard includes a birds-eye view of your business’s financial health. It shows outstanding invoices, total profit, revenue by source, expenses, and unbilled time all in one centralized location.
Plus, you can manage your books on the go using their robust mobile app.
And the software integrates with over 200+ business tools like Shopify, G Suite, Stripe, Zoom, Squarespace, and Gusto. So, you don’t have to worry about incompatibility with most of the tools you already use.
But like most accounting software, FreshBooks charges a transaction fee of 2.9% + $0.30 per transaction for credit cards and 1% for ACH transfers. However, these fees are pretty standard across the industry, and you don’t have to worry about any additional hidden costs.
Their paid plans start at $6 per month for up to five clients making it very affordable for freelancers, solopreneurs, and small business owners alike.
However, FreshBooks can scale alongside your business with other plans, including:
Plus — $10 per month for up to 50 clients
Premium — $20 per month for up to 500 clients
Select — custom pricing for more than 500 clients
Sign up for a free trial to take FreshBooks for a test drive today! Alternatively, you can save 50% off your first three months. However, you have to choose one offer or the other.
#2 – QuickBooks Review — The best accounting software for small businesses
If you’re running a small business or starting a new business from scratch, QuickBooks is a popular choice — and for a good reason. In fact, over 5.6 million users around the world trust them for their accounting needs.
From small businesses to self-employed individuals, QuickBooks offers an array of excellent accounting solutions to match your needs.
Furthermore, you can choose from cloud-based, desktop, or POS system deployment, depending on your situation. However, I highly recommend the cloud-based solution for most businesses.
Plus, the online software integrates with apps like PayPal, Square, and Shopify to simplify cash flow management in one centralized location.
With their online solution, you can easily access your account anywhere globally with an internet connection. Plus, you can use the mobile app to take pictures of your bills and receipts rather than filing a heap of paper receipts in your office.
You also get access to features like:
Customizable invoices
Income and expense tracking
GPS mileage tracking
Automatic sales tax calculations
Bank and credit card integration
Expense categories
Standard reporting
And you can easily upgrade to an advanced plan if you outgrow the basic plan or need more advanced features. Some of their advanced features include 1099 management, inventory management, and time/attendance tracking.
So regardless of what you need, there’s a plan to suit your needs.
The cheapest plan starts at $25 per month. And you can add payroll services to your plan, starting at an extra $45 per month + $4 per employee per month with more advanced options available.
Furthermore, QuickBooks charges $0.25 + 2.9% for invoices, 2.4% for swipes, and 3.4% for keyed payments per transaction. Alternatively, they charge 1% for ACH transfers. And you can save up to 40% on transaction fees if you charge more than $7,500 per month.
Like FreshBooks, QuickBooks offers a 30-day free trial OR 50% off your first three months.
Get started with QuickBooks today!
#3 – Zoho Books Review — The best for businesses with 50+ customers/vendors
If you manage many clients and vendors, Zoho Books is one of the most affordable accounting software to consider. Their cheapest plan includes up to 50 billable clients, and they also have packages for up to 500 billable clients as well.
So, you don’t have to worry about exceeding your monthly limits.
Furthermore, Zoho Books includes access to powerful features like:
Tax compliance tools
Custom quotes and estimates
Automatic payment reminders
Vendor and expense tracking
Inventory management
Automatic bank feeds
Time tracking
Customizable invoices
Role-based access
40+ integrations
Zoho Books also offers an intuitive mobile app for managing your accounts on the go. With the app, you can track your mileage, reach out to customers, track your time, create invoices, and more.
Each plan also includes a private client portal for accepting payments, unlimited phone and email customer support, free SSL encryption, and open rest APIs to connect with third-party applications.
Furthermore, Zoho offers a wide range of other business tools that integrate seamlessly together. Running a subscription-based business? Or need advanced inventory management? Maybe you need extensive expense reporting for your team.
Odds are, Zoho offers what you need. You can bundle tools together to save money and create a custom business management system for your business.
I highly recommend starting with the Basic Plan ($9 per month) and upgrading to an advanced plan when and if you need to. The Basic Plan includes up to 50 contacts, two separate user accounts, and five automated workflows to simplify your accounting processes.
Zoho’s advanced plans include:
Standard — $19 per month for up to 500 contacts
Professional — $29 per month for more than 500 contacts
All of which are very affordable for businesses of all sizes. Furthermore, you can add extra users and 50 auto-scans for $2/month and $5/month, respectively.
Sign up for a 14-day free trial to see if Zoho Books is right for you today!
#4 – Sage 50Cloud Review — The best desktop accounting solution
Sage 50Cloud is a desktop accounting application seamlessly connected to the cloud. So, you get the speed and reliability of a desktop software paired with the flexibility and remote accessibility of using the cloud.
Furthermore, Sage offers cloud-based accounting software, so you’re not limited to the desktop application if that’s not your thing. However, their desktop solution is where they really shine.
You can securely access your accounts anywhere, anytime, allowing you to work when you want and how you want. So, you’re not limited to your desktop computer despite the benefits of using desktop software.
Plus, as the #1 rated accounting solution for small businesses, it includes features like:
Cash flow management
Flexible invoicing
Recurring invoices
Pay Now functionality
Accounts payable + banking
Automatic reconciliation
Advanced inventory management
Job and project costing
Payroll processing
As you can see, Sage 50Cloud includes a robust set of features you typically have to pay extra for with the other options on this list (i.e., payroll).
And with those advanced features comes an advanced price tag.
So if you’re looking for basic accounting software, you’re better off going with FreshBooks or QuickBooks. However, if you need these advanced features, pricing starts at $50.58 per user per month.
Their paid plans include:
Pro Accounting — $50.58 per month for simple accounting
Premium Accounting — $78.25 per month for advanced features
Quantum Accounting — $131.66 per month for all features
However, you can save a bit more by choosing an annual plan and paying in advance. Additionally, you can subscribe to Microsoft 365 for an extra $150 per year.
You can try Sage’s cloud-based accounting software free for 30 days with no installations and no credit card required. After that, you can purchase Sage 50Cloud if it’s a good fit for your business.
Get started today!
#5 – Wave Review — The best free accounting software
If you have a tight budget or need a simple accounting solution, Wave is an excellent choice. It’s an award-winning finance software for entrepreneurs and businesses of all sizes.
Plus… their accounting features are entirely free with no hidden fees or monthly payments. However, they charge a standard transaction fee of 2.9% (3.4% for American Express) + $0.30 for credit cards and 1% for ACH transfers.
You can also add payroll services starting at $20 per month. But accounting, invoicing, and receipt scanning are all free forever.
This free accounting software includes features like:
Unlimited income and expense tracking
Unlimited collaborators and accountants
Double-entry accounting system
Powerful reporting and analytics
Bank + credit card connections
Tax categories
Recurring invoices
Automatic payment reminders
Unlimited receipt scanning
2-business-day payouts
Plus, you get unlimited email support, as well. And if you’re wondering how Wave stays in business, it’s through their transaction fees and payroll services. So, yes. The software really is free forever, with no hidden fees.
Furthermore, you can download Wave’s mobile app to access and manage your accounts on the go from anywhere with an internet connection.
Sign up for a free account to get started today!
Summary
I recommend FreshBooks (for freelancers and individuals) or QuickBooks (for small teams). These two solutions are suitable for most users. They’re incredibly affordable, easy to use, and scalable. Plus, they include all your essential accounting features.
And if you’re on a tight budget, Wave is an excellent free alternative.
However, the best accounting software for you depends on what you need and what you can afford. So, feel free to use the characteristics we talked about as you go through the process of choosing the right software for your business.
What’s your favorite accounting software?
The post Best Accounting Software appeared first on Neil Patel.
Best Accounting Software Publicado primeiro em https://neilpatel.com
0 notes
Text
Best Accounting Software
Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.
82% of businesses fail because of poor cash flow management and subpar accounting practices. Yikes. It’s no secret that accounting is hard — and there’s a reason people spend their entire lives learning how to do it well.
But there’s good news.
You can avoid becoming a part of this statistic without heading to university to get a Bachelor’s (or Master’s) degree in accounting.
Enter… modern-day accounting software. It exists to help even the smallest businesses improve their bookkeeping processes, save time, and make fewer costly mistakes.
Plus, understanding your numbers can lead to smarter business decisions and improved overall business health/performance as well.
However, choosing the best accounting software isn’t easy, thanks to the thousands of options on the market. Which one offers everything you need without a slew of confusing features you’ll never use?
If you’re not sure how to answer that question, you’re in the right place. This article covers how to choose the right software, the different types of software, and my top five recommendations.
Let’s get started!
The top 5 options for accounting software:
FreshBooks – Best for freelancers and solopreneurs
QuickBooks – Best accounting software for small businesses
Zoho Books – Best for businesses with 50+ customers/vendors
Sage50 Cloud – Best desktop accounting solution
Wave – Best free accounting software
How to choose the best accounting software for you
There isn’t a one-size-fits-all accounting solution for every business in every industry. Furthermore, the size and complexity of your business play a role as well.
Because of this, it’s critical to understand your budget and software requirements before making any decisions. To help you out, these are the criteria I considered when creating this list.
Feel free to use them as you go through the process of making your final choice.
Number of clients, vendors, and users
It’s important to consider the number of clients and vendors you manage because certain plans limit the number you’re allowed to have. So be sure to pay close attention to the limitations of each plan before making your final decision.
Furthermore, you need to know how many user accounts you need as well. Some of the basic plans included in this list limit the number of users to one or two.
So, you may need to upgrade to an advanced plan to accommodate your needs if you need more than that.
Mobile accessibility
Make sure the software you choose offers a mobile app so you can manage payments, invoices, and cash flow on the go. It may not seem like an important feature now, but you never know when (and where) you need to access your accounts or send an invoice.
Client management
The best accounting software includes intuitive features that let you follow up on invoices and a portal where your clients can pay you. With internal client management tools, revenue and accounting are centralized in one location to simplify the process.
Plus, it’s easier on your clients.
Billing and invoicing
Most accounting software includes invoicing functionality but in different capacities. Some offer highly customizable invoices while others are easier to use with fewer customization options.
Furthermore, the software you choose should make paying invoices as easy as possible for your clients. Some other billing and invoicing features to consider include:
Automatic payment reminders
Payment due dates
Late fees
Recurring invoices
Ability to save client information
Payment processing options
One-click payments
Lastly, consider the payment processing fees associated with each software. Most charge a set percentage plus a small fee for credit card transactions and 1% for ACH transfers.
Receipt management
Many modern accounting tools make it easy to categorize and store digital versions of your receipts. All you have to do is snap a photo of your receipt and attach it to the associated expense in your account.
However, not every software includes this. So, if this is something you’re interested in, be sure to choose an accounting software with receipt management capabilities.
Banking
Connecting your bank accounts and credit cards to your accounting software makes account reconciliation a breeze. It also reduces the chances of human errors when making manual entries.
However, not every software offers this capability on basic plans (but all of my top recommendations do).
So make sure you opt for a software that includes this functionality.
Integrations
It’s important to consider the tools you’re already using to run your business. Why? Because the best accounting software for you integrates seamlessly into your tech stack with minimal hassle or headache.
So before you get started, make a list of everything you need and the tools you already use.
Then, make sure the top contenders on your list include your full requirements and the necessary integrations.
You can even schedule a call with a sales rep for each accounting software to walk through your list of requirements to make sure they can handle everything you’re looking for.
The different types of accounting software
When it comes to accounting software, you have several options. Some of them are better than others, but the best choice for you depends on your situation.
So let’s walk through your options before we dive into my top recommendations.
DIY spreadsheets
Spreadsheets are a free, DIY option if you’re on a tight budget. They work okay if you’re just getting started and have a limited number of business transactions.
However, they’re not a long term solution and they leave a lot of room for human error.
If you’re looking for a free option, I highly recommend Wave as an alternative.
Cloud-based accounting software
Most modern-day accounting software is cloud-based, making it easily accessible from anywhere with an internet connection.
And it’s usually billed on a monthly basis, scalable, affordable, easy to use, and built for small to midsize businesses.
Every option on this list falls under this category.
Database accounting software
This is a type of highly secure accounting software specific to enterprises and large businesses.
It’s very expensive and requires an in-house team of engineers and/or financial specialists to install and maintain.
Because of that, I didn’t include this type of software in my research.
Now, let’s dive into my top accounting software recommendations based on the size of your business and your specific needs.
#1 – FreshBooks Review — The best for freelancers and solopreneurs
If you’re a freelancer, solopreneur, or small business, FreshBooks is a great accounting software to consider. To date, they serve more than 10 million businesses around the world.
And the software complies with double-entry accounting standards, providing you with more in-depth insight into your finances and business transactions.
FreshBooks specializes in invoicing, but the tool also includes small business features, like:
Time and expense tracking
Recurring invoices
Automatic payment reminders
Automatic late fees
Multiple currencies
Project management
Client proposals
Tax calculations
Reporting and analytics
Furthermore, your account dashboard includes a birds-eye view of your business’s financial health. It shows outstanding invoices, total profit, revenue by source, expenses, and unbilled time all in one centralized location.
Plus, you can manage your books on the go using their robust mobile app.
And the software integrates with over 200+ business tools like Shopify, G Suite, Stripe, Zoom, Squarespace, and Gusto. So, you don’t have to worry about incompatibility with most of the tools you already use.
But like most accounting software, FreshBooks charges a transaction fee of 2.9% + $0.30 per transaction for credit cards and 1% for ACH transfers. However, these fees are pretty standard across the industry, and you don’t have to worry about any additional hidden costs.
Their paid plans start at $6 per month for up to five clients making it very affordable for freelancers, solopreneurs, and small business owners alike.
However, FreshBooks can scale alongside your business with other plans, including:
Plus — $10 per month for up to 50 clients
Premium — $20 per month for up to 500 clients
Select — custom pricing for more than 500 clients
Sign up for a free trial to take FreshBooks for a test drive today! Alternatively, you can save 50% off your first three months. However, you have to choose one offer or the other.
#2 – QuickBooks Review — The best accounting software for small businesses
If you’re running a small business or starting a new business from scratch, QuickBooks is a popular choice — and for a good reason. In fact, over 5.6 million users around the world trust them for their accounting needs.
From small businesses to self-employed individuals, QuickBooks offers an array of excellent accounting solutions to match your needs.
Furthermore, you can choose from cloud-based, desktop, or POS system deployment, depending on your situation. However, I highly recommend the cloud-based solution for most businesses.
Plus, the online software integrates with apps like PayPal, Square, and Shopify to simplify cash flow management in one centralized location.
With their online solution, you can easily access your account anywhere globally with an internet connection. Plus, you can use the mobile app to take pictures of your bills and receipts rather than filing a heap of paper receipts in your office.
You also get access to features like:
Customizable invoices
Income and expense tracking
GPS mileage tracking
Automatic sales tax calculations
Bank and credit card integration
Expense categories
Standard reporting
And you can easily upgrade to an advanced plan if you outgrow the basic plan or need more advanced features. Some of their advanced features include 1099 management, inventory management, and time/attendance tracking.
So regardless of what you need, there’s a plan to suit your needs.
The cheapest plan starts at $25 per month. And you can add payroll services to your plan, starting at an extra $45 per month + $4 per employee per month with more advanced options available.
Furthermore, QuickBooks charges $0.25 + 2.9% for invoices, 2.4% for swipes, and 3.4% for keyed payments per transaction. Alternatively, they charge 1% for ACH transfers. And you can save up to 40% on transaction fees if you charge more than $7,500 per month.
Like FreshBooks, QuickBooks offers a 30-day free trial OR 50% off your first three months.
Get started with QuickBooks today!
#3 – Zoho Books Review — The best for businesses with 50+ customers/vendors
If you manage many clients and vendors, Zoho Books is one of the most affordable accounting software to consider. Their cheapest plan includes up to 50 billable clients, and they also have packages for up to 500 billable clients as well.
So, you don’t have to worry about exceeding your monthly limits.
Furthermore, Zoho Books includes access to powerful features like:
Tax compliance tools
Custom quotes and estimates
Automatic payment reminders
Vendor and expense tracking
Inventory management
Automatic bank feeds
Time tracking
Customizable invoices
Role-based access
40+ integrations
Zoho Books also offers an intuitive mobile app for managing your accounts on the go. With the app, you can track your mileage, reach out to customers, track your time, create invoices, and more.
Each plan also includes a private client portal for accepting payments, unlimited phone and email customer support, free SSL encryption, and open rest APIs to connect with third-party applications.
Furthermore, Zoho offers a wide range of other business tools that integrate seamlessly together. Running a subscription-based business? Or need advanced inventory management? Maybe you need extensive expense reporting for your team.
Odds are, Zoho offers what you need. You can bundle tools together to save money and create a custom business management system for your business.
I highly recommend starting with the Basic Plan ($9 per month) and upgrading to an advanced plan when and if you need to. The Basic Plan includes up to 50 contacts, two separate user accounts, and five automated workflows to simplify your accounting processes.
Zoho’s advanced plans include:
Standard — $19 per month for up to 500 contacts
Professional — $29 per month for more than 500 contacts
All of which are very affordable for businesses of all sizes. Furthermore, you can add extra users and 50 auto-scans for $2/month and $5/month, respectively.
Sign up for a 14-day free trial to see if Zoho Books is right for you today!
#4 – Sage 50Cloud Review — The best desktop accounting solution
Sage 50Cloud is a desktop accounting application seamlessly connected to the cloud. So, you get the speed and reliability of a desktop software paired with the flexibility and remote accessibility of using the cloud.
Furthermore, Sage offers cloud-based accounting software, so you’re not limited to the desktop application if that’s not your thing. However, their desktop solution is where they really shine.
You can securely access your accounts anywhere, anytime, allowing you to work when you want and how you want. So, you’re not limited to your desktop computer despite the benefits of using desktop software.
Plus, as the #1 rated accounting solution for small businesses, it includes features like:
Cash flow management
Flexible invoicing
Recurring invoices
Pay Now functionality
Accounts payable + banking
Automatic reconciliation
Advanced inventory management
Job and project costing
Payroll processing
As you can see, Sage 50Cloud includes a robust set of features you typically have to pay extra for with the other options on this list (i.e., payroll).
And with those advanced features comes an advanced price tag.
So if you’re looking for basic accounting software, you’re better off going with FreshBooks or QuickBooks. However, if you need these advanced features, pricing starts at $50.58 per user per month.
Their paid plans include:
Pro Accounting — $50.58 per month for simple accounting
Premium Accounting — $78.25 per month for advanced features
Quantum Accounting — $131.66 per month for all features
However, you can save a bit more by choosing an annual plan and paying in advance. Additionally, you can subscribe to Microsoft 365 for an extra $150 per year.
You can try Sage’s cloud-based accounting software free for 30 days with no installations and no credit card required. After that, you can purchase Sage 50Cloud if it’s a good fit for your business.
Get started today!
#5 – Wave Review — The best free accounting software
If you have a tight budget or need a simple accounting solution, Wave is an excellent choice. It’s an award-winning finance software for entrepreneurs and businesses of all sizes.
Plus… their accounting features are entirely free with no hidden fees or monthly payments. However, they charge a standard transaction fee of 2.9% (3.4% for American Express) + $0.30 for credit cards and 1% for ACH transfers.
You can also add payroll services starting at $20 per month. But accounting, invoicing, and receipt scanning are all free forever.
This free accounting software includes features like:
Unlimited income and expense tracking
Unlimited collaborators and accountants
Double-entry accounting system
Powerful reporting and analytics
Bank + credit card connections
Tax categories
Recurring invoices
Automatic payment reminders
Unlimited receipt scanning
2-business-day payouts
Plus, you get unlimited email support, as well. And if you’re wondering how Wave stays in business, it’s through their transaction fees and payroll services. So, yes. The software really is free forever, with no hidden fees.
Furthermore, you can download Wave’s mobile app to access and manage your accounts on the go from anywhere with an internet connection.
Sign up for a free account to get started today!
Summary
I recommend FreshBooks (for freelancers and individuals) or QuickBooks (for small teams). These two solutions are suitable for most users. They’re incredibly affordable, easy to use, and scalable. Plus, they include all your essential accounting features.
And if you’re on a tight budget, Wave is an excellent free alternative.
However, the best accounting software for you depends on what you need and what you can afford. So, feel free to use the characteristics we talked about as you go through the process of choosing the right software for your business.
What’s your favorite accounting software?
The post Best Accounting Software appeared first on Neil Patel.
Original content source: https://neilpatel.com/blog/best-accounting-software/ via https://neilpatel.com
The original post, Best Accounting Software, has been shared from https://imtrainingparadise.wordpress.com/2020/09/03/best-accounting-software/ via https://imtrainingparadise.wordpress.com
0 notes
Text
Best Accounting Software
Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.
82% of businesses fail because of poor cash flow management and subpar accounting practices. Yikes. It’s no secret that accounting is hard — and there’s a reason people spend their entire lives learning how to do it well.
But there’s good news.
You can avoid becoming a part of this statistic without heading to university to get a Bachelor’s (or Master’s) degree in accounting.
Enter… modern-day accounting software. It exists to help even the smallest businesses improve their bookkeeping processes, save time, and make fewer costly mistakes.
Plus, understanding your numbers can lead to smarter business decisions and improved overall business health/performance as well.
However, choosing the best accounting software isn’t easy, thanks to the thousands of options on the market. Which one offers everything you need without a slew of confusing features you’ll never use?
If you’re not sure how to answer that question, you’re in the right place. This article covers how to choose the right software, the different types of software, and my top five recommendations.
Let’s get started!
The top 5 options for accounting software:
FreshBooks – Best for freelancers and solopreneurs
QuickBooks – Best accounting software for small businesses
Zoho Books – Best for businesses with 50+ customers/vendors
Sage50 Cloud – Best desktop accounting solution
Wave – Best free accounting software
How to choose the best accounting software for you
There isn’t a one-size-fits-all accounting solution for every business in every industry. Furthermore, the size and complexity of your business play a role as well.
Because of this, it’s critical to understand your budget and software requirements before making any decisions. To help you out, these are the criteria I considered when creating this list.
Feel free to use them as you go through the process of making your final choice.
Number of clients, vendors, and users
It’s important to consider the number of clients and vendors you manage because certain plans limit the number you’re allowed to have. So be sure to pay close attention to the limitations of each plan before making your final decision.
Furthermore, you need to know how many user accounts you need as well. Some of the basic plans included in this list limit the number of users to one or two.
So, you may need to upgrade to an advanced plan to accommodate your needs if you need more than that.
Mobile accessibility
Make sure the software you choose offers a mobile app so you can manage payments, invoices, and cash flow on the go. It may not seem like an important feature now, but you never know when (and where) you need to access your accounts or send an invoice.
Client management
The best accounting software includes intuitive features that let you follow up on invoices and a portal where your clients can pay you. With internal client management tools, revenue and accounting are centralized in one location to simplify the process.
Plus, it’s easier on your clients.
Billing and invoicing
Most accounting software includes invoicing functionality but in different capacities. Some offer highly customizable invoices while others are easier to use with fewer customization options.
Furthermore, the software you choose should make paying invoices as easy as possible for your clients. Some other billing and invoicing features to consider include:
Automatic payment reminders
Payment due dates
Late fees
Recurring invoices
Ability to save client information
Payment processing options
One-click payments
Lastly, consider the payment processing fees associated with each software. Most charge a set percentage plus a small fee for credit card transactions and 1% for ACH transfers.
Receipt management
Many modern accounting tools make it easy to categorize and store digital versions of your receipts. All you have to do is snap a photo of your receipt and attach it to the associated expense in your account.
However, not every software includes this. So, if this is something you’re interested in, be sure to choose an accounting software with receipt management capabilities.
Banking
Connecting your bank accounts and credit cards to your accounting software makes account reconciliation a breeze. It also reduces the chances of human errors when making manual entries.
However, not every software offers this capability on basic plans (but all of my top recommendations do).
So make sure you opt for a software that includes this functionality.
Integrations
It’s important to consider the tools you’re already using to run your business. Why? Because the best accounting software for you integrates seamlessly into your tech stack with minimal hassle or headache.
So before you get started, make a list of everything you need and the tools you already use.
Then, make sure the top contenders on your list include your full requirements and the necessary integrations.
You can even schedule a call with a sales rep for each accounting software to walk through your list of requirements to make sure they can handle everything you’re looking for.
The different types of accounting software
When it comes to accounting software, you have several options. Some of them are better than others, but the best choice for you depends on your situation.
So let’s walk through your options before we dive into my top recommendations.
DIY spreadsheets
Spreadsheets are a free, DIY option if you’re on a tight budget. They work okay if you’re just getting started and have a limited number of business transactions.
However, they’re not a long term solution and they leave a lot of room for human error.
If you’re looking for a free option, I highly recommend Wave as an alternative.
Cloud-based accounting software
Most modern-day accounting software is cloud-based, making it easily accessible from anywhere with an internet connection.
And it’s usually billed on a monthly basis, scalable, affordable, easy to use, and built for small to midsize businesses.
Every option on this list falls under this category.
Database accounting software
This is a type of highly secure accounting software specific to enterprises and large businesses.
It’s very expensive and requires an in-house team of engineers and/or financial specialists to install and maintain.
Because of that, I didn’t include this type of software in my research.
Now, let’s dive into my top accounting software recommendations based on the size of your business and your specific needs.
#1 – FreshBooks Review — The best for freelancers and solopreneurs
If you’re a freelancer, solopreneur, or small business, FreshBooks is a great accounting software to consider. To date, they serve more than 10 million businesses around the world.
And the software complies with double-entry accounting standards, providing you with more in-depth insight into your finances and business transactions.
FreshBooks specializes in invoicing, but the tool also includes small business features, like:
Time and expense tracking
Recurring invoices
Automatic payment reminders
Automatic late fees
Multiple currencies
Project management
Client proposals
Tax calculations
Reporting and analytics
Furthermore, your account dashboard includes a birds-eye view of your business’s financial health. It shows outstanding invoices, total profit, revenue by source, expenses, and unbilled time all in one centralized location.
Plus, you can manage your books on the go using their robust mobile app.
And the software integrates with over 200+ business tools like Shopify, G Suite, Stripe, Zoom, Squarespace, and Gusto. So, you don’t have to worry about incompatibility with most of the tools you already use.
But like most accounting software, FreshBooks charges a transaction fee of 2.9% + $0.30 per transaction for credit cards and 1% for ACH transfers. However, these fees are pretty standard across the industry, and you don’t have to worry about any additional hidden costs.
Their paid plans start at $6 per month for up to five clients making it very affordable for freelancers, solopreneurs, and small business owners alike.
However, FreshBooks can scale alongside your business with other plans, including:
Plus — $10 per month for up to 50 clients
Premium — $20 per month for up to 500 clients
Select — custom pricing for more than 500 clients
Sign up for a free trial to take FreshBooks for a test drive today! Alternatively, you can save 50% off your first three months. However, you have to choose one offer or the other.
#2 – QuickBooks Review — The best accounting software for small businesses
If you’re running a small business or starting a new business from scratch, QuickBooks is a popular choice — and for a good reason. In fact, over 5.6 million users around the world trust them for their accounting needs.
From small businesses to self-employed individuals, QuickBooks offers an array of excellent accounting solutions to match your needs.
Furthermore, you can choose from cloud-based, desktop, or POS system deployment, depending on your situation. However, I highly recommend the cloud-based solution for most businesses.
Plus, the online software integrates with apps like PayPal, Square, and Shopify to simplify cash flow management in one centralized location.
With their online solution, you can easily access your account anywhere globally with an internet connection. Plus, you can use the mobile app to take pictures of your bills and receipts rather than filing a heap of paper receipts in your office.
You also get access to features like:
Customizable invoices
Income and expense tracking
GPS mileage tracking
Automatic sales tax calculations
Bank and credit card integration
Expense categories
Standard reporting
And you can easily upgrade to an advanced plan if you outgrow the basic plan or need more advanced features. Some of their advanced features include 1099 management, inventory management, and time/attendance tracking.
So regardless of what you need, there’s a plan to suit your needs.
The cheapest plan starts at $25 per month. And you can add payroll services to your plan, starting at an extra $45 per month + $4 per employee per month with more advanced options available.
Furthermore, QuickBooks charges $0.25 + 2.9% for invoices, 2.4% for swipes, and 3.4% for keyed payments per transaction. Alternatively, they charge 1% for ACH transfers. And you can save up to 40% on transaction fees if you charge more than $7,500 per month.
Like FreshBooks, QuickBooks offers a 30-day free trial OR 50% off your first three months.
Get started with QuickBooks today!
#3 – Zoho Books Review — The best for businesses with 50+ customers/vendors
If you manage many clients and vendors, Zoho Books is one of the most affordable accounting software to consider. Their cheapest plan includes up to 50 billable clients, and they also have packages for up to 500 billable clients as well.
So, you don’t have to worry about exceeding your monthly limits.
Furthermore, Zoho Books includes access to powerful features like:
Tax compliance tools
Custom quotes and estimates
Automatic payment reminders
Vendor and expense tracking
Inventory management
Automatic bank feeds
Time tracking
Customizable invoices
Role-based access
40+ integrations
Zoho Books also offers an intuitive mobile app for managing your accounts on the go. With the app, you can track your mileage, reach out to customers, track your time, create invoices, and more.
Each plan also includes a private client portal for accepting payments, unlimited phone and email customer support, free SSL encryption, and open rest APIs to connect with third-party applications.
Furthermore, Zoho offers a wide range of other business tools that integrate seamlessly together. Running a subscription-based business? Or need advanced inventory management? Maybe you need extensive expense reporting for your team.
Odds are, Zoho offers what you need. You can bundle tools together to save money and create a custom business management system for your business.
I highly recommend starting with the Basic Plan ($9 per month) and upgrading to an advanced plan when and if you need to. The Basic Plan includes up to 50 contacts, two separate user accounts, and five automated workflows to simplify your accounting processes.
Zoho’s advanced plans include:
Standard — $19 per month for up to 500 contacts
Professional — $29 per month for more than 500 contacts
All of which are very affordable for businesses of all sizes. Furthermore, you can add extra users and 50 auto-scans for $2/month and $5/month, respectively.
Sign up for a 14-day free trial to see if Zoho Books is right for you today!
#4 – Sage 50Cloud Review — The best desktop accounting solution
Sage 50Cloud is a desktop accounting application seamlessly connected to the cloud. So, you get the speed and reliability of a desktop software paired with the flexibility and remote accessibility of using the cloud.
Furthermore, Sage offers cloud-based accounting software, so you’re not limited to the desktop application if that’s not your thing. However, their desktop solution is where they really shine.
You can securely access your accounts anywhere, anytime, allowing you to work when you want and how you want. So, you’re not limited to your desktop computer despite the benefits of using desktop software.
Plus, as the #1 rated accounting solution for small businesses, it includes features like:
Cash flow management
Flexible invoicing
Recurring invoices
Pay Now functionality
Accounts payable + banking
Automatic reconciliation
Advanced inventory management
Job and project costing
Payroll processing
As you can see, Sage 50Cloud includes a robust set of features you typically have to pay extra for with the other options on this list (i.e., payroll).
And with those advanced features comes an advanced price tag.
So if you’re looking for basic accounting software, you’re better off going with FreshBooks or QuickBooks. However, if you need these advanced features, pricing starts at $50.58 per user per month.
Their paid plans include:
Pro Accounting — $50.58 per month for simple accounting
Premium Accounting — $78.25 per month for advanced features
Quantum Accounting — $131.66 per month for all features
However, you can save a bit more by choosing an annual plan and paying in advance. Additionally, you can subscribe to Microsoft 365 for an extra $150 per year.
You can try Sage’s cloud-based accounting software free for 30 days with no installations and no credit card required. After that, you can purchase Sage 50Cloud if it’s a good fit for your business.
Get started today!
#5 – Wave Review — The best free accounting software
If you have a tight budget or need a simple accounting solution, Wave is an excellent choice. It’s an award-winning finance software for entrepreneurs and businesses of all sizes.
Plus… their accounting features are entirely free with no hidden fees or monthly payments. However, they charge a standard transaction fee of 2.9% (3.4% for American Express) + $0.30 for credit cards and 1% for ACH transfers.
You can also add payroll services starting at $20 per month. But accounting, invoicing, and receipt scanning are all free forever.
This free accounting software includes features like:
Unlimited income and expense tracking
Unlimited collaborators and accountants
Double-entry accounting system
Powerful reporting and analytics
Bank + credit card connections
Tax categories
Recurring invoices
Automatic payment reminders
Unlimited receipt scanning
2-business-day payouts
Plus, you get unlimited email support, as well. And if you’re wondering how Wave stays in business, it’s through their transaction fees and payroll services. So, yes. The software really is free forever, with no hidden fees.
Furthermore, you can download Wave’s mobile app to access and manage your accounts on the go from anywhere with an internet connection.
Sign up for a free account to get started today!
Summary
I recommend FreshBooks (for freelancers and individuals) or QuickBooks (for small teams). These two solutions are suitable for most users. They’re incredibly affordable, easy to use, and scalable. Plus, they include all your essential accounting features.
And if you’re on a tight budget, Wave is an excellent free alternative.
However, the best accounting software for you depends on what you need and what you can afford. So, feel free to use the characteristics we talked about as you go through the process of choosing the right software for your business.
What’s your favorite accounting software?
The post Best Accounting Software appeared first on Neil Patel.
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Ultimate List of Ecommerce Tools For 2020
The ecommerce industry is booming. These trends are showing no signs of slowing down in the foreseeable future. In fact, the global ecommerce market is expected to eclipse $6.54 trillion in sales by 2023. That’s up from $3.53 trillion in 2019. Whether you’re interested in starting a new ecommerce business from scratch or looking to expand your retail operation to an online store, you can use an ecommerce tool to achieve your goal. Not all ecommerce solutions are created equally. Some tools are all-in-one website builders, while others are plug-ins, add-ons, or shopping cart software. So what’s the best ecommerce tool for 2020? The answer depends on your unique situation. Use this guide to find the best ecommerce solution for you and your business.
The 10 Best Ecommerce Tools of 2020 In a market saturated with dozens, if not hundreds, of different ecommerce tools, there are the top ten that I’d recommend: Shopify WooCommerce BigCommerce Wix Magento Squarespace 3DCart Easy Digital Downloads Ecwid OpenCart I’ll give you an in-depth overview of the features, benefits, pricing, and use cases for each one of these tools as we continue through this guide. 1. Shopify Shopify has everything you need and more to start an ecommerce website from scratch. It’s an all-in-one ecommerce solution for website creation and shopping cart software. Regardless of your technical skill level, Shopify is easy for anyone to set up and use right out of the box. Shopify makes it possible for you to sell from anywhere. In addition to your own ecommerce store, Shopify supports third-party marketplaces, social media selling, and in-person sales with Shopify POS (point of sale) software.
Image Source Every Shopify theme is optimized for mobile devices. Additionally, with tools like BuildFire, you could always build a Shopify mobile app to take your mobile sales strategy to the next level. One of the most significant standouts of Shopify is its versatility. From startups to small businesses and large-scale operations, this ecommerce tool can fit the needs of any organization. Shopify Pricing: Shopify has three different plans—Basic Shopify, Shopify, and Advanced Shopify. These plans start at $29, $79, and $299 per month, respectively. You can try Shopify for free with a 14-day trial. 2. WooCommerce WooCommerce is unique compared to some of the other ecommerce tools on our list. That’s because it’s not an all-in-one ecommerce solution. If you already have a WordPress website, you can add ecommerce functionality by installing the WooCommerce plugin.
Image Source From selling products to subscriptions and memberships, WooCommerce has everything you need to add ecommerce capabilities to WordPress. The tool is fully customizable. It integrates with popular payment platforms like Stripe, Square, PayPal, Amazon Pay, and more. WooCommerce has other extensions for things like printing shipping labels and integrating with your email marketing platform. For those of you who have an existing WordPress site, WooCommerce is the best way to start selling online without doing a complete rebuild. Simply install the plugin, and customize your settings from there. WooCommerce Pricing: WooCommerce is free to install on your WordPress site. But other extensions to customize the WooCommerce plugin do cost money. Tons of extensions are free, while others range up to $300 per installation. 3. BigCommerce Since launching back in 2009, BigCommerce has processed more than $25 billion in merchant sales. It’s used by businesses in 120+ countries worldwide. As another full-service ecommerce platform provider, BigCommerce offers everything you need to start selling online.
Image Source Compared to other ecommerce tools on the market today, BigCommerce comes pre-loaded with the most native features. BigCommerce has exceptional tools for inventory management, SEO, and conversions. You’ll also benefit from 24/7 customer support via phone, email, and live chat. So you can rest assured knowing that you’ll have access to assistance if you ever have any questions. In addition to traditional online sales, BigCommerce supports B2B wholesale websites and provides enterprise-grade ecommerce solutions as well. BigCommerce is an industry leader in ecommerce performance. When it comes to page loading speed, uptime, and security, this tool is second to none. BigCommerce Pricing: The Standard plan starts at $29.95 per month. BigCommerce Plus starts at $79.95 per month, and Pro starts at $299.95 per month. You’ll need to contact the sales team for a custom quote on Enterprise solutions. 4. Wix Wix is arguably the world’s simplest website builder. The platform is the easiest way for anyone to build a new website from scratch without any technical knowledge or coding experience. Using the intuitive drag-and-drop builder, you can design a high-quality website with text, images, videos, and other media types in minutes. Adding new pages or starting a blog with Wix is just as easy. Wix has 500+ templates for you to choose from. Your website will automatically be optimized for SEO and mobile web browsers. If you build a site with Wix, you’ll have access to the Wix App Market. This resource is filled with powerful web apps to customize your site. You can also create an online store with your Wix website.
Image Source Wix offers a fully customizable storefront and shopping cart. Add features like a shopping wishlist, related product galleries, a quick add-to-cart button, mini-carts, and more. For those of you who want to start selling new products online but don’t know where to start, Wix’s platform supports dropshipping. Browse from thousands of products that you can sell, with no inventory costs. Products ship in 5-7 business days. Wix allows you to set up custom shipping rules as well. Manage international orders, choose your carrier preferences, and give customers real-time delivery estimates. Wix Pricing: Wix has plans starting at $13 per month. But not every Wix subscription supports online selling. The ecommerce plans with the ability to accept online payments range from $23 to $49 per month. Enterprise solutions start at $500 per month. 5. Magento Magento is an ecommerce tool offered by Adobe. It’s an all-in-one ecommerce solution that processes more than $100 billion in gross merchandise sales each year. With Magento, you can create an ecommerce store no matter how big or small your website is. This platform supports small businesses, mid-market and enterprise, and B2B online sales as well.
Image Source Magento stands out from other platforms with its efficiency, automation, and access to crucial data. You’ll benefit from inventory management, business intelligence, shipping solutions, and order management. This ecommerce tool has specific features for customer segmentation and personalization. Your store will automatically display products, promotions, content, and prices based on factors like customer location, order history, customer gender, LTV, and wish list items. You can even improve the shopping experience for unknown website visitors based on their shopping cart or products viewed. Magento Pricing: Contact the Magento sales team for a custom quote on a Magento Commerce license. You can request a free demo to try it out before you commit. 6. Squarespace Squarespace is another well-known website builder. Unlike Wix, Squarespace has integrated ecommerce capabilities built-in to all of its business plans. This ecommerce tool is popular for businesses and individuals in creative industries. The Squarespace designs are known for being both beautiful and modern. These award-winning templates are perfect for fashion designers, artists, musicians, and photographers. If you want to showcase your work and sell it online, Squarespace is the place to do it.
Image Source You can also Squarespace to sell subscriptions and digital content. If you’re selling physical products, Squarespace offers automatic inventory management, shipping calculator tools, and a rich product display. Use this ecommerce tool to showcase videos of your products as well. Squarespace integrates with other popular online selling tools such as PayPal, Stripe, USPS, FedEx, and Apple Pay. It also integrates with popular accounting solutions like Xero. For those of you who want to create a portfolio website and monetize it with ecommerce capabilities, Squarespace is the best choice for you. Squarespace Pricing: Squarespace Personal costs $12 per month. But you can’t sell online with this option. The $18 business plan has a fully integrated ecommerce store with the ability to sell unlimited products, although it does have some limitations. To take full advantage of Squarespace as an ecommerce tool, consider the Basic Commerce or Advanced Commerce plan. These start at $26 and $40 per month, respectively. 7. 3DCart 3DCart is one of the oldest ecommerce tools on our list. The platform was founded back in 1997. More than 25,000 merchants use this tool to power their ecommerce website. To be clear, 3DCart is not for everyone. It’s ecommerce software that’s designed for advanced ecommerce stores. The platform doesn’t offer a drag-and-drop site builder like Wix. Instead, you’ll need to have some knowledge related to development and coding to fully customize your templates and themes. Just install 3DCart into your existing website to turn it into an ecommerce shop. If you aren’t comfortable editing your site’s code, you’ll likely need to hire a developer to do this.
Image Source Once installed, you’ll have access to more than 200 built-in ecommerce features. 3DCart has 50 free themes and supports 100+ payment processors. Integrate 3DCart with platforms like MailChimp, Stripe, Facebook, Amazon, PayPal, QuickBooks, and more. For those of you who don’t want the restrictions associated with an all-in-one ecommerce website builder, 3DCart offers full customization. You’ll just need to handle the coding on your own. 3DCart Pricing: 3DCart has five different plans ranging from $19 per month to $229 per month. You can try the software for free with a 15-day trial. All plans are backed by a 30-day money-back guarantee. 8. Easy Digital Downloads Just as its name implies, Easy Digital Downloads is an ecommerce tool designed for selling digital products. Similar to WooCommerce, it’s a plugin for WordPress websites. More than 2.44 million users have downloaded EDD.
This ecommerce tool makes it easy for you to create discount codes, track download activity, and restrict file access. It comes with a fully integrated shopping cart that allows customers to purchase multiple downloads simultaneously. There are no limitations on how many digital products you can sell with the Easy Digital Downloads plugin. The tool integrates with other popular tools and extensions that you’re already using. Some examples include PayPal, Authorize.net, Stripe, Slack, Zapier, AWeber, Dropbox, and Amazon Web Services. Easy Digital Downloads Pricing: There are four different plans for the EDD plugin license. All of them are billed on an annual basis until canceled. The Personal Pass is $99, Extended Pass is $199, Professional Pass is $299, and All Access Pass is $499. 9. Ecwid Ecwid is a free commerce extension that’s compatible with WordPress and other popular CMS platforms. You can add the Ecwid tool to Weebly, Joomla, Tumblr, Squarespace, Wix, Blogger, and Adobe Muse. You’ll also be able to sell online from marketplaces like Amazon and eBay or sell on social media via Facebook and Instagram.
Image Source Unlike 3DCart, you can install Ecwid to your website without any development or coding experience. The Ecwid software can integrate with in-person selling at your brick and mortar retail stores as well. If you’re currently using WordPress but don’t want to use WooCommerce as an ecommerce tool, Ecwid is a viable alternative. Ecwid has a free forever plan, but it’s extremely limited. You’ll only be able to sell up to ten products and won’t have access to sales channels outside of your website. Ecwid Pricing: The entry-level Venture plan starts at $15 per month. Business and Unlimited plans start at $35 per month and $99 per month, respectively. You can save money on all of these if you commit to an annual contract. 10. OpenCart Last, but certainly not least on our list is OpenCart. Unlike some of the other tools listed above, this is not a website builder. OpenCart is a free and open-source platform that adds ecommerce functionality to existing websites. Over 342,000 ecommerce websites across the world use OpenCart for selling online.
Image Source The most significant standout of this ecommerce tool is the OpenCart marketplace. You’ll have access to 13,000+ modules and themes. You can integrate OpenCart with an extensive list of payment gateways and shipping providers. As an open-source platform, OpenCart has an outstanding community support forum with more than 550,000 posts from 110,000+ registered members. For a one-time fee or ongoing monthly service, you can have access to OpenCart’s dedicated support staff. OpenCart Pricing: As I mentioned earlier, OpenCart is free to download and install. But extensions and dedicated support will cost extra. What’s the best ecommerce tool to use in 2020? It depends on your unique situation. An ecommerce startup won’t have the same needs as a small business retailer that wants to expand online. There are ecommerce tools that are better for selling wholesale B2B products and other tools made for digital downloads. Do you want to create a new website from scratch? Or are you adding ecommerce functionality to your existing site? All of these scenarios will impact how you choose an ecommerce solution. Since I included something for everyone in this guide, I’m confident that you can find what you’re looking for in one of the ten options listed above.
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The Best Ecommerce Website Builder
Launching an online store and trying to decide among the best ecommerce website builders, but don’t know which one’s right for you? They all seem to promise the same things: gorgeous templates, robust analytics, effortless inventory management, wonderful customer support.
I’ve got you covered. I took a look at all of the options to find the best website builder for creating an online store.
In my research, I paid attention to the following criteria:
Functionality — The major difference between an ecommerce site builder and a “normal” website builder is you’re going to be running your business off this platform. It needs to accept payments instantly and securely. It needs to have a useful dashboard to monitor traffic, sales, and inventory. It needs to keep have a cart the makes buying easy, and a system for calculating shipping.
Ease of use — There should be an easy way to add and remove products, an easy way to see your analytics, and an intuitive sales dashboard that can serve as your home base.
Design — The templates should look good out of the box and be easy to customize without expert (read: $$) help; and the designs should be pretty hard to mess it up or make worse.
Customer support — When things get tricky, you don’t want to feel like you’re going it alone.
Marketing — The pages should be SEO optimized, and the template should work work with your social channels and easily to connect paid ad channels.
Add ons — Since almost no system will have everything for everyone out of the box, I made sure the website builder had a way to accommodate additional needs.
Pricing — Sure, I get that an all-in-one solution like an ecommerce website builder will be more expensive than a DIY option, but we don’t want to pay through the nose, and we want what we get to be worth it. This includes the terms for payment processing. This is the last bullet on the list for a reason though: saving a penny here isn’t worth losing out on a dollar later on.
Which online store builder should I use?
The short answer: You should probably go with Shopify, especially if you plan to do more than $5,000/month in sales. It’s the industry leader for a reason. It has the level of in-depth analytics, inventory management, POS, shipping options, and every other ecommerce feature that you need (and that you really need at the $5,000+ level. If you’re not thinking that big, it’s time to get started.
New digitally-native and niche brands are the future of retail. — “Small Is The New Big,” Forbes
If you’re running more of a professional portfolio with some sales or subscription offerings, then hen you should check out Squarespace. Price wise, they’re basically the same. Squarespace wins for design; Shopify wins for ecommerce features.
The other online store builder worth recommending is Wix, which has a pretty cool AI-builder that’ll turn your social media into a website with a coordinating color palette and pre-populated photos. If you run a bookings-based business, or a music business, then there are features in the Wix stores that are definitely worth checking out. It’s also one of the cheapest options, though if you’re picking your ecommerce platform by price alone, we need to have a side conversation about how you need to get your head in the game. There are some flaws I discuss further down in the in-depth reviews you should take into account — and see if they’re dealbreakers for you during your free-trial period.
Side note: No matter which website builder you pick, you should use the free-trial period as a test run. What features are missing and can you live without them? What’s it like to actually run your business from that platform?
I also reviewed WooCommerce which is an open-source, subscription-free way to sell things through your WordPress store. If you’re running a content site, I wholeheartedly recommend building your site with WordPress; it just wins in the content management space. Simple as that.
Finally, Weebly, which was recently acquired by payments processor Square, is fine, but not impressive. The standards set by Shopify, Squarespace and the other contenders are just too high for Weebly to hit them. I’ll keep an eye out though.
The top 5 ecommerce website builders compared
Shopify
Best ecommerce platform for most businesses
Drag-and-drop store builder
70 themes: 10 free + 60 paid
Competitive pricing
Shopify is my favorite ecommerce software — and the one I recommend to just about everyone. It’s the leader in the industry and rightfully so. The most important ecommerce features are ready to go without any customization, and Shopify makes it easy to customize anything else with its super robust app store. If you run into any issues, there’s 24/7 support.
The worst thing about Shopify is the price point — and it’s generally competitive. The subscription, which starts at $29/month is right in line with what you’d pay with any hosted option, and so are the payment processing fees, which start at 2.9% + 30¢ credit card rates and only get better from there. I just don’t like the 2% additional fee for non-Shopify payment processors. I get that Shopify wants you to stay in the Shopify ecosystem, but offering multiple payment options is better for customers and one of our 8 quick wins for ecommerce sites.
Pros
Robust app store
Clean, modern themes
Intuitive product pages
Easy-to-use drag-and-drop store builder
Competitive payment processing rates
Safety and security
Speed
Can create landing pages
Optimized for SEO
24/7 Support
Cons
Additional fee for payments from non-Shopify payment processors, like PayPal for example
Blog feature is minimal — it’s technically there, but it’s not enough to run a content site on
Majority of the apps in the Shopify app store aren’t free, so you could also increase your monthly spend there
Liquid set up, not PHP
Lock-in feature — it can be challenging to move your store away from Shopify. It’ll export as a CSV file, but it’ll be time-consuming to rebuild where you go next
Shopify pricing
It’s competitive, but like I said charges an kind of annoying fee for external payment processors. All in all, I think the price is worth it.
$29/mo for Basic Shopify — 2.9% + 30¢ credit card rates + 2% for non-Shopify payment processors
$79/mo for Shopify — 2.6% + 30¢ + 1% for non-Shopify payment processors
$299/mo for Advanced Shopify — 2.4% + 30¢ + 0.5% for non-Shopify payment processors
The difference between these packages:
Increase in number of staff accounts: 2, 5, 15
Unlock gift cards, reporting, and advanced reporting
Unlock third-party shipping calculations
Better rates on shipping and payment processing as you increase in the plans
Shopify themes
When choosing a theme, I suggest skipping filtering by price point. None of the themes on Shopify are going to break the bank — the most expensive themes are $180. If a theme has what you want, that’s the theme for you. Go to the all themes and ask yourself a few questions.
The first question is the most important:
How many products are you selling? Just one? A few? A lot? If you are selling one item your site will be very different than another online store that’s selling hundreds. In fact, set this filter and see if that’s enough to bring the templates down to a reasonable number.
If the number is still large, then you can filter even further:
Do you need a size chart?
What social media do you want integrated? Instagram? Twitter? Pop-up email form?
Would you like a “related products” feature?
Do you need video capabilities?
What layout and menu option will be easiest for your user to navigate?
What’s your store’s style? What’s your business like? Which theme reflects your business and creates the feeling or idea in your customer that you’re looking for? If you don’t have a clue where to start with this question, I recommend filtering by Industry. You’ll get a sense of the types of designs Shopify considers in line with most businesses like yours.
How are you going to tell your brand story? Is it in video? Writing? Photos? Are you running a crowdfunding campaign and the goal tracker is part of that story?
Find one you think you like? Check the theme reviews.
If other people have this theme and are frustrated, that’s a little peek into the future for you too.
Back away from themes with frustrated customers who haven’t had good luck with customer service.
Take a look at the demo sites both mobile and desktop versions. Then take a look at the actual stores using the theme. Are these in line with what you want to make?
If everything checks out, choose your theme. Don’t worry — you don’t have to buy it now. You’ll pay for it later, after you have a chance to test it out. Do check out the different versions of the theme — these will control the overall look and feel of your site, and you’ll want to decide which one you like best at this point. It can be hard to tell which one is best when you have only template content to look at.
I went through this process with a hypothetical business that sells one, and found a theme I like for this business. I chose the Showcase theme because I like the full-page photography. I picked the theme, answered a few questions from Shopify and then got to my dashboard.
From here, I can add merchandise, or I can customize my theme. I’ll do a little bit of both, of course.
Key changes to make:
Change the font — this ensures your store will look different than other stores, even stores with the same theme
Layout, content blocks — you’ll drag and drop these in the menu on the left side and the preview will update to the right
Attach your social media feeds
Customize the cart experience
Shopify app store
If there’s anything your theme doesn’t have, like customer reviews, there’s the Shopify app store. Basically the apps are little snippets of code that will add a feature to your Shopify store. It’s like having a dev build something for you, but because Shopify is a huge ecosystem, you don’t have to pay them the real price of custom building you something. They’re going to sell this same code to thousands of other stores. I love this about Shopify. According to the Shopify app store, more than 80% of stores use apps — and I’ll bet if you filtered that number by the number of live, active stores that are really making sales, then the percentage would be really really close to 100%.
Squarespace
Stunning templates
Professional look
Ideal for portfolio sites
Has a learning curve
Squarespace has a reputation for beautifully designed templates. That reputation applies to its ecommerce store themes as well. They’re handsome, I must admit it. There are a few things you should know going in: I recommend Squarespace more for professional portfolio sites than true ecommerce stores. It’s just set up for those kinds of stores better.
It’s not a bad idea to run your online store with Squarespace; Shopify is just easier when it comes to managing inventory and customizing every little nuance of your store. The Squarespace builder is a module-based builder. It’s not drag-and-drop — but you can get the hang of it pretty easy. Don’t get frustrated by the “demo” content or “sample” pages. You’ll have to copy the page before you can customize it, a silly step but not one to deter you from getting your work done.
Pros
Gorgeous templates
Incredible looking result
24/7 support
15-day free trial
Cons
Tabbed interface that’s not super intuitive
Design requires high-quality photography (which you should get)
Only integrates with Stripe, PayPal, and Apple Pay
No app marketplace
Squarespace pricing
Basic online store: $26/month billed annually
Advanced online store: $40/month billed annually
What’s the difference between these plans?
The Advanced plan includes flexible coupons, subscriptions, abandoned cart auto recovery, gift cards, and advanced shipping. Unless you want one of these features, you’ll be good with the Basic online store. There are also two other plans that aren’t aimed at ecommerce stores — Personal website for $12/month billed annually, and Business website for $18/month billed annually. With the Personal plan you can’t sell anything. With the Business plan you can, but you’ll pay a 3% transaction fee. If you’re doing more than $275 in sales each month, there’s no question between the two plans — you’d be paying in fees the difference in the price without unlocking any of the online store features like inventory, tax, coupons, and shipping labels.
You can also upgrade or downgrade your plan at any time. Unless you know you want one of the Advanced features, I’d start with the Basic online store and go from there.
Squarespace templates
All of them are beautiful. Let’s start there. To find one that fits your store, I’d start by sorting into Online Stores. You’ll see your options are narrowed to 11 templates. Then ask yourself:
How many products do I want featured on the homepage?
What amazing photography do I have?
Do I want to use video backgrounds?
Does the quality of my images stand up to the quality of the Squarespace design?
Do I have much to say in words? Do I want those words over the top of my images or beside them?
What kind of menu do I want?
Do I want anything specific: Grid layout? Scrolling features? On-hover effects?
I suggest you preview the theme and notice what it’s like to use the example layout. To be honest, your site is going to be at best like this one, so if there’s anything you don’t like, take note. It’ll likely annoy you even worse in your own store.
Once you find a layout you like, click Start with “Theme Name.” You’ll create an account at this point. Don’t worry, you don’t have to pay yet — you have a 15-day free trial to customize the store and make sure it’s what you want.
To make changes to the pages, you’ll need to make copies of the sample pages. The interface is minimal and soothing, but not very helpful. Just get in a meditative mindset and keep clicking to figure things out. There are a lot of tabbed sections, which I don’t love. But it’s not challenging.
I wouldn’t call the builder drag-and-drop — it’s more of a module based style to build and go. You’ll get use to it the more time you spend with the system. Though, I’ve gotta say, if you’re using Squarespace, I suggest you take your cues from the design that’s ready-made. It’s one of the things you’re paying for.
Wix
500 templates
Drag-and-drop without limitations
Quick-start with the help of an AI designer
Unique templates for booking, music, events and restaurants
I really like the way Wix has used AI to automate the design decisions. It’s the exact opposite of the Weebly approach of making you pick a theme based on your first glance. If you already have some web presence — maybe in your Instagram or Facebook — Wix will take the work you’ve already done and create a website to match. You can also start from scratch. That’s one of the things I like most about Wix. It’s pretty much down to help you build your online store the way you want to: with help or without, from scratch or from a template, in the drag-and-drop builder or deep in the code.
Pros
Cheapest website builder in this list
Dozens of payment gateways including Square, Stripe, and 2Checkout
VIP Priority Callback support option
Cons
Limited reporting and analytics
No way to automate or integrate tracking numbers
Product pages don’t have a sort filter
The biggest drawbacks for Wix are its store features. Some very basic things you’ll want to do if you’re actually shipping products may become very irritating. I’m talking things like attaching tracking numbers to orders or downloading your reports.
If you’re making the choice on which ecommerce website builder to use simply on price, I implore you to stop using that as your methodology. There is a false logic at play. The $6 you’d save by choosing one website builder over the other will not be worth it when you’re wasting time trying to make the software do something it’s simply not built to do. Give the website builder you do select a thorough test run during your trial. This is the software you are using to run your business — don’t let a few bucks stand in the way of getting software that’ll really support you.
Wix pricing
Business Basic for $20/month
Business Unlimited for $25/month
Business VIP for $30/month
What’s the difference between these plans?
Storage: 20GB, 35GB, 50GB
Video hours: 5 hours, 10 hours, unlimited
VIP plan also gets VIP support with Priority Response
There are also 4 non-ecommerce plans that won’t allow you to accept payments
If you’re interested in learning how to make a Wix website for your online store, I have a whole tutorial on it, so I won’t repeat myself here.
WordPress with WooCommerce
Complete control over your ecommerce site
No subscription fees
1 theme, with variations and customizations
WooCommerce is a little bit different than the other ecommerce options we’ve looked at so far. It’s a self-hosted option, which is the more DIY version. A website builder like Shopify is like living in a hotel where everything is already included: there’s a coffee maker and coffee grinds, clean towels, and shampoo. If anything breaks you know you’ll have help. But it’s also more expensive and you have less control and ownership. You can’t take the towels from the hotel home with you, for example. With WooCommerce, you’ll build your own site on WordPress and use the free WooCommerce Storefront theme. It’s not a drag-and-drop website builder, but you can customize the look and feel.
Pros
Free theme
Works with WordPress blog
Great for content-heavy sites
Easy to customize with add-ons
Cons
Not a drag-and-drop builder
Not an all-in-one solution
WooCommerce pricing
Free
Common add-ons range from $10–$60 a year
With WooCommerce you can get started for free. You’ll need to buy a domain name and set up web hosting. We have a how-to guide on all those steps here in How to Start a Blog. When you get to Step 6, choose a theme, you’ll choose the WooCommerce Storefront theme. There are a few different “child themes” to choose from — these change the look of the theme the way a new coat of paint changes the look of a room. Some child themes are free; others are $39.
I recommend also checking out the WooCommerce extensions. Most sites will benefit from the customizer bundle. You may also need features like the pricing table, a contact section (yes, you definitely want this), and maybe a hamburger menu. Some extensions are free, others are paid. The price points are reasonable.
Weebly
35 ecommerce themes
348 apps
Weebly was bought by Square in 2018, and though Weebly is run as a separate business, it’s clear to me that Square is attempting to bolster it’s full-service suite of offerings for small businesses — with the cornerstone of that suite being in-person POS systems and payment processing. The drag-and-drop builder is intuitive, but the set-up and guidance isn’t all there for me. For the price point — $4/month less than Shopify — I don’t think it’s worth going with Weebly.
Pros
Intuitive drag-and-drop builder
Includes memberships, forums, support
Cons
Not very useful in helping pick a theme
No way to sort themes by feature
Cluttered page system that’s not good for more than 10 pages
You’ll need to manually copy blog posts if you migrate
If you’re launching an online store, you can skip right over the Starter and Pro plans — you’ll be pay a premium of 3% on every transaction and you’ll be limited in a lot of ways. You won’t be able to modify your cart, for example. For the price, I think you’ll get a better store from Shopify’s $29/month plan.
Starter $8/month annually
Pro $12/month billed annually
Business $25/month billed annually
Performance $38/month billed annually
What’s the difference between these plans?
Weebly transaction fee: 3% on Starter and Pro, 0% on Business and Performance
Number of products: 10, 25, unlimited, unlimited
Features only available on Business and Performance: Shopping cart, digital goods, product reviews, coupons, inventory manager, shipping calculator, among others
Weebly themes
When you create a store, Weebly will ask what you’re selling and if it’s online or offline, or both. After just two questions, it’ll pop you into a store for you. This seems kind of curt, and it is. When you click customize your store, you’ll be able to choose a new theme. How will you decide? Weebly doesn’t make it easy — there’s a page of themes offered, but you can only sort them by the top-of-the-fold look and feel.
Weebly pricing
The first few options are pretty and white.
Take note of a few things:
How large are the photos?
Is there a border?
Is there text on the photos?
Is there a CTA?
Where is the menu?
How many products are featured in that first view?
Since there’s no filtering, your best hope is to choose one you think looks like your store should look.
It’s pretty intuitive to add products and personalize your store. Keep checking back with the preview and you should do fine.
In sum: How to choose the right ecommerce platform for your online store
For an online store, you can’t go wrong with Shopify. It’s the industry leader, easily one of the best ecommerce website builders, and it’s well worth the price point. I like it a lot — particularly how much you can customize it with the app store. It’s got the analytics you need to run a real ecommerce shop. I also like the designs from Squarespace. They really do make it possible for a total beginner to create a professional looking site.
The other contenders for all-in-one builders are Wix and Weebly. I found them to have limitations, so they’re not my top picks. I did like the Wix AI creator and the features it boasts for booking businesses and other speciality stores, like music or video creators. It’s worth checking out (there’s a free trial period) if one of those things intrigues you. I’ll keep tabs on Weebly. However, right now it doesn’t come close to competing with Shopify and Squarespace.
If you want to run a WordPress site, then look into WooCommerce. You’ll find it is very familiar and has all the things that are great about any WordPress site: nearly limitless customization, great content management, excellent SEO, all subscription-free and open source. Granted, you’ll probably end up spending some on customizations and will need to throw down for your domain name and your web host. But if you’re the type that’s curious about building a self-hosted site, you already knew all that.
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Best Accounting Software
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82% of businesses fail because of poor cash flow management and subpar accounting practices. Yikes. It’s no secret that accounting is hard — and there’s a reason people spend their entire lives learning how to do it well.
But there’s good news.
You can avoid becoming a part of this statistic without heading to university to get a Bachelor’s (or Master’s) degree in accounting.
Enter… modern-day accounting software. It exists to help even the smallest businesses improve their bookkeeping processes, save time, and make fewer costly mistakes.
Plus, understanding your numbers can lead to smarter business decisions and improved overall business health/performance as well.
However, choosing the best accounting software isn’t easy, thanks to the thousands of options on the market. Which one offers everything you need without a slew of confusing features you’ll never use?
If you’re not sure how to answer that question, you’re in the right place. This article covers how to choose the right software, the different types of software, and my top five recommendations.
Let’s get started!
The top 5 options for accounting software:
FreshBooks – Best for freelancers and solopreneurs
QuickBooks – Best accounting software for small businesses
Zoho Books – Best for businesses with 50+ customers/vendors
Sage50 Cloud – Best desktop accounting solution
Wave – Best free accounting software
How to choose the best accounting software for you
There isn’t a one-size-fits-all accounting solution for every business in every industry. Furthermore, the size and complexity of your business play a role as well.
Because of this, it’s critical to understand your budget and software requirements before making any decisions. To help you out, these are the criteria I considered when creating this list.
Feel free to use them as you go through the process of making your final choice.
Number of clients, vendors, and users
It’s important to consider the number of clients and vendors you manage because certain plans limit the number you’re allowed to have. So be sure to pay close attention to the limitations of each plan before making your final decision.
Furthermore, you need to know how many user accounts you need as well. Some of the basic plans included in this list limit the number of users to one or two.
So, you may need to upgrade to an advanced plan to accommodate your needs if you need more than that.
Mobile accessibility
Make sure the software you choose offers a mobile app so you can manage payments, invoices, and cash flow on the go. It may not seem like an important feature now, but you never know when (and where) you need to access your accounts or send an invoice.
Client management
The best accounting software includes intuitive features that let you follow up on invoices and a portal where your clients can pay you. With internal client management tools, revenue and accounting are centralized in one location to simplify the process.
Plus, it’s easier on your clients.
Billing and invoicing
Most accounting software includes invoicing functionality but in different capacities. Some offer highly customizable invoices while others are easier to use with fewer customization options.
Furthermore, the software you choose should make paying invoices as easy as possible for your clients. Some other billing and invoicing features to consider include:
Automatic payment reminders
Payment due dates
Late fees
Recurring invoices
Ability to save client information
Payment processing options
One-click payments
Lastly, consider the payment processing fees associated with each software. Most charge a set percentage plus a small fee for credit card transactions and 1% for ACH transfers.
Receipt management
Many modern accounting tools make it easy to categorize and store digital versions of your receipts. All you have to do is snap a photo of your receipt and attach it to the associated expense in your account.
However, not every software includes this. So, if this is something you’re interested in, be sure to choose an accounting software with receipt management capabilities.
Banking
Connecting your bank accounts and credit cards to your accounting software makes account reconciliation a breeze. It also reduces the chances of human errors when making manual entries.
However, not every software offers this capability on basic plans (but all of my top recommendations do).
So make sure you opt for a software that includes this functionality.
Integrations
It’s important to consider the tools you’re already using to run your business. Why? Because the best accounting software for you integrates seamlessly into your tech stack with minimal hassle or headache.
So before you get started, make a list of everything you need and the tools you already use.
Then, make sure the top contenders on your list include your full requirements and the necessary integrations.
You can even schedule a call with a sales rep for each accounting software to walk through your list of requirements to make sure they can handle everything you’re looking for.
The different types of accounting software
When it comes to accounting software, you have several options. Some of them are better than others, but the best choice for you depends on your situation.
So let’s walk through your options before we dive into my top recommendations.
DIY spreadsheets
Spreadsheets are a free, DIY option if you’re on a tight budget. They work okay if you’re just getting started and have a limited number of business transactions.
However, they’re not a long term solution and they leave a lot of room for human error.
If you’re looking for a free option, I highly recommend Wave as an alternative.
Cloud-based accounting software
Most modern-day accounting software is cloud-based, making it easily accessible from anywhere with an internet connection.
And it’s usually billed on a monthly basis, scalable, affordable, easy to use, and built for small to midsize businesses.
Every option on this list falls under this category.
Database accounting software
This is a type of highly secure accounting software specific to enterprises and large businesses.
It’s very expensive and requires an in-house team of engineers and/or financial specialists to install and maintain.
Because of that, I didn’t include this type of software in my research.
Now, let’s dive into my top accounting software recommendations based on the size of your business and your specific needs.
#1 – FreshBooks Review — The best for freelancers and solopreneurs
If you’re a freelancer, solopreneur, or small business, FreshBooks is a great accounting software to consider. To date, they serve more than 10 million businesses around the world.
And the software complies with double-entry accounting standards, providing you with more in-depth insight into your finances and business transactions.
FreshBooks specializes in invoicing, but the tool also includes small business features, like:
Time and expense tracking
Recurring invoices
Automatic payment reminders
Automatic late fees
Multiple currencies
Project management
Client proposals
Tax calculations
Reporting and analytics
Furthermore, your account dashboard includes a birds-eye view of your business’s financial health. It shows outstanding invoices, total profit, revenue by source, expenses, and unbilled time all in one centralized location.
Plus, you can manage your books on the go using their robust mobile app.
And the software integrates with over 200+ business tools like Shopify, G Suite, Stripe, Zoom, Squarespace, and Gusto. So, you don’t have to worry about incompatibility with most of the tools you already use.
But like most accounting software, FreshBooks charges a transaction fee of 2.9% + $0.30 per transaction for credit cards and 1% for ACH transfers. However, these fees are pretty standard across the industry, and you don’t have to worry about any additional hidden costs.
Their paid plans start at $6 per month for up to five clients making it very affordable for freelancers, solopreneurs, and small business owners alike.
However, FreshBooks can scale alongside your business with other plans, including:
Plus — $10 per month for up to 50 clients
Premium — $20 per month for up to 500 clients
Select — custom pricing for more than 500 clients
Sign up for a free trial to take FreshBooks for a test drive today! Alternatively, you can save 50% off your first three months. However, you have to choose one offer or the other.
#2 – QuickBooks Review — The best accounting software for small businesses
If you’re running a small business or starting a new business from scratch, QuickBooks is a popular choice — and for a good reason. In fact, over 5.6 million users around the world trust them for their accounting needs.
From small businesses to self-employed individuals, QuickBooks offers an array of excellent accounting solutions to match your needs.
Furthermore, you can choose from cloud-based, desktop, or POS system deployment, depending on your situation. However, I highly recommend the cloud-based solution for most businesses.
Plus, the online software integrates with apps like PayPal, Square, and Shopify to simplify cash flow management in one centralized location.
With their online solution, you can easily access your account anywhere globally with an internet connection. Plus, you can use the mobile app to take pictures of your bills and receipts rather than filing a heap of paper receipts in your office.
You also get access to features like:
Customizable invoices
Income and expense tracking
GPS mileage tracking
Automatic sales tax calculations
Bank and credit card integration
Expense categories
Standard reporting
And you can easily upgrade to an advanced plan if you outgrow the basic plan or need more advanced features. Some of their advanced features include 1099 management, inventory management, and time/attendance tracking.
So regardless of what you need, there’s a plan to suit your needs.
The cheapest plan starts at $25 per month. And you can add payroll services to your plan, starting at an extra $45 per month + $4 per employee per month with more advanced options available.
Furthermore, QuickBooks charges $0.25 + 2.9% for invoices, 2.4% for swipes, and 3.4% for keyed payments per transaction. Alternatively, they charge 1% for ACH transfers. And you can save up to 40% on transaction fees if you charge more than $7,500 per month.
Like FreshBooks, QuickBooks offers a 30-day free trial OR 50% off your first three months.
Get started with QuickBooks today!
#3 – Zoho Books Review — The best for businesses with 50+ customers/vendors
If you manage many clients and vendors, Zoho Books is one of the most affordable accounting software to consider. Their cheapest plan includes up to 50 billable clients, and they also have packages for up to 500 billable clients as well.
So, you don’t have to worry about exceeding your monthly limits.
Furthermore, Zoho Books includes access to powerful features like:
Tax compliance tools
Custom quotes and estimates
Automatic payment reminders
Vendor and expense tracking
Inventory management
Automatic bank feeds
Time tracking
Customizable invoices
Role-based access
40+ integrations
Zoho Books also offers an intuitive mobile app for managing your accounts on the go. With the app, you can track your mileage, reach out to customers, track your time, create invoices, and more.
Each plan also includes a private client portal for accepting payments, unlimited phone and email customer support, free SSL encryption, and open rest APIs to connect with third-party applications.
Furthermore, Zoho offers a wide range of other business tools that integrate seamlessly together. Running a subscription-based business? Or need advanced inventory management? Maybe you need extensive expense reporting for your team.
Odds are, Zoho offers what you need. You can bundle tools together to save money and create a custom business management system for your business.
I highly recommend starting with the Basic Plan ($9 per month) and upgrading to an advanced plan when and if you need to. The Basic Plan includes up to 50 contacts, two separate user accounts, and five automated workflows to simplify your accounting processes.
Zoho’s advanced plans include:
Standard — $19 per month for up to 500 contacts
Professional — $29 per month for more than 500 contacts
All of which are very affordable for businesses of all sizes. Furthermore, you can add extra users and 50 auto-scans for $2/month and $5/month, respectively.
Sign up for a 14-day free trial to see if Zoho Books is right for you today!
#4 – Sage 50Cloud Review — The best desktop accounting solution
Sage 50Cloud is a desktop accounting application seamlessly connected to the cloud. So, you get the speed and reliability of a desktop software paired with the flexibility and remote accessibility of using the cloud.
Furthermore, Sage offers cloud-based accounting software, so you’re not limited to the desktop application if that’s not your thing. However, their desktop solution is where they really shine.
You can securely access your accounts anywhere, anytime, allowing you to work when you want and how you want. So, you’re not limited to your desktop computer despite the benefits of using desktop software.
Plus, as the #1 rated accounting solution for small businesses, it includes features like:
Cash flow management
Flexible invoicing
Recurring invoices
Pay Now functionality
Accounts payable + banking
Automatic reconciliation
Advanced inventory management
Job and project costing
Payroll processing
As you can see, Sage 50Cloud includes a robust set of features you typically have to pay extra for with the other options on this list (i.e., payroll).
And with those advanced features comes an advanced price tag.
So if you’re looking for basic accounting software, you’re better off going with FreshBooks or QuickBooks. However, if you need these advanced features, pricing starts at $50.58 per user per month.
Their paid plans include:
Pro Accounting — $50.58 per month for simple accounting
Premium Accounting — $78.25 per month for advanced features
Quantum Accounting — $131.66 per month for all features
However, you can save a bit more by choosing an annual plan and paying in advance. Additionally, you can subscribe to Microsoft 365 for an extra $150 per year.
You can try Sage’s cloud-based accounting software free for 30 days with no installations and no credit card required. After that, you can purchase Sage 50Cloud if it’s a good fit for your business.
Get started today!
#5 – Wave Review — The best free accounting software
If you have a tight budget or need a simple accounting solution, Wave is an excellent choice. It’s an award-winning finance software for entrepreneurs and businesses of all sizes.
Plus… their accounting features are entirely free with no hidden fees or monthly payments. However, they charge a standard transaction fee of 2.9% (3.4% for American Express) + $0.30 for credit cards and 1% for ACH transfers.
You can also add payroll services starting at $20 per month. But accounting, invoicing, and receipt scanning are all free forever.
This free accounting software includes features like:
Unlimited income and expense tracking
Unlimited collaborators and accountants
Double-entry accounting system
Powerful reporting and analytics
Bank + credit card connections
Tax categories
Recurring invoices
Automatic payment reminders
Unlimited receipt scanning
2-business-day payouts
Plus, you get unlimited email support, as well. And if you’re wondering how Wave stays in business, it’s through their transaction fees and payroll services. So, yes. The software really is free forever, with no hidden fees.
Furthermore, you can download Wave’s mobile app to access and manage your accounts on the go from anywhere with an internet connection.
Sign up for a free account to get started today!
Summary
I recommend FreshBooks (for freelancers and individuals) or QuickBooks (for small teams). These two solutions are suitable for most users. They’re incredibly affordable, easy to use, and scalable. Plus, they include all your essential accounting features.
And if you’re on a tight budget, Wave is an excellent free alternative.
However, the best accounting software for you depends on what you need and what you can afford. So, feel free to use the characteristics we talked about as you go through the process of choosing the right software for your business.
What’s your favorite accounting software?
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Best Accounting Software
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Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.
82% of businesses fail because of poor cash flow management and subpar accounting practices. Yikes. It’s no secret that accounting is hard — and there’s a reason people spend their entire lives learning how to do it well.
But there’s good news.
You can avoid becoming a part of this statistic without heading to university to get a Bachelor’s (or Master’s) degree in accounting.
Enter… modern-day accounting software. It exists to help even the smallest businesses improve their bookkeeping processes, save time, and make fewer costly mistakes.
Plus, understanding your numbers can lead to smarter business decisions and improved overall business health/performance as well.
However, choosing the best accounting software isn’t easy, thanks to the thousands of options on the market. Which one offers everything you need without a slew of confusing features you’ll never use?
If you’re not sure how to answer that question, you’re in the right place. This article covers how to choose the right software, the different types of software, and my top five recommendations.
Let’s get started!
The top 5 options for accounting software:
FreshBooks – Best for freelancers and solopreneurs
QuickBooks – Best accounting software for small businesses
Zoho Books – Best for businesses with 50+ customers/vendors
Sage50 Cloud – Best desktop accounting solution
Wave – Best free accounting software
How to choose the best accounting software for you
There isn’t a one-size-fits-all accounting solution for every business in every industry. Furthermore, the size and complexity of your business play a role as well.
Because of this, it’s critical to understand your budget and software requirements before making any decisions. To help you out, these are the criteria I considered when creating this list.
Feel free to use them as you go through the process of making your final choice.
Number of clients, vendors, and users
It’s important to consider the number of clients and vendors you manage because certain plans limit the number you’re allowed to have. So be sure to pay close attention to the limitations of each plan before making your final decision.
Furthermore, you need to know how many user accounts you need as well. Some of the basic plans included in this list limit the number of users to one or two.
So, you may need to upgrade to an advanced plan to accommodate your needs if you need more than that.
Mobile accessibility
Make sure the software you choose offers a mobile app so you can manage payments, invoices, and cash flow on the go. It may not seem like an important feature now, but you never know when (and where) you need to access your accounts or send an invoice.
Client management
The best accounting software includes intuitive features that let you follow up on invoices and a portal where your clients can pay you. With internal client management tools, revenue and accounting are centralized in one location to simplify the process.
Plus, it’s easier on your clients.
Billing and invoicing
Most accounting software includes invoicing functionality but in different capacities. Some offer highly customizable invoices while others are easier to use with fewer customization options.
Furthermore, the software you choose should make paying invoices as easy as possible for your clients. Some other billing and invoicing features to consider include:
Automatic payment reminders
Payment due dates
Late fees
Recurring invoices
Ability to save client information
Payment processing options
One-click payments
Lastly, consider the payment processing fees associated with each software. Most charge a set percentage plus a small fee for credit card transactions and 1% for ACH transfers.
Receipt management
Many modern accounting tools make it easy to categorize and store digital versions of your receipts. All you have to do is snap a photo of your receipt and attach it to the associated expense in your account.
However, not every software includes this. So, if this is something you’re interested in, be sure to choose an accounting software with receipt management capabilities.
Banking
Connecting your bank accounts and credit cards to your accounting software makes account reconciliation a breeze. It also reduces the chances of human errors when making manual entries.
However, not every software offers this capability on basic plans (but all of my top recommendations do).
So make sure you opt for a software that includes this functionality.
Integrations
It’s important to consider the tools you’re already using to run your business. Why? Because the best accounting software for you integrates seamlessly into your tech stack with minimal hassle or headache.
So before you get started, make a list of everything you need and the tools you already use.
Then, make sure the top contenders on your list include your full requirements and the necessary integrations.
You can even schedule a call with a sales rep for each accounting software to walk through your list of requirements to make sure they can handle everything you’re looking for.
The different types of accounting software
When it comes to accounting software, you have several options. Some of them are better than others, but the best choice for you depends on your situation.
So let’s walk through your options before we dive into my top recommendations.
DIY spreadsheets
Spreadsheets are a free, DIY option if you’re on a tight budget. They work okay if you’re just getting started and have a limited number of business transactions.
However, they’re not a long term solution and they leave a lot of room for human error.
If you’re looking for a free option, I highly recommend Wave as an alternative.
Cloud-based accounting software
Most modern-day accounting software is cloud-based, making it easily accessible from anywhere with an internet connection.
And it’s usually billed on a monthly basis, scalable, affordable, easy to use, and built for small to midsize businesses.
Every option on this list falls under this category.
Database accounting software
This is a type of highly secure accounting software specific to enterprises and large businesses.
It’s very expensive and requires an in-house team of engineers and/or financial specialists to install and maintain.
Because of that, I didn’t include this type of software in my research.
Now, let’s dive into my top accounting software recommendations based on the size of your business and your specific needs.
#1 – FreshBooks Review — The best for freelancers and solopreneurs
If you’re a freelancer, solopreneur, or small business, FreshBooks is a great accounting software to consider. To date, they serve more than 10 million businesses around the world.
And the software complies with double-entry accounting standards, providing you with more in-depth insight into your finances and business transactions.
FreshBooks specializes in invoicing, but the tool also includes small business features, like:
Time and expense tracking
Recurring invoices
Automatic payment reminders
Automatic late fees
Multiple currencies
Project management
Client proposals
Tax calculations
Reporting and analytics
Furthermore, your account dashboard includes a birds-eye view of your business’s financial health. It shows outstanding invoices, total profit, revenue by source, expenses, and unbilled time all in one centralized location.
Plus, you can manage your books on the go using their robust mobile app.
And the software integrates with over 200+ business tools like Shopify, G Suite, Stripe, Zoom, Squarespace, and Gusto. So, you don’t have to worry about incompatibility with most of the tools you already use.
But like most accounting software, FreshBooks charges a transaction fee of 2.9% + $0.30 per transaction for credit cards and 1% for ACH transfers. However, these fees are pretty standard across the industry, and you don’t have to worry about any additional hidden costs.
Their paid plans start at $6 per month for up to five clients making it very affordable for freelancers, solopreneurs, and small business owners alike.
However, FreshBooks can scale alongside your business with other plans, including:
Plus — $10 per month for up to 50 clients
Premium — $20 per month for up to 500 clients
Select — custom pricing for more than 500 clients
Sign up for a free trial to take FreshBooks for a test drive today! Alternatively, you can save 50% off your first three months. However, you have to choose one offer or the other.
#2 – QuickBooks Review — The best accounting software for small businesses
If you’re running a small business or starting a new business from scratch, QuickBooks is a popular choice — and for a good reason. In fact, over 5.6 million users around the world trust them for their accounting needs.
From small businesses to self-employed individuals, QuickBooks offers an array of excellent accounting solutions to match your needs.
Furthermore, you can choose from cloud-based, desktop, or POS system deployment, depending on your situation. However, I highly recommend the cloud-based solution for most businesses.
Plus, the online software integrates with apps like PayPal, Square, and Shopify to simplify cash flow management in one centralized location.
With their online solution, you can easily access your account anywhere globally with an internet connection. Plus, you can use the mobile app to take pictures of your bills and receipts rather than filing a heap of paper receipts in your office.
You also get access to features like:
Customizable invoices
Income and expense tracking
GPS mileage tracking
Automatic sales tax calculations
Bank and credit card integration
Expense categories
Standard reporting
And you can easily upgrade to an advanced plan if you outgrow the basic plan or need more advanced features. Some of their advanced features include 1099 management, inventory management, and time/attendance tracking.
So regardless of what you need, there’s a plan to suit your needs.
The cheapest plan starts at $25 per month. And you can add payroll services to your plan, starting at an extra $45 per month + $4 per employee per month with more advanced options available.
Furthermore, QuickBooks charges $0.25 + 2.9% for invoices, 2.4% for swipes, and 3.4% for keyed payments per transaction. Alternatively, they charge 1% for ACH transfers. And you can save up to 40% on transaction fees if you charge more than $7,500 per month.
Like FreshBooks, QuickBooks offers a 30-day free trial OR 50% off your first three months.
Get started with QuickBooks today!
#3 – Zoho Books Review — The best for businesses with 50+ customers/vendors
If you manage many clients and vendors, Zoho Books is one of the most affordable accounting software to consider. Their cheapest plan includes up to 50 billable clients, and they also have packages for up to 500 billable clients as well.
So, you don’t have to worry about exceeding your monthly limits.
Furthermore, Zoho Books includes access to powerful features like:
Tax compliance tools
Custom quotes and estimates
Automatic payment reminders
Vendor and expense tracking
Inventory management
Automatic bank feeds
Time tracking
Customizable invoices
Role-based access
40+ integrations
Zoho Books also offers an intuitive mobile app for managing your accounts on the go. With the app, you can track your mileage, reach out to customers, track your time, create invoices, and more.
Each plan also includes a private client portal for accepting payments, unlimited phone and email customer support, free SSL encryption, and open rest APIs to connect with third-party applications.
Furthermore, Zoho offers a wide range of other business tools that integrate seamlessly together. Running a subscription-based business? Or need advanced inventory management? Maybe you need extensive expense reporting for your team.
Odds are, Zoho offers what you need. You can bundle tools together to save money and create a custom business management system for your business.
I highly recommend starting with the Basic Plan ($9 per month) and upgrading to an advanced plan when and if you need to. The Basic Plan includes up to 50 contacts, two separate user accounts, and five automated workflows to simplify your accounting processes.
Zoho’s advanced plans include:
Standard — $19 per month for up to 500 contacts
Professional — $29 per month for more than 500 contacts
All of which are very affordable for businesses of all sizes. Furthermore, you can add extra users and 50 auto-scans for $2/month and $5/month, respectively.
Sign up for a 14-day free trial to see if Zoho Books is right for you today!
#4 – Sage 50Cloud Review — The best desktop accounting solution
Sage 50Cloud is a desktop accounting application seamlessly connected to the cloud. So, you get the speed and reliability of a desktop software paired with the flexibility and remote accessibility of using the cloud.
Furthermore, Sage offers cloud-based accounting software, so you’re not limited to the desktop application if that’s not your thing. However, their desktop solution is where they really shine.
You can securely access your accounts anywhere, anytime, allowing you to work when you want and how you want. So, you’re not limited to your desktop computer despite the benefits of using desktop software.
Plus, as the #1 rated accounting solution for small businesses, it includes features like:
Cash flow management
Flexible invoicing
Recurring invoices
Pay Now functionality
Accounts payable + banking
Automatic reconciliation
Advanced inventory management
Job and project costing
Payroll processing
As you can see, Sage 50Cloud includes a robust set of features you typically have to pay extra for with the other options on this list (i.e., payroll).
And with those advanced features comes an advanced price tag.
So if you’re looking for basic accounting software, you’re better off going with FreshBooks or QuickBooks. However, if you need these advanced features, pricing starts at $50.58 per user per month.
Their paid plans include:
Pro Accounting — $50.58 per month for simple accounting
Premium Accounting — $78.25 per month for advanced features
Quantum Accounting — $131.66 per month for all features
However, you can save a bit more by choosing an annual plan and paying in advance. Additionally, you can subscribe to Microsoft 365 for an extra $150 per year.
You can try Sage’s cloud-based accounting software free for 30 days with no installations and no credit card required. After that, you can purchase Sage 50Cloud if it’s a good fit for your business.
Get started today!
#5 – Wave Review — The best free accounting software
If you have a tight budget or need a simple accounting solution, Wave is an excellent choice. It’s an award-winning finance software for entrepreneurs and businesses of all sizes.
Plus… their accounting features are entirely free with no hidden fees or monthly payments. However, they charge a standard transaction fee of 2.9% (3.4% for American Express) + $0.30 for credit cards and 1% for ACH transfers.
You can also add payroll services starting at $20 per month. But accounting, invoicing, and receipt scanning are all free forever.
This free accounting software includes features like:
Unlimited income and expense tracking
Unlimited collaborators and accountants
Double-entry accounting system
Powerful reporting and analytics
Bank + credit card connections
Tax categories
Recurring invoices
Automatic payment reminders
Unlimited receipt scanning
2-business-day payouts
Plus, you get unlimited email support, as well. And if you’re wondering how Wave stays in business, it’s through their transaction fees and payroll services. So, yes. The software really is free forever, with no hidden fees.
Furthermore, you can download Wave’s mobile app to access and manage your accounts on the go from anywhere with an internet connection.
Sign up for a free account to get started today!
Summary
I recommend FreshBooks (for freelancers and individuals) or QuickBooks (for small teams). These two solutions are suitable for most users. They’re incredibly affordable, easy to use, and scalable. Plus, they include all your essential accounting features.
And if you’re on a tight budget, Wave is an excellent free alternative.
However, the best accounting software for you depends on what you need and what you can afford. So, feel free to use the characteristics we talked about as you go through the process of choosing the right software for your business.
What’s your favorite accounting software?
Youtobe
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