The 9 Best Small Business Accounting Software of 2023

When I clicked “invoice” from this drop-down, I was taken to an invoice template with my company information already populated. I was invited to upload my logo to create a branded invoice. It was easy to click fields to add items and adjust invoiced amounts.

QuickBooks Live

Xero earns a 4.4-star rating on Capterra and a 4.3-star rating on G2. They appreciate that the software’s automations create business efficiencies. Overall, they have mixed feelings about its affordability for what is the journal entry to record prepaid rent small businesses and the quality of its customer service. Many complain that the software needs more bank feed integration options and customization options.

Best hands-off solution: Bench

1. Book a demo today to see what running your business is like with Bench.
2. Its features include automation of tasks, Gusto payroll processing, balance sheet production, income statements, accuracy checks and transaction databases.
3. QuickBooks Online is definitely among the most popular accounting software for small businesses, and its thorough accounting features definitely make it the best accounting software for many users.
4. From there, you can easily retrieve documents to attach to invoices as necessary.
5. Each report offered a description and useful information to help me interpret the report when I hovered over the question mark in the top corner of each report.

FreshBooks offers a straightforward approach to managing finances, making it exceptionally accessible for beginners and established businesses alike. With a clear interface and features such as easy invoicing, expense tracking and timekeeping, users can navigate their financial tasks without a steep learning curve. The platform prioritizes simplicity, ensuring that even those with minimal accounting experience can maintain accurate and organized records. As an online cloud-based accounting software, QuickBooks Online was made specifically for non-accountants (unlike the clunkier QuickBooks Desktop, which was made for accountants).

How To Choose an Online Bookkeeping Service

Testing out free demos and free trials can help you get a feel for these products’ usability before committing to them. No third-party integrations, mileage tracking feature or ability to accept in-person card payments. Phone and chat support, plus a dedicated account representative in all plans.

We also looked at real customer experiences to determine if their expectations were met based on what each company promised. After assigning a weighted score to each category, we formulated rankings for each company. When you have a Small Business Plus plan or higher, you get unlimited online support. All plans come with onboarding, a dedicated bookkeeper and account manager, reconciliation at month-end, balance sheet, P&L, statement of cash flows and a portal with document storage. Higher-tiered plans unlock more transactions and a more frequent service level.

I didn’t have to spend time trying to figure out where features were because they were in intuitive places within my navigation process. In addition, call-to-action buttons helped me know what I needed to do to customize the platform to my needs, such as adding a bank account or filtering reports. You can use AccountEdge to track time based on the job or project. The software even allows a breakdown of tracked time based on billable and non-billable activities within each project or job. From there, you can track job progress based on its income, expenses and profit margin, then easily turn timesheets into invoices. Time billing reports further allow you to view time billing for activities, customers, employees, jobs, rate levels and productivity.

If you log more than a few transactions a month, the lack of automation adds major time and hassle—you’ll want the $40 a month (or $50, billed monthly) Professional plan instead. Intuit QuickBooks Online is used by thousands of small businesses, and for good reason. This cloud-based software has a robust set of features that can be easily accessed online or through its mobile app. As I’m setting up the accounting software, I’m going to check in with a certified public accountant to make sure I’m on the right track.