Accounting software can make life easier for any business. We take a look at some of the best accounting apps you should be using in 2020.
Whether your small business is established or growing, accounting software is absolutely necessary for the smooth operation of your business.
By keeping track of assets and liabilities, you have a greater ability to track the health of your finances and retaining peace of mind during tax time.
How can you do this most effectively and still get the features you’re looking for?
Do a little research to find what will work best for you and keep reading to see some options you may have. With this in mind, read on for our overview of the best accounting apps for 2020!
Best Free Software: Wave
Wave is great if you need simple, clean software that’s easy to use and most importantly, free. Even though it’s free, Wave still offers robust features and an easy to understand UI that holds up to its competitors.
There are no ads – Wave acquires revenue by recommending paid financial services.
Wave integrates with your bank account easily so you can keep track of expenses in real-time. You also have the ability to send invoices and collect payments through emails you send to clients, which saves you time through automatic reminder emails.
Best for Freelancers: Freshbooks
Catering to sole proprietors and solo business owners, Freshbooks provides an intuitive, simple, on-the-go accounting solution. With a 30-day free trial and a $15 a month lite plan, you’ll have an ample amount of time to try it out without breaking the bank.
Freshbooks offers the industry-standard bookkeeping method of double-entry, giving you a better insight into your finances.
You’ll also be able to create invoices and track time through its attractive UI.
Best for Cloud-Based Accounting: Xero
Xero is an affordable option for small businesses that prefer to have their information backed up through the cloud. Its scaling pricing model enables businesses of all sizes to take advantage of what the software has to offer.
Its Early plan starts at $9 a month and increases to $30 and $60 a month. However, all plans include unlimited users, live bank feeds, and reports. Xero is also known for its robust client portals and client management.
Clients will be able to comment on invoices while you keep their basic information organized.
You can even create smart lists, which enables you to target specific groups of customers for things like discounts and promotional deals.
Best Overall: QuickBooks
This list wouldn’t be complete without QuickBooks. It has the most features of any accounting software and comes with a wealth of support information, from text tutorials to video guides.
There’s a learning curve in order to use all these features effectively, but you’re rewarded with knowledge of the software that can work for all your business needs throughout your lifetime.
However, if you don’t need all the features of QuickBooks Enterprise 2019, QuickBooks also offers QuickBooks Self-Employed.
At only $15 a month, you’ll be able to do some basic expense and mileage tracking, invoicing, and estimating quarterly taxes.
The Best Accounting Apps for Your Business
Although you have a wide variety of accounting apps to choose from, remember that the best accounting software is the one that you’ll regularly use. This means you’ll need to be motivated to learn about how to use it effectively.
If you’re struggling to find guides or tutorials or find that you’re not keeping up with your expenses, you’ll know it’s time to find a better app that suits your needs.
Keep reading our blog for more advice on how to improve your small business!