Comparing Top Accounting Software for Small Business
“Now where did I put that all-important document which is so needed right now?”
Running a business generates plenty of documentation. If it’s all sitting somewhere in a box collecting dust, know that there’s a better way.
Online accounting tools to your much needed rescue!
Using our extensive experience, we want to share two quality time-savers. Hopefully making your final decision painless.
That journey starts now.
Benefits of Accounting Software for Self-Employed Individuals
Accounting software for small business owners keeps finances in order. And structure promotes a healthier business.
Especially for those newly self-employed, it’s a nice introduction to the world of accounting. If math wasn’t your favorite subject, it also makes your business numbers less intimidating.
Plus who doesn’t get excited when they learn that their hard work is generating a profit?
Rewards of this technology:
- Better insights into the overall financial state of your operation
- Ability to keep reporting simple or expand as you grow
- Tutorial for new solopreneurs in metrics that actually matter
When you’re first starting out, these tools aid your business operations. And can be managed by you.
But hopefully your venture will scale and present you with new opportunities. Thus justifying
handing off this responsibility to a professional.
Working from home, you don’t need to deal with complicated accounting principles. All you want is a surface level idea of what’s working and what isn’t.
That’s actionable intelligence to inform your decision making.
But maybe you have everything on paper still. That’s okay, we’ll help with the shift.
Why You Should Transfer Physical Books to Accounting Software Online
There’s nothing wrong with traditional methods of tracking cash going in and out. Despite that, it may be holding you back.
Let us explain.
In our personal lives, physical bills and receipts usually end up in a filing cabinet. To be sorted out when tax season pops up. However, this system isn’t efficient.
When it comes to your business, productivity is something you want to increase over time. Whether it’s with
credit card reconciliation. Or any other number of important bookkeeping tasks.
Results of software implementation:
- Better organization of income, expenses, and cash flow
- Dashboard provides a quick snapshot on the go
- Calculations are done automatically within the platform
- Streamlines records for an accountant working outside of your area
The initial logging in of previous records will take some time. But after that, future reporting will be smooth. And more effective.
Please note that we actually double check all client numbers by hand at our firm. As will any accountant worth their salt.
So there’s still benefits to pen, paper, and calculator.
Next, we’ll compare two common options for your business.
What is the Most Commonly Used Accounting Software?
There is a popular choice for accounting software. QuickBooks.
However, it’s not the only quality option.
Xero is a favorite of ours. We’ll show how this New Zealand-based software company matches Quickbooks in many areas.
QuickBooks
Plenty of accountants are familiar with QuickBooks Online. Which is their cloud-based platform.
As it’s been around for some time, there is an abundance of resources to help with onboarding. This allows you to learn as you go. Instead of being overwhelmed with hours of training.
Besides a real-time picture of your financial health, it offers other pros. But as with all software, there are cons as well.
Positives:
- Support available on all plans
- Integrates with many third-party apps
- Well established name in the industry
- Scales nicely alongside your operation
Negatives:
- Syncing with banks can run into security issues
- Plans can get pricey as you add-on more features
- To increase user amount, upgrading is required
Overall, QuickBooks is good if your business tool’s budget is a little higher. But there’s a viable alternative for younger businesses.
Xero
If you’re in a niche market, this is a good option. Because it integrates with over 700 apps.
Visually, QuickBooks can appear too busy for some users. They might have trouble initially determining what numbers matter most. This isn’t the case with Xero.
Boasting a simple and clear interface, it is a nice piece of accounting software. Restaurants will like its straightforward way of managing inventory.
They can even collect payments through a Stripe integration.
In our opinion, the pros of this tool outweigh the cons.
Positives:
- Inventory management is simplified
- Allows real-time collaboration between your team
- Affordable for self-employed or small businesses
- Reports are clear and easy to understand
Negatives:
- More established businesses have limited features
- Customer service could be improved
- Must pay fees for ACH payments
You’ll make the right decision for your particular business needs. Review both options and see which one checks off the most boxes.
Your goal should be finding a cost-effective tool. And user-friendly as you handle the financial side of your venture.
What Software Do Accountants Use?
Accountants like us deal with various industries and business sizes. Plenty in the United States choose QuickBooks in order to serve their clients.
Not a bad choice.
Personally, we prefer Xero. But we’re certified in both Quickbooks and Xero management.
Either way, there are bonuses for transitioning from paper records to the electronic variety.
Perks for the small business owner:
- Given more time back for revenue-generating activities
- Receives weekly report of cash flow with advice
In competitive industries like food service, these up-to-date numbers matter. Accounts receivable (AR) and Accounts payable (AP) are another area you won’t have to worry about.
Wrapping up, you have a second option over managing the finances yourself.
Blue Slate Accounting Outsourced Bookkeeping Company
Something is missing from the bookkeeping field.
A human approach to personalized business services. Pittsburgh, PA is our home, but we’ve worked with small to mid sized businesses across this great nation.
Aiding their pursuit of a financially healthy venture.
Expect tailored recording from your personal Blue Slate Accounting team member:
- Matching receipts to bank and credit card statements
- Bank account, credit card, and loan reconciliations
- Applying customer payments to in-house generated invoices
- Accounts Receivable tracking and invoicing services, including reminder letters
- Accounts Payable tracking and bill payment services
We provide a quick, realistic weekly snapshot of your cash flow. Allowing you to make informed monetary decisions.
Outsource your bookkeeping solutions today. And
take the first step towards profitability and contentment in your business!









