Top 5 Small Business Accounting Apps In 2024

In the fast-paced landscape of small business management, choosing the right accounting app is paramount for efficient financial control. With the ever-evolving technological advancements, 2023 brings a plethora of options tailored to meet the needs of small businesses. 

Let us now unveil the top five small business accounting apps that stand out with their innovative features, user-friendly interfaces, and seamless integrations. Read along to discover how these cutting-edge solutions can empower your business with financial success.

What Are Small Business Accounting Apps?

Small business accounting apps are modern-day financial superheroes, revolutionizing the way entrepreneurs manage their business finances. These powerful digital tools are designed to streamline bookkeeping tasks, automate invoicing, track expenses, and generate insightful reports all while staying aligned with the latest accounting trends.. 

From startups to established enterprises, small business accounting apps cater to diverse needs, empowering business owners to stay on top of their financial game with ease. Embrace the future of financial management and unleash the true potential of your business with these innovative apps by your side.

Comparison Table Of The Leading Business Accounting Apps Of 2023

Detailed Insight Of The Accounting Apps

QuickBooks – Best For Overall Everythings

Quickbooks is a leading and user-friendly accounting software designed for businesses of all sizes. It simplifies financial management by providing a comprehensive suite of tools for invoicing, expense tracking, payroll, and more.

Features

• Creating & Sending Invoices 
• Get Complete Bank Feeds
  Managing Inventory In Real-Time
• Use The Mobile App On The Go
  Send, Record And Adjust Reports In Multiple-Currencies 
• Keep Information Safe And Compliant
• Expense Tracking And Organizing
• Organize Expense In Tax Categories
• Capture & Organize Receipts 
• Get Previous, Current And Future Business Insights
• Manage Cash Flow 

Pros & Cons 

Who Is It For?

QuickBooks suits small businesses with a technology budget due to its higher cost. It offers an easy learning curve for inexperienced bookkeepers while providing advanced accounting software for more experienced users.

FreshBooks – Best For Sole Proprietors

FreshBooks is a popular cloud-based accounting software designed to streamline financial management for small businesses and self-employed professionals. With its user-friendly interface and a range of features, it simplifies tasks like invoicing, expense tracking, time tracking, and project management. 

Features 

• Invoice screen enables customization and branding of invoices with a preview option.
• Estimates and proposals can be converted into invoices in FreshBooks.
• The mobile app offers features similar to the browser version.
• It supports multiple languages and currencies.
• FreshBooks integrates with over 100 third-party applications.
• Setting user roles and permissions enhances security, restricting access to sensitive data to authorized users.

Pros & Cons

Who Is It For?

FreshBooks caters to a diverse audience, from freelancers to small businesses, ensuring smooth and efficient financial operations. Thus, it is highly recommended for sole proprietors and small companies, even those with a few employees, although it can scale for larger businesses too. It serves very small enterprises for essential financial tasks such as invoicing, account monitoring, payment processing, income, and expense tracking. 

Additionally, it offers advanced features like project management, mileage and time tracking, and detailed reports to cater to more complex business needs.

Zoho Books – Best For Overall Features

Zoho Books is an intelligent online accounting software that streamlines back office operations, automated workflows, and facilitates secure collaboration with accountants. It caters to businesses of all sizes, including services, consulting, and marketing companies. 

With a variety of features like cash flow management, Zoho Books offers a comprehensive solution for efficient financial management.

Features

• Creating & Sending Invoices 
• Get Complete Bank Feeds
  Managing Inventory In Real-Time
• Use The Mobile App On The Go
  Send, Record And Adjust Reports In Multiple-Currencies 
• Keep Information Safe And Compliant
• Expense Tracking And Organizing
• Organize Expense In Tax Categories
• Capture & Organize Receipts 
• Get Previous, Current And Future Business Insights
• Manage Cash Flow 

Pros & Cons

Who Is It For?

While ideal for businesses using other Zoho applications, it also suits small, growing, and established businesses seeking customizability, depth, and usability. Very small businesses might find its features overwhelming, but companies with more advanced needs will appreciate its offerings.

Xero – Best For Integrated Add Ons

Xero Accounting – your ultimate ally in driving business success! Packed with a remarkable array of features, Xero simplifies the way you handle bills, expenses, invoices, and payments. Stay on top of your finances with real-time updates, automated reminders, and precise accounting reports. 

With Xero, you can effortlessly manage inventory and enjoy smooth integration with your bank and payroll software. Get the best of efficient bookkeeping with Xero Accounting.

Features 

• Cash flow management
• ACH payment processing
• API integration
• Account reconciliation
• Comprehensive accounting capabilities
• Accounts payable management
• Accounts receivable management
• Accrual accounting support
• Approval process control
• Invoicing
• Balance sheet management
• Expense tracking 

Pros & Cons

Who Is It For?

Xero is a robust accounting solution designed for small businesses seeking comprehensive and well-integrated features. It stands out with powerful reporting options and the ability to track fixed assets, setting it apart from competitors. 

While the user experience is not cutting-edge, it remains relatively easy to learn. However, Xero may not be the best fit for sole proprietors or freelancers, despite offering a starter pricing level suitable for smaller budgets.

Sage Accounting – Best For Quick Customer Service

Sage Accounting is an excellent gateway to simplified financial management! With its powerful yet intuitive features, Sage Accounting offers a seamless experience for businesses of all sizes.

There is none to less complexity with Sage Accounting. With it, you get effortless bookkeeping, invoicing, expense tracking, and more. Let Sage Accounting be your trusted partner in driving financial success, so you can focus on what truly matters – growing your business.

Features 

• Efficient bill tracking and payment management
• Easy handling of expenses and reimbursement claims
• Seamless bank connection and automatic bank feeds
• Convenient online payments via credit/debit cards or direct debit from invoices
• Streamlined quoting, invoicing, and payment processing for jobs
• Smooth payroll management with Gusto integration
• Real-time account balances and financial updates
• Effective contact management
• Secure online file storage for documents and essential data
• Inventory software for precise stock level tracking and invoice generation
• Automated invoice sending and reminders
• Multi-currency accounting for payments in over 160 currencies
• Online purchase order creation and professional quotes generation.

Pros & Cons

Who Is It For?

Sage Accounting is ideal for businesses seeking strong inventory tracking and advanced accounting features. It offers customizability and ample data capacity, making it suitable for those comfortable with desktop software. Remote employees can share company data through Sage’s Remote Data Access, enhancing collaboration.

Methodology:

In our quest to find the best accounting software for small businesses, we meticulously evaluated 10 top providers out of which 5 best ones are stated here. We have used a total of 20 different metrics. To prioritize features that matter most to small businesses, we assigned weights accordingly.

Key Metrics:

Pricing: 

We examined rates, comparing each provider’s features to ascertain their value for the price. Long-term discounts, contract-free plans, money-back guarantees, and hidden fees were also considered. Pricing contributes to 5% of the total score.

General Features: 

Not all businesses have the same accounting needs. We analyzed essential features like expense tracking, reconciliation, and reporting, along with unique capabilities like mileage tracking and quotes. This section holds 55% of the product’s total score.

User Reviews: 

Third-party user reviews played a vital role in assessing each provider’s performance and validating their claims. This section contributes 5% to the final score.

Expert Score: 

Leveraging our hands-on experience in accounting and using this software, we determined the top contenders in our roundup. This evaluation amounts to 35% of the final ranking.

Final Words

The best accounting software must strike a balance between affordability, rich features, and user-friendliness. Easy adoption and accurate accounting tracking ensure effective utilization by your team. Hopefully, you can find the one that suits your requirements the most here on our blog.