Best Accounting Software for Small Businesses of 2024

For small businesses in 2024, several accounting software options stand out, each catering to different needs and budgets:

1. QuickBooks Online: A versatile and widely-used option, QuickBooks Online is particularly beneficial for businesses needing customizable features for specific industries, such as restaurants or nonprofits. It offers robust support, including access to a vast network of QuickBooks ProAdvisors, making it a top choice for businesses that may need expert help. However, it can be expensive for smaller businesses with limited needs.
2. FreshBooks: Best suited for freelancers and service-based businesses, FreshBooks excels in invoicing and time-tracking. It offers a range of plans that scale as your business grows, and integrates with over 100 third-party apps. However, its lower-tier plans are limited, and it may not be as comprehensive as other options for businesses needing advanced accounting features.

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1. Xero: Known for its user-friendly interface and excellent inventory management, Xero is a strong contender for product-based businesses. It offers unlimited users on all plans and integrates with over 1,000 apps, making it a flexible and scalable solution. However, it lacks phone-based customer support, which may be a drawback for some users.
2. Wave: If you’re looking for a budget-friendly option, Wave offers a free plan with unlimited invoicing and expense tracking. It’s a great choice for very small businesses or freelancers who need basic accounting tools without the cost. However, its features are limited compared to paid options, particularly in areas like inventory management and advanced reporting.

Each of these options has its strengths depending on your specific business needs, size, and budget​.

Here are additional details on some top accounting software options for small businesses in 2024:

5. Zoho Books: Zoho Books is highly rated for its affordability and comprehensive features, making it a solid choice for small businesses. It offers a suite of tools including invoicing, expense tracking, inventory management, and automated workflows. Zoho Books also integrates well with other Zoho products, such as Zoho CRM, making it ideal for businesses already using the Zoho ecosystem. However, while its customer support is generally good, some users report challenges with response times and resolution.
6. Sage 50cloud: Sage 50cloud combines the reliability of desktop software with the flexibility of cloud access, making it suitable for small businesses that prefer a traditional setup but want to access their data remotely. It offers strong inventory management and advanced features like job costing and industry-specific solutions. However, it is more complex and may require more accounting knowledge to use effectively compared to other options like QuickBooks Online or Xero.
7. Kashoo: Kashoo is a straightforward, easy-to-use accounting software tailored for freelancers and small businesses with basic needs. It offers features like invoicing, expense tracking, and simple reporting, and is known for its excellent customer support. While it lacks the advanced features of some other software on this list, its simplicity and cost-effectiveness make it a good choice for very small businesses or those new to accounting software.
8. NetSuite ERP: For growing businesses with more complex needs, NetSuite ERP offers a comprehensive accounting solution that integrates with a full suite of ERP tools. It’s ideal for companies that require detailed financial reporting, inventory management, and e-commerce integration. However, it’s a more expensive option and may be more than what very small businesses need.

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5. ZipBooks: ZipBooks is another affordable option with a strong focus on ease of use. It offers features like invoicing, time tracking, and simple financial reporting. ZipBooks also includes a built-in credit card processing system, which can be convenient for small businesses looking to streamline payments. However, it lacks the depth of features found in more robust platforms like QuickBooks or Xero.

These options provide a range of features and pricing models, so you can select the one that best fits your business size, industry, and accounting complexity.