Every business is different, and accounting software that keeps track of finances needs to be able to reflect this. Finding the right software for your small or medium-sized business is necessary for your continued success, and room for growth. Here we have compiled a list of the best accounting software, updated for 2020.

Top 5 accounting software options for small and medium-sized businesses

QuickBooks

QuickBooks is a relatively well-known option, and constantly tops lists of the best accounting software. There are a number of different versions of this product, but QuickBooks Online is the format that most businesses find useful. This product is vast and comes with a number of different functions, so you can customize it to suit your exact needs. It really does offer everything that you need from accounting software, no matter what kind of business you run. It’s easy to navigate, and customer service is part of all of the plan options.

They offer a free 30-day trial and after that, prices begin at $10 per month for small business owners. Quickbooks Online has different packages depending on what your needs are. It’s worth it for a program that can be easily scaled as you grow. The brand’s reputation precedes it, and you can be sure that this software is a good investment.

Xero

One of the benefits of Xero is that it can be used on mobile devices, as well as desktop computers. Their software is comprehensive and offers over 500 tools that allow you to customize it to your exact needs.  One of the greatest aspects of Xero is that it’s so easy to import data from whatever system or software you were using before. It can convert old records from QuickBooks, and is capable of using existing files in CSV or TXT formats.

This software offers a free 30-day trial so you can get a feel for whether it will fit your business or not, and monthly payment plans after that are not too expensive compared to others. Package prices begin at $20USD per month for their Starter service. Most clients choose to go with the Standard Package at $30USD per month.

Sage 50cloud

This software is expensive and complex, which may not be necessary for every small or medium-sized business. But for those who have been searching for something with more extensive capabilities, it might be exactly what you need. This software offers accounts payable and receivable services, customer billing and invoicing, cash management, as well as payroll and employee management options. This software must be used on a desktop computer and not a mobile device, due to the fact that is has been fully integrated with Microsoft 365. The inconvenience of not being able to use it on the go is shadowed by the integration, which for some businesses, might be more useful.

It appears as though this software doesn’t offer a free trial, and their plans are relatively expensive compared to other small/medium business alternatives. Their software costs $29.95 per month, and this includes all their software features, plus customer support. For many people, this software is worth the money without the need for free testing, but you may want to do your research to be sure.

Zoho Books

Zoho Books is a great software choice for companies that work remotely, mostly through cloud-based systems. They offer great tracking for time management and projects, The only downfall to Zoho Books is that they are incredibly limited when it comes to payroll integration. If you have a different setup for this specific task then it’s fine, but if you wanted software that could do it all, you may need to look elsewhere. Aside from that, the system is incredibly easy to use, and they offer great customer service and support.

Zoho offers a free 14-day trial, and then payment plans after that start at $9. It does have different levels, so there is room for your business to grow, but you also don’t have to pay for more expensive features and options if your company is not there just yet.

SlickPie

SlickPie is another software system that works via the cloud, for those who don’t necessarily operate out of a single office. It can be used on both desktops and mobile devices, and its mobile app is far more useful than most other accounting software options. It can be used to send invoices to customers, bank reconciliation, generate reports, and tax management. This software is not designed to be able to offer payroll or employee management. For some businesses, this may not be an issue, and they may receive that support from different software. But for those who are trying to streamline their programs, SlickPie may not be the most efficient choice.

SlickPie offers a free trial of their services, and then after that, it costs $39.95 per month. They do not offer different plans, everyone has immediate access to all services.

 

The best accounting software will be the one that meets your needs

Clients of our firm, tend to work most with Quickbooks Online or Xero as these are the two most popular choices when it comes to cloud-enabled accounting systems. Understand exactly what it is that your business needs and expects from accounting software. Of course, the needs of each company are going to look different, so there is no objective way to determine what accounting software is the best. If you are looking to grow and expand, you want software that you can scale with you, and can offer greater services when you need them. Take advantage of the free trials, and don’t be afraid to experiment, until you find a solution that works for you.

 

Do you still need help?

If your small or medium-sized business is still struggling, Centrosome is available for support. We offer our services to businesses throughout Canada and the United States, and we can easily help you find accounting software that works for you. We also offer wider accounting and bookkeeping services, catering exactly to your company’s needs. Our services help your business grow, and they give you the peace of mind to focus on other pressing aspects of running a company.

Get in touch today to see how we can help transform your business.