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Top 5 Accounting Software Used By Businesses Across USA
Accounting can be defined
as the language of the business. Entrepreneurs must know exactly how good or
bad their financials are. Therefore, the accuracy of their bookkeeping and
final accounts plays an important role in making critical decisions, which
ensures the long-term success of their business.
Moreover, maintaining
accounting data is essential for businesses as it provides insights into
financial performance, facilitates compliance with legal requirements and tax
planning, enables financial monitoring and control, builds investor and
creditor confidence, supports business performance evaluation, and aids in
business planning and forecasting.
Accurate and up-to-date
accounting data allows for informed decision-making helps track income and
expenses, and provides a benchmark for evaluating business performance. It also
plays a crucial role in securing funding and loans, identifying financial
issues, and setting realistic budgets and forecasts.
Furthermore, most
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your business without any worries.
Let's explore the top
five widely used accounting software in the USA.
1.
ZOHO BOOKS
If you're a fan of Zoho
apps, you'll love Zoho Books. It's a comprehensive accounting software that
meets all your basic needs. With Zoho Books, you can easily send invoices,
reconcile accounts, track expenses, and generate reports. It is Zoho Books'
integration capabilities that set it apart from others. You can connect your
bank account, payment processor, e-commerce platform, and more, giving you
real-time visibility into your finances.
The software also offers
advanced features like project accounting and time tracking. If your annual
revenue is under $50,000, you can sign up for the free plan, which gives one
user access to manage clients, create invoices, import bank statements, and
track expenses. The standard plan, priced at $15 per month (billed annually),
offers additional support options, custom fields, reporting tags, and bulk updates.
The professional plan is priced at $40 per month (billed annually) and the
premium plan is at $60 per month (billed annually).
2.
FRESHBOOKS
FreshBooks is a
user-friendly accounting software designed for small business owners without an
accounting background. It simplifies tasks like creating and sending invoices,
tracking expenses, managing projects and clients, and viewing reports. In
addition to its standard plans, FreshBooks also offers a custom plan with
personalized pricing for businesses with more complex needs.
If you have five or fewer
clients, you can subscribe to FreshBooks' Lite plan for $17 per month. This
plan includes unlimited expense tracking, estimates, credit card and bank
transfer acceptance, sales tracking, reports, and unlimited invoicing for up to
five clients.
Well, for up to 50
clients, the Plus plan is available at $30 per month. It offers everything in
the Lite plan, along with features like recurring billing, client retainers,
business health reports, double-entry accounting reports, accountant invitations,
and mobile mileage tracking. The Premium plan, priced at $55 per month,
provides unlimited billable clients and invoices.
3.
XERO
Xero is a highly popular
accounting software specifically designed for small businesses. Their Early
plan, priced at $13 per month, offers basic features like reconciling bank
accounts, capturing bills and receipts, and providing short-term cash flow and
business overview. As your small business expands, you can upgrade to larger
plans. By paying an additional $40 per month, you can include Payroll with
Gusto in any plan.
For $37 per month, you
can access the Growing plan. This plan allows you to send unlimited invoices
and quotes, and enter unlimited bills. It also provides the convenience of bulk
transaction settlement. If you choose the Established plan, priced at $70 per
month, you'll receive all the features of the Growing plan, as well as
additional capabilities such as project tracking, multi-currency support,
expense claims, and detailed data analytics.
4.
QuickBooks
QuickBooks is a popular
accounting software that freelancers love for its simplicity. It starts at $30
per month and offers features like tracking income and expenses, invoicing,
accepting payments, maximizing tax deductions, generating reports, organizing
receipts, tracking mileage, managing cash flow, monitoring sales and sales tax,
sending estimates, and managing 1099 contractors.
Moreover, for $55 per
month, you can upgrade to the Essentials plan, which allows up to three users.
This plan includes additional capabilities such as bill management and time
tracking. If you choose the Plus plan for $85 per month, you can have up to
five users and gain access to inventory tracking and project profitability
analysis.
5.
Sage Business Cloud
Accounting
Sage Business Cloud
Accounting is a great option for microbusinesses as it offers a range of useful
features and integrations at an affordable price. The software starts at $10
per month with the Sage Accounting Start plan, which includes basic features
like creating invoices, automatic bank reconciliation, and tracking what you're
owed.
Their Sage Accounting
plan is typically priced at $25 per month and it provides unlimited users,
quotes, estimates, cash flow forecasts, purchase invoice management, and the
ability to automatically capture and organize receipts for free during the
first three months.
Conclusion
Accounting software is a helpful tool that your businesses can use to make financial management easier. It automates important tasks like creating invoices and reconciling accounts, ensuring accurate records, and saving time. When choosing accounting software, you should consider your specific needs and prioritize them. While there may not be a perfect software for every business, it's important to find the one that meets most of your requirements.
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