3 Online Accounting Software Selections for Small Business
As cloud computing gains in popularity, the provision of online accounting software is growing. Many small business owners want a software which has an intuitive and easy-to-use interface that lets them bill customers, enter expenses and look their bank balances,. We should also be able to access from anywhere (you never know when the desire to do your accounting, strikes!) I have checked out 3 cost effective, multi functional alternatives below:
Quickbooks Online: The basic version, at $9.95 each month, provides you will a chance to track your invoices and expenses, including sales taxes, and to see where you stand with regards to your payables and receivables. It also allows you to customize and create invoices, and provides many reporting options. You can manage your account from the Windows or Mac platform along with your iPhone and BlackBerry. Only 1 user can login at a time (+ your accountant). There isn’t any limits on the quantity of the customers or transactions.
An upgrade to $34.95 per month gives you a host of other functions including inventory tracking, automated banking (which lets you download your bank transactions in your QB file), time tracking, industry comparisons about three simultaneous user access.
Payroll and charge card processing are available as add-ons and have to be purchased separately.
Either version allows a free trial and can be cancelled anytime.
Xero: Although the company is located in New Zealand, small businesses anywhere may use the software. The functionality resembles Quickbooks except that he plan price differential is much smaller with Xero. The small plan at $19 a month allows for 5 customer and vendor transactions and 20 bank transactions per month which could be problematic for anybody who has more than 5 customers or clients. The medium and enormous plans at $29 and $39 each month, by comparison, allow for unlimited transactions. Also, unlike Quickbooks, Xero allows unlimited users for many it’s plans and offers a multicurrency feature.
Clarity Accounting: For small enterprises whose need to track invoices, expenses, payables, receivables and bank balances, this may seem like the ideal solution. For $10 a month, an individual can enter unlimited transactions, create invoices, enter expenses, create financial reports and download their bank statements. User access is unlimited, and they support multicurrency transactions.
Clarity notably lacks a smartphone app and a payroll add on feature, which is often tedious if you have employees.
All three options provide a similar service, by incorporating noteworthy differences. Quickbooks offers payroll, credit card add-ons as well as inventory tracking with their plus version, but does not allow for unlimited users or multicurrency transactions. Xero’s medium plan (the little plan seems just a little unrealistic for most small businesses) supports multicurrency and unlimited transactions, but can be a twice as expensive as Quickbooks basic plan. Clarity is definitely a cost effective choice with the exception that it does not support payroll and have an accompanying smartphone app. The choice, of course will depend on your requirements what you are willing to spend. All versions provide a free trial, so it is absolutely worth the cost to try them out and assess which one you are most comfortable with.