Top 8 Small Business Accounting Software Picks (2024)

Top 8 Small Business Accounting Software Picks (2024)

While there is no shortage of small business accounting software available today, choosing the right tool to manage your ecommerce accounting needs can be challenging. With so much overlap in functionality and differences in pricing, it’s all too easy for business owners to end up choosing the wrong accounting tool. Even after a modest length of time, switching to another accounting program can seem more of a hassle than it’s worth––a great example of the sunk cost fallacy––which makes choosing the right tool in the first place particularly important.

Ahead, discover the best accounting software for small businesses in 2023.

Top online accounting software picks for 2023

• Best overall small business accounting software: QuickBooks Online
• Best accounting software with customer support: FreshBooks
• Best free accounting software: Wave
• Best accounting software for beginners: Zoho Books

8 best small-business accounting software tools

1. FreshBooks

Best accounting software for customer support

One of the most popular and well-known small business accounting tools available today is FreshBooks. FreshBooks’ accounting software includes smart technologies and back-office automation designed to reduce manual data entry and make bookkeeping easy. Users can easily access important financial statements like:

• Balance sheet
• Income statements
• Cash flow statements

Pros:

• Highly rated customer support
• Time-tracking and mileage tracking features included in all plans
• Wide range of cloud accounting features

Cons:

• Limited number of users and clients
• Lowest-tier plans don’t offer bank reconciliation or accountant access
• No quarterly tax estimates

Available for: Web application (cloud-based software)
Mobile app: Android, iOS
Price: Plans begin at $4.50 per month for lite plan
Free trial length: 30 days
Shopify app or integration: Yes

2. Wave

Best free accounting software

Many of the small-business accounting software tools on this list are inexpensive. But for newly launched independent businesses with little cash to spare, any additional expense can break the bank. Wave, an accounting tool designed for small businesses, understands that problem, which is why it’s 100% free. Wave Accounting can do almost everything premium accounting software tools can do, including expense management, banking reconciliation, payroll, and invoicing.

Pros:

• Completely free
• Double-entry accounting reports
• Unlimited users with control over user permissions
• Unlimited invoice creation with customizable templates
• Mobile invoicing accounting app

Cons:

• No phone support; live chat only available for paid add-ons (Wave Payments and Payroll)
• No updates planned for current features
• No advanced accounting options

Available for: Web application (cloud)
Mobile app: Android, iOS
Price: Free
Free trial length: n/a
Shopify app or integration: No

3. Zoho Books

Best mobile accounting software

Zoho Books is an online accounting software with accounts payable, accounts receivable, and inventory management capabilities. The invoicing software is blazing fast and its bookkeeping software offers a lot of features for a good price. Zoho Books is a great alternative to more expensive options like QuickBooks Online and can still meet all your business needs.

Pros:

• Most accounting tasks possible through the mobile app
• Fairly powerful free version of software
• More affordable than similar accounting software
• Multicurrency capabilities in top tier plan

Cons:

• Must pay for advanced features like project tracking and workflow automation
• No ability to track fixed assets like real estate, land, or equipment
• Limited number of users with each tier

Available for: Web application (cloud)
Mobile app: Android and iOS
Price: Free for businesses generating less than $50,000 per year in revenue; paid plans start at $15/month
Free trial length: 14 days
Shopify app or integration: Yes