Choosing the Best Online Accounting Software

If you are a business owner you will most likely will have to do your own accounting. It doesn’t have to be difficult, if you have the right software that is. If you are wanting to save that money you’d otherwise fork over to a high priced accountant, take a look at the online accounting options below. They all have a slight learning curve but it’s definitley doable for the novice accounting person.

Best Online Accounting Software for…

6213126679_c4f76f603c Small Business Overall QuickBooks Online. Choose from three plans, starting at $9.99 per month. …
6213126679_c4f76f603c Mobile Devices FreshBooks. Choose from four plans, starting at $9.95 per month. …
6213126679_c4f76f603c Free Wave Accounting. Free (with ads visible) …
6213126679_c4f76f603c Really Small Businesses Zoho Books.

Today’s freelancers, work-at-home moms, and small business owners have more choices than ever when it comes to accounting and bookkeeping services. Gone are the days when you needed to collect your scrap receipts in a shoebox and deliver them to a professional bookkeeper each month.

If you need an online accounting software solution, we are going to explore a couple options for you. A little knowledge with the right product can mean reduced stress when it comes to figuring out your accounting! Take a look at the featured ones we have here.

Before we explore those, it’s important to do an assessment of your business needs before using an online accounting software tool. Here are some things to consider:

6213126679_c4f76f603c How many billable clients or customers does my business have, and how many total invoices will be generated monthly?
6213126679_c4f76f603c What is my monthly bookkeeping budget?
6213126679_c4f76f603c Is a cloud-based bookkeeping app the best option for me, or am I more comfortable with a downloadable option?
6213126679_c4f76f603c Does my business require customer relationship management or time tracking for billing?
6213126679_c4f76f603c Do I need invoicing options in more than one currency?
6213126679_c4f76f603c Do I need an app that accepts payment by check, PayPal, direct deposit, and/or credit card?
6213126679_c4f76f603c How many users (partners or staff members) need access to invoicing?
6213126679_c4f76f603c Do I need customizable templates to include my company header, or is a preset template okay?
6213126679_c4f76f603c Do I want a bookkeeping app that can be added to Google Docs?
6213126679_c4f76f603c How comfortable am I with accounting and bookkeeping terminology?
6213126679_c4f76f603c What other features do I require in an online bookkeeping app?

1. Kashoo

6213126679_c4f76f603c Click the image to go to the Kashoo website. Currently used in more than 56 countries, Kashoo allows multi-currency invoicing and immediately shows you the exchange rate impact.

Pros: It can be integrated with Freshbooks. It offers bank reconciliation and claims to support all banks. Kashoo supports over 100 currencies. It includes a check printing option.

6213126679_c4f76f603c Cons: Users should be comfortable inputting financial information, and must have a basic grasp of bookkeeping terminology. As of early summer 2012, several customers report problems with print alignment on the check printing option.

2. Xero

6213126679_c4f76f603c Xero is a detailed and comprehensive program geared to international small businesses or freelancers.

3. Freshbooks

6213126679_c4f76f603c Canada-based Freshbooks is a comprehensive bookkeeping and time tracking system with more than five million users as of September 2012. Freshbooks has an attractive website and simple layout, which results in a pleasant and easy-to-use interface. It is now available as a mobile app for iPhones. Freshbooks supports payments in 50 currencies and accepts payments via PayPal, credit card, and direct deposit.

6213126679_c4f76f603c Freshbooks offers collaboration and team management tools. Its fast and helpful customer support personnel are easily available via phone or email.

6213126679_c4f76f603c Users can track expenses, time, and billing. Freshbooks allows you to see when clients view and pay invoices.

6213126679_c4f76f603c There is a free option if you have three or fewer clients.

4. Harvest

6213126679_c4f76f603c Harvest features time tracking with online invoicing as a secondary offering. This bookkeeping and time tracking app is both iPhone- and Android-compatible. It supports Google apps integration. Harvest supports uploading data to Excel and Quickbooks. This is a nice feature if you want to take care of monthly invoicing yourself while providing the data your accountant will need at the end of the year.

5. Wave Accounting

6213126679_c4f76f603c A Toronto-based firm, Wave Accounting targets home-based businesses, work-at-home moms, freelancers, real estate agents, and other small businesses with few staff members.

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