This is the first of an eight part blog post series, where we will be evaluating small business accounting software.
The goal of this series is to be a living source of information, where readers can determine the best solution for their business. Once the analysis is complete, I anticipate updating these posts periodically as each accounting app will be releasing features that may impact my initial analysis.
Like most other industries, the accounting industry has had an influx of competitors. This is wonderful news for the small business owner because as the competition heats up, new features are released at faster speeds, and a better accounting product is created. However, there are so many options out there, it can be difficult to find the accounting software that fits your style and business. This series describes, from my own experience, the best cloud accounting solutions for the following types of businesses:
- Service based businesses, including:
- Media production companies
- SaaS organizations
- Law firms
- Dental/medical practices
- Web design & development agencies
- Retail businesses
- E-Commerce companies
Who are the Main Players?
No comparison can begin without establishing the players. I consider the three cloud based accounting apps below to be the main competitors for most small business needs. This review is based on my own experience and research of each of the following platforms:
- Quickbooks Online (QBOA)
- Freshbooks
- Xero
There are other accounting software platforms available that compete for the microbusiness sector, such as GoDaddy Bookkeeping (formerly Outright) or Wave Accounting. There are also other platforms for when your business outgrows the small business software, such as IntAcct or NetSuite. However, these other software packages will not be evaluated in this review, as it is my intention is to focus on the small business solution.
A good evaluation can’t be done without first evaluating certain criteria of each platform. And since there are so many other reviews out there, with many different thoughts and/or angles, let me share with your my perspective for this review.
I carefully selected the below criteria, based on what I picture a small business owner caring about (being a small business owner myself). Here is the criteria I will use for this review:
- Part 2: Design, interface, and ease of use of the platform
- Part 3: Automation
- Part 4: Eco-system (add-ons & apps)
- Part 5: Reconciliation & expenses
- Part 6: Invoicing & payments
- Part 7: Collaboration
- Part 8: Reporting
As each of the above critiera is evaluated over the next few weeks, I will update this post with the coresponding links.
Most cloud accounting software is updated on a montly or quarterly basis. So, I hope this, as well as the upcoming posts, can help you make the best possible decision, based on your business needs.
In the meantime, here are some other sites I recommend visiting to gather more information to identify a good accounting solution for your business.
- Forbes – Small Business Accounting Software
- Sleeter – Cloud Accounting Comparison
- CIO – Top Cloud Accounting Picks
Stay tuned for The Best Cloud Accounting Software For Small Business – Part 2: Design & Interface
{{cta(’40a43cd2-e206-40d6-8052-1c965b746ee4′,’justifycenter’)}}
