Top 6 Accounting Software for Small Business in Canada

Such software not only gives you information on your income and expenses, but in addition, it also provides you with valuable data you can use for business planning and wise future decision-making. All of our top picks require minimal accounting experience, provide affordable, customizable accounting features that integrate with other software and apps, and offer cloud-based backup options. When sales start rolling in, you’ll need a way to accept payments. If you’re a North American store owner on Shopify, you can use Shopify Payments to accept debit or credit card orders.

However, it’s not the most comprehensive accounting package, so don’t expect to perform payroll or taxes directly from FreshBooks. Freshbooks’ unique feature is that you can customize your invoices to complement the look and feel of your branding, and it is one of the software’s best-selling points. In addition, Freshbooks integrates with a massive number of 3rd party software, such as Shopify and Stripe, so if you have a sizeable online presence, it makes sense to look into Freshbooks offerings. Flexible pricing plans make this software accessible for businesses with smaller budgets. If accounting isn’t your strength or even if it is and you want to save time, read on to see which accounting software is right for your small business. You’ll need to determine if you operate your business in an origin-based state or a destination-based state. In the former, you must charge sales tax based on the state where you run your business.

Track your income and expenses, painlessly

This accounting software connects to your bank, generates several reports, tracks time and helps you manage projects. As a bonus, FreshBooks lets you give clients the option to pay bills through invoices, which speeds up the process of getting paid.

• With many accounting software options out there, you’re sure to find a bookkeeping solution that will suit your business needs.
• Neat is a good choice for self-employed entrepreneurs who need an easy-to-use accounting software to manage their business finances.
• And if you value live support, you should probably look for another provider.
• Zoho also offers discounts to nonprofits—one reason it’s among our top financial management software picks for nonprofits that need true fund accounting.
• The best accounting software helps small business owners easily track their accounts, expenses, prepare for tax season and to keep tabs on financials.
• With first-class security and encryption, your client can rest at ease knowing their payments are secure.

QuickBooks Online’s app store breaks down all of their apps by function and provides helpful examples of the benefits of each app. Working with Bench Accounting is a relatively easy process, as you only need to gather your invoices, receipts, and other transaction information and submit it to your team. The platform adds another layer of security to your business proceedings by enabling the use of GlobalSign digital certificate.

Why We Don’t Recommend These Accounting Software Options

You can stay focused on delivering top-quality service to your clients while FreshBooks looks after the financial health of your business. Get started today to send invoices, track expenses and accept online payments, so you receive the money owed to you faster. With its straightforward accounting software, QuickBooks is an easy favorite amongst freelancers, and not just because many of them bundle it when filing their own taxes with its tax software. Sunrise could be a good choice for freelancers and sole proprietors who need to track income and expenses and want to customize and track invoices. It might also appeal to small businesses that need double-entry accounting and who might work with an accountant for tasks like reports and taxes. But potential users would have to give up tools like time and project tracking, thorough contact and product records, inventory management, robust reports, and full mobile access. We recommend FreshBooks especially for sole proprietors and companies with only a handful of employees, though it’s capable of handling more.

If you are part of that 98%, that also means whatever your industry is, you are sure to have some tough competitors, and it takes a lot of time and effort to be first in your niche. That is why it makes sense for you as a business owner to spend more time running a business and less time doing accounting and bookkeeping-related tasks, and the right software can save much time. Accounting software is used by 64.4% of small business owners, which is good because 60% of small business owners admit to not being knowledgeable about finances or accounting. Check out the following accounting software you could use to manage your books. The bookkeeper manages the day-to-day records, regularly reconciling accounts, categorizing expenses, and managing accounts receivable/accounts payable.

Financial Reporting

For $25 per month, get the Essentials plan and have up to three users, manage and pay bills and track time. With its Plus plan, it includes up to five users, and you can track inventory and project profitability for $40 per month. Additionally, many accounting software allows third-party application integrations. In a service-based business, a time tracking application could integrate with the accounting software to add labor to a client invoice. Wave is an ideal accounting software platform for a service-based small business that sends simple invoices and doesn’t need to run payroll.

Contact QuickBooks directly to see which specific features are included in each tier. Allison is a writer, real estate investor, broker, small business owner, and consultant with over 13 years of real estate experience. In the meantime, start building your store with a free 14-day trial of Shopify.

Small Business Accounting 101: How To Set Up and Manage Your Books

Others charge flat fees for each transaction, while some have a monthly membership model for unlimited transactions. You can consult this list to help you find a payment gateway that will work for your location.

FreeAgent is a feature-rich solution intended to help small businesses and freelancers. It is relied upon by more than 60,000 businesses with its ability to bring together and manage all aspects of financial operations. If you’re a freelancer or a service business that doesn’t need inventory management or payroll-related features, Wave Accounting may be a good option for you. You can access Wave’s free accounting software either online or on the mobile app, and give your accountant easy access to your reports at year-end. Look for more than just a bookkeeping solution; accounting software should include more detail and let you generate invoices and detailed reports. ZarMoney includes many accounting features at an affordable rate. Accounting software is an application that records and reports a business’s financial transactions.

Adminsoft Accounts

Once you approve of the categories, transactions automatically settle in your financial statements. Wave is a powerful accounting solution for small businesses and individual contractors. It places significant emphasis on ease of use and synchronicity —letting you link your bank accounts, track your expenses, and balance your books without any trouble. It also lines up with Wave’s additional resources, providing you with an all-in-one solution if you opt to invest in its other products.

• Other features you may want to consider include whether the software has a mobile app, how good its customer service is and how well it does with accounts receivable (A/R) and financial reporting.
• It doesn’t have a dedicated time-tracking tool, comprehensive mobile access, or inventory management, though.
• It’s cloud-based, easy to use, and can be used by business owners with no accounting or bookkeeping experience.
• Check out our list of the year’s best QuickBooks alternatives to get started.
• She has more than ten years of professional experience in public accounting fields and a bachelor’s degree in Business Accounting.

While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. Our ratings take into account a product’s cost, features, ease of use, customer service and other category-specific attributes. You can do a lot with these transactions once they appear in a register. For one thing, they should be categorized so you know where your money is coming from and where it’s going. Every site guesses at how at least some transactions might be categorized.

Best For Startups: Xero

You can track items in real time, monitor inventory and spot trends in your sales. Through its recent acquisition of LOCATE Inventory, Xero is making it easier for bookkeeping users to automate inventory tasks, better manage supply and demand, and enhance pricing. Xero customers also have access to new channels to sell their products.

Thanks to its user-friendly interface, businesses without accounting expertise have been able to manage their finances with ease. With Hubble, you get access to a robust, integrated platform combining features such as analytics, planning and reporting. This tool is more useful for businesses that are growing quickly and are using business management solutions such as Oracle E-business and JD Edwards. Thanks to a number of features, Hubble allows businesses to generate reports, accelerate month-end close, carry on continuous budgeting and more. Upgrade to our Premium plan, and you’ll also benefit from unlimited tax advisory services, tax strategy planning, and annual tax filing. Not only can you get back hours of your life with a hands-off bookkeeping and accounting solution, but you can rest easy knowing that your books are error-free. Basic – Free for up to $50,000 in annual revenue, up to 1,000 invoices per year, one user and one accountant, offline and online payments, expense and mileage tracking, email support, and more.