The Best Small Business Accounting Software for 2020

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The Best Small Business Accounting Software for 2020

Intuit has been a big name in accounting for decades now, and with 2.2 million QuickBooks Online users, it’s easy to see why. However, QuickBooks isn’t the only option when it comes to cloud-based accounting. There are plenty of other competitive and comprehensive programs ready and willing to compete with this accounting giant.

Both QuickBooks Online and QuickBooks Pro and Premier have notoriously poor customer support (QuickBooks Enterprise support has better priority support). The company has worked on updating its help centers to be more user-friendly, but wait times are still long, and there’s no email support at all. If your business needs sales orders, QuickBooks Desktop is your only option. Although Intuit has talked about adding sales orders to QuickBooks Online, this feature is only available with the desktop products at this time.

While Wave offers an impressive number of features, Wave is missing some of QBO’s offerings including deduction tracking, budgeting, class tracking, or project management. Additionally, QuickBooks Online has far more integrations and reports than Wave. If Zoho Books sounds like it might be a good choice for your business or you’re interested in learning more, be sure to read our complete Zoho Books review. Read Zoho Books VS QuickBooks Online for more information on how these two accounting options stack up against each other.

bookkeeping software

Transferring files over to QuickBooks Online is a fairly simple process and you shouldn’t lose any of your existing data. With QuickBooks Online, you can have unlimited time-only users who can access QBO from any device and can input their hours into the software. With QuickBooks Pro, there is still time tracking, but you lose the mobility and the user access (as there are only three users available).

Launched just in 2009, Wave Accounting is one of the newest players in the accounting software market. According to their website, they manage at least $175 billion in revenue and expenses of their customers worldwide unearned revenue annually. The company initially offered the software as a double entry accounting tool. So it sounds like you’re currently frustrated with QuickBooks desktop and the inability to see your information right away.

In the long term, cloud applications are significantly more expensive for small businesses. A monthly subscription for QuickBooks Online Essentials (the most popular choice, according to prepaid expenses Intuit) lists for $26.95 per month. The application compares closely to the $300 version of QuickBooks Premier. In just one year you’re paying $323 for QuickBooks Online Essentials.

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In fact, recent updates have put the software almost completely on par with QuickBooks Online. One of the most common things Xero customers say is that the software has a great selection of features.

Users can also reconcile multiple bank or credit accounts. Data is offered through a single ledger, which is a feature that makes it easy for prepaid expenses users and accountants to collaborate and work together. Finding the right accounting software for your business can be a tough decision.

While both programs offer time tracking, neither program has built-in DCAA compliance. Both programs integrate with TSheets, and TSheets is how you’d be able to ensure DCAA compliance (here’s some more information about TSheets, QuickBooks, and compliance). With either software, the TSheets integration will offer real-time syncing between each program. In addition to having more integrations, QuickBooks Online also hasbetter integrations.

QuickBooks Online would definitely solve this problem for you. You’d still be able to run payroll and manage unearned revenue your financials in QuickBooks Online, plus you’d get the mobile, real-time access you’re looking for.

  • We also use their software for reconciling our books and managing our projections and cashflows.
  • The company file setup process is the same for both QuickBooks Online and QuickBooks Desktop.
  • A week later the page was still saying stay tuned… Another email….
  • Each plan includes an unlimited number of users, the ability to track income and expenses, connection to bank and credit card accounts, and accounts receivable and accounts payable management.
  • While Wave offers an impressive number of features, Wave is missing some of QBO’s offerings including deduction tracking, budgeting, class tracking, or project management.
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QuickBooks has recently added a new lending service called QuickBooks Capital. This service offers financing for small business owners in need of working capital to better manage their cash flow. QuickBooks Capital is only available to QuickBooks Online users.

Payroll costs an additional $35 – $80/month plus $4/month per user. The software is ideal for small businesses in need of strong accounting and ample integrations. The software is well-organized but does have a slight learning curve. The software is not a good fit for companies with more than 25 users.

QuickBooks Online vs Desktop: Which Is Right for You in 2020?

You could purchase QuickBooks Premier for about $300 and install it on just about any Windows 7 or 8 machine. Like Intuit’s other desktop products, QuickBooks Premier is now all the way at the bottom of the products page, overshadowed by its QuickBooks Online offerings. Once upon a time, prepaid expenses not very long ago, it was a different experience buying software. Take QuickBooks, the popular small business accounting system, for example. This means users can no longer access these features of their desktop software, and you’ll no longer receive any new, critical security updates.

Last year, Intuit announced the official sunsetting of their QuickBooks Desktop 2016 software. As of June 1, Intuit also discontinued critical security updates to their software. If you haven’t yet, it’s a great time to switch to the newer cloud-based version of QuickBooks Online.

This will leave your version of QuickBooks vulnerable to data breaches. Starting June 1, Intuit discontinued services including Online Banking, Desktop Payroll Services, Live Support, Online Backup, and other services through QuickBooks Desktop 2016. This applies to both PC and Mac versions of the software.

Both QuickBooks Online and QuickBooks Desktop offer a large number of features. While they share many of the same features, QuickBooks Desktop’s features are often more developed, except when it comes to invoicing. Even though QB Desktop has more comprehensive features in general, there are some key features that only QuickBooks Online has, including lending, international invoicing, and mobile apps. So, it really comes down to which features your business values most.

bookkeeping software

Compared to the one-time $300 payment you would’ve made for QuickBooks Premier. Back in the day, you would go to the office supply store, or order the software online and it would be delivered to you in a box. You would install the software on your desktop computer or on your server.

bookkeeping software

The software can have a moderate learning curve because of the sheer number of features available, but that’s the price you pay for such an advanced feature set. In terms of accounting, the software offers the same key accounting features as QBO (accounts payable, chart of accounts, journal entries, etc.) but with more advanced fixed asset management. Best For medium to large-sized businesses in need of strong accounting, robust features, and unlimited users. QuickBooks Online offers three pricing plans ranging from $20 – $60/month with a larger plan called QuickBooks Advanced which costs $150/month. The larger the plan, the more features and users you have access to.