Top 3+ Online Accounting Software Solutions Your Small Business Needs 2021

Photo by from Pexels
5 years ago


Accounting is the backbone of any business. For smaller businesses, it is important to set organisational standards. Growing a business into a bigger organisation without preparing is a frequent mistake to make.
Online accounting software aims to fix this, with easy guidelines on how to fix your accounting once and for all.
We’ve gathered the best software for small businesses, which are bound to make accounting simpler and quicker for you, so that you can focus on growing your business.

#1 Wave

Who suggested this product?
The Wave was recommended by Anna DiTommaso from Creative80. You can find out more about Anna DiTommaso here or read their product recommendation below.

I run a digital marketing agency in Dallas, Texas. We are big fans of Wave Accounting and have been using it for years. I began using it when I was freelancing almost 8 years ago, simply because it was a free option. Even as the business grows, we continue to use it today. It allows us to send estimates, invoices, and will accept payments directly from customers.

The best parts about it are that it is simple for business owners to use. It gives me a clear and easy to understand overview of where the business is at financially. You don’t need to have an accounting degree to understand it, which is a huge relief. It will also connect directly to your bank and import transactions automatically.

We love it and can’t see our business running without it.

The Wave team continues to add more features and functionality to the software all the time, and even offers add on services like payroll management.

#2 ZarMoney

Who suggested this product?

ZarMoney is a flexible and cost-effective cloud accounting software. It caters to all ends of your operations: from invoicing to inventory to billing to financial planning. This is what makes ZarMoney so great for medium and small businesses! It offers rich features at a very affordable rate.

You can use ZarMoney’s automatic invoice feature to create accurate invoices quickly. You can customize an existing template with your logo, giving the receipts a professional look. Email them to clients. Also, print them and save them to your online database. This helps you track your incoming and outgoing payments.

The software comes integrated with multichannel billing options. You can receive online payments from your customers with just a single click. Accept cash payment as well as credit and debit through PayPal and Stripe. It’s convenient and secure.

Using ZarMoney, you can also manage your inventory 24/7. All the records are stored online, and the inventory database is updated in real-time. This means as soon as you sell a product, the quantity is deducted from the inventory. You can stay aware of your stock level at all times. Receive alerts when you’re close to understocking or stock outage and make timely restocking decisions.

As a cloud-based software, ZarMoney lets you access your accounts from anywhere and at any time. View the automatically calculated weekly statements to learn your income and expenditure. The financial report feature gives you a complete overview of your business’ performance. You can take effective decisions backed by numbers and increase your efficiency and profit.

#3 QuickBooks

Who suggested this product?
The QuickBooks was recommended by Randa Kriss from Fundera. You can find out more about Randa Kriss here or read their product recommendation below.

I would say one of the best online accounting software options for small business is without a doubt, QuickBooks Online. As one of the most popular solutions on the market, it’s popular for a reason. First, QBO is web-based, giving small business owners mobility and flexibility.

Second, with multiple plan offerings and one of the most robust feature sets out there, business owners can choose the option that works best for their needs and budgets, as well as customize even further with the hundreds of integration options QuickBooks offers. Moreover, QuickBooks is fairly easy to use and set up and since it is so popular most accountants and bookkeepers are familiar with how to use it, making it all the more simple to find assistance or advice with the platform.

#4 Xero

Who suggested this product?
The Xero was recommended by Jarie Bolander from The Daily MBA. You can find out more about Jarie Bolander here or read their product recommendation below.

Xero makes it easy to do my small business accounting. It has lots of integrations to banks and other online tools that allows for all your accounting tasks to be done in one place. I’m also fond of the simple to use interface and the ability for me to share it with my accountant at tax time at no additional cost. It’s a wonderful tool that’s simple and reasonably priced.

Who contributed to this article?

Anna DiTommaso from Creative80

Randa Kriss from Fundera

Jarie Bolander from The Daily MBA

Leave a Reply

Your email address will not be published.

Don't Miss

Maximising Efficiency: The Benefits of Fixed Asset Software for Manufacturing

Maximising Efficiency: The Benefits of Fixed Asset Software for Manufacturing

For many manufacturers, greater efficiency is a dream come true. Learn how
Agile development stands at the forefront of the software industry, championing an iterative, high-speed approach reliant on effective team communication and collaboration for success. This piece underscores the indispensable role played by dedicated development teams in agile projects, shedding light on their significance, advantages, challenges, and vital management techniques. Engagement Models in Software Development As businesses embark on software development endeavors, they confront a pivotal decision in choosing the most suitable engagement model for collaborating with skilled teams. Fixed-Price Model Ensures project completion within set timelines and budgets, but may lead to increased costs for desired changes, limiting customization options. Time and Material Approach Offers flexibility by compensating teams based on hours dedicated to the project, allowing for easy adjustments and ideal for projects needing intermittent attention. Dedicated Team Model Balances fixed-price and time & material models, employing specialized teams for adaptable project scopes, ensuring reliability and flexibility in long-term delivery. The Importance of Dedicated Teams in Agile Development Agile development relies on dedicated teams, diverging from traditional project management methods. These teams prioritize frequent collaboration and communication to swiftly adjust requirements and task priorities. Comprised of professionals fully committed to the project, dedicated development teams collaborate to deliver innovative solutions and top-tier results. This section explores their crucial role in agile development and essential strategies for effective team management. Success in agile development depends on the expertise and cooperation of dedicated teams. Efficient communication, coordination, and excellence from every member are crucial for timely results, highlighting the necessity of dedicated software developers. Clear alignment with core business goals and expectations is essential for project success. The Advantages of Employing a Dedicated Team in Agile Development Using a dedicated development team in agile projects has many benefits. Firstly, their commitment ensures excellent results, boosting project success. Secondly, their teamwork increases productivity. Lastly, having a dedicated team improves oversight and control over the project's progress, aiding in accurate outcome estimation. Improved Collaboration and Communication Engaging a dedicated development team in agile projects also yields enhanced collaboration and communication advantages. This dedicated group fosters close cooperation among remote team members, bolstering comprehension of roles and responsibilities and accelerating progress towards business objectives. Establishing dedicated software development teams helps alleviate miscommunication and ensures alignment towards shared goals. Employing a dedicated team also fosters transparency, encouraging open expression of thoughts, seeking advice, and addressing concerns. Quality Assurance and Timely Delivery A dedicated development team in agile development leads to enhanced quality assurance, expedited delivery times, and early issue detection. Collaborative efforts enable swift and effective resolution of such matters, facilitating prompt progress to subsequent tasks. Implementing a dedicated software development team helps minimize delays and ensures alignment with quality expectations. Furthermore, dedicated teams operate with heightened productivity, enabling swift completion of development tasks and adherence to project deadlines. Flexibility and Scalability By enlisting a dedicated development team, projects become more adaptable and scalable. This enables easy adjustment to changes in market conditions or requirements. Businesses can readily modify the team size to match project needs without interrupting ongoing work, ensuring projects remain on schedule and are delivered punctually. Comparing In-House and Outsourced Development Teams In-House Development Team: An in-house dedicated team comprises full-time employees working solely for one company. They have deep knowledge of the company's culture, practices, and technology, smoothly handling projects from start to finish. However, there are challenges with in-house teams: Cost Concerns: Maintaining an in-house team can be expensive, including expenses like recruitment, training, salaries, and benefits, which may strain smaller companies or startups with limited budgets. Expertise Limitations: Internal teams may lack specialized knowledge, technical skills, or industry-specific expertise compared to external teams, particularly in niche industries or specific skill sets. Scalability Issues: In-house teams may struggle to adjust their capacity swiftly to meet changing project demands or priorities. Flexibility Constraints: Internally-based teams may find it challenging to accommodate varying working hours, meet project deadlines, or adapt to different methodologies compared to outsourced teams. Outsourced Development Team: External dedicated development teams, sourced from third-party providers, focus solely on the organization's projects. These professionals offer numerous advantages: Cost Savings: Outsourced teams often provide competitive pricing, reducing expenses on infrastructure, technology, and overhead costs. Access to Expertise: Engaging with a software outsourcing company grants access to specialists from a global talent pool with the required skills and experience. Scalability: Outsourced teams can adjust their workforce to match fluctuations in project scope and priorities, making them valuable for businesses. Flexibility: Remote outsourcing allows for greater flexibility in working hours, project deadlines, and delivery processes. Outsourced development team offers benefits despite challenges like language barriers and time zones. Good communication and teamwork can help overcome these issues. Leaders should consider these advantages when deciding on the best approach for their company's goals. Wrapping Up Having a dedicated team is crucial for success in agile development. Consider the pros and cons of internal versus outsourced teams. While internal teams offer control, they can be more expensive, whereas outsourcing provides expertise at lower costs. If you decide to go with an outsourced dedicated team, VT Labs can provide skilled engineers to meet your agile development requirements.

Dedicated Teams: The Backbone of Agile Development

Agile development stands at the forefront of the software industry, championing an