As an entrepreneur, your time and energy will likely be pulled in several different directions.
While you may be energized by your passion for designing products, planning marketing, and building your store, you may not have the same energy when it comes to accounting!
But it’s just as important as any other aspect of your business and should be treated as such. In this article, I will review the top 5 accounting software options for startups to ensure you play by the book and play to win.
Is time running out? Here are the keynotes
FreeAgent: For anyone who wants an affordable and user-friendly platform.
QuickBooks: For those who want a scalable platform for growing businesses.
Wave: For anyone looking for cheap options.
Zoho Books: For anyone who wants software that integrates with other business tools.
Xero: For anyone looking for a very popular and trusted brand.
What Decided This List?
But first, I wanted to give you a quick rundown of the criteria I considered when putting this list together. After all, there are a ton of articles pushing affiliate links to convince you to choose their preferred options!
So, I wanted to point out that all of the suggestions below are based on first-hand research, and none of these brands paid for promotion.
Instead, these accounting software options have been hand-picked based on price, user-friendliness, simplicity, and any unique selling points that make them suitable for startups and entrepreneurs!
The importance of paying your taxes on time
As a business owner, you may be asking yourself, “Do I really have to pay taxes if I haven’t sold any products yet?” and the answer is yes!
I learned this the hard way when I first started my business and ended up with a pretty annoying fine.
But penalties are just one of the issues that can arise from not paying taxes correctly or on time. Worst-case scenarios can lead to more serious problems, even jail time.
With all that in mind, let’s take a look at five of the best accounting software you can consider for your new business venture.
FreeAgent
Link: https://www.freeagent.com/
Price: $40 a month
User friendly: 9/10
The first software on this list is FreeAgent because it is my top choice for accounting software. In my experience using the tool, it’s quite simple to track income and expenses and categorize those income and expenses as you go. So when it comes to paying taxes at the end of the year, everything is ready to be shared if required.
It’s ideal for sole proprietors looking for a platform that fits their accounting needs, but also has the flexibility to expand as their business grows.
QuickBooks
Link: https://quickbooks.intuit.com/
Price: $35 per month
User friendly: 8/10
Another great option is QuickBooks, which offers the same features you’ve come to expect from FreeAgent and other leading accounting software brands. One of the great benefits of using QuickBooks is the brilliant offers they run for new customers. For example, you can get a whole year in the UK for just £35! After the first year, that price goes up significantly, but Quickbooks hopes to convince you that staying with them is easier than moving again. These offers also differ depending on which country you are in.
However, for startups looking to save crucial money for other aspects of their business, look out for big discounts where possible.
Image
Link: https://www.waveapps.com/
Price: From free
User friendly: 8/10
For those who really want to keep their wallet strings tight, Wave can be a great choice because the basic accounting features are completely free! As you might expect, the actual features and design aren’t as detailed as the paid versions on this list, but for basic accounting and invoicing, it’s a fantastic option.
One thing I love about Wave is that the free plan is actually free! You can produce an unlimited amount of invoices and the paid version with even more detailed features is only $16 per month.
Zoho Books
Link: https://www.zoho.com/books/pricing/
Price: From $0 per month
User friendly: 6/10
Zoho Books also offers a free version of its accounting software, but as a free trial rather than a free subscription. However, the paid versions of this platform are still very low. One of the biggest advantages I found when looking into Zoho Books is that it is part of the larger company Zoho, and it also offers a number of other software solutions that can benefit your business.
For some startups, having accounting, CRM, Payroll and more all in one place can be a lifesaver.
Xero
Link: https://www.xero.com/
Price: From $20
User friendly: 7/10
If you’ve done any research into accounting software, you’ll have heard of Xero! Xero is one of the largest accounting software companies and is a great choice for any startup that has made a significant investment to launch their business and needs a platform that reflects the scale of their startup.
It’s not that easy to use for small startups, but if you’re a big startup looking to put the right professional foot forward, this could be a great option for you.
Grow your business today
Want to attract more customers to your website? Or do you need a dedicated coach to guide you through proven strategies to build your brand? say hello Foundr+!
For just $1, you’ll get instant access to over 30 expert-led courses and over 1,000 lessons designed to help you grow your business. Plus, you’ll be part of a thriving community of ambitious founders just like you.
Ready to take your business to the next level? Register today!