QuickBooks is the most popular and well-known accounting software available for small businesses. However, it is not the only option you have as a small business. In fact, some of the other options are less expensive, have an easier interface, and even offer features QuickBooks does not. Below are some of the best alternatives to QuickBooks in 2023 for small businesses.
For small businesses looking for affordable, yet comprehensive accounting software, Xero is a great option. This software makes it easy for businesses to pay bills, claim expenses, accept payments, manage contracts, track projects, and more. Xero also offers tiered monthly plans, meaning businesses can choose the option that fits their needs and budget. Below is a quick look at the various plans;
Ideal for sole traders, new businesses, and self-employed contractors, the Early plan starts at $13 USD per month. This plan allows you to send various quotes, send 20 invoices per month, enter 5 bills for reconciliation, reconcile bank statements, and enter receipts using Hubdoc. Users can also add Payroll with Gusto for $40 USD per month.
Ideal for growing small businesses, the Growing plan starts at $37 USD per month. This plan allows you to send unlimited quotes and invoices, enter bills for reconciliation, bulk reconcile transactions, and capture bills and receipts in Hubdoc. Users also gain access to a short-term cash flow statement, and an overall business snapshot to see the financial health of your business. Finally, users can add Payroll with Gusto starting at an additional $40 USD per month.
Ideal for small to medium-sized businesses, the Established plan starts at $70 USD per month. This plan allows you to send unlimited quotes and invoices, enter bills for reconciliation, capture receipts and bills with Hubdoc, bulk reconcile transactions, bill and use multiple currencies, track projects, and claim expenses. Users have access to in-depth cash flow statements, and business snapshots to give an overall business health assessment. As with the other plans, users can add Payroll with Gusto starting at an additional $40 USD per month.
The invoicing capabilities allow you to create and customize invoices for clients. Clients can then pay via credit card, debit card, or bank transfer from within the invoice. These features make Xero a great option for small businesses, especially as you can scale your plan as your business grows.
For a small business or freelancer, FreshBooks offers all the essential accounting features you need to run your business. This software is designed primarily for single users who only need to send and manage invoicing for a small number of clients. Luckily, you aren’t limited by the number of invoices you send on any plan, but the lower-level plans do limit the number of clients you can manage. Below is a quick look at the various plans available;
At $15 USD per month, the Lite plan is a great option for businesses starting out. This plan allows users to send unlimited invoices for up to 5 clients, track unlimited expenses, and send unlimited estimates. Users can also manage their budget, time-track, access mileage tracking, and set reoccurring invoices. Furthermore, users can view business health reports to see how their financials are looking.
At $30 USD per month, the Plus plan is for growing businesses. This plan allows users to send unlimited invoices and estimates for up to 50 clients. Users can also automatically capture receipt data, track expenses, and invite their accountant to view the account. There is also an option to run automatic business health reports and set alerts for expenses and invoices.
At $55 USD per month, the Premium plan is ideal for established businesses. This plan allows users to send unlimited invoices and estimates for unlimited clients and offers an accounts payable system. Through this feature, it is easy to track bills, bill payments, and vendor accounts. Users can also track project profitability, customize email templates and signatures, and accept e-signatures.
The invoicing capabilities are simple and straightforward making FreshBooks the perfect option for those starting out. All invoices can be paid with a single click by credit card or bank payment. Users can also add Payroll for Gusto to any plan starting at $40 per month.
This accounting software option is very affordable overall and seamlessly integrates with other Zoho products. ZohoBooks is a cloud-based account system that makes it easily accessible no matter where you are. Better yet, ZohoBooks offers a free plan, however, features are limited. Below is a quick look at the various plans and what they offer;
The Free plan is available to businesses earning less than $50,000 USD annually. This plan allows you to manage up to 1000 invoices per year, send credit notes, and set up reoccurring invoices. Users also have access to mileage and expense tracking, and several basic accounting reports.
The Standard plan is $15 USD per month and allows for 3 users on a single organization account. This plan allows you to manage up to 5000 invoices per year, track project expenses, track projects, and track sales tax. Finally, users can create up to 10 automated custom reports and set up timesheets and billing systems.
The Professional plan is $40 USD per month and allows for 5 users on a single account. This plan allows you to set up sales approval, reoccurring bills, vendor credit systems, multi-currency billing and payments, and set price lists. Users can create up to 25 custom reports, set workflow rules, and see project profitability.
ZohoBooks also offers further tiered plans, however, they are targeted at larger businesses. This makes ZohoBooks a great option for small businesses that have big expansion plans in the future.
As a small business, having reliable and easy-to-use accounting software is crucial for further success. Use the information above to help you choose the best alternatives to QuickBooks for your small business. Remember to take your time and choose the best option that suits your needs and budget.
