10 Pieces of Accounting Software Perfect for a Rapidly Growing Small Business
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
Members of the YEC took a few minutes to share their answer to:
Which accounting software is the most flexible for a small digital business that is poised to grow fast, and why?
For a small digital business, Freshbooks is hard to beat. It's simple to use, keeps all of your invoices and expenses in one place, and can easily scale as your business grows. It integrates with almost all payment processors and in the event that you outgrow its accounting software, you can easily export your data.
We use Bench for our business and love it! We had a sit-in CFO who cost us a fortune, but Bench makes it super simple to manage our books, P&Ls, income statements and more. And best of all -- it's affordable and scales as your business scales.
With QuickBooks, Intuit gives you full API access through their free developers kit. They have a developer community that is social and holds amazing events like the Hackathon to entice applications to build the bridge between their products and QuickBooks.
We made the switch from QuickBooks Online to NetSuite (Cloud Based Edition) last summer. NetSuite has better reporting and visibility across all of our revenue streams, which makes life easy. I would recommend NetSuite for companies with high transaction counts that are in need of scalable optimization for their financials.
5. Zoho Books
Zoho is great for small digital businesses because the price includes all of the features you need, and is cheaper than Freshbooks, Xero or Quickbooks. The advanced features come in handy as you actually do grow, but in the meantime there's really no beating it for the combination of functionality and price. You can always change software later, but while you're only preparing to grow, keep costs low.
The fact that Wave Accounting is free to use is just one reason why this software is a great option for small, growing businesses. It is cloud-based, easy to use and has many time-saving features. Your team can set up automatic billing and invoicing, and the platform can be accessed from multiple kinds of devices. Wave is great for a company looking toward the future.
7. H&R Block Small Business
Not only is the H&R Block software cool and easy to use, the team is second to none. Each company gets dedicated access to a CFO, CPA and bookkeeper and a really cool desktop scanner with one button, so you can't mess it up. When you scan documents, they're automatically named, filed and shared with your team. You'd think this would be expensive, but it's in line with other products on the market.
Intacct offers terrific flexibility via its APIs to integrate as much or as little as you desire. It's cloud based, so you can easily access it from anywhere. It provides many out-of-the-box reports and allows you to customize reports for specific metrics. It's completely scalable and backed by well-known data centers, so it can digest any data you throw at it without affecting performance.
While Sage might be a bit more expensive than QuickBooks and others, it might be better for certain use cases, as it integrates seamlessly with Sage's CRM. It allows for CRM automation to be extended to invoicing and accounting as well. Hence, if you're already using Sage CRM (or a similar CRM), using Sage's accounting software can help improve automation and increase efficiency.
10. Wave, Xero or Bench
For very early stage businesses, I highly recommend Wave. It's one if the few that does accrual-based accounting and is still free. They also make it super affordable to do low volume payroll. Xero is great if you need something more powerful (tracking inventory, etc) and Bench.co is a nice way to have options to outsource some of the work to an expert, in case you aren't the numbers type.