Best accounting software to use in 2023 for your remote team.
Updated: Feb 15
Tired of managing physical invoices and keeping track of online payments? If you’re running a small business or freelancing, then you might be, so you’re going to need every help that you can get to keep your finances in check. Because no matter how skilled the accountant you just hired before the dreaded tax season is at crunching numbers, managing company finances is never an easy feat. As your company continues to grow exponentially, the way you handle your finances becomes crucial in keeping your business afloat.
Luckily there are many smart accounting software out there that are extremely beneficial in impacting your company’s financial health. Accounting software are tools or programs that make a business owner’s financial operations much easier as the company finds its accounting needs become more complex. These sophisticated systems can smoothly manage and record one’s financial assets, expenses, revenues, and liabilities better than manual accounting.
Still on the fence if getting an accounting software is the right call for your business? Let us shed some light on some of the benefits that will guarantee you won’t have to spend your weekends balancing spreadsheets and determining the differences between debit and credit.
● Automated accounting processes
● Fast report generation and analysis
● Easy tax filing
● Ensures proper tax compliance
● Organizes all your relevant financial records
● Lessens accounting errors
● Improved data security
● Time-effective and cost-savings
To help you narrow down your search for the top accounting software to use in 2023, here are our five favorite picks according to your needs.
Intuit Quickbooks Online - Recommended for SMBs 132
If you’re a small business looking for a customizable and user-friendly accounting software, then go for Intuit Quickbooks. Its two-screen dashboard allows users to easily navigate important tools and features such as your bank accounts, payroll, bookkeeping, and even commerce apps like Amazon and Shopify. What Quickbooks stands out among the rest is the vast choices of add-on applications you can use to further enhance your user experience.
This software’s cost is one of its major drawbacks; plans vary from $25 to $180 per month, with each tier offering various features of accounting tools and the number of users you can add. Of course, all four plans offer a 30-day trial so you can gauge which package is best for you or whether Quickbooks is the right software for you at all.
Xero - Best for the variety of accessible add-ons
If you’re impressed with how many add-ons you can get in Quickbooks, then Xero takes the cake with its nexus of over 800 available third-party applications. Not to mention that you can readily access your account from any device. The add-ons also cover everything accounting-related from cash flow management to e-commerce, billing, bookkeeping, reporting, and many more. Found in the Xero Marketplace, these existing add-ons are always kept up-to-date and new ones are consistently being made to suit the changing needs of your business.
However, the software falls short in inventory management, and its user interface certainly allows room for improvement to be more organized. Don’t let that stop you from trying out Xero if you’re an SMB or a growing startup who’s looking for Quickbooks alternatives that won’t break their banks.
Wave - Ideal for micro businesses and freelancers
If there is anything in the world that could motivate a business owner to do their finances, it’s by having an accounting software that makes it easier for them. What more if it’s free, has a wide array of smart features, and can manage multiple businesses under one account without trouble? Yep, Wave is a front runner accounting software with invoicing and transaction management features that compete with that of paid accounting software.
Though it might be a big deal breaker that Wave lacks inventory management, project tracking, and are only recommended for freelancers, contractors, and small businesses with less than 10 employees. Unless you’re alright with shelling out some resources, you’re also not getting payments, payroll, and mobile support. Still, Wave is a viable option if you’re on a tight budget.
FreshBooks - The smart solution for sole proprietors and small businesses
FreshBooks is all about simplicity while still offering a complete double-entry accounting experience. It’s in the name; its interface is fresh, clean, and setting up is an absolute breeze. The software provides comprehensive how-to guides and templates perfect for new bookkeepers still learning the ropes of accounting. Freshbooks also offers easy invoicing and time tracking, so it’s recommended for service-based businesses to ensure smooth functions in sending proposals, receiving payments, monitoring accounts and expenses.
However, as the team grows, the need for a more sophisticated accounting system will also emerge to meet its changing accounting needs, and so Freshbooks’ limited customization of invoices and reports will no longer suffice. You’re eventually going to want to settle for another accounting tool that’s more robust, but until then, FreshBooks’ hassle-free accounting’s got you covered!
Zoho Books - Accounting on the go
Zoho Books is a cloud based accounting software that prides itself in assisting microbusinesses and SMBs with their daily accounting functions. Now, what sets it apart from other well-known accounting software in this list is how easy you can access your account on the go through its mobile app than any other accounting software in the area of mobile functionality. Zoho Books, just like Wave, also has a free basic plan. In Zoho Books’ case, you won’t have to pay as long as your annual revenue doesn’t go beyond $50K per fiscal year.
Unfortunately, Zoho Books does have its drawbacks such as limited user restrictions, lack of payroll services, and third-party app integration. All good things have their limitations, but why not test out Zoho Books first before giving the final verdict?
Get ahead of your finances with UpStaff Remote
Getting the best accounting software is one thing, employing the best remote accountants the Philippines has to offer is another. You can have both with UpStaff Remote. UpStaff specializes in helping you scout and recruit first-rate remote accountants that will grow alongside you and your company.
Don’t worry about the administrative work, we’ll cover them from initial screening to payroll processing because we want you to focus on your business goals. Get the most out of offshoring in 2023 by sending us an email at firstname.lastname@example.org.