Looking for the best accounting software for small businesses?
We understand how hard it is to have multiple tabs open to compare feature and prices, so we did the hard work for you.
We scoured the internet for the best and most recommended accounting systems there are and summarized their key features, limitations, pricing, and others in one (or four) tables.
Plus:
If you keep reading, we’ll share some tips on how to choose the best software for small businesses.
| ERPNext | Jeon Soft | Juan Tax | |
| Key features | *Accounting *HR & Payroll *Manufacturing *CRM *Website for users *Cloud-based *Open source | *Complete ERP system *POs *Fixed Asset System *Unlimited users, companies, positions, and department *Unit of conversion *On-premise | *tax software *online tax payment *Integrable with other platform (Xero) *with mobile app *cloud-based |
| Limitations | *Not localized *Relatively pricey for a premium edition | *Uses legacy platform *No definite licensing scheme *Support and maintenance is inconsistent *Not customizable | *Not an accounting system |
| Requirements | *Internet connection *browser | *server | *Internet connection *browser |
| Payment mode | Subscription based | *One-time license fee | Subscription based |
| Pricing | *Pricing varies depending on the no. of users. Price range US$299/yr. for 5 users up to US$10,000/yr. for 5,000 users | Pricing starts at PhP97k all in (based on their 2014 costing) | Starts at free plan |
| manager.io | MinBits | Oojeema | |
| Key features | *payroll *invoicing *Unlimited users (paid version) *multi-currency *cloud-based and on-premise | *Complete modules *Customizable *support and maintenance *cloud-based and on-premise | * Complete modules (Prime version) * Locally developed * Local support * customizable (Prime version) * Unlimited users * Cloud-based * Item Tracking * Inventory Management (Premium plan & Prime version) * BIR Compliant and BIR CAS Ready |
| Limitations | *Browser based but runs only in IE *One user only (free version) | *Outside Luzon. Typical market is companies in Southern Philippines | *Fully customizable (Prime Version) |
| Requirements | *Internet *Server *Latest IE browser | *Internet connection *browser *server | *Internet connection *browser |
| Payment mode | Subscription based / Server Edition | One-time license fee | Subscription-based/Server Edition (Prime Version) |
| Pricing | Subscription Php1,990.00/mo. Server Edition Php 19,990.00 Perpetual License | undisclosed | Starts at Php 490.00/month |
| QNE Software | Quickbooks | SevCom | |
| Key features | *localized *BIR forms *payroll *on-premise | *standardized accounting application applicable to all types of business *Household name in accounting software *with mobile app *cloud-based and on-premise | *locally developed *customizable *payroll *compact solution *cloud-based and on-premise |
| Limitations | *Per user license *Relatively pricey *License is not transferrable *Not customizable | *Not customizable *Applying unique business processes may be time consuming at the beginning. *Not localized *Limited number of users | *Has no clear support and maintenance |
| Requirements | *Internet connection *browser *server | *Internet connection *browser *server | *Internet connection *browser *server |
| Payment mode | Subscription-based and one-time license fee | Subscription-based and one-time license fee | Subscription-based and one-time license fee |
| Pricing | On Premise: From PhP87K all in for entry level to PhP387K all in for enterprise. Per user License:*Solution 25 to 85 – PhP10k to 15k per user *Solution 120 to 250 -24k per user license. Optimum (Cloud) – Undisclosed | *Cloud – US$4.50/mo. to US$9.30/mo. *On Premise – Php100K for starter package inclusion of implementation fee. | *On premise – Php150,000.00 inclusion of implementation (All in) Based modules Only. Additional charges on modifications *Cloud – Php1,000.00/month per user |
| Smart Books | Xero | Zoho | |
| Key features | *locally developed *complete modules *optional inventory package *BIR forms *cloud-based | *complete features including inventory and project management *mobile app *multi-currency *cloud-based | *Simple and straight forward application *Easy to navigate *mobile app |
| Limitations | *Per user license | *Not localized yet *Local parameters and conditions through workarounds *Payment in USD | *Limited functionalities *Limited users |
| Requirements | *Internet connection *browser | *Internet connection *browser | *Internet connection *browser |
| Payment mode | Subscription-based | Subscription-based | Subscription-based |
| Pricing | *Lite Php 1,499.00 per user per month covering Financial, Sales and Purchasing Modules *Premium at Php 1,999.00 per user per month covering Financial, Sales, Purchasing and Inventory Modules | *Starter – US$20 (Send 5 invoices & quotes, Enter 5 Bills, Reconcile 20 Bank Transactions) *Standard- US$30 (Unlimited transactions) *Premium US$40 (Additional Multi currency module) | *Price ranges from US$9/mo. for 2 users to US$20/mo. for 10users |
Choosing the right accounting software #
By and large, selecting the best accounting software for your small business relies on three things:
- Price
- Features
- Usability
Let’s begin with the pricing.
Small businesses may not have a big budget for full-blown accounting software like large enterprises do; hence, you may want to the one on the lower end of the scale.
Next is the features.
The listed accounting systems above have a plethora of features, but you have to ask yourself: do you really need all of them?
Do you need an inventory system or is item tracking enough?
According to Finance Online, here are what you should look for in an accounting system for a small business:
- Core accounting. This refers to the basic accounting process for every business. In a nutshell, the accounting software should support revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows among others.
- Tax preparation. Preparing BIR forms could be one of the most daunting parts of bookkeeping and accounting. Hence, you want the software that prepares this for you automatically.
- Automation. Accounting software should automate tasks for you. This includes invoicing, tax preparation, expenses, and so on.
As for usability, here’s what Business News Daily says you should consider:
- Multi-user access. More often than not, you’re not the only one who will log in on your account–even if you’re flying solo. You’ll probably ask a bookkeeper or an accountant to do some number crunching for you. Hence, software that supports multi-user is of good quality.
- Cloud-based. Storing data in the cloud sounds risky, but actually, it is safer than offline storage. Plus, you won’t have to worry about losing your data. With cloud-based systems, you can access your financial information anywhere as long as you have a compatible browser and internet. These two are some of the advantages of a cloud-based system over a desktop one.
So… #
Go over the list above again, and see which offers you the best bang for the buck.
