As a small business owner, keeping your finances organized is critical to success. With the right accounting software, you can track income and expenses, run payroll, accept payments, prepare taxes, and more from one centralized platform.

However, with so many options on the market, it can be overwhelming trying to determine what best fits your unique needs and budget. To help narrow your search, here is an overview of 8 top-rated accounting software programs for small businesses:

1. QuickBooks Online

Of all the accounting software options out there, QuickBooks Online reigns supreme in the small business world. Developed by Intuit, the same makers of TurboTax, QuickBooks integrates essential financial capabilities like invoicing, expense tracking, inventory management, and reporting into one convenient cloud-based system.

Key features include:

• Invoicing: Create, customize and send invoices, accept online payments, schedule recurring bills, and track who owes you money
• Expenses & Income: Upload receipts, log mileage, track sales, and categorize transactions
• Payroll: Pay employees and contractors, file payroll taxes, generate W-2s
• Reports: Monitor income, sales, profits and losses through custom reports
• Mobile Access: Manage finances on-the-go with iOS and Android apps

Best for service-based, retail and other small businesses, QuickBooks Online has 3 pricing tiers based on number of users and features. Plans start at $25/month with no long term commitments.

2. Xero

For small businesses looking for an intuitive, user-friendly accounting solution, Xero delivers. With a clean, modern interface, Xero makes everyday accounting tasks like reconciling bank transactions, tracking accounts payable and receivable, monitoring project budgets, and generating compliance-ready financial reporting refreshingly simple.

Standout Xero features:

• Bank reconciliation: Automatically match transactions and reconcile accounts
• Inventory: Use QR codes and barcode scanning to manage stock
• Payroll: Built-in payroll for quick, compliant paycheck calculations
• 600+ app integrations: Connect to other business platforms
• Fixed assets: Handle depreciations for taxes and reporting

Xero offers 4 pricing plans tiered by number of invoices, with unlimited user access. Pricing starts at $12/month for up to 5 invoices. Xero also provides access to a network of over 800,000 accounting pros for personalized advice.

3. Zoho Books

Trusted by over 2 million small businesses worldwide, Zoho Books simplifies everyday accounting through automation and streamlining. Capabilities include invoicing, expense and income tracking, inventory monitoring, financial reporting, and more.

Why small businesses love Zoho Books:

• Sales tracking: Log quotes, sales orders, and contacts
• Time tracking: Record employee and project hours with timers
• Inventory: Manage stock, track units, and assign serial numbers
• Purchase orders: Streamline and assign vendor POs
• API integration: Connect other apps and systems

Zoho Books scales from basic to advanced based on customization and number of transactions. Three pricing plans start at $9/month for up to 500 contacts and 10,000 invoices annually.

4. Wave

Wave focuses its easy-to-use, affordable software specifically on serving freelancers, solopreneurs and microbusiness owners. Capable accounting features mixed with free, unlimited invoicing make Wave a top contender for bootstrapping small companies.

Key Wave benefits:

• Free & unlimited invoicing
• Income and expense tracking
• Multi-account ledger views
• Payroll capabilities
• Bank & credit card connections
• Financial reporting

While Wave offers free access to accounting, invoicing, and more, for advanced features like payroll, payments, and member benefits, Wave Plus starts at $7/month.

5. ZipBooks

Operating under the mantra of “simplicity is beautiful,” ZipBooks delivers an easy-to-understand accounting interface perfect for small, first-time business owners lacking an accounting background. From creating and sending customized invoices to reconciling bank and credit card accounts, ZipBooks steps up with simple tools to master daily financial workflows.

Why customers rate ZipBooks highly:

• Easy learning curve for beginners
• Unlimited invoicing
• Mobile app for on-the-go access
• Integration with Gmail, Dropbox, Slack, and others
• Customer database to store client information

An affordable solution, ZipBooks offers an forever-free plan covering essential accounting. The $15/month premium plan adds unlimited transactions and members.

6. FreshBooks

Specifically designed for small business and solopreneurs, FreshBooks takes the stress out of accounting through easy-to-use time tracking, invoicing, expense management, and reporting functions. With a focus on project-based work, FreshBooks empowers service professionals to create, send and collect on client invoices instantly.

Notable aspects of FreshBooks:

• Online payment collection via credit card and PayPal
• Client dashboard displays account history
• Mobile apps for tracking time and capturing receipts
• Double entry accounting

FreshBooks caters to solopreneurs and small teams through three progressively featured monthly subscription plans starting at $6.25/month.

7. Sage 50cloud Accounting

A robust solution trusted by over 3 million businesses across the globe, Sage 50cloud (formerly Peachtree) builds confidence by transforming confusing financial data into clear, actionable business intelligence. Equipped with 500+ reports covering sales, profits and losses, aged payables and receivables, audit trails, and more, Sage 50cloud gives decision makers deep insights to optimize growth.

Why small enterprises choose Sage 50cloud:

• Customizable dashboards
• Inventory and order fulfillment
• Batch invoicing
• Bill pay automation
• Multi-location support
• LIVE chat support

With access to certified accounting professionals, automated backups, quarterly tax updates, and Microsoft 365 integrations, Sage 50cloud plans start at $99/month served on desktop.

8. AccountEdge Pro

Rounding out our list with a Mac-friendly option, AccountEdge Pro satisfies small to mid-sized business accounting needs with robust tools wrapped in a smartly designed interface. Alongside off-the-shelf or custom reporting, users enjoy strong inventory features, foreign currency support, industry-specific capabilities, and responsive LIVE chat assistance.

Core reasons Mac users select AccountEdge Pro:

• Apple-centric design
• iPad and iPhone app access
• Inventory assembly for combined item tracking
• Theater industry features
• Non-profit capabilities

Available direct through AccountEdge or the Mac App store, plans start at $199 for 5 users with discounts offered for non-profits and academic institutions.

Finding the Best Fit Accounting Software

When comparing accounting platforms, be sure to consider your business type, size, accounting knowledge, reliance on inventory, and appetite for software scalability in the years ahead. Building a features wish list and taking advantage of free trials can aide your buying journey.

And remember, if you find yourself struggling or in need of setup assistance, many solutions provide access to accounting consultants or managed bookkeeping services to help you implement and optimize your financial system – giving you more time to focus on operating a thriving business.