The Best Accounting Software for Small Business: 10 Features to Consider

When searching for the perfect accounting software, it’s important to know your business needs and features that could be best described in software. You want an accounting solution that could save you time and stress. Here are some of the most important features of small business accounting software to consider:

1. Strong Accounting: This feature helps you to balance the books correctly and provides valuable insight into your company’s finances. Good software to consider for your business should include bank reconciliation, a customizable chart of accounts, A/P and A/R, general ledger, journal entries, and key accounting reports like Profit & Loss, Balance Sheet and Cash Flow Report. When it comes to reporting, the more the merrier, especially if you want extra insight into your sales, COGs, time tracking, mileage tracking etc.

2. Numerous Features: Many small businesses are looking for the basics: accounting, expense tracking, quotes, statements, invoicing, and so on. However, good accounting software shouldn’t make you feel like you’re settling. What separates decent software apps from the best are additional features like inventory, project management, time tracking, contact management, and tax support.

3. Time-Saving Automation: Time is a crucial thing small business owners can’t afford to lose. Accounting software with built-in automation, such as default email messages, rule set-up, automatic payment reminders, and transaction matching, is a must.

4. User-Friendly Interface: Small business accounting software should be easy to use so that the average small business owner can easily navigate through the software - no matter how much (or how little) previous accounting experience they bring to the table.

5. Good Customer Support: This feature is preferable for all small business owners and those who have very little accounting experience it's a must, you’d like to have a software company that has good customer support and offers ample learning resources like getting started guides and training videos.

6. Affordability: When it comes to saving money every penny counts, and as a small business owner you shouldn’t have to break the bank just to keep your finances in check.

7. Mobile Apps: In today’s day and age, small businesses are often managed on the go, which is why functioning mobile apps are a key characteristic of any good small business accounting software.

8. Integrations: Integrations are a great way to manage additional areas of your business like email marketing, scheduling, online shopping as well as multiple payment processing options. Good small business accounting software should be equipped with this feature and offer all-in-one option.

9. Strong Security: Since so many small business accounting solutions are cloud-based, you’ll want to make sure a prospective software company offers strong security. Look for security measures like data encryption, intrusion detection and prevention, firewalls, data backups on multiple servers, as well as physical security measures for data centers.

10. Portability: There is no wonder for an accounting software to be classified up-to-date if the one is portable. This means that you should consider having a software that can allow you access it from any location and you'd only need your laptop or tablet or even a smart phone and an internet connection to do the same job as you do on a stationed computer.

You may weigh the importance of each of the above features differently depending upon your specific business and its needs; however, we find these to be the main features that make up a strong small business accounting software. We considered all of these factors when choosing the best accounting software for small businesses, evaluating each program on how well it fits these characteristics to bring you the best options for your business.