Developed in 1994, Quickbooks has been helping businesses manage accounting and bookkeeping for more than two decades now. Intuit, the company behind Quickbooks, continues to roll-out new version and extensions to the software to help businesses scale efficiently. However, businesses running on a tight budget can often find the software expensive with features they do not require. Numerous accounting solutions have been developed in the past two decades with a special focus on meeting the needs of small and mid-sized businesses.
Some of the best alternatives to Quickbooks for small businesses are:
SlickPie is a free accounting software which is ideal for small businesses that require only a certain set of features and do not want to spend any extra money on bookkeeping. The accounting solution offers all the features required for effectively managing the accounting for a small business. With options for inventory management, invoicing, recurring invoices, reporting, sales tax management, and payment processing, the software covers all the basic requirements of small and mid-sized businesses. Additionally, businesses can pay and get access to the automated receipt entry system, MagicBot. The free version allows users to enter 100 receipts per month, but with the MagicBot feature, they can extend it to unlimited receipts.
A basic accounting solution for small businesses, ONE UP is an efficient bookkeeping software for covering the basic needs of your enterprise. The accounting software offers features such as inventory management, profit and loss tracking, sales tax management, and a basic version of Customer Relationship Management (CRM). However, a key aspect of the software that makes it stand apart is its categorisation ability which automatically identifies different categories based on a series of transactions made over time. Although the simple and efficient system is great for small businesses, its pricing can deal a huge blow to your budget as the basic plan starts at $9 per month for a single user and premium plans are marked at $169 per month for unlimited users.
FreeAgent claims to be an accounting solution tailored to the needs of freelancers and their small business setups. The software offers functionalities such as time tracking, project management, and invoicing to help freelancers keep a track of how much hours and material they are utilising for their work. In addition, automated invoice and payment tracking aid freelancers and businesses in analysing the profitable clients and streamline their strategies to minimise losses. While the software does provide the necessary features
myBooks, from Zetran, is an efficient and cost-effective Quickbooks alternative which can help small businesses manage their accounting while providing them with the advanced features required for expanding their purview. With standard plans starting from $4.99 per month and premium plans with unlimited access to all features marked at $9.99, the accounting software offers a plethora of services which enable businesses to effectively streamline their bookkeeping. Users can also opt for the free version of the software, which gives them access to limited features. Features such as auto bank feeds, multi-currency transaction handling, and intuitive invoicing at affordable prices make the accounting software ideal for small and mid-sized businesses. Equipped with AI capabilities, myBooks provides in-depth and detailed accounting insights on its dashboard which can help businesses identify key shortcomings in their strategies and highlight their strengths. Being a cloud-based platform, the accounting software can be accessed from anywhere and anytime, allowing users to access business records on the go.
Significant advancements in digital accounting are giving business owners the liberty to choose from an array of options based on their requirements and budgetary needs. Business owners need to thoroughly analyse their requirements and continuously upgrade to better services in order to maintain a competitive edge in the market.