GoDaddy Online Bookkeeping: Best for Online Merchants
- GoDaddy integrates sales data from Amazon, Etsy, PayPal, and other platforms. You can generate reports based on information in real time.
- GoDaddy's pricing is very affordable for small online businesses.
- Created with sole proprietors and LLCs in mind, it's easy to use and not overburdened with unnecessary bells and whistles.
E-commerce is exploding across the globe, requiring many businesses to manage online and offline sales. Having an accounting program that brings it all together is important and is where GoDaddy Online Bookkeeping stands out. Not only can you integrate this accounting software with your sales data from Amazon, Etsy, and PayPal, but you can send and track invoices, accept online payments, and run reports, all for an affordable price, making it our best pick for online merchants.
Online merchants need more than basic accounting software. They need to be able to track their sales from multiple channels and view them in one central location. GoDaddy Online Bookkeeping offers that ability and then some. With this easy-to-use accounting software, you can import your data from Amazon, eBay, Etsy, PayPal, and other platforms and generate reports on income, expenses, profits, and losses using real-time data. That gives you an accurate picture of your online sales. We also selected GoDaddy Online Bookkeeping because there is nothing to download or update – you can sign in from any device to access the accounting software in the cloud.
Another reason GoDaddy is the software we picked for online merchants is that the pricing plans (there are three tiers) start at $4.99 per month. That enables even the smallest online merchant to benefit from the accounting software. GoDaddy's Get Paid lowest-tier plan costs $4.99 a month and includes the ability to send invoices and estimates, accept payments from a mobile device, track mileage and time, and run reports on the current year. The Essential Plan starts at $9.99 a month and offers all the features in the Get Paid plan, plus the ability to run unlimited business reports and automatically import bank and credit card transactions, as well as sales data from Amazon, PayPal, eBay, and Etsy. With its Premium plan, which starts at $14.99 a month, you get all the above, plus the ability to send recurring invoices.
Small business owners need an accounting software solution that is easy to install, use and manage. It needs to speed up accounting processes and help business owners stay on top of their tax obligations; otherwise, it's not worth it. GoDaddy delivers on that front, too. Designed with sole proprietors and LLCs in mind, GoDaddy created its accounting software to automatically categorize transactions, track estimated tax payments due and sales tax collected. You can send reminders and create tax sheets as well. These features, however, are only available for the Essentials and Premium plans.
GoDaddy Online bookkeeping may not have all the features that other accounting software has, but that's on purpose. It was created with non-accounting professionals in mind. You won't get overwhelmed with tons of features you'll never use. If you operate a larger business with multiple employees, GoDaddy Online Bookkeeping may not be for you. But for online merchants who want to send invoices, track expenses and sales, and get paid quickly, GoDaddy Online Bookkeeping is a standout, which is why it's our best pick for online merchants.
Wave Financial: Best Free Option
- Wave can link to your bank and credit card accounts to automatically track your transactions.
- It offers standard bookkeeping services, like many of the paid alternatives do.
- App integrations are limited compared to other software applications.
If you're a freelancer or the owner of a small business that doesn't store much inventory, Wave's accounting solution is ideal for you. It offers ample features and is easy to use, even for those who are new to accounting software, making it our best pick for free accounting software.
With Wave, there's no monthly or annual fees or software license to maintain. The only costs are for optional add-on services. That's a nice attribute of Wave. You can start out with its free software and add more capabilities if you need it.
Wave's free accounting software and mobile apps do not cap the number of transactions you can do, nor the number of invoices you generate or users who have account access. If you want to accept invoice payments online, Wave charges a flat 2.9%, plus 30 cents per credit card transaction or 1% (with a $1 minimum fee) for ACH bank transfers.
If you want payroll services, it won't break the bank either. Wave charges $20 or $35 per month (depending on which state your employees are in), plus $6 per employee or contractor. For $129 a month, you can get Wave's Bookkeeping service. You get a dedicated bookkeeper who keeps your financials up to date. If you need hands-on training, Wave offers Accounting Coaching, which costs $249 for a 120-minute session.
Just because Wave is a free service doesn't mean it skimps on the features it offers. It holds its own compared to many paid software applications, automating many billing aspects and saving small business owners' precious time. For example, with Wave, you can create and schedule recurring invoices and track payments. There are automatic payment reminders and automatic syncing with your bank and credit card accounts. Wave also supports PayPal, enabling you to sync that transaction data.
Wave isn't shabby on the reporting side either. You can run dozens of different reports, track expenses, upload receipt images, and manage vendors and bills. Wave integrates with Etsy, PayPal, Shoeboxed and Zapier, which is fewer than its rivals. However, you can connect with hundreds of third-party apps through Zapier.
Even though it's a free program, Wave offers the standard bookkeeping services of many paid alternatives on the market. Small businesses strapped for cash should take a look at Wave, as it may be a great solution to save money without hurting your accounting practices.
Sage Business Cloud Accounting: Best for Freelancers/Self-Employed
- Sage doesn't limit the number of users who can access the software.
- It has 24/7 support, including live chat with Sage accounting experts and one-on-one sessions.
- You can only accept payments via invoices through Sage's integration with Stripe.
Sage Business Cloud Accounting is a low-cost, cloud-based program that lets you create and send invoices, track what you're owed, and automate bank reconciliations. At $10 a month, it's an affordable accounting tool that helps you stay on top of all of your accounting tasks, which is why we selected it as best for freelancers and those who are self-employed.
Freelancers and self-employed individuals don't need a lot from their accounting software. They want to bill their customers and get paid quickly. Sage Business Cloud Accounting makes that possible and only charges $10 a month.
With the Sage Accounting Start plan, you can create, track, and send invoices and automatically reconcile bank entries. If you need more than that, the Sage Accounting plan enables business owners to send quotes, estimates, and invoices; forecast cash flow; and manage purchase invoices. For the first three months, you can use Sage to snap and post receipts to your account. The Sage Accounting plan supports unlimited users and costs $25 a month. Sage runs specials from time to time in which it discounts the software as much as 50% for six months. That means freelancers can get good accounting software for just $7.50 a month for half a year. Sage also has a free trial (30 days), so you can test-drive it before committing to it. We also like that you can cancel at any time. You aren't stuck in a long-term contract, but you do have to give notice to avoid any issues.
Sage's program is cloud-based, which means you can access it from any internet-enabled device. It's easy to set up, and the learning curve isn't steep. Sage integrates with Stripe, enabling users to add a "Pay Now" button on invoices. Freelancers can automate many accounting and invoicing tasks, including the auto-posting of expenses and payments, sending and tracking invoices, and setting reminders and alerts.
Freelancers typically don't have a lot of accounting expertise. They may have questions or need accounting help, and Sage makes it easy to obtain that. Sage offers 24/7 support via chat and live Q&A sessions with Sage Success Coaches Monday through Friday, 9:30 a.m. to 5:30 p.m. Eastern time. You can also schedule one-on-one sessions with a Sage Accounting expert online. Additionally, it's easy to extend Sage's capabilities, thanks to its app marketplace. Sage integrates with several apps, including AutoEntry, Draycir, Avalara, Credit Hound and others.
Sage's accounting software offers freelancers and self-employed individuals robust accounting software at an affordable price. It has everything you need to get paid and manage cash flow and is worth considering if you're self-employed.
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Xero: Best for Growing Businesses
- Xero offers more than 700 app integrations.
- Email and live chat support are available 24/7.
- Not all accountants are familiar with Xero.
Every business starts small, but as a company grows, its financial needs change. As a result, you want an accounting program you can have over the long haul, and that's where Xero comes in. Xero's pricing and plans are based on the progression of a company, making it our choice for the best accounting software for growing businesses.
Take its pricing for starters. Its Early Plan costs $11 per month and is perfect for freelancers, solo traders and business owners just starting out. You can send 20 invoices and quotes, enter five bills per month and reconcile bank transactions. As you expand, Xero's Growing plan, which is $32 per month, gives you unlimited invoices, bills and bank transactions. The Established Plan is $62 per month. Besides unlimited invoices, bills, and bank transactions, it supports multiple currencies, it can track projects, and you can claim expenses. If you need payroll services, you can add Gusto to your plan.
Xero offers more than 700 app integrations, which means there's a good chance it works with several of your existing business software applications. As you grow, you may need different apps, which Xero can easily support.
Another plus of Xero's software is that you can run more than 50 different reports, including profit and loss statements, aged receivables, and a general ledger. Many reports are customizable, allowing you to change titles, rearrange columns, show a chart, set a date range and apply filters. You can print reports, archive them, or export them as PDF, Excel or Google Sheets files. We also like that you can manage both customers and suppliers with this accounting software and organize them into groups.
Xero is easy to use, which is another reason we chose it as best for growing businesses. You don't want to start your business with complex and cumbersome accounting software that takes forever to learn. Xero's interactive dashboard displays graphs and charts for key information, such as invoices due, bills you need to pay, and a history of your bank account balance. There's also a button that tells you how many items you need to reconcile. The information is displayed on movable cards that you can arrange to your liking. The cards also have quick buttons for tasks like creating an invoice or a new bill.
Whether your business is in the early stages or growing, Xero has a pricing plan and features that will meet your needs. Further, the software is easy-to-use and adapts alongside your business, making it our best pick for growing businesses.
Melio: Best for Free Accounts Payable Software
- Melio doesn't charge you any fees for bank transfers; there is a fee of 2.9% for credit card payments.
- You can control who has access to your Melio account, giving you a better view of your cash flow.
- Melio only integrates with QuickBooks.
Sometimes, all you want is a simple way to manage your accounts payable and receivables. You don't want an overly complicated or costly system, just one that can send and track invoices and ensure you get paid. That's where Melio and its free accounts payable software comes in. It's a free cloud-based software program that lets you schedule payments, manage your bills, and it integrates with QuickBooks, making it our best pick for free accounts payable software.
With Melio, it's free to make payments via bank transfer; credit card payments, however, cost 2.9%. You can also accept payments by customers via card or bank transfer at no cost to you. What sets Melio apart from other free accounts payable software is its ease of use. It takes no time to add vendors and schedule payments.
You can enter a vendor's details manually, upload a file, or take a photo of an invoice to get the payee in your account. You can then schedule payments for the date and amount you want. Vendors either receive a check or bank transfer. This accounting program also makes it easy to control who has access to your accounts payable and receivable information. You can invite users from your company or an accountant, and assign them roles and permissions. You can also set approval controls for each transaction to ensure you stay on top of your cash flow.
Melio's integration with QuickBooks is another aspect we liked. QuickBooks is powerful alone, but when combined with Melio's payment data, it can provide deeper insights into cash flow.
It's also easy to sync. All you have to do is log into your Intuit account to connect QuickBooks for a two-way sync between payments and accounting. There is one drawback: Melio only integrates with QuickBooks right now. It does plan to integrate with Xero in the future, but for companies that use accounting software other than QuickBooks (and soon, Xero), there isn't a convenient way to reconcile your payments with your ledger.
Melio may not be well suited for large companies, but it's ideal for small businesses in many industries looking for a free solution to manage payments. Add integration with QuickBooks to the mix, and it easy to see why Melio is our best pick for free accounts payable software.
