7 Best Accounting and Bookkeeping Apps for Small Business (2024)

Accounting and bookkeeping are essential tasks for any small business owner. They help you track your income and expenses, manage your cash flow, prepare your taxes, and make informed decisions about your business. However, accounting and bookkeeping can also be time-consuming and complicated, especially if you are not an expert in the field. That’s why many small business owners use accounting and bookkeeping apps to simplify and automate their financial management.

Some key features of accounting software for small businesses include:

1. Invoicing
2. Synchronization of credit cards and banks
3. Accounts payable
4. Accounts receivable
5. Online customer payment collection
6. Basic financial statement preparation, such as profit and loss statements, balance sheets, and statements of cash flow
7. Access for accountants or tax experts

There are many accounting and bookkeeping apps available in the market, but not all of them are suitable for your specific needs and preferences. To help you choose the best app for your small business, we have reviewed and compared seven of the most popular and reliable apps that have their respective mobile versions. This rating is based on their features, ratings, pros, and cons. Here are our top picks for the best accounting and bookkeeping apps for small business in 2024:

#7. Book Keeper Accounting

Book Keeper Accounting is a GST-ready accounting app for Android, iOS and Windows devices. It supports taxation like GST, VAT, etc.

It’s simple user interface allows you to send invoices, bills, and estimates, track your income and expenses, manage your inventory, and generate financial reports. You can also connect your bank accounts and credit cards to Book Keeper, and sync your data across multiple devices. Additionally, Book Keeper offers online payment options, barcode generation, warehouse management, and integrations with other apps like Shopify, PayPal, and Zapier.

App Store Rating: 4.6/5 

Pros:

• Free and full-featured accounting app
• User-friendly and intuitive interface
• GST-ready and multi-currency support
• Inventory and warehouse management features
• Online payment and barcode options
• Integrations with other apps

Cons:

• Limited customization and automation options
• No payroll or tax filing services
• Customer support is not available by phone

#6. Wave

Wave is a free and comprehensive accounting software that helps you manage your finances, automate your workflows, and accept online payments.

Wave lets you create and send professional invoices, track your income and expenses, scan and organize your receipts, and generate financial reports. You can also connect your bank accounts and credit cards to Wave, and sync your data across multiple devices. Moreover, Wave offers online payment options, payroll services, and integrations with other apps like Zapier, Etsy, and Shoeboxed.

App Store Rating: 4.5/5 

Pros:

• Free and full-featured accounting software
• User-friendly and attractive interface
• Online payment and payroll services
• Receipt scanning and management
• Integrations with other apps

Cons:

• Limited customization and automation options
• No inventory or project management features
• Customer support is not available by phone

#5. Zoho Books

Zoho Books is a cloud-based accounting software that manages your finances, automates your business workflows, and helps you work collaboratively across departments.

Zoho Books allows you to create and send invoices, track your expenses and bills, monitor your inventory, reconcile your bank accounts, and generate financial reports. You can also set up recurring transactions, payment reminders, budgets, and tax rules. Furthermore, Zoho Books integrates with other Zoho apps, such as Zoho CRM, Zoho Projects, and Zoho Expense, as well as with third-party apps like PayPal, Stripe, and G Suite.

App Store Rating: 4.8/5

Pros:

• Flexible and customizable accounting software
• Advanced and automated features
• Inventory and project management features
• Multi-currency and multi-user support
• Integrations with other Zoho and third-party apps

Cons:

• Steep learning curve and complex interface
• Limited customer support options
• No payroll or tax filing services

#4. FreshBooks

FreshBooks is a cloud-based accounting software that simplifies your invoicing, billing, and accounting processes. FreshBooks enables you to create and send customized invoices, track your time and expenses, accept online payments, and manage your projects and clients.

You can also connect your bank accounts and credit cards to FreshBooks, and sync your data across multiple devices. Additionally, FreshBooks offers reports and insights, tax preparation and filing services, and integrations with other apps like Shopify, Mailchimp, and Slack.

App Store Rating: 4.7/5 

Pros:

• Simple and elegant accounting software
• Customizable and professional invoices
• Time tracking and expense management features
• Online payment and tax filing services
• Integrations with other apps

Cons:

• Limited inventory and budgeting features
• No multi-currency or multi-user support
• No receipt scanning or management

#3. Sage Accounting

Sage Accounting is a cloud-based accounting software that helps you manage your cash flow, invoicing, and reporting. Sage Accounting allows you to create and send invoices, track your income and expenses, reconcile your bank accounts, and generate financial reports.

You can also set up recurring transactions, payment reminders, and tax rules. Moreover, Sage Accounting integrates with other Sage products, such as Sage Payroll, Sage HR, and Sage CRM, as well as with third-party apps like Stripe, PayPal, and Microsoft 365.

App Store  Rating: 4.2/5 

Pros:

• Reliable and secure accounting software
• User-friendly and modern interface
• Recurring transactions and payment reminders
• Integrations with other Sage and third-party apps

Cons:

• Limited customization and automation options
• No inventory or project management features
• No receipt scanning or management

#2. Xero

Xero is a cloud-based accounting software that connects your business with your accountant, bank, and other apps. Xero lets you create and send invoices, track your income and expenses, manage your inventory, reconcile your bank accounts, and generate financial reports.

You can also set up rules, alerts, and approvals for your transactions, and collaborate with your team and advisors. Furthermore, Xero offers payroll and tax services, and integrations with over 800 apps, such as Shopify, HubSpot, and Squarespace.

App Store Rating: 4.6/5

Pros:

• Powerful and flexible accounting software
• Inventory and project management features
• Payroll and tax services
• Integrations with over 800 apps

Cons:

• Complex and cluttered interface
• Steep learning curve and high price
• No receipt scanning or management

#1. QuickBooks

QuickBooks is a cloud-based accounting software that organizes your finances, automates your workflows, and helps you grow your business.

QuickBooks enables you to create and send invoices, track your income and expenses, scan and organize your receipts, and generate financial reports. You can also connect your bank accounts and credit cards to QuickBooks, and sync your data across multiple devices. Additionally, QuickBooks offers online payment options, payroll and tax services, and integrations with other apps like Shopify, PayPal, and Square.

App Store Rating: 4.7/5 

Pros:

• Popular and trusted accounting software
• Online payment and payroll services
• Receipt scanning and management
• Integrations with other apps

Cons:

• Limited customization and automation options
• No inventory or project management features
• Customer support is not available by phone

Conclusion

Accounting and bookkeeping apps can help you save time, money, and hassle when managing your small business finances. However, choosing the right accounting program for your small business is a challenging task, with constant competition among renowned names like Xero, QuickBooks, and FreshBooks vying for the top spot. 

While most accounting software boasts user-friendly interfaces, the creation of accurate financial reports demands a fundamental grasp of accounting principles. Many companies choose to enlist the expertise of bookkeepers or accountants to supervise and review their financial records. 

Ultimately, the ideal accounting software for small businesses depends on factors such as the nature of your company, your plans, and your specific objectives. We trust that the array of options presented in this article will empower you to make an informed decision tailored to your unique requirements.