Small businesses are at risk of a tax audit because a lot of businesses lack proper accounting accountability. Worse, small businesses may lose track of their expenses, losing vital tax deductions that lead to paying higher taxes at the end of the fiscal year.
Accounting software has advanced to allow businesses to quickly and easily view their revenue, expenses, profits, losses and balances.
This software can also provide:
- Expense reports
- Financial reports
- Bill payments
Everything is nice and neat so that you can do what you do best: grow your business.
There are a lot of SaaS options that include mobile accounting to allow businesses to keep on top of their accounting on-the-go, too.
The top SaaS for small business accounting are:
1. Wave Accounting
Wave Accounting is first on the list not because it’s the best (it’s still awesome), but because they have a free option, too. Simple and easy to use, the accounting software is on the cloud, so business owners can keep track of their accounting wherever they go: at home, in the car, on the train or in Bali.
What’s neat is that there are no:
So, what’s the catch? You’ll pay 2.9% plus $0.30 per transaction if you use the company’s credit card processing. This is the same amount you pay for PayPal. And there’s also a payroll option that’s paid, but who gets payroll features for free? No one.
Wave takes over as your accountant and takes care of:
- Receipt scanning
And when using the accounting features, you’ll be able to connect bank and credit cards, view your business finances at a glance (income and expenses), view growth, produce automatic reports and so much more.
Bootstrapping businesses use Wave Accounting because it’s powerful and efficient. And it’s also easy to use.
FreshBooks makes billing effortless, and the software is on the cloud, so you can use it on your phone, tablet, PC or anywhere you have Internet connectivity. But FreshBooks goes a few steps further and allows you to incorporate a slew of business must-haves into one package, including:
- Time tracking
What’s neat is that FreshBooks integrates with all of your favorite apps to pull our your data into one central location. Create custom invoices, set automatic late fees, accept credit cards, set recurring invoices, automate tax calculations, set tax categories, attach receipts, track time working and billable hours, create projects, file share, talk to team members, accept credit cards, accept fast bank deposits, view profits and losses, and so much more.
There’s even a sales tax summary, expense reports and everything a business needs to get up and running today.
The company offers three different pricing plans, but with the elimination of an accountant (for most parts of the year), you’ll save a ton of money in the process. FreshBooks and Wave Accounting are just two of the many SaaS products changing the way small businesses operate.
For a more robust system, there is QuickBooks Online, which offers several tiered options. QuickBooks also offers payrolls options.