Essay on 3 Best Accounting Softwares for Small Business: QuickBooks, FreshBooks & Wave

The best three accounting software which is appropriate to be used in small business includes Intuit QuickBooks, Fresh Books, and Wave.

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Intuit QuickBooks

The accounting software is best for capturing receipts, integrations with Shopify, PayPal and square, and 24/7 chat support, hence it makes the software appropriate for small business. The technical supports are available 24/7, and it cost $ 89.95 in three months. QuickBooks applications are readily available at the cost of $299 as a starting fee (Schiff & Szendi, 2014). QuickBooks software requires 2.4 GHz CPU, 1 GB RAM, but for faster processing, 2GB RAM is recommended for multi-user systems. Also, the system needs 2.5 GB hard disk space and additional space for data files. For installation, a 4X CD drive is needed. The program requires Windows 7 service pack 1 and 2008 windows server R2 service pack 1(Schiff & Szendi, 2014).

QuickBooks training is readily available based on client choice. To train using QuickBooks tutorials is free, but classroom training cost & 550. Also, to be taught one-on-one costs $100 per hour (Schiff & Szendi, 2014). QuickBooks software has different versions, and it is possible to be installed and used to up to 30 users in QuickBooks Desktop enterprise. A QuickBooks Pro version license amounts to $299.95 in three years for a single user and QuickBooks Premier plus costs annually $499.95 for an individual user (Schiff & Szendi, 2014). In QuickBooks software, there is a maximum of 5 users, and licenses for up to five users cost $450 additional per year.

Fresh Books

Fresh Books is the best solution for small business accounting and invoicing. In the case of repeated invoices, run a subscription business, and the necessity of time tracking capability, Fresh book is the best ideal to solve the issue in small enterprises (Bennett, 2014). Fresh Books software has three plans with a different cost; Lite costs $15, Premium cost $50, and Plus, which amounts to $25 per month. The application support of Fresh Books is available at $ 15 per month. Fresh Book program operates well in Windows 7, Windows 8 and Windows 10. Also, Fresh Books software can be accessed from the mobile device. The program also requires 4 GB RAM, CPU of at least 2 GHz and 8 GB hard disk drive for additional data.

The program is multi-user since more than five users can use it. The licensing fee of Fresh Books software is free for the first 30 days offered for a trail in the cloud computing account (Dimitriu & Matei, 2014). If clients are less than three, the software can be used freely, but when the clients are 4 to 25, the license fees are 19.95 monthly.

Wave Software

The program is the best when operating a small business of freelancers or when you have few employees. In this accounting software, most services are free such as transaction and invoice management. Wave has several application and features which are mainly free to use. In the Wave accounting program, payroll and payments credit cards are paid and invoicing, accounting, and receipts services are free. The training cost for Wave accounting software is $79 per month in the form of a personal coach or email support coaching (Dimitriu & Matei, 2014). One-on-one Wave accounting training costs $ 249 for 2 hours of live coaching.

The program requires Windows 10 for installations, intel core i5/i7 of 2.4 GHz, 4GB RAM, and 8 GB ROM. Wave accounting software cannot be used with multi-users (Saylor 2013). The license for operation is free, with limited restrictions of some invoices, transactions, and customers. The technical supports are available free via email, and also, the Wave program website has resources that assist in solving customer's issues.

References

Bennett, R. J. (2014). Entrepreneurship, small business, and public policy: Evolution and revolution. Routledge.

Dimitriu, O., & Matei, M. (2014). A new paradigm for accounting through cloud computing. Procedia economics and finance, 15, 840-846.

Saylor, M. J. (2013). The mobile wave: how mobile intelligence will change everything. Vanguard Press.

Schiff, A., & Szendi, J. (2014). Helping Small Business Entrepreneurs Avoid Critical Mistakes in QuickBooks Accounting Software. Entrepreneurial Executive, 19.