Top 3 Small Business Accounting Software Solutions

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I don’t need a hard disk in my computer if I can get to the server faster… carrying around these non-connected computers is byzantine by comparison.” 

Steve Jobs uttered those words 16 years ago. A true visionary, he understood back then a concept that a lot of small business owners have yet to embrace: if you can store data in a centralized location and then access it from any device with an internet connection, relying on your bulky office computer is like taking a team of horses across the country when you can fly first-class on a 747.

Make no mistake: Cloud-based accounting solutions are always going to be more convenient, more secure, and more efficient to use than “non-connected” accounting software packages.

And that’s why the top 3 small business accounting software solutions are all cloud-based (well, sort of).


#3: Intuit QuickBooks Online Simple Start

Overall, QuickBooks Online is a pretty powerful Cloud accounting solution. It allows you to import existing contact lists from Yahoo! Mail, Outlook, Gmail, or an Excel file. There are a few limitations, however, especially with the $15-per-month Simple Start subscription. Namely, key accounting features such as payroll and time recording and billing are omitted. Two problem specifically with the Simple Start subscription is that you can only enter bills as you pay them and you can’t do accruals. Those problems are resolved by upgrading to Essentials or Plus subscriptions, $25 and $35 per month, respectively.

#2: Xero

Xero is a totally, completely, amazingly powerful piece of cloud accounting software that was clearly designed with the cloud in mind. One of the best features: you can email your invoices as an attachment or a link and either way your customer is only a click away from paying via PayPal. If your customers use the Xero Network, you can send invoices directly into their Xero account, which can speed things up and eliminate redundant data entry tasks.

Another cool feature that Xero offers which is pretty cutting-edge is that when you enter a customer’s address, the software uses the White Pages TotalCheck service to verify that it is a real street address.

Xero didn’t make number one on the list for the very minor usability issues it has. Specifically, in order to receive a payment on Xero, you have to open the invoice it corresponds to and enter the payment details. That could be an issue if your customers like to settle multiple invoices with one payment.

#1: MYOB EXO Business (With the MYOB Enterprise Cloud Partner Program)

As great of an accounting solution as Xero happens to be, MYOB EXO Business was still an easy choice as the very best small business accounting software solution on this list. Why did MYOB EXO Business top the list? Because it’s the best of both worlds.

MYOB EXO Business isn’t a cloud-based accounting software solution – at least not in the strictest sense. It is, however, the most powerful accounting software solution on this list and it just so happens that, in conjunction with the MYOB Enterprise Cloud Partner, you can get the benefits of cloud-based computing and traditional software at the same time.

Click here to get started on your masters in accounting today.

A fully integrated financial and business management system, MYOB EXO Business has modules that support everything from point-of-sale to reporting and inventory management, all in a very user-friendly format. Another big, big benefit to using MYOB EXO Business: it also acts as a business intelligence software solution. That means you can get a clear view of the ‘big picture’ as well as a deeper view of the individual processes so that you can make more informed business decisions. 

Just because the time has come to jump on the Cloud bandwagon doesn’t mean you have to say goodbye to the functionality of a truly spectacular accounting software solution. With MYOB Enterprise Cloud Partner Program, you can get the functionality of powerful accounting software with the on-the-go availability of a cloud-based solution.

About the author:

Michael Pendred is Managing Director of Horizon Business Systems, a leading provider of MYOB Exo Accounting Software Solutions in Perth, WA. Find Michael on Google+.

Filed in: Business

6 Responses to "Top 3 Small Business Accounting Software Solutions"

  1. Brad says:

    MYOB Exo and small business don’t really belong in the same sentence.

    Saasu and Gem Accounts would be a better choice.

  2. I have been using Xero for quite some time now. Softwares like this cleary prove that cloud computing is the future.
    Pankaj Chauhan recently posted…29 Photoshop Photo Manipulation TutorialsMy Profile

  3. Xero is actually far better than MYOB for small business, and is becoming more popular each year.

    Not sure what you mean about the payment details thing. You just reconcile the payment. If there are multiple invoices being paid in a lump sum, you still just reconcile the same way.

  4. Stephan says:

    Xero is the best choice if you want to run your business effectively especially for small ones. it has many tools that make your work easier.
    Thanks for your sharing.

    Stephan recently posted…How to create customer groups in OpenCart?My Profile

  5. Well these software can use anywhere but the thing is, If you think these software didn’t work for you properly you need to design your own. Which means lots of extra time and extra money.
    In business where you are doing any investment plans and others things as life is so much busy now a days you need something very smart and user friendly to handle your details.
    safira jorge @ entrepreneur, recently posted…What’s in Store for the Payment Processing Industry?My Profile

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