These days, there is a tech solution for everything. The startup ecosystem is evolving and exploding every day, with apps and tech solutions for even the most onerous financial tracking tasks small business owners undertake.
We wanted to dive in to the world of small business accounting software, especially after Xero, a New Zealand-based cloud accounting company, raised another $150 million last year on top of the $67 million they already raised.
Before hitting on some of the most popular options for accounting apps, let's review on why these solutions are useful and gaining traction. Cloud-based solutions are all about flexibility, accessibility and customization.
According to Fox Small Business, "Because they are based on the cloud, such accounting solutions are free of expensive installation costs. They are accessible anywhere and their open API ensures that they are not only able to interface with applications from within their organizations but, also, with the larger Internet ecosystem."
QuickBooks & Intuit - QuickBooks is backed by Intuit, which includes a number of services, including supplies and invoicing help. It is a long-running leader in this space. They have a web-based solution known as QuickBooks Online, that comes with a 30-day free trial.
Xero - The new kid on the block, which users love because it demystifies the jargon and complicated descriptions around accounting. Xero's tagline is "Beautiful Accounting Software."
FreshBooks - FreshBooks has better timekeeping and expense tracking than QuickBooks, but isn't as good on the true accounting front. They're known for great customer service, and they're all web-based. They also have a free 30-day trial period to test it out.
Kashoo - With the tagline "Simple cloud accounting," Kashoo aims to make the process of invoicing and payment as simple as possible. Looks great on mobile and tablet, and is also free for one month!
Harvest - Not exactly a competitor with these other solutions, Harvest is a web-based time tracking and invoicing application that can sync with QuickBooks.
What accounting software do you use for your business? A combination of a bunch of tools? Let us know in the comments!
This article is sponsored by Wells Fargo Works. It originally appeared on Small Business Patch in October 2013. Watch the video series, then enter the contest where you could win a similar experience, including $25,000 for your business. Watch the videos and enter the contest here.