Are you a small business in Canada looking for the best accounting software to help you manage your finances? Look no further! We have compiled a list of the 10 Best Accounting Software for Canadian small businesses.
Our list contains essential features such as invoicing and payroll, making it easy to choose the right one for your business. We’ll also walk you through some of the pros and cons of each software so that you can make an informed decision.
Keep reading to find out which software is best suited for your small business in Canada!
Why Accounting Software is Important?
Accounting Software is essential for small businesses as it helps to streamline financial management, increase efficiency and make better business decisions. It automates the process of recording financial transactions, generating financial reports, and managing invoices, expenses, and inventory.
With accounting software, small businesses can easily track their financial performance, identify areas for cost savings, and make informed decisions about the growth and direction of their business. Furthermore, It can also help with compliance and tax filing by generating reports and keeping records organized.
Best Accounting Software for Canadian Small Business
Keep reading to find out which software is best suited for your small business in Canada!
1.QuickBooks
QuickBooks is a comprehensive accounting software that offers a wide range of features for small businesses.
- It includes invoicing, expense tracking, as well as inventory management.
- It has the ability to connect with your bank and credit card accounts to automatically download transactions.
- QuickBooks also offers the ability to create customized financial reports and offers a mobile app for on-the-go access.
- The pricing for QuickBooks ranges from $12 to $40 per month depending on the plan selected.
- Access to financial data from any device
- The ability to generate and track job costing
2. MYOB
MYOB is a popular accounting software that is designed for small businesses in Canada.
- It offers a wide range of features including invoicing, expense tracking, and inventory management.
- MYOB also offers a mobile app for on-the-go access
- It has the ability to connect with your bank and credit card accounts to automatically download transactions.
- The pricing for MYOB ranges from $10 to $30 per month depending on the plan selected.
- Automated payment reminders
- The ability to set up and track inventory assembly substitutions
3. Sage 50
Sage 50 is a powerful accounting software that offers a wide range of features for small businesses.
- It includes invoicing, expense tracking, and inventory management
- It has the ability to connect with your bank and credit card accounts to automatically download transactions.
- Sage 50 also offers the ability to create customized financial reports and offers a mobile app for on-the-go access.
- The pricing for Sage 50 ranges from $35 to $70 per month depending on the plan selected.
- Customizable financial reports
- The ability to manage and track customer and vendor contacts
4. Wave Accounting
Wave Accounting is a free, cloud-based accounting software that offers a range of features for small businesses, such as:
- Invoicing, receipt scanning, and expense tracking.
- It also offers a mobile app for on-the-go access
- Wave Accounting is free to use
- It offers a range of additional services such as payroll and payments for a fee
- Integration with other business tools (e.g. POS, e-commerce)
- The ability to connect with your small business bank account and credit card accounts to automatically download transactions
5. Xero
Xero is an online accounting software that offers a wide range of features for small businesses.
- It includes invoicing, expense tracking, and inventory management, as well as the ability to connect with your bank and credit card accounts to automatically download transactions.
- Xero also offers the ability to create customized financial reports and offers a mobile app for on-the-go access.
- The pricing for Xero ranges from $9 to $70 per month depending on the plan selected.
- Automated reminders and notifications
- The ability to set up and track serialized inventory
6. FreshBooks
FreshBooks is an easy-to-use accounting software that offers a variety of useful features for small business in Canada.
- It includes invoicing, expense tracking, and time tracking
- Ability to connect with your bank and credit card accounts to automatically download transactions.
- FreshBooks also offers a mobile app for on-the-go access.
- The pricing for FreshBooks ranges from $15 to $50 per month depending on the plan selected.
- Time tracking and project management
7. AccountEdge
AccountEdge is an accounting software that is designed specifically for small businesses. It offers a wide range of features including
- Invoicing, expense tracking, and inventory management.
- AccountEdge also offers a mobile app for on-the-go access
- Ability to connect with your bank and credit card accounts to automatically download transactions.
- The pricing for AccountEdge ranges from $10 to $30 per month depending on the plan selected.
- The ability to record and track fixed assets
8. Outright
Outright is an online accounting software that offers a range of features for small businesses, such as
- Invoicing, receipt scanning, and expense tracking.
- It also offers a mobile app for on-the-go access. Outright is free to use, but
- Offers additional services such as payroll and payments for a fee.
- The ability to create and track recurring invoices
- The ability to generate and customize financial reports, such as income statements and balance sheets.
9. Bookeo
Bookeo is an online accounting software that offers a range of features for small businesses, such as invoicing, receipt scanning, and scheduling.
- It is specifically designed for businesses in the service industry, such as yoga studios, tours and travel agencies, and consulting firms.
- Bookeo offers tools for appointment scheduling, client management, and online payments.
- Bookeo pricing is flexible and ranges from $20 to $70 per month depending on the number of bookings and the plan selected.
- The ability to connect with bank and credit card accounts to automatically download transactions.
- The ability to generate and track billable time
- The ability to track expenses and categorize them by type
10.BillQuick
BillQuick is an advanced accounting software that offers a wide range of features for small businesses.
- It includes invoicing, expense tracking, and inventory management
- Ability to connect with your bank and credit card accounts to automatically download transactions.
- BillQuick also offers the ability to create customized financial reports and offers a mobile app for on-the-go access.
- The pricing for BillQuick is available on request and depends on the number of users and features required.
- The ability to set up and track barcoded inventory
- The ability to generate and track quotes and estimates.
It’s important to note that these are just a few of the many accounting software options available for small businesses in Canada.
Accounting Software Canada – Options Available
Small businesses in Canada have a wide range of accounting and billing software options to choose from. Each software has its own set of features, pricing plans, and target audience.
QuickBooks, MYOB, Sage 50, Wave Accounting, Xero, FreshBooks, AccountEdge, Outright, Bookeo, and BillQuick are among the top 10 popular accounting software options for small businesses in Canada. This software offers a wide range of features for small businesses such as invoicing, expense tracking, inventory management, and the ability to connect with bank and credit card accounts to automatically download transactions.
Which is the Best Accounting Software for Your Small Business?
The requirements may vary from business to business. So, make sure to consider all relevant points while finalizing the perfect software for your small business needs.
It’s important to do your research and carefully consider your business’s unique needs before making a decision. It’s also a good idea to try out a few options with a free trial or free version to test drive the software before you decide to invest. With the right Accounting and Billing Software, you can streamline your financial management, increase efficiency and make better business decisions.
You may also like to have a look at the Best Budgeting Apps in Canada
Do you have any other Top Accounting and Billing Software names to share with us? Do share in the comments or send us an email at our email ID with details. It would be great to keep adding such useful software to our exclusive list.