While tools like Quickbooks seem to have a corner of the accounting and bookkeeping marketer, there are additional tools on the market. And depending on the need for the accounting tool, you’ll be sure to find the right solution for your business needs.
Here are three different types of accounting software solutions you might not be aware of.
Most accountants love using Quickbooks. Whether it is the Quickbooks Online version or the Desktop version, this software is packed with features. Because Quickbooks is so widely known and popular, we wanted to get into lesser-known options. Please feel free to message us if you have any questions about Quickbooks.
1. FreeAgent for Entrepreneurs
If you have just started a business and you’re looking to get your books in order, you need a cost-effective tool that is also easy to use. Here is where the tool FreeAgent comes in. This efficient and inexpensive tool starts at just $12 / month and gives you all of the bookkeeping resources you need. You can create invoices, manage customers (although it’s not a true CRM), send payment reminders and even send quotes for new projects.
Because of the cost, this is a very approachable tool for people just getting started in business. Once your business is more established, you can easily migrate your FreeAgent information into another accounting tool (if necessary).
2. LeaseAccelerator for Lease Accounting
If your business deals with leasing equipment, you know you have to abide by certain accounting standards set forth by the Accounting Standards Codification. Unlike an entrepreneurial accounting system, you’ll need a tool that can ensure you are compliant with various standards. LeaseAccelerator is a cloud-based lease accounting tool that gives its user the option to easily manage all aspects of leased equipment and resources. But what we like the most about the LeaseAccelerator software is how easily it integrates with other systems.
Because it’s a bit more of a robust system, you’ll need to find the exact option that works best for your business and budget.
Lastly on our list of accounting software you might not know is a tool called Freshbooks. While Freshbooks has had a lot of commercial success and is used by a number of businesses, it’s still a lesser-known option in the accounting world. Similar to FreeAgent and Quickbooks, users of Freshbooks are able to send invoices, manage clients, send payment reminders, project estimates and even has time tracking.
The cost of Freshbooks is very approachable depending on the number of users. For a small business that wants to avoid large accounting expenses, be sure to give Freshbooks a try.
If you’ve read through these options and you’re still not sure what is right for you, don’t worry, there are plenty of resources online. For example, Hubspot has a great comparison of Quickbooks vs. Freshbooks to help you make a decision. And if you’re evaluating lease accounting solutions, check out these reviews on Capterra.