Gusto offers competitively-priced, easy-to-use payroll software that’s received high marks here at Merchant Maverick. Wave has surprisingly well-developed invoicing, which is unlimited even on the free plan. There are also a handful of automations available, although automated payment reminders are only available with Wave Pro. The biggest drawback is that quickbooks items unlimited invoicing is only available on Xero’s two more expensive plans. Both Xero and Wave offer the standard features you’d expect to find with accounting software.

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As you might expect, Wave Payroll, allows you to run payroll to pay your employees and contractors, syncing directly with your Wave account. You can set up direct deposit; connect workers comp coverage; calculate vacations, bonuses, and other benefits; and even print sum of years digits method of assets depreciation checks. Multiview Financials’ ERP provides a single point of truth within your organization, enabling visibility across divisional, regional, or product line silos. It goes beyond traditional finance and accounting to add the sophisticated capabilities that today’s complex organizations demand.

Integrations

1. As you might expect, Wave Payroll, allows you to run payroll to pay your employees and contractors, syncing directly with your Wave account.
2. Instead, they integrate with Gusto, a full-service payroll solution for $39 per month + $6 per month per person.
3. It’s getting in touch with a human that’s the problem, as Xero does not offer phone support, and email responses could take up to a day to receive.
4. Xero works well for some small businesses, startups, and e-commerce businesses, but if you plan to scale, it’s not ideal.
5. Migrating systems is a giant headache, so you want to choose the best accounting software that will work as your company grows.

It also lets you track time and billable hours so clients can see exactly what you’re charging for. We prefer Xero if you’re a larger business looking for more potent features, such as bank account reconciliation and Gusto payroll software. Xero also has robust file storage that lets you manage and share documents, bills, contracts and receipts on the cloud. Speaking of the cloud, both software earned a spot on our best cloud accounting software list. Of course, not all small business accounting software is created equal. Some are designed to grow with your business, offering modular features like inventory management or e-commerce integrations that you can add on as needed.

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This is $2 more than QuickBooks’ self-service option, and you have to pay for and file the paperwork yourself. Wave has the features you would expect for small business accounting software. Wave’s notable features include bank reconciliation, expense tracking, invoices, accounts payable, contact management, and inventory management.

QuickBooks Online works best for most businesses, especially if you already have several employees, a growth mindset, or want the expanded feature set that QuickBooks provides. They have a growing professional infrastructure of companies and tools that integrate with their platform. One of the biggest downsides is that if you ever want to switch to another bookkeeping software, Xero is the hardest platform to migrate away from because of how they format their data. Just like with inventory, Xero and QuickBooks are your best options for sales tax configuration and reporting.

Xero also has a user-friendly app to manage invoices and bills, reconcile bank transactions, and monitor spending on the go. It has a high rating of 4.7/5 on both the Apple and Google Play stores. But there are a few other reasons why one accounting software can be a better fit for your business than the other.

One of the primary drivers behind the popularity of small business accounting software is its ability to streamline complex financial tasks. Traditionally, small business owners grappled with intricate spreadsheets and manual calculations, leading to errors and inefficiencies. Accounting software automates these processes, reducing the likelihood of errors and saving everyone’s time. This efficiency boost is particularly crucial for small businesses, are salaries fixed or variable costs where every minute counts towards keeping and growing the business. Navigating the small business accounting software offerings available today can feel like venturing into a maze – but don’t worry, you’re about to get a map. Accounting software options serve as the backbone of a small business, helping you manage every cent that comes in or goes out.