Best Accounting Software in Uganda

ByAdmin

Accounting software is helpful for small business owners because it helps them keep track of their accounts receivable and accounts payable, understand how profitable their business is, and be ready for tax season. In the world of accounting software, a small business is one that can use the software right out of the box without a lot of changes. As a business grows, its accounting needs get more complicated, and it often needs an ERP system that is made just for it.

There are a lot of different kinds of accounting software for small businesses, each with its own set of features and prices. Most of the time, the type of business and the number of employees can help a small business owner start to choose the right accounting software. For instance, a freelancer wouldn’t need the same features in their accounting software as someone who owns a restaurant.

We looked into and compared 19 accounting software companies before choosing the top five that are best for small businesses. We looked at cost, ease of use, features, integrations, and scalability when judging companies.

This piece will give details of the top best software for businesses which include: 

  1. QuickBooks Online

QuickBooks Online is the best small business accounting software overall out of the ones we looked at. Most accounting professionals who work with small businesses use QuickBooks Online. There are also a lot of online training resources and forums where you can get help if you need it.

All accounting features can be easily accessed from a single main dashboard. This makes keeping the books easier and faster.

For and against

Pros

  • Scalable
  • Integration with apps from other companies
  • Mobile app in the cloud

Cons

  • More users need to upgrade.
  • Banks and credit cards sometimes have trouble syncing.

Overview

QuickBooks Online from Intuit has been one of the most popular accounting programmes used by small businesses and their accountants and bookkeepers. The software is in the cloud, and you can use a web browser or the mobile app to get to it.

After the 30-day free trial, you can choose from four subscription plans: Simple Start, which costs $25 per month, Essentials, which costs $50 per month, Plus, which costs $80 per month, and Advanced, which costs $180 per month. Most of the time, there is a big discount for the first few months, and some accountants can also give small businesses wholesale prices.

As a business grows, the monthly fee for this software can be raised, and the mobile app can be changed in many ways. It can be used to receive payments, review reports, take a picture of a receipt, and track business mileage. QuickBooks Payroll is a payroll solution for businesses that want to use QuickBooks Online.

Each plan has more advanced features, such as managing inventory, keeping track of time, adding more users, and tracking cash flow. Most small businesses that offer services will find that Simple Start is all they need. Essentials or Plus will have more inventory and customization options for product-based small businesses. The Advanced subscription is a new service that gives you detailed financial reports powered by Fathom. Fathom is a powerful online tool for analysing financial reports that are used by many of the world’s largest companies.

All plans let you connect to Stripe or PayPal or other third-party apps. The QuickBooks Online app store organises all of its apps by what they do and gives examples of how each one can help.

  1. Xero 

Based on our review, Xero is the best accounting software for small businesses that want something easy to use. This software has a clean interface and works well with a payroll service from a third party. By integrating with Stripe and GoCardless, Xero makes it possible for businesses to get payments from customers online.

Pros

  •  Mobile app in the cloud
  • Integration of payroll with Gusto’s third-party app market
  • Keeping track of stock is easy.

Cons

  • Less information
  • ACH payments come with fees.
  • Not enough help for customers

Overview

Xero was started in New Zealand in 2006, and it now has more than 3 million users all over the world. People in New Zealand, Australia, and the UK use this accounting software a lot. Over 4,000 people work for Xero, and the company is also growing quickly in the U.S.

Xero has three options for monthly subscriptions and an add-on for full-service payroll: Starting out costs $12 per month, growing costs $34 per month, and being well-known costs $65 per month. Gusto has an option for full-service payroll that costs an extra $39 per month plus $6 per employee. The company gives a free trial for 30 days.

The Early plan has a limit on how much you can use it, and you can only enter 20 invoices or quotes and 5 bills per month. This limited plan might work for a small business that only does a few high-ticket transactions per month, like a consulting firm or small service provider. Both the Growing and the Established plans let you send as many invoices and bills as you want. The only difference between the two plans is that the Established plan has extra features like managing expenses and figuring out how much a project will cost. Hubdoc, a way to scan bills and receipts, is included in all three plans.

  1. FreshBooks

For most service-based businesses, billing is the most important accounting task. When it comes to billing, FreshBooks has more options than other accounting software. Its main job is to send, receive, print, and pay invoices, but it can also handle basic bookkeeping tasks for a business. This accounting software makes it easier for service-based businesses to send proposals and invoices, track time on projects, and get paid.

Pros

  • Cloud-based
  • User-friendly interface
  • Integration of a third-party app
  • Affordable
  • Advanced billing options

Cons

  • There are limits to the mobile app.

Overview

FreshBooks was started in 2003 in Toronto as just a way to send invoices. Over time, FreshBooks has added more features and now has more than 30 million users. There are four different plans, and if a business pays once a year instead of every month, it can save 10%. FreshBooks also often gives discounts for the first few months you use it. There are four plans: Lite, which costs $15 a month, Plus, which costs $25 a month, Premium, which costs $50 a month, and Select, which is a custom service with custom prices. Without any discounts, these are the prices.

The biggest difference between the four plans is how many different clients can be billed each month. In the Lite plan, you can bill up to five clients per month. With the Plus plan, you can bill up to 50 clients per month. In the Premium plan, you can bill as many clients as you want each month. The Select plan also doesn’t limit how many clients can be billed each month, but it does add some extra features. Multiple team members using the accounting software costs an extra $10 per month, and the advanced payment feature, which lets users charge a credit card in real-time or set up recurring credit card charges for a client, costs an additional $20 per month.

There are many ways to connect third-party apps, like Gusto, G Suite, and more. One unique thing about FreshBooks is that invoices can be styled and changed in many ways to look and feel professional. FreshBooks is a great tool for making project budgets, sending estimates or proposals, and getting paid by customers.

  1. QuickBooks for Self-Employed

QuickBooks Self-Employed

QuickBooks Self-Employed accounting software is our top pick for part-time freelancers and independent contractors who mostly want to track their income and expenses for their tax returns. This software is made for business owners who use Schedule C on their personal tax returns.

Without this kind of software to keep track of business activity, freelancers would have to go through all of their bank and credit card statements at the end of each year to figure out how much money they made and how much they spent. This can be a lot of work. All business transactions will be added up automatically by QuickBooks Self-Employed.

Pros

  • Mobile app in the cloud
  • Count miles
  • Make a clear distinction between business and personal costs.
  • matches TurboTax

Cons

  • It is hard to move data to other accounting software.
  • Not much information

Overview

QuickBooks Self-Employed is a product made by Intuit. It has an online interface that is based on the cloud and a mobile app. This software was made to help freelancers get ready for tax time every year. With QuickBooks Self-Employed, you can track your mileage, sort your expenses, organise your receipts, estimate your taxes, and file them all at once through TurboTax.

The Self-Employed plan costs $15 per month, the Self-Employed Tax Bundle costs $25 per month, and the Self-Employed Live Tax Bundle costs $35 per month. For the first three months, you can save 50%. In both of the tax bundles, you get a TurboTax subscription to help you file your income taxes. With the Self-Employed Live Tax Bundle, you also have access to a CPA who can answer your questions all year long and during tax season. The CPA will also do one last check of your TurboTax tax return before you send it in.

The mobile app makes it easy to track mileage while driving and take photos of receipts for business expenses. Most accounting software isn’t made to tell the difference between business and personal transactions. However, QuickBooks Self-Employed has a special feature that lets you mark each transaction as business or personal. This is helpful for freelancers who don’t have a separate business bank account.