Cash Service Management Software

If you run a business there’s probably a lot of services you provide your customers. It’s impossible to manage them all in your head. The right solution on the other hand is to have a service management software which will automatically check those services, calculate the prices and feed them back to your invoicing software.

Cash Service Management Software will accelerate the way your business processes monetary transactions and make sure that you get reimbursed for services rendered in the most efficient way.

Today’s businesses have more questions to answer than ever. Who is calling us and why? What do our clients want from us? When will we hold our next meeting? How well are we doing in terms of profit and cash flow? It takes a sophisticated software solution to provide you with answers to these questions.

Managing multiple service providers can be a daunting and tedious task, especially if they are geographically different. Fortunately, there is a software product that can help you manage the process more efficiently with advanced capabilities such as creating custom workflows and advanced budgeting. Quyasoft’s Cash Service Software is one of the leading cash management tools in the industry, helping companies with all their financial needs.

Cash Service Management Software for your business. Manage accounting, inventory, customer and employee details, billing, tax and more. Make quick business decisions by connecting online via the cloud.

Cash service business needs online software where they can track and manage cash flow, accounts receivable, accounts payable invoices, payments, reports and work orders. Regus Business Portal gives you the online platform to manage your cash flow business. Designed by top industry experts, our cash service management software lets you connect with your customers and suppliers in real time.

List Of Accounting Software

Small business owners benefit from accounting software because it helps them track accounts receivable and accounts payable, have a clear understanding of their profitability, and be prepared for tax season. In the world of accounting software, a small business is one that can use out-of-the-box software without requiring extensive customizations. As a business grows, its accounting needs become more complex, and a custom enterprise resource planning (ERP) system is often needed.

There are many different types of accounting software available for small businesses, with varying capabilities and price tags. Generally, the type of industry and number of employees are two factors that can help a small business owner begin to choose the accounting software that is appropriate. For example, a freelancer would not need the same features in accounting software as a restaurant owner.

Nineteen accounting software companies were researched and compared before selecting our top five best suited for small businesses. When evaluating companies, we considered cost, ease of use, features, integrations, and scalability.

BEST OVERALL

QuickBooks Online

BUY ON INTUIT.COM

Why We Chose It

QuickBooks Online is the best overall accounting software for small businesses of those reviewed. Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed.1 All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.

Pros and Cons

Pros

• Scalable
• Commonly used by accounting professionals
• Integration with third-party applications
• Cloud-based
• Mobile app

Cons

• Upgrade required for more users
• Occasional syncing problems with banks and credit cards

Overview

Intuit’s QuickBooks Online has been one of the most common accounting softwares used by small businesses and their bookkeeping and tax professionals. The software is cloud-based and can be accessed through a web browser or through the mobile app.

After the 30-day free trial, the four options for subscription plans include: Simple Start at $25 per month, Essentials at $50 per month, Plus at $80 per month, and Advanced at $180 per month. Typically there is a significant discount offered for the first few months, and some accountants are able to offer wholesale pricing to small businesses, as well. 

The monthly subscription for this software can be upgraded as a business grows, and there are many customization options with the mobile app that can be used to receive payments, review reports, capture an image of a receipt, and track business mileage. For businesses looking for a payroll solution, QuickBooks Payroll fully integrates with QuickBooks Online.

Each plan offers more advanced features like inventory management, time tracking, additional users, and cash flow. Most service-based small businesses will find that Simple Start meets all of their needs. For product-based small businesses, Essentials or Plus will have more options for inventory and customizations. The Advanced subscription is a new offering and provides robust financial reporting that is powered by Fathom. Fathom is an elite online financial report analysis tool used by many large companies all over the world.

All plans allow integration with third-party apps such as Stripe or PayPal. QuickBooks Online’s app store breaks down all of their apps by function and provides helpful examples of the benefits of each app.

BEST FOR MICRO-BUSINESS OWNERS

Xero

BUY ON XERO.COM

Why We Chose It

Xero is the best in our review for micro-businesses that are looking for very simple accounting software. This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.

Pros and Cons

Pros

• Cloud-based
• Mobile app
• Payroll integration with Gusto
• Third-party app marketplace
• Simple inventory management

Cons

• Limited reporting
• Fees charged for ACH payments
• Limited customer service

Overview

Xero was founded in 2006 in New Zealand and now has over 3 million subscribers worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 4,000 employees and is growing rapidly in the U.S., as well.

Xero offers three monthly subscription options and a full-service payroll add-on: Early at $12 per month, Growing at $34 per month, and Established at $65 per month. The full-service payroll option is offered through Gusto and is an additional $39 per month, plus $6 per employee. The company offers a 30-day free trial. 

The Early plan limits usage and only allows entry for 20 invoices or quotes and five bills per month. This limited plan may be suitable for a micro-business with high-ticket transactions, but only a few per month, such as a consulting or small service provider. Both the Growing and Established plans offer unlimited invoices and bills. The only difference between the two is that the Established plan has additional features like multi-currency, expense management, and project costing. All three plans offer Hubdoc, a bill and receipt capture solution.

BEST FOR SERVICE-BASED BUSINESSES

FreshBooks

BUY ON SHAREASALE.COM

Why We Chose It

The most crucial accounting need for most service-based businesses is invoicing. FreshBooks offers more customizations for invoicing compared to other accounting software. Its primary function is to send, receive, print, and pay invoices, but it can also take care of a business’ basic bookkeeping needs as well. This accounting software makes it easier for service-based businesses to send proposals and , track time on projects, and receive payments.

Pros and Cons

Pros

• Cloud-based
• User-friendly interface
• Third-party app integration
• Affordable
• Advanced invoicing features

Cons

• Mobile app has limitations

Overview

Founded in 2003 in Toronto, FreshBooks started as just an invoicing software. Over time, more features have been added and FreshBooks now has had over 30 million users. There are four different plans, and businesses can get a 10% discount if they choose to pay yearly, rather than monthly. Additionally, FreshBooks often offers discounts for your first months of membership. The four plans are: Lite at $15 per month, Plus at $25 per month, Premium at $50 per month, and Select, which is a custom service with custom pricing. These are the prices without discounts.

The main difference between the four plans is the number of different clients that are allowed to be billed per month. In the Lite plan, up to five clients can be billed per month. In the Plus plan, up to 50 clients can be billed per month. In the Premium plan, unlimited clients can be billed per month. The Select plan also does not have a limitation on the number of clients that can be billed per month, but adds unique features. It costs an additional $10 per month for multiple team members to use the accounting software and it costs an additional $20 per month for the advanced payment feature, which allows users to charge a credit card in real-time or set up a recurring credit card charge for a client.

There are many third-party app integrations available, such as Gusto, G Suite, and more. A unique feature of FreshBooks is that invoices can be highly stylized and customized for a professional look and feel. FreshBooks is a great tool for budgeting out projects, sending estimates or proposals, and collecting customer payments.

BEST FOR PART-TIME FREELANCERS

QuickBooks Self-Employed

BUY ON INTUIT.COM

Why We Chose It

QuickBooks Self-Employed accounting software is our top choice for part-time freelancers and independent contractors who primarily want to track their income and expenses for their tax return. This software is designed for business owners who file a Schedule C on their individual tax return. 

Without keeping up with business activity using a software like this, freelancers would need to dig through all of their bank and credit card statements to add up their income and expenses at the end of each year, which can be quite daunting. QuickBooks Self-Employed will total up all business transactions automatically.

Pros and Cons

Pros

• Cloud-based
• Mobile app
• Track mileage
• Differentiate between business and personal expenses
• Syncs with TurboTax

Cons

• Data cannot be easily transferred to other accounting software
• Limited reporting

Overview

QuickBooks Self-Employed is an Intuit product with a cloud-based online interface and a mobile app. This software was created to help freelancers stay organized each year for tax season. Features of QuickBooks Self-Employed include tracking mileage, sorting expenses, organizing receipts, and estimating and filing taxes seamlessly through TurboTax.

Users can choose between three plan options: Self-Employed at $15 per month, Self-Employed Tax Bundle at $25 per month, and Self-Employed Live Tax Bundle at $35 per month. There is a 50% discount for the first three months. The two tax bundles include a TurboTax subscription for income tax filing. The Self-Employed Live Tax Bundle also gives you access to a CPA to answer questions throughout the year and during tax season. The CPA will also perform a final review of your tax return in TurboTax prior to filing. 

The mobile app makes it easy to track mileage while driving and capture photos of receipts for business expenses. Most accounting software is not designed to separate business transactions from personal transactions, but a special feature of QuickBooks Self-Employed provides an option to mark each transaction as business or personal. This is helpful for freelancers who don’t have a separate bank account for their business activity.

BEST FREE SOFTWARE

Wave

BUY ON WAVEAPPS.COM

Why We Chose it

Wave is an ideal accounting software platform for a service-based small business that sends simple invoices and doesn’t need to run payroll. For many freelancers or service-based businesses, Wave’s free features will cover all of their accounting needs and is the best free software in our review. At year-end, accountants can pull the necessary reports from Wave to prepare a business’ tax return.

Pros and Cons

Pros

• Free accounting, invoicing, and receipt scanning
• No transaction or billing limits
• Run multiple businesses in one account
• Unlimited number of users
• Mobile app

Cons

• Integrations only through Zapier
• Higher fees for credit cards and ACH payments
• Full-service payroll is limited to only 14 states

Overview

Wave was founded in 2010 and is based in Toronto. The company has over 250 employees and was purchased by H&R Block in 2019. The foundational accounting features that most small businesses need, such as income and expense tracking, financial reporting, invoicing, and scanning receipts, are all included with this free software. These features can be accessed online or on the mobile app. Customer payment processing and payroll are considered premium services that cost extra, but all of the bookkeeping, invoicing, and reporting features are completely free.

Wave makes its money on its payment gateway. To process payment from a customer, Wave charges 2.9% plus 60¢ per transaction for Visa, Mastercard, and Discover, and 3.4% plus 60¢ per transaction for American Express. These fees are slightly higher than other accounting software. Additionally, to process an ACH payment, rather than a credit card, Wave charges 1% per transaction with a $1 minimum fee.

Wave offers two payroll plans as an add-on service. The first plan is $20 per month plus $6 per employee or contractor. In this plan, Wave will process payroll and prepare payroll tax calculations, but the user is responsible for manually completing payroll tax forms and submitting tax payments. The second plan is $35 per month plus $6 per employee or contractor. In this plan, payroll is full-service, which means that all tax filings and payments are completely managed by Wave. This full-service payroll option is only available in 14 states.

 Zoho Books

» Why You Should Buy This:

If you are finding it tough to wrap your head around your business finances, Zoho Books is all you need. It is comprehensive accounting software with powerful yet easy-to-use features to streamline your varying accounting requirements. Whether you want to keep track of your payables & receivables, manage your inventory and timesheet, or need simplified banking operations, Zoho Books can offer it all.

Other than the core accounting functions, this software helps you automate your workflows as per your distinct business needs. It also simplifies managing multiple projects, along with their diverse financial stats. What’s more? This accounting system ensures you stay tax-compliant by filing your taxes right on time, every time, with its efficient tools.

» Who Is It For:

Zoho Books is designed to cater to the business accounting requirements of small businesses as well as mid-sized businesses. Moreover, it is also useful for individual professionals, self-employed people and start-ups looking to get hold of their finances. Since the software also offers a free plan, it immensely benefits solopreneurs and small businesses with limited revenues. After all, you can not only track every penny coming in or going out but can also make a wise plan for future expenses and gains.

If you are looking to carry out your accounting operations on the go, then Zoho Books is something you must check out. The solution offers dedicated Android and iOS apps for you to never miss a beat about your finances, regardless of where you are.

» Why We Picked It:

We selected Zoho Books as part of our top accounting software list, given its rich set of features and robust functionality. From expense tracking to estimating to invoicing to banking, it packs in all the necessary processes an organization would require to maintain good financial health. At the same time, this business accounting tool offers ease of use to everyone in your team, irrespective of their familiarity with accounting.

The icing on the cake? The proactive support from its qualified team of professionals who are ready to assist you should you get stuck.

» Pricing Details:

Zoho Books is available in multiple pricing packages; here’s a list:

› Free for businesses with an annual revenue of < $32,004 (1 user & 1 accountant) › Standard at $11.51/month, up to 3 users
› Professional at $23.03/month, up to 5 users
› Premium at $46.07/month, up to 10 users
› Elite at $76.80/month, up to 15 users
› Ultimate at $122.89/month, up to 25 users

» Pros and Cons:

Pros:

› Comprehensive business accounting & invoicing software.
› Purchase order creation & sending.
› Invoice creation in seconds.
› Secure online payment options for your clientele.
› Powerful estimating tools.
› Payment reminders and updates.
› Expense tracking and inventory monitoring tools.
› Streamlining of banking operations.
› Timesheet management to track & convert hours into direct invoices.
› Hassle-free integrations with other business tools.
› Client portal for easy collaboration.
› More than 50 types of business reports.

Cons:

› Limitation on the number of users in its free & cheaper plans.
› Update issues

» Reviews & Ratings:

As one of the popular accounting tools, Zoho Books is both efficient and affordable. The fact that it provides an end-to-end solution to organizations’ accounting needs is something that keeps drawing in more takers.

It has garnered an impressive rating of 4.4/5 on Capterra. Explore what its existing customers are saying about the software:

Synder

» Why You Should Buy This:

At a time when organizations are moving their operations online, Synder makes accounting simpler for businesses that have one or more online payment systems in place. From automating sales reconciliations with accounting from e-commerce systems to making you ready for tax-filing and reporting, it is not wrong to term Synder as your all-in-one ecommerce business accounting software.

It makes payments and receipts super smooth with its intuitive, flexible interface. At the same time, it monitors your inventory, shipping, locations, multi-currency transactions and discounts, bringing everything together in one place. With its robust security mechanisms in place, you no longer need to worry about the protection of your sensitive information.

» Who Is It For:

Synder is ideal for those businesses that categorize themselves as an e-commerce business. For business owners with multiple online payment systems, who need a detailed record of their transactions and reports and sync those with accounting systems.

Even if you are a professional who relies on online transactions for your services, this accounting software can simplify things for you to a great extent.

» Why We Picked It:

We included Synder in our best accounting software list because of its effortless functions to handle books for e-commerce businesses. It provides seamless synchronization with several payment processors, making your life a bit easier. Once you start using it, you won’t have to go back to manual entries again.

The software also facilitates hassle-free receipts of online credit card payments as well as sending invoices. You can import all your previous data and real-time transactions automatically, without any limitations. Plus, you can leverage its actionable sales and tax reports to always make informed business decisions.

» Pricing Details:

Synder has three primary plans to offer its users:

› Medium costs $39 per month
› Scale costs $89 per month
› Large costs $199 per month
However, you can opt for a free trial before making a purchase.

» Pros and Cons:

Pros:

› Brings automation, saving your time and money
› Streamlines your business accounting operations
› Accurate reporting helps make beneficial decisions
› Offers smooth tax-filing
› Integrates with multiple payment processors
› Supports transactions in multiple currencies
› Instant live support
› Easy onboarding
› Intuitive interface

Cons:

› Designed only for businesses operating online

» Reviews & Ratings:

It has garnered a lot of amazing reviews from its varying set of users for the powerful features it offers. Reading only a few of them will paint the right picture for you.

Melio

Melio is an online business-to-business payment solution. It’s made for businesses of all sizes to pay and get paid their way, by ACH, check or credit card.

Melio has no subscription or monthly fees, and while it’s mostly free to use, some transactions do carry a small charge.

Best for Businesses Looking for a Free Business Bill Pay Solution

For businesses, cash flow is everything and that’s why Melio lets them pay their business bills with a credit card, to defer payment, earn rewards and hang onto their cash. And payments are synced to QuickBooks Online, which means they stay in sync with their accountant or bookkeeper.

4. Pabbly

Pricing: Starts at $9/month

Pabbly Subscription Billing is a recurring and subscription management software for small to medium-sized businesses. This software provides real-time actionable metrics on your monthly payments, revenue, net revenue, active customers, and new subscriptions. It also automates all your business workflows, customer communication, and invoice creation so you can focus on your business growth.

Best for Businesses Looking for a Reliably Fixed Pricing Model

One of Pabbly’s key selling points is its subscription billing model. It’s one of the only software on this list that doesn’t charge any extra fees on the basis of per-transaction and monthly revenue generation. That kind of consistency — paired with it’s first-rate functionality — make Pabbly a solid option.

Pros and Cons of Cash-basis Accounting

Choosing your accounting method is the first step in handling your company’s books. If you’re a small business owner, you may prefer the simplicity of cash basis as opposed to accrual or modified cash-basis accounting. But before solidifying your decision, learn the pros and cons of cash-basis accounting.

A little bit about the 3 accounting methods

The two main accounting methods are accrual and cash basis. But, there is also a third method, known as modified cash-basis or hybrid accounting, that uses aspects of both.

What are they? What’s the difference between them?

Cash-basis accounting is the simplest accounting method available. In cash-basis accounting, you record income when you physically receive it and expenses when you physically pay it. You only use cash accounts, meaning you do not deal with accounts like Accounts Receivable, Accounts Payable, or any long-term liability accounts. Cash basis uses single-entry bookkeeping.

Accrual accounting, on the other hand, is a more complex accounting method. In accrual accounting, you record income and expenses whenever a transaction takes place, even if you don’t physically receive or pay. You use more advanced accounts, like Accounts Receivable and Payable. You can also track long-term liabilities. Accrual uses double-entry bookkeeping.

Modified cash-basis accounting is a hybrid between accrual and cash-basis accounting. It has more accounts than the cash-basis method because it uses the accounts used in accrual. However, you only record income and expenses when money is received and paid, like in cash-basis accounting. Modified cash-basis accounting uses double-entry bookkeeping.

To sum it up: Cash-basis accounting is a snapshot of your business’s transactions and only focuses on payments that have actually happened. Accrual accounting is an in-depth look at your business’s transactions and also focuses on obligations.

If you are thinking about adopting the cash-basis method, you should get to know its pros and cons. Learn more below.

Advantages of cash-basis accounting

For smaller businesses, cash-basis accounting has a number of advantages over accrual or modified cash basis.

1. Easy to use

Because cash basis is the easiest accounting method, it’s much easier to learn, implement, and maintain for business owners. Not to mention, it might be more cost-efficient, too.

The learning curve for cash-basis accounting is significantly lower than for accrual accounting. There are fewer accounts to keep track of, and therefore less information to track.

You don’t have to plan as much or go into specifics with cash accounting. That means more time for your business and less time engrossed in the nitty-gritty details of accounting.

2. Exists in the present

Another advantage of cash-basis accounting is that it lets you easily see how much cash you actually have on hand.

Cash-basis accounting only deals with concrete funds that go in and come out, meaning it exists in the now. You don’t have to factor in future expenses and income into your books until cash actually changes hands.

3. Potential tax advantage

Some businesses may benefit from using cash accounting when it comes to taxes. Because you only record income and expenses when money actually changes hands, you can control the timing of transactions.

By controlling transaction timing, you can speed up expenses and slow down revenue. That way, you can legally increase your expenses and decrease income to lower your tax liability.

Disadvantages of cash-basis accounting

Despite its benefits, there are some cons to using cash-basis accounting. Consider the following before deciding on the cash-basis method.

1. Doesn’t show the full picture

One disadvantage of cash-basis accounting is that it gives your business a limited look at your income and expenses.

Cash basis does not show your business’s liabilities. As a result, you may think you have more money to spend than you actually have. Likewise, it doesn’t show your customer’s liabilities to your business, which could cause you to forget about unpaid customer debts.

Because cash basis is just a snapshot of your business’s finances, you may not have a clear picture of your long-term finances. This could impact decision-making as well as growth.

2. Restricted use

Not all businesses can use cash-basis accounting. You cannot use cash-basis accounting if you:

• Sell products or services on credit
• Have gross receipts higher than the IRS requirements
• Need inventory to account for income

If you offer credit to customers, you must use accrual accounting. Why? Because offering credit means customers don’t pay right away. You need to be able to record transactions when they take place, not just when you receive the money.

The IRS also sets restrictions on who can use cash-basis accounting. The following cannot use cash-basis accounting:

• C corporations or partnerships with average annual gross receipts for the three preceding tax years exceeding $26 million

According to the IRS, you generally cannot use cash accounting if you produce, purchase, or sell merchandise and rely on inventory. However, there is an exception. If you are a small business taxpayer, you can choose not to keep an inventory if you have average annual gross receipts of $26 million or less for the three preceding tax years.

3. Potentially difficult to switch over

As your business grows, you may decide (or be required) to change accounting methods. To change from cash to accrual, you need to make some adjustments.

When transitioning your accounting books from cash to accrual, you must:

1. Add accrued and prepaid expenses
2. Add accounts receivable
3. Subtract cash payments, cash receipts, and customer prepayments

You must also request a change in your accounting method with the IRS. To do so, file Form 3115, Application for Change in Accounting Method.

Frequently Asked Questions

What Does Accounting Software for a Small Business Do?

Accounting software reduces the amount of time spent on data entry by allowing users to sync their business bank accounts and credit cards with the software. Once synced, transactions will flow into the accounting software, where they can be categorized into various accounts. While most accounting software is easy to use, a general understanding of accounting principles is needed to ensure that financial reports are prepared correctly. For this reason, many businesses hire bookkeepers or accountants to maintain or review their books. Cloud-based online accounting software makes it convenient for businesses to access their books at the same time as their bookkeeper or accountant.

The most basic functions of accounting software for small businesses are:

• Invoicing
• Bank and credit card syncing
• Accounts payable
• Accounts receivable
• Online payment collection from customers
• Basic financial statement preparation, such as profit and loss statements, balance sheets, and statements of cash flow
• User access for accountants or tax professionals.

How Does Accounting Software Work?

Once a business’ bank accounts and credit cards are synced with the accounting software, transactions will appear in a queue and can be classified into the categories found on the business’ chart of accounts. After selecting the proper category, transactions begin to populate the business’ financial statements. Business owners can run a financial report in seconds to review profitability, compare revenue and costs, check bank and loan balances, and predict tax liabilities. Having quick access to this financial information gives business owners the power to make important decisions.

Additionally, many accounting software allows third-party application integrations. For example, if a business owner uses a point of sale (POS) system to capture sales transactions, the POS system could potentially integrate with the accounting software to record specific transactions, sales tax liabilities, sales by subcategories, and more. In a service-based business, a time tracking application could integrate with the accounting software to add labor to a client invoice.

How Much Does Accounting Software for Small Business Cost?

Small business accounting software ranges from $0 to $150 or more per month. Basic plans are in roughly the $0 to $40 per month range and are a great place to start. With a basic plan, a small business will be able to categorize income and expenses, send invoices, and prepare financial reports. As a business grows, most software is scalable, and the plan can be easily upgraded to meet new business needs. The more robust plans allow businesses to track inventory, prepare more customized financial reports, run payroll, and choose from more invoicing options.

Methodology

We looked at nineteen accounting software companies with specialized products for small businesses before choosing our top five software options. We considered cost, scalability, ease of use, reputation, and accounting features. Reputation was a key consideration because the longer a company has been around, the more likely that any technological glitches have been resolved, which ensures that a company’s important financial information will be reported accurately. Scalability was the next most important consideration because as a company grows, its accounting needs grow as well, and transferring financial information to new software can be tedious. Finally, ease of use and collaboration for business owners, employees, and accountants was considered because it’s important for all users to be able to access and review the financials at the same time.

Conclusion

Cash Service Management Software is software used to better manage the cash flow in your various business activities. If you are managing a part-time enterprise or a small business and are involved in bulk sales, you can use this software to provide better service to your customers. This system will help you reduce turn around time as well as increase profits.

Our team is highly skilled, we are committed to our work, and do everything possible to help our customers succeed. We love what we do! We know how important business-development is for the future of our clients, which is why we always help to create new ways of doing business, something that will help them compete on the market in the most effective way.