Best accounting software for small business

Introduction

Hostbooks has come up with an affordable and accessible platform for all your accounting needs. It has considerable experience in operating in the financial sector, and what is required out of a diligent small business accounting software. It was originally incorporated with the view of catering to the micro, small and medium enterprise market in India. With this experience, it has also taken the plunge in the American market. The objective is to provide the best accounting software for small business in the United States. In this article, we discuss what you should look out for when purchasing the same, and how Hostbooks is a good option for one of the most effective accounting softwares used in the USA.

What is accounting software?

Any computer program which helps you keep a record of your income as well as expenses in a digitized manner would be known as a business accounting software. It would include options to record various aspects of all commercial transactions related to your business, including the likes of profit and loss statements, balance sheets and so on. An effective accounting software should not only provide accurate records; it should also help you analyze your finances in light of the local regulations and legal compliances.

Cost of using Hostbooks

You can start using Hostbooks at the affordable price of $18.99 per month. Some of the main plans which are available include “Grand”, which is available at $32.99 per month, “Supreme” which can be purchased at $36.99 per month, and finally “Ultimate”, that can be purchased at $43.99 per month

Main Features of Hostbooks, Inc

Following are some of the main features of Hostbooks, Inc. which make it
an ideal go-to accounting software for small business:

Cloud based accounting services: When it comes to purchasing a small business accounting software, having access to cloud based technology is an added advantage. The business owner can save the costs of investing in on-premise hardware, or other hard copy accounting books and ledgers.

Bank Reconciliations: Hostbooks facilitates the matching of your accounting records with the corresponding entries on the bank statement. Bank transactions can be imported in a secure manner.

Multi faceted Dashboard: You get the option to personalize your dashboard according to your custom requirements. The dashboard can also be easily accessed online. The customer may choose the accounts that they wish to keep a tab on. The dashboard is interactive, and presents you with graphs and charts, that represent complex financial data to you in an easily comprehensible format.

Invoicing: In case the customers have been repeated, invoice creation can be accelerated by repeating the clients, and making the minor changes that are necessary. Online invoicing makes it possible that you are paid your dues faster.

Data Migration: You can easily switch your data from your pre-existing platform to Hostbooks for free. The software has been constructed in order to accommodate the working size of the firm. The data is handled by experts in order to keep the process of migration easy.

Control regarding Access: Differential levels of access may be granted to members of your company based on the level of their competence, and what information is relevant to whom. This is specifically regulated by the User Management Module, which is extremely strategic from the point of view of a small business accounting software. This feature is specifically useful for governing the amount of information that shall be made available to different collaborators. For instance, the data which is shared with the auditor, or the bookkeeper, may be regulated accordingly.

Optimal Financial Reports: Customize the software to provide you with reports as per the parameters required for your business.

Best accounting software in USA

We understand that it may be difficult to finalize your choice, when it comes to deciding upon the accounting software that you wish to use for your business. Hence, in order to help you make a better informed decision, we provide a small table below to compare some of the features of the prominent small business accounting softwares used in USA.

Features	HostBooks	FreshBooks	Xero
Bank Reconciliation	Available	Least expensive plan lacks bank reconciliation option.	Available with Early Plan and the rest.
Inventory Management	Keeps track of all inventory stocks.	Simple inventory tracking system.	Inventory tracking in all plans.
Role based Access Control	Available	Paid-on feature.	Available
Client Management Portal	Access multiple businesses with a single login.	Multiple businesses need different subscriptions	Multiple businesses need different subscriptions.
Price	Starts from $18.99	Starts from $8.50	Starts from $13
Interface	Interactive Dashboard with graphs and charts.	Straightforward and direct.	Extensive options on the software. Effort Required to understand the platform
Payroll	Yes	Third party solutions with Gusto required.	Yes
Time Tracking	Coming Soon	Live and retroactive time tracking available.	Not Available.

Benefits of using Hostbooks, Inc.

As a premium accounting software for small business, Hostbooks, Inc. has the following exclusive benefits for its users

Free storage of up to 10 GB shall be provided. There are no hidden charges for storing data up to this limit on the cloud servers.
Automation Repetitive processes such as billing and invoicing can be automated, instead of having to perform them manually. The chances of error are also removed, since the whole process is automatic.
Hostbooks is available as a mobile app as well. The advantage of having a mobile app is evident as you can make updates while in your shop, or any place outside. You may quickly input your receipts, as well as your expenses at a moment’s notice. The data pertaining to your business also gets synced across your devices, including your laptop and mobile.
Remove the traditional hassles related to accounting. Automation by using accounting software for small business is certainly useful. It reduces the time and effort that is required to analyze your accounts, and makes the process faster.
Security Unauthorized access is regulated, as the infrastructure does not allow penetration by actors who do not have permission. The data is stored in AWS bucket, while for securing

Conclusion

Larger corporations have their own dedicated staff in the finance and HR departments, to record the books, balance the accounts, and manage all the financial data. On the other hand, smaller businesses often have to rely on business accounting software. Hostbooks, Inc. is dedicated to looking after the financial requirements of such small businesses.

In this article, we have attempted to discuss what you need to look out for when purchasing an accounting software for small business. We have also specifically looked in to how Hostbooks can be a good option for the same.

FAQs

What is the definition of small business in the U.S.A.?

The standards are set by the United States Small Business Administration. The standards can vary across different industries. However, the parameters are usually

decided according to the number of employees in the firm, or the average annual receipts that it draws. For instance, in the case of manufacturing, a small business would be considered one which has 500 to 1500 employees. In wholesale trade, a small business would have between 100 to 250 employees. On the other hand, if we take the case of average annual receipts: in the real estate sector, a small business would be an enterprise which draws a maximum of $ 7.5 million to $ 38.5 million. Similarly, in the agriculture industry, a small business is considered one which receives up to $750,000 in receipts.

Do we really need accounting software for small business?

In case you are the owner of a small business, the odds are that you will not be able to commit a substantial work force to the accounting department. You would rather prefer your most skilled and talented workers to be in the operations or marketing departments. Consequently, using the best small business accounting software makes sense from a logistical point of view. It will save you time, make sure that there are no errors in accounting, and give you more detailed financial reports.

What can I do if the Hostbooks accounting software shows that there is an irregularity of the account with the bank statement?

You need to check whether the transaction seems to be missing altogether, or it has not been paired correctly. In the case of a transaction having been entered but not been paired correctly, you can select the entry manually and attach it to the correct accounting record. Otherwise, you can use cash coding to reconcile multiple statements relating to cash transactions at once.

Can Hostbooks be used to facilitate records related to bundles of products?

Yes. This is very easily doable through the facility of inventory management as present on the software. A collection of different products may be grouped together according to one bundle, aggregating their prices together. Any transaction shall record the invoice together.