Today I will be taking you through the top 10 best accounting software for small businesses in Nigeria in 2023. Accounting Software has become one of the most important emerging issues in accounting and financial processes development in 2023.
According to a recent report by Cloud Accounting Platform – Xero™ titled “Make or Break? An investigation into what separates successful entrepreneurs from those who fail”, 14% of small businesses who did not use software to manage their finances failed.
Also online accounting platform, Sage One, has hinged the high rate of failure of small businesses especially before the second year of startup, on poor book-keeping as well as inadequate researches and lack of insight by business owners.
With the advent of computer and digital technology, businesses do no longer have to burden themselves or their accountants with endless manual systems of recording their daily financial operations.
Accounting software for small businesses have become affordable and many of them are available for effective and timely reporting to aid quality management decision making and prevent unecessary business failures.
What Is an Accounting Software?
Accounting Software is a computer program that allows the automation of financial records and processes and assists accountants, store managers, consultants, and business owners in maintaining, posting, reporting, and monitoring an organization’s financial transactions within a functional system.
There are now many accounting software companies that have also sprung up to help many small businesses in Nigeria implement and train their staff on how to use the software
With the evolution of technology, there are many cheap and effective accounting software that can be used to set up the financial processes of small businesses. Some of them are even free even though they may be limited in functionality and capabilities.
What Are The Best Accounting Software for Small Businesses In Nigeria?
Some of the most popular, effective and affordable accounting software used for small businesses in Nigeria include Sage 50, QuickBooks, FreshBooks, SAP, Xero, Zoho Books, AccountEdge Pro, Wave, ZipBooks, Sage Business Cloud, Tally and Busy Software.
These software are easily customizable for any organization, have cloud and desktop version and can be used by different categories of businesses such as manufacturing, hospitality, consulting and other services, buying and selling, large retail and schools among others.
1. Sage 50
Sage 50 is one of the best accounting software for small businesses in Nigeria. Whether small or medium scale organizations, Sage 50 has become industry standard in the evolving business of accounting software implementation and training. It’s easy to understand, very simplified to use, and can be easily learnt by both accountants and non-accountants within a short period of time.
Sage 50 is easily customizable for many types of business organizations such as hotels, restaurants, bar, manufacturing, consultancy businesses, service businesses, trading businesses, hospitals, schools etc. Sage 50 accounting software helps organizations achieve more by simplifying everyday tasks so you can get more work done, helps you get to your data faster, and provides tools to help increase organizational efficiency and financial recording accuracy.
If you own or manage a hotel or an hospitality business, Sage 50 robust accounting and inventory management modules will simply help analyze sales in your room, restaurant, bar, lounge, swimming pool and any other line of income such as gym, and laundry available. This will let you easily determine if your hotel is making a profit or not and how much.
Do you need an afordable and effective accounting software for your organization?
Skytrend Consulting Limited is one of the best accounting software implementation and training companies, with specialty in implementing accounting software for small amd medium scale businesses in Nigeria. When it comes to setting up suitable and cost effective accounting software solutions for your business, Skytrend Consulting takes the lead!
The organization have been in the business of accounting software solutions since 2013. Skytrend implements and trains corporate organizations, hospitality business, big and small supermarkets, service business and individuals, fresh and existing graduates and job seekers on how accounting software can improve the productivity, data accuracy and reporting capacity of their businesses and facilitate their real time reporting of accounting information. They have expertise in hotel accounting, manufacturing businesses, merchandizing, services, schools and other categories of business operations.
To book a call or make inquiries with their Sage 50 Accounting Software Implementation and Training experts in Nigeria, (Skytrend Consulting Ltd), call 0803 385 7245 or 0803 239 3958 or email skytrendconsulting@gmail.com today.
2. FreshBooks
FreshBooks is another highly rated accounting software for small businesses in Nigeria and beyond. With FreshBooks, you can manage all the financial operations from a single dashboard.
You will definitely like the user-friendly interface of this solution. To take the functionality to another level, they prioritized integrations. You can use it with platforms including PayPal, WordPress, Mailchimp, Zendesk, and more.
3. QuickBooks
QuickBooks was developed and marketed by Intuit and is a very effective accounting software for small businesses in Nigeria.
Its latest cloud-based release was in 2019, but it also offers separate desktop options you can purchase and download. Its products are typically geared toward small and medium-sized businesses, whether in Nigeria or elsewhere and over seven million businesses use this software globally.
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. All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.
4. Xero
Xero is a very efficiant accounting software for many small businesses in Nigeria and elsewhere. It 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.
The solution is a cloud-based mobile app with payroll integration with Gusto, Third-party app marketplace, Simple inventory management
Xero was founded in 2006 in New Zealand and now has over two million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,000 employees and is growing rapidly in the U.S., as well.
5. Zoho Books
Zoho Books is simple yet scalable accounting software for small businesses in Nigeria. It is mostly used by those who are self-employed and those who want to start a small organization. Zoho Books offers excellent cloud accounting for micro-businesses.
It is easy to use and budget-friendly. Features are limited, but you can use additional Zoho tools (like Zoho CRM) to boost the functionality as your business grows. Or, you can opt for the complete, all-in-one solution called Zoho One.
6. AccountEdge Pro
AccountEdge Pro is a desktop solution founded in 1989 and has developed new features and enhancements over the years. If you need to access your finances on the go or from your smartphone, you can use their cloud-based app or their hosting platform. It’s geared toward small to medium-sized businesses, and many small businesses in Nigeria are using it.
7. Wave
Wave accounting software was founded in Toronto in 2009 and provides software and financial services for small businesses, including many in Nigeria.
It’s an invoicing and accounting software that also has credit card processing and payroll services. It’s cloud-based, easy to use, and can be used by business owners with no accounting or bookkeeping experience. All of your data is backed up for extra security, and you can connect your bank accounts to sync your expenses at any time from anywhere.
8. ZipBooks
ZipBooks is a free cloud accounting software for small businesses in Nigeria. You can use it for free if you’re okay with the limitations. But the good news is that the paid plans are quite affordable as well.
With the free version, you can send invoices, manage suppliers/customers and accept digital payments. They have sophisticated features in the premium version for small and mid-sized business owners.
9. Tally
Tally, an Indian-made solution is one of the accounting software for small businesses in Nigeria. It comes with great error detection and correction capabilities. Other functionalities provided by tally include accounting, finance, inventory, sales, purchase, point-of-sales, manufacturing, payroll, Inventory control, discount, collection reports generated, and branch management. Many businesses in Nigeria are using this business solution.
10. Busy
Busy Accounting software, manufactured by and in India, but equally used by small businesses in Nigeria and across the globe, helps your accounting team to work with great precision and order.
The solution also supports accounting processes such as configurable Invoicing, Financial Accounting (Multi-Currency), multi-Company Accounting, Payroll Management Sales / Purchase Quotations, multi-branch management, and more. Tax management is one of its key functionalities.
Conclusion
It is recommended that accountants and small business owners should know and understand how to use accounting Software for managing their organization’s finances. This makes the work of the accountant and finance managers seamless, and reporting very easy. Without an accounting software, a business will not be able to get enough accurate information to make informed decisions.
