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Best Online Accounting Software for Trading Businesses

Best Online Accounting Software for Trading Businesses

A trading company stands out from other businesses as its main source of income is the commercialization of goods instead of services. These goods are referred to as stock or inventory, and it’s important to keep accurate, up-to-date records of these and any related transactions. To ensure proper bookkeeping of trading stock, it’s crucial to use the best accounting software for trading businesses.

This guide covers the importance of using the right software, key features to keep in mind, and how to make the best decision for your company. To make your job easier, we’ve narrowed down the four best accounting services for trading businesses.

Best Online Accounting Software for Trading Businesses

Best online accounting software for trading businesses

Overall

Sage Business Cloud Accounting

Editor's rating:
Clear financial overview
Match branding and needs
Track stock automatically
Simplifies payment processing
Small businesses

Wave Accounting

Editor's rating:
Great for small budgets
Covers essential accounting needs
Easy client payment process
Smooth desktop and mobile use
Ease of use

Zoho Books

Editor's rating:
All-in-one accounting solution
Saves time on routine tasks
Track billable hours easily
Simple for all users
Price-quality

QuickBooks Online

Editor's rating:
Easy to use and navigate
Connects with your favorite tools
Scales with your business
Manage finances on-the-go
Overall

Sage Business Cloud Accounting

Editor's rating:
Starting price: $10/mo
Main features
  • Clear financial overview
  • Match branding and needs
  • Track stock automatically
  • Simplifies payment processing
  • Very detailed summary page
  • Fully customizable invoices
  • Intelligent inventory
  • Check printing by default
  • No recurring invoicing
  • Limited third-party app integrations
  • No yearly subscription available
Summary
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When it comes to online accounting solutions there is one company that is considered to be the alpha and omega of all things accounting: Sage, a company founded in 1981 in the UK. Despite its origins, the company’s best-known solution, Sage Business Cloud Accounting, is ideal for businesses based in the U.S. thanks to the fact that it is a powerhouse when it comes to accounting features. With this software on board, accounting becomes a much simpler experience – and not just because it covers all the needs of a striving business, like the easy creation of invoices, quotes and estimates, well-detailed summaries of the business’s performance and automatically created reports.

Sage Business Cloud Accounting also boasts an extremely intelligent inventory with real-time tracking, plus it saves newly created items to Google Drive without the need for any third party add-ons – which can still be applied if you want to further automate tasks. And if that’s not enough, Sage Business Cloud Accounting can be purchased for affordable prices or trialed for free for the first 30 days of use.

Special offers
View offers
$10 per month for Sage Business Cloud Accounting Start
Sage 50cloud Pro Accounting from $41.94 per month
Free 30-day trial of Sage Business Cloud Accounting
Small businesses

Wave Accounting

Editor's rating:
Starting price: $0.30/unit
Main features
  • Great for small budgets
  • Covers essential accounting needs
  • Easy client payment process
  • Smooth desktop and mobile use
  • Free of charge
  • Most important features are present
  • Payment with credit/debit card option
  • Good applications
  • Lacking or pay-only features and support
  • Slow processing
  • Few software integrations
Summary
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At first glance, Canada-based online accounting solution Wave is nothing special: you can do invoicing, create estimates, bills, add your clients, vendors, products, upload receipts, and check some reports. Upon further examination you will see that the user interface is rather blank; you have to pay for certain additional features, even for live chat and phone support, no profit & loss reports are created, and you are mostly unable to access your account from a mobile device. These all should be warning signs to avoid the software. But Wave has a huge advantage over its competitors: it provides all the major features for every single user free of charge. Furthermore, you can cancel your account any time you want. Therefore, if you are not satisfied with Wave’s services, you lose nothing. If you are a sole proprietor or an owner of a small business and you want to get accounting software that knows the basics without spending a fortune, then Wave may be worth a try.

Special offers
View offers
Only $2 per employee a month
Three-month support for just $49
Free complete accounting solution
30-day risk-free trial of paying features
Ease of use

Zoho Books

Editor's rating:
Starting price: $15/mo
Main features
  • All-in-one accounting solution
  • Saves time on routine tasks
  • Track billable hours easily
  • Simple for all users
  • One-stop shop
  • Automatization
  • Built-in time tracking
  • Intuitive
  • Learning curve
  • Complex pricing
  • Tiered customer support
Summary
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No company reaches the value of $1 billion by developing bad software. Zoho is the shining star of the digital business tools industry, offering over 50 business apps. Zoho Books is an excellent example of how online accounting software should operate.

Brimming with features and intuitively designed, Zoho Books is a great option for any business wanting to take its accounting processes to the next level. Even though it takes a while to get your head around the software due to the high number of features, tools, and reports, the platform is well worth the time investment.

Small businesses can take advantage of Zoho Books' free version to access all the basics. Meanwhile, companies that are ready to invest financially can get Zoho Books for as little as $15 per month and use the company’s 14-day free trial to try everything out before committing.

Special offers
View offers
14-day free trial of Zoho Books
Free online accounting software with Zoho Books
Up to 25% off
45-day refund policy with Zoho Books
Price-quality

QuickBooks Online

Editor's rating:
Starting price: $15/mo
Main features
  • Easy to use and navigate
  • Connects with your favorite tools
  • Scales with your business
  • Manage finances on-the-go
  • Very good user interface
  • Over 300 integration options
  • Different subscriptions with different features
  • Good Android and iOS apps
  • Certain essential features are add-ons
  • Long waiting time for telephone assistance
Summary
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It is quite unbelievable that U.S.-based online accounting company Intuit Inc. has already been on the market since 1983. But the success of its main product, QuickBooks Online shows that they aren’t just simply lucky. The software exists as downloadable software for desktops, and a cloud-based accounting solution dubbed QuickBooks Online, which the company quite aggressively promotes. This latter version, of which we will be talking about, is ideal for everybody from simple sole-proprietors to bigger companies. Regardless of the chosen subscription, you can create invoices, expenses, and estimates with a few clicks, quickly manage sales receipts, create and print checks, payrolls, have multiple tax rates, real-time banking and reports. You can integrate the software with over 300 third-party solutions, and be entitled to full customer support. You also have the option to try out the software completely free of charge for 30 days. Skipping this trial period you get a discount from the monthly subscription fee for six months or a whole year. But if you don’t like the software, you still have a 60-day money back guarantee.

Special offers
View offers
50% discount on QuickBooks Online first 3 months
20% discount on Simple Start
Free 30-day trial of QuickBooks Online
Risk-free 60-day trial of QuickBooks Online

The importance of accounting for trading companies

In addition to complicating inventory management, a poor accounting track record can be harmful to a trading brand’s reputation, which can make it harder to secure investors. Every transaction must be recorded as efficiently as possible to ensure a healthy workflow and transparency, both for internal and external stakeholders. This also allows for sound business decisions by making sure you’re fully informed of your company’s financial health.

Without proper accounting, trading businesses are likely to miss important deadlines, file incorrect financial reports, lose track of transactions, and more complications that can lead to bigger legal problems. All these factors can negatively affect business growth and impact financial decisions.

The right online accounting software for your trading company will help you simplify your financial data and improve your everyday workload. Your business is more likely to stick to deadlines, stay compliant, and receive all the benefits it’s entitled to. Through successful accounting practices, even managing your cash flow will prove to be an easier task.

Person using a laptop and calculator

Accounting 101 for trading companies

The good news is that bookkeeping for trading businesses is easier than it looks. Many of the basic accounting concepts can be taken and applied to this specific type of company, which helps trading business owners better understand what to keep in mind when it comes to bookkeeping. It’s important to recognize the following terms:

  • Balance sheet: A financial statement that gives you a quick overview of a company’s assets, liabilities, and equity at that moment in time.
  • Income statement: A financial report that details the company’s income and expenses over a specific period of time, showing profit or loss.
  • Double entry bookkeeping: A system where transactions are recorded in at least two accounts, recording them as debit and then as credit. This ensures accuracy and effectiveness when it comes to keeping track of financial transactions.
  • Cash flow: A financial statement on payments received and payments made, providing insight into a company’s financial abilities on a day-to-day basis.
  • Accounts payable (AP) and receivable (AR): AP refers to the money owed to vendors or suppliers, while AR refers to the money owed to your business.

Accounting keywords

When it comes to accounting for the trading industry, it’s important to consider the volume of inventory you’re dealing with, indispensable elements you need to account for, ensuring compliance with the relevant procedures and policies, daily and monthly reporting, internal and external audits, and clear reporting on margins.

By knowing the basics and considering the specific needs of your business, you’ll be able to make an informed decision on the best accounting software for your trading company and reach new financial heights.

Benefits of using online accounting software for trading companies

Trading businesses can suffer significantly as a result of incorrect accounting practices. However, proper online accounting software can revolutionize a company’s financial management, setting it up for success in the bookkeeping side of business.

Woman creating a digital invoice

By storing your financial data online, you can access it in the cloud. Cloud-based solutions allow for real-time access and remote accessibility, providing insight into your company’s financial health even when you’re on the go.

Automation is another positive aspect of online software, minimizing the number of hoops you need to go through to keep track of all the important parts of your organization. Moreover, these solutions won’t make a huge dent in your wallet, with plenty of affordable options that allow for scaling once your business sets sail.

Online bookkeeping software streamlines accounting tasks, simplifying financial workflows and reducing the probability of making costly mistakes. Nonetheless, to make sure you enjoy the full benefits of the software, it’s important to ensure your chosen provider offers all the key features that matter to your business.

Key features to look for in online accounting software

  1. User-friendliness: As a rule of thumb, you should look for ease of use, especially for beginners. This will ensure that not only you but everyone else on your team will be able to use the software.
  2. Scalability: It’s important to consider scalability and how smooth the experience may be in the future as your team grows.
  3. Customization: Customization options will help you ensure your experience is as tailored to your specific needs as possible.
  4. Integrations: Your accounting tasks can be simplified through integrations. It’s ideal if your chosen service integrates with trading platforms, invoicing software, and offers extensive reporting capabilities to keep all your financial information efficiently recorded and accessible.
  5. Customer support: If you run into any issues, efficient customer service is a must for your activities to quickly return to normal. You may need to contact support for help with certain features or even for security problems.
  6. Security: To avoid running into security breaches, strict measures make it so your financial data remains for your eyes only, avoiding detrimental leaks or changes made by outside parties.
  7. Additional features: Extensive reporting, compliance tools, inventory management, budgeting, and forecasting are a few additional features to keep in mind that are sure to increase the value you can get out of your online accounting software.

How to choose the right accounting software for your trading business

Now that you know which features to look for, consider the remaining criteria to evaluate and select the best accounting software for trading businesses. First and foremost, review your budget against the associated costs of online accounting, weighing up different providers and plans.

Scalability and integrations will inevitably affect pricing. We recommend starting small and scaling once needed in terms of users, but investing in as many relevant integrations as possible. Most companies have a Sales contact that you can discuss the details of the plans and your business needs with.

Accountant calculating tax at desk

Look for trustworthy reviews from industry experts and other users, as third-party opinions will always have more weight than what a brand chooses to present to you. Expert review sites also tend to offer direct assistance in benchmarking multiple software options.

Once you’ve outlined all the pros and cons and have finished your initial research, you’ve hopefully narrowed down a long list of software to just a couple of viable services for your trading company. Consider the points outlined in this guide as well as our choices for the best online accounting software for trading businesses, and you’re guaranteed to make the right call.

Customer leaving a review

Upgrade your accounting processes without fear

Bookkeeping doesn’t have to be a headache. You can make the right choice for your business by switching to accounting software for trading businesses, ensuring you’re setting yourself up for success. Assess how accounting practices impact your business, general concepts to consider, and how you can benefit from software that’s more suited to trading companies.

With the basics laid out, be mindful of the key features for a smooth bookkeeping experience and how these can help in choosing the right provider. When necessary, use our reviews as a benchmark for important software decisions.

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