Recommendations for General Ledger Systems for Small Businesses
As a small consulting firm with offices across the US, UK, France, Singapore, and Australia, our operations are straightforward, but we aim for automation due to our minimal financial footprint. We issue invoices for retainers and success fees, akin to a law firm. However, with multiple currencies and entities involved, our reporting requirements are quite complex (including FX and consolidations).
What solutions do other service-oriented firms like ours use for their general ledger systems?
I believe we are too large for QuickBooks, yet solutions like NetSuite or Sage Intacct seem excessive for our needs.
Any recommendations? Thanks!
One response
For a small consulting business with the complexities of multi-currency and multiple entities, there are several general ledger systems that might suit your needs without overwhelming you like NetSuite or Sage Intacct. Here are some recommendations:
Xero: Xero is a popular choice for small businesses and supports multi-currency transactions. Its user-friendly interface and robust reporting features make it a great option for service-oriented firms. Plus, it has a range of integrations and can automate invoicing and reconciliation.
Zoho Books: This is another user-friendly Accounting solution that supports multiple currencies and offers project tracking, invoicing, and solid reporting capabilities. Zoho Books is designed for small to medium businesses and can easily scale as your business grows.
FreshBooks: While primarily known for its invoicing capabilities, FreshBooks also provides Accounting features that may be sufficient for a consulting firm. It includes time tracking, expenses management, and handles multi-currency billing and reporting.
Wave: Wave is a free Accounting Software ideal for small businesses. Although it doesn’t offer multi-currency support natively, its ease of use and straightforward reporting features might make it sufficient for your needs if you can handle conversions manually or use a third-party solution for currency management.
Sage Business Cloud Accounting: While you mentioned Sage Intacct might be too much, another Sage product geared specifically for small businesses might be a better fit. It provides essential features for invoicing, expenses, and reporting.
Kashoo: This is another straightforward accounting solution for small businesses. It supports multi-currency transactions and has features that make tracking projects and income straightforward.
Rentec Direct: Although designed for property management, its features can also benefit service-oriented companies, providing multi-entity tracking, invoicing, and reporting abilities.
When evaluating these options, consider factors such as integration capabilities, ease of use, customer support, and the specific features that match your reporting needs. It might also be beneficial to take advantage of free trials or demos to see how well these systems fit with your workflow before making a decision. Good luck!