Preferred bookkeeping software options for small businesses?

Here are some popular options available in Canada:

• QuickBooks Online – all-around functionality
• FreshBooks – freelancers & service providers
• Xero – simplicity & scalability
• Zoho Books – free plan + automation
• Wave – free & beginner friendly
• Sage 50 – desktop-based power users

Here’s how they compare:

• QuickBooks Online: Robust features, great for growing businesses but can get pricey with add-ons
• FreshBooks – Excellent invoicing and time tracking but limited inventory management
• Xero – Clean interface, strong mobile app. Fewer integrations than QuickBooks
• Zoho Books – Free plan, great automation tools. Some features locked behind higher tiers
• Wave – Totally free, easy to use. Limited support and scalability
• Sage 50 – Powerful desktop features. Steeper learning curve, less cloud-friendly

Pros and cons of DIY bookkeeping vs. hiring a professional

DIY Bookkeeping Pros

• Cost-effective
• Full control over finances
• Great learning experience

DIY Bookkeeping Cons

• Time-consuming
• Risk of errors or missed deadlines
• May lack tax or compliance expertise

Hiring a Professional Pros

• Saves time and reduces stress
• Expert guidance on taxes and compliance
• Can offer strategic financial advice

Hiring a Professional Cons

• Higher upfront cost
• Less hands-on control

Criteria small business owners should consider when choosing bookkeeping software

•  Ease of Use – Is the interface intuitive?
• Scalability – Will it grow with your business?
• Features – Invoicing, payroll, inventory, reporting?
• Integration – Does it sync with your bank, CRM, or POS?
• Support – Is help available when you need it?
• Cost – Does the value match your budget?
• Cloud Access – Can you manage books on the go?