Introduction

Many businesses fail because inadequate record keeping does not respect big or small companies, contrary to a prevalent misunderstanding among business owners that accounting and financial record keeping or purchasing accounting software is solely for big and established brands. Since accounting is unquestionably one of life’s most important, delicate, and inescapable facets, accounting software has benefited this century. Are you an accountant or a company proprietor? If so, it is critical to understand that a company’s ability to manage its finances determines its ability to succeed. 

For instance, if your business account is completed precisely and on time, it will help the expansion and development of your company. No of the size of your company, you must effectively handle your finances, especially if you are a developing company. Creating financial statements and periodic reports can indeed be very tedious and tiresome. Because of this, you want accounting software to do your work quickly and with various advantages, especially if the program is cloud-based. Here is some of the best accounting software in Nigeria, which is mentioned below:

List of accounting software:

1.CarrotSuite

This user-friendly, cloud-based, all-encompassing ERP business software digitizes and automates all business operations, including financial accounting, team and project management, customer relationship management, human resources management, asset, expense, inventory, and much more, in one location. Your customers can connect to their portal to check their invoices, receipts, and documents, make payments online, and more with Carrotsuite. You can also receive online payments for your invoices.

After each payment is recorded, an automated payment acknowledgment is sent to your consumers by SMS and email. Customers who pay in installments or who owe your business money receive automated reminders to make payments. It may be used to manage many businesses, branches, and organizations on the same platform because it is one of the little business software built to fit the different needs and distinctive types of companies, including Real Estate, agencies, building, and construction firms, no matter the scale. It is constructed and maintained by highly skilled Nigerians.

2.Zoho Invoice

Numerous features in Zoho Invoice make the accounting process simple. It is an invoicing and billing program suitable for small and medium-sized businesses. Expense Tracking, Credit Notes, Track Payments, Online Payment, Multi-Currency, Reporting, and more capabilities are only a few of its characteristics. Additionally, you can alter your invoice to reflect your style and business, which is particularly beneficial for taxes procedures. 

Accounting software allows you to manage your finances, keep track of receipts and expenses, and monitor inventory levels on one platform so you can make well-informed business financial decisions without having to wade through mountains of paperwork. It can provide real-time financial and operational insights by automating crucial accounting operations. It is utilized all over the world. Although Zoho Invoice is not a full-featured accounting programme, it can be combined with Zoho Books or Zoho Expense, which are less prevalent in Nigeria than Zoho Invoice. 

3.Gusto

While Gusto is known for its expertise in offering HR solutions to companies, some Nigerian companies use their automatic payroll and tax processing services. It instantly supports calculating, paying, and submitting your company’s federal, state, and local payroll taxes. Additionally, it aids in computations based on hourly and salary rates, digital signatures, and complete payroll reports. 

Gusto prevents your company from wasting endless hours trying to find out how to handle payroll taxes fast. Gusto can be used in other business systems. Utilizing reputable accounting software saves you everything and costs. Each dollar you spend on using accounting software services is an investment that pays off. Since a company using the programme always has a balanced account, productivity is increased due to the time and energy saved by concentrating on other procedures that increase business growth and income.

4.ProbityBooks

ProbityBooks is straightforward sales accounting software that enables you to run and manage your company without needing in-depth accounting knowledge. Cloud-based software is the newest trend in financial management, and accounting software is not exempt. You may manage and keep track of your business activity with this web-based solution from any location. Whether you want to send a client an invoice outside your office, calculate expenses on the spot, or sell from any place.

It is easy to use and created for non-accountants who wish to manage and gain insight into their business. Probity Books is Nigerian software specializing in Retail POS, invoicing and CRM Services. It is appropriate for retail organizations that want to use technology effectively to increase productivity and profit. It can be used for inventory management and expenses.

5.Xero

The only place this programme was utilized at first was New Zealand. However, it has lately been extended to include Nigeria. This software is helpful for efficiently performing accounting processes, including inventory, invoicing, generation and emailing of personalized purchase orders, time tracking, and copying bills for payment. It also has an exemplary user interface and a robust collection of capabilities and offers complete accounting solutions.

Additionally, Xero allows for importing and categorising banking transactions, including credit card, PayPal, real-time currency, and multi-currency exchange updates. Additionally, you can use this software to update and send consumers online bills. Complex multi-entity corporate structures can benefit from using Xero.

6.QuickBooks

Quickbooks enables you to balance your books quickly. One quite well-liked accounting software programme is QuickBooks. This accounting software works effectively for your company in the following areas, which include sending online payment receipts, payment reminders, tracking receivables, bank reconciliation, tracking expenses, writing invoices, and monitoring financial reports. The automated synchronization of business profiles to a single dashboard, where numerous users can view reports and corporate accounts, is another noteworthy feature that QuickBooks offers. 

Additionally, QuickBooks is perfect for companies, field services, product vendors, and nonprofit organizations. It enables users to create gain/loss statements quickly and provides extensive insight into organizational capacities, past-due items, payable invoices, and accounting notes that assist organizations in maintaining the orderly management of their financial data. The bundle you select, such as online, self-employed, premium, online advanced, pro, or enterprise and will determine the services you receive.

7.Accounteer

This is one of Nigeria’s fastest-growing accounting software companies. Additionally, Nigerians own it. It oversees your company’s finances because you can use it to make invoices, keep track of spending, send regular invoices, track your company’s profitability, and more. Although accounteer is primarily an accounting programme, it may be combined with other programmes like HR, CRM, etc. It provides supply chain management, product lifecycle management, human capital management, financial management, and customer relationship management, and all have universal solutions that can accommodate all business sizes.

Additionally, it aids with general ledger, journal entries, project cost accounting, budget management, financial reporting, support for several currencies, and other accounting-related tasks. Because of its tremendous scalability, it can still accommodate your accounting demands as your firm expands. Real-time financial reporting and analytics are made possible by the data stored on the platform.

8.ZohoBooks

According to the ranking, the best accounting programme for small businesses is cloud-based Zoho Books. It is constructed with comprehensive accounts payable and receivable capabilities. There are three service plans available: the basic plan, the professional plan, and the one that lets you modify the software URL and client portal to use your domain name for sales. The same information may be gathered electronically and saved in an accessible database using accounting software, enabling you to manage your accounting and record-keeping quickly and effectively.

Accounting software is a tool for managing your finances and conducting company operations. It enables users to produce gain/loss statements swiftly. It provides extensive insight into organizational capabilities, past due items, payable invoices, and accounting notes that assist organizations in maintaining the organization of their accounting data. It offers a simple approach to completing accounting and bookkeeping duties, such as paying bills, reconciling accounts, calculating taxes, and filing income tax returns.

9.Akaunting

Akaunting offers a complete range of online accounting services with just one tool. This programme features a user-friendly interface and may be used on any device. Many of the essential functions should have provided a small business accounting software. With this technology, you may track spending, create recurring bills, track invoices, sync accounts, manage customers, and manage vendors.

However, you will need to download third-party apps that will cost you an annual charge in addition to any expenses you must pay for this third-party account to access more sophisticated capabilities, such as online payments. You can handle the financials of several enterprises on one platform thanks to its multi-company ability, expense tracking, client portals, and cross-currency invoicing capabilities.

Final thoughts

There is accounting software for small enterprises in Nigeria, and many accounting software firms have emerged. Accounting software is a computer application that automates financial records and processes and helps accountants, store managers, consultants, and business owners keep, post, report, and monitor financial transactions inside an organization’s financial system. Technology advancements have led to the availability of numerous affordable and reliable accounting programmes for Nigerian small businesses. Even if some of them have restricted functionality, some of them are even free.