Best Accounting Software for Small Businesses in Nigeria

Best Accounting Software for Small Businesses in Nigeria

Accounting Software for Small Business

Manual bookkeeping processes involve a considerable amount of hands-on mathematical calculations, which unfortunately come with the risk of errors that can significantly impact the final balance. However, technology has proven to be super helpful. Nowadays, a wide range of cost-effective accounting software is available that cater specifically to the financial needs of small businesses. 

These accounting software solutions save valuable time and enhance overall efficiency. This article will look into the top 10 accounting software options for small businesses in Nigeria. We’ll also thoroughly analyze their pros, cons, and capabilities. By the end of this article, you’ll have gained the insights necessary to make an informed decision, ensuring that you choose the perfect fit for your small business to enrich your CFO tech stack

Should Small Businesses Use Accounting Software? 

Small businesses should consider using accounting software for various reasons. First, think about all those manual calculations – they can be a real pain and are prone to mistakes that could mess up your balance. With accounting software, those errors become much less of a worry. With these tools, you can avoid wasting hours on tasks manually and focus on what really matters – growing your business. Most importantly, these software options don’t break the bank. They’re tailored for small businesses, so they’re affordable and designed to make your life easier.  

Essential accounting software features to evaluate 

What features should you consider when choosing new accounting software for your small business? Let’s find out. 

Tax compliance 

Ensure that the software you choose can handle Nigerian tax requirements, such as Value Added Tax (VAT) and Withholding Tax. Also look out for software that generates accurate tax reports and helps you stay compliant with local tax laws. 

Bank integration 

Integration with Nigerian banks is essential for seamless bank reconciliation. It should allow you to automatically import bank transactions, reducing manual data entry and minimizing errors. 

Multi-currency support 

If your business deals with multiple currencies, choose accounting software that can handle this effectively. It should provide real-time currency conversion and reporting in both Nigerian Naira and other currencies. 

Financial reporting 

Robust financial reporting capabilities are essential for tracking your business’s performance. Ensure the software can generate standard financial statements like profit and loss statements, balance sheets, and cash flow statements, all in compliance with Nigerian accounting standards. 


Protecting your financial data is paramount. The software should have strong security measures, including data encryption, user access controls, and regular updates to patch security vulnerabilities. 

What are the 10 best accounting software for small businesses?

Here is a compilation of the top 10 accounting software options for small businesses in Nigeria in 2023. 

Sage 50 

Accounting Software Sage 50

Sage 50 is a popular accounting software for small businesses in Nigeria, with strong accounting features and automation capabilities. The pricing plan ranges from $491.30 – $1,073.20 per year.  


  • It is simple to use and easy to navigate, making it ideal for small business owners who may not have an accounting background 
  • It offers a range of accounting features, including invoicing, inventory management, and financial reporting, making it a comprehensive solution for small businesses 
  • This tool can automate many manual accounting tasks, such as bank reconciliation and financial statement generation, saving businesses time and reducing the risk of errors 
  • It can be integrated with other software, such as Microsoft Office and Salesforce, making it easier for businesses to manage their operations 
  • It offers a range of add-ons, such as cash flow management and document management, which can help businesses customize the software to their specific needs 


  • It can be expensive to purchase and requires proper and adequate training, which can also be expensive 
  • It can only be used on a Windows operating system, which may limit its accessibility for some users 
  • While Sage 50 offers some cloud-connected features, it is primarily a desktop app, which may not be suitable for businesses that require more cloud-based functionality 


Accounting Software QuickBooks

QuickBooks is a popular accounting software for small businesses in Nigeria, with a robust feature set, customizable options, and multiple versions suitable for businesses of different sizes and industries. The pricing plan ranges from $30 – $150 per month.  


  • This tool offers a range of features, including reporting, invoicing, inventory management, and mobile app functionality, making it a comprehensive solution for small businesses 
  • Small businesses can customize how they use the platform so that they only use the features they need 
  • It can be integrated with other software, such as Microsoft Office and Salesforce, making it easier for businesses to manage their operations 
  • The tool is user-friendly and easy to learn, even for those who are not familiar with accounting principles 
  • This tool offers a range of pricing plans, making it affordable for small businesses.  


  • It can be expensive for many businesses, especially if they add on time tracking or payroll 
  • There can be a learning curve, mainly if users are unfamiliar with accounting principles 
  • QuickBooks may lack industry-specific features, such as lot tracking or landed cost tracking, which may be necessary for some businesses 
  • QuickBooks Desktop Pro is not cloud-based, which may limit its accessibility for some users 


Accounting Software FreshBooks

FreshBooks is a cloud-based accounting tool with a user-friendly interface, robust invoicing tools, mobile app functionality, excellent customer support, and reasonable prices that are made for small businesses, freelancers, and independent contractors. The pricing plan ranges from $8.50 – $27.50  per month. 


  • This tool boasts a user-friendly and easily navigable interface, making it well-suited for small business owners without a strong accounting background. 
  • It provides various invoicing features, including customizable templates, automatic payment reminders, and online payment options, simplifying the invoicing process for businesses. 
  • FreshBooks offers diverse pricing plans, ensuring affordability for small businesses. 


  • It might lack certain advanced features, such as inventory management or purchase order tracking, which could be crucial for specific businesses. 
  • FreshBooks’ plans limit the number of users and clients, which may not be suitable for rapidly expanding businesses. 
  • It may not offer as much customization as other accounting software options, which could be a drawback for businesses with unique needs. 
  • The tool might not integrate with as many third-party apps as other accounting software, potentially limiting its functionality for some businesses. 
  • FreshBooks may not provide as many reporting options as other accounting software, which could be a drawback for businesses requiring comprehensive financial reporting. 


Accounting Software Xero

Xero is a cloud-based accounting software designed for small businesses, offering functions such as billing, invoicing, financial reporting, project tracking, and transaction tagging. It accommodates unlimited users and starts at $13 per month. 


  • Xero provides a comprehensive and user-friendly setup process, guiding users through every aspect of the software. 
  • It’s user-friendly and boasts compatibility with over 1,000 applications. 
  • Xero is cost-effective compared to competitors like QuickBooks Online and doesn’t charge extra for additional users. 
  • The software allows unlimited users and offers a highly customizable dashboard. 
  • It offers financial and accounting reporting features that empower small business owners to identify improvement areas and make real-time data-driven decisions. 


  • Xero lacks live customer support. 
  • It doesn’t provide industry-specific reports. 
  • Users with multiple businesses must purchase separate subscriptions. 

Zoho Books  

Accounting Software Zoho Books

Zoho Books is accounting software crafted to assist small businesses in managing their financial tasks efficiently. It encompasses a variety of features to streamline accounting procedures and ensure precision.


  • Zoho Books offers a complimentary plan and presents five subscription alternatives ranging from $15 to $240 per month (billed annually). 
  • This application empowers users to handle their accounting requirements while on the move. Users can create and dispatch invoices, log expenses, and gain quick business insights. 
  • Zoho Books stands out regarding customer support, extending services such as phone and email assistance, live chat, and abundant online resources. 
  • It seamlessly integrates with other Zoho applications, delivering a smooth experience for users already utilizing other Zoho products. 
  • Zoho Books automates accounting procedures, enhancing their efficiency and precision. 


  • Zoho Books has user restrictions and offers fewer third-party connections than competitors like QuickBooks and Xero. This limitation could impede its scalability for larger businesses. 
  • The trial period for Zoho Books is limited to just 14 days, potentially inadequate for users to comprehensively evaluate the software. 

Tally ERP 9  

Accounting Software Tally ERP 9

Tally ERP 9 is an accounting software solution that comprehensively manages business records and financial transactions. 


  • Tally ERP 9 is renowned for its user-friendly interface, ensuring ease of navigation and simplifying accounting tasks for users. 
  • The software provides an informative dashboard, offering a quick overview of crucial financial metrics and reports. 
  • It automates interest calculations, saving time and minimizing errors in financial computations. 
  • Tally ERP 9 includes built-in support for Goods and Services Tax (GST), streamlining compliance with tax regulations for businesses. 
  • It offers multi-company support, enabling users to create and manage multiple companies, catering to small and large corporate enterprises. 


  • Tally ERP 9 has limitations in terms of scalability, potentially making it unsuitable for businesses with intricate or extensive operations. 
  • Some users have noted that the initial purchase cost of Tally ERP 9 is relatively high. 


Accounting Software Wave

Wave Accounting is a no-cost cloud-based accounting platform designed for small businesses to streamline their bookkeeping, accounting, and invoicing all in one place. It supports double-entry bookkeeping and allows for unlimited users. 


  • Wave Accounting stands out as free accounting software, a highly advantageous option for budget-conscious small businesses. 
  • It provides customizable invoicing, particularly attractive for service-oriented businesses. 
  • Wave Accounting aligns with accounting standards and simplifies the reconciliation process through automation. 
  • It maintains user-friendliness, even for individuals lacking significant accounting experience. 


  • Wave Accounting cannot upgrade to higher-tier plans with added features, rendering it less suitable for larger and rapidly expanding businesses. 
  • The absence of project accounting functions, budgeting features, and inventory management tools makes Wave Accounting less suitable for retail establishments and businesses with advanced requirements, such as healthcare providers and government agencies. 

Invex Simple Accounting Software  

Accounting Software Invex Simple Accounting Software

Invex Simple Accounting Software is a straightforward accounting solution that includes inventory management, stock control, efficient invoicing, and the generation of precise reports for sales, expenses, and income. 


  • Invex Simple Accounting Software offers uncomplicated inventory control, enabling businesses to efficiently handle their stock. 
  • Users can swiftly create and send invoices using the software, saving time in invoicing. 
  • This tool produces accurate reports on sales, expenses, and income statements, furnishing valuable financial insights to businesses. 
  • The software is intentionally designed to be user-friendly, ensuring accessibility for individuals with varying levels of accounting knowledge. 


  • Invex Simple Accounting Software is tailored for small businesses and might lack the advanced features and scalability larger enterprises need. 

Sage Intacct  

Accounting Software Sage Intacct

Sage Intacct is financial management software tailored for small and mid-sized businesses and operates in the cloud. The pricing for Sage Intacct ranges from $15,000 to $35,000  


  • Sage Intacct delivers real-time access to financial data, empowering businesses to make informed decisions based on current information. 
  • The software automates various accounting processes, mitigating the risk of errors and conserving time for finance professionals. 
  • It is designed to evolve alongside businesses, adapting to their changing requirements as they expand. 


  • Sage Intacct, a cloud-based financial management software, may come at a higher cost than alternative accounting software options. 
  • Some users might experience a steeper learning curve with Sage Intacct, especially if they are not well-versed in cloud-based systems. 
  • While Sage Intacct offers a variety of features, certain users may find that it lacks the level of customization they desire. 
  • Integrating Sage Intacct with other systems might pose challenges for some users despite its integration capabilities. 
  • For some users, the standard reports provided by Sage Intacct may not be as comprehensive as they would prefer. 


Accounting Software CarrotSuite

Carrotsuite is a cloud-based software for business management and accounting, designed to assist companies in modernizing and automating their operations. It encompasses various functions, such as CRM, accounting, HR, visitor management, etc. 


Carrotsuite is cloud-based, allowing businesses to access it from anywhere with an internet connection. 

  • The software provides many features, including CRM, accounting, HR, and visitor management, making it a comprehensive business solution. 
  • Carrotsuite aids in digitizing and automating business operations, which can result in time savings and reduced errors. 


  • Some users might discover that Carrotsuite lacks the level of customization they desire. 
  • While Carrotsuite has integration capabilities, certain users might encounter challenges when integrating the software with other systems. 

Alternative accounting software to consider

Tyms Africa  

Acconting Software Tyms Africa

Tyms Africa provides Tyms Book, an accounting and finance automation software. This tool is a tailor-made accounting solution engineered to optimize business operations and facilitate precise asset tracking, with a particular focus on serving African enterprises. 

In addition to the free trial, which has certain usage limitations, its pricing options range from 1,000 NGN per month for the Starter package to 12,000 NGN per month for the Enterprise package. 


  • It empowers you to proactively plan your expenses and compare them with actual expenditures.  
  • Seamlessly track and manage finances across various currencies, accurately record international transactions, and significantly reduce currency conversion errors. 
  • Simplifies your business operations by consolidating all transaction data and files in one centralized location for effortless tracking and efficient record-keeping.  
  • Helps you gain invaluable insights into your business’s financial health with its real-time analytics dashboard.  


  • No negative reviews about Tyms Book yet.  

Handle your accounting better today! 

The decision of which accounting software to choose depends on your specific business requirements and budget. Each software has its strengths and weaknesses, and this article has provided a comprehensive overview to help you make an informed choice.  

With the right accounting software in your arsenal, you can streamline financial operations, reduce the risk of errors, and focus on what truly matters – propelling your small business to success in the dynamic Nigerian marketplace.

What to read next

Sign up for the newsletter

If you want relevant updates occasionally, sign up for the private newsletter. Your email is never shared.




My Items




My Items