Startup Launches To Take On QuickBooks, Xero

A new company has entered the market of cloud-based accounting for small businesses, and it isn’t shy about taking on the competition.

TopNotepad announced plans to expand into the U.K., Australia and Canada after a soft launch of its SME accounting service in the U.S. In its announcement this week, TopNotepad pointed to QuickBooks, Xero and FreshBooks as its most direct competitors.

With a focus on entrepreneurs and self-employed professionals, TopNotepad was founded to provide CRM, invoicing, accounting and payment solutions. The company highlighted its key competitive advantage as a lower-cost alternative to its main competitors, which, according to the firm, “provide only limited access to much-needed functions, like invoicing, billing and CRM.”

“For freelance workers and small businesses who need a broader range of features, programs like FreshBooks are priced out of reach,” the company stated, adding that its premium option, designed for small businesses with multiple employees, costs $25 per month.

TopNotepad also highlighted the growing gig economy across the markets in which it now operates, leading to rising demand among freelancers for financial tools. According to Cofounder and CTO Lovleen Soni, the firm’s suite of solutions negates the need for multiple subscriptions and software products.