Top 10 accounting tools for small business

Small and medium-sized businesses have inherent limitations of the workforce, budget and you need smart business accounting tools that facilitate you and make the job much easier. 

In the modern world, an entrepreneur needs different modern tools to run a business. There are a number of varying accounting tools that exist in the market that are ready to help in the growth of new and small businesses.

These tools can save you time and cost and can make the hectic number crunching look easy for non-technical executives to understand what’s really going on in the business.

Since small businesses have fewer employees, the business owner has more workload and stress. To minimize the workload of an entrepreneur, they must use smart accounting tools that will not only help in the tasks, but will also make the work quicker, more accurate, and efficient.

The selection of the best accounting tool for small businesses depends upon the nature and type of the business. Though there are a lot of tools available out there that serve different purposes, we have shortlisted the best accounting tools that are specifically helpful for small businesses.

Top 10 Accounting Tools for Small Businesses

Here is the list of the top 10 accounting tools for small business

1. QuickBooks

QuickBooks is mostly used for small businesses by helping owners maintain the record of transactions in the company. Moreover, it keeps track of cash flow, inventory, bank accounts, and other accounts such as receivables and payables. The automation in these accounts means the business saves time and significant costs of hiring external accountants. Quickbooks is specifically helpful for small and owner-managed businesses since it has a dynamic dashboard and simplifies all business transactions.

In addition, Quickbooks syncs your credit cards and bank accounts to keep track of your expenses and deadlines. It will warn you whenever the monthly threshold is about to exceed or when a payment is due shortly. Also, it automatically notifies your customers of payment dates and pending balances thus improving the receiving side of the business.

If you have excessive routine transactions and are looking for an all-in-one accounting solution for your start-up, Quickbooks is the best option to go for. However, it is relatively expensive as compared to other options available out there.

2. AccountEdge pro

AccountEdge Pro is a tool well known for double entry systems in small businesses. It is a complete package for a business’ accounting and management tasks. Comes with a dynamic dashboard, AccountEdge can do your invoicing and billing in no time. 

Small businesses can subscribe to it for a little fee and enjoy many functions, and they can avoid the heavy cost of hiring an accountant. This tool is very much friendly for desktop users to maintain their ongoing business activities. 

By subscribing to its cloud collaboration, you can view and edit your business reports remotely with a mobile, tablet or laptop and any changes made will be automatically reflected across all devices on the cloud. Therefore, if you have remote employees or accountants working for you, AccountEdge is a great cloud solution to consider for your small business.

3. OnPay

OnPay is an accounting tool that is specifically created for bookkeeping and tax filing of small businesses. 

OnPay automatically detects transactions and puts data across various channels. Moreover, it plays around with the data to create helpful reports including insurance reports and tax filing. It is a strong AI solution for your start-up and has rich automation features like calculating and paying your taxes, calculating and paying compensations, etc.

Interesting thing about OnPay is that unlike other accounting tools, the developers take full responsibility for errors and calculations.

4. OneUp

OneUp is yet another great Accounting Solution for your small business. This San Francisco-based software is primarily designed for inventory management. 

However, it offers a variety of other rich features as well including double-entries. If you are someone who loves simplicity, OneUp has one of the simplest and easy-to-understand interfaces.

5. Kashoo

Kashoo is an accounting tool that mainly helps small businesses in their administrative tasks. It is machine learning software which means it will automatically learn about the nature of your business as you use it and then work accordingly.  

It is a smart accounting software that is ready to perform every task from receipt categorization to sales tax and invoicing. 

Kashoo is very user-friendly and can be used simultaneously by multiple users. Therefore, it is a great option when you have an administrative team working together.

6. Xero 

Xero is a full accounting solution for both small and medium-sized entities. It can prepare tens of reports in no time including financial statements such as balance sheets and income statements. 

It can be connected to multiple devices simultaneously and you can even browse and edit business transactions on your phone and tablet. 

In addition, you can directly connect multiple bank accounts and keep track of your financial activities straight away. It is a multi-tasking tool that can handle multiple activities in real time with the guarantee of accurate and timely results.

7. ZipBooks

If you are specifically looking for an invoicing and billing solution, ZipBooks can do wonders for you. It is specifically designed for admin work and bookkeeping. It automatically generates and records invoices in the books of accounts.

Moreover, it has powerful AI features and can make economic decisions such as assisting in buy or lease decisions. The best thing about ZipBooks is that it is easy to understand and you can excel its dashboard in a few hours.

8.Zoho Books

Zoho Books is an advanced accounting solution that is pocket-friendly and can be used as an alternative to expensive tools like QuickBooks. 

It can keep track of all the business activities like selling, purchasing, invoicing and inventory management etc. It can accept real-time online payments and has multiple extensions available that can be used for various accounting purposes.

9. FreshBooks

FreshBooks is an accounting tool popular for its smart technical features and back-office automation designs. It is an expert in automatically reconciling credit and debit accounts.

In addition, it can directly import data from several different resources. You can customize the access to important data by giving access to sensitive data to relevant employees only.  It can easily track the transactions and performance of the underlying company. 

10. Waves

For new startups and small businesses, budget is the main constraint. Waves can easily solve this problem because it’s a cost-free accounting tool. 

It is a perfect accounting solution for new, small, and independent businesses. Waves have the features of expense management, payroll, invoicing, and bank reconciliation. It is very well-known for its perfect and timely synchronization with other accounts. 

All these tools are a good extension for your small business, but to get ahead, you need a small business accounting team to help you with the month-to-month bookkeeping and tax preparations. If you’re in California or Los Angeles and are looking for a remote accounting firm to help with your personal and business accounting needs, then contact Bornazyan & Bornazyan LLP Accounting Firm.

Leave a Comment

Your email address will not be published. Required fields are marked *