If you’re looking for the best way to track your finances, you’ve come to the right place! Here are 10 useful accounting tools for small businesses.
According to the Small Business Administration, nearly 20% of small businesses fail in the first year and 82% of those are the result of poor financial management.
Keeping a tight rein on your finances is a critical factor for success.
That’s why choosing the right accounting tool for your small business is so essential.
We’ve compiled a list of the best accounting tools for small businesses out there to help you find one best suited to your needs.
Top 10 Accounting Tools for Small Businesses
According to a survey by the National Small Business Association, 40% of small business owners spend over 80 hours a year on accounting.
Each hour spent on accounting is an hour lost selling your products or services. Using an accounting tool will save you not only on time but prevent a lot of headaches and stress too.
FreshBooks is a top pick for freelancers and very small companies. It specializes in invoicing and customer payments.
The downside to this tool is it’s not good at generating reports and doesn’t have inventory management features.
This accounting software comes highly-rated and is popular with small businesses.
QuickBooks is customizable and scalable. It is handy for freelancers and small business owners to larger, well-established companies with multiple employees.
In the FreshBooks vs QuickBooks debate, it’s hard to choose one over the other, making these two interchangeable for the top spot.
Microbusinesses are best served with this accounting software. Zoho Books focuses on cash flow and finances. In addition, this software includes recurring invoices, automatic payment reminders, online payments, and a mobile app.
This tool comes with three different plans that offer only the essentials, but in return, it offers customization with its flexibility in integrating other services. Xero is easy to set up, can handle inventory and stock management, and financial reporting.
Wave is unique in that it’s free. It offers many of the essential features that other popular accounting tools do, such as: connect to your bank account, create invoices, accept payments, generate financial reports.
This tool focuses on simplicity and ease-of-use. It comes equipped with the ability to generate quotes and invoices, track bills received and owed, and manage inventory.
Invoice Meister is designed to focus on ensuring you receive payments on time. It offers cloud-based invoicing capability, payment tracking, and can generate financial reports.
This specializes in helping your business grow. It offers ledgers and financial tools associated with e-commerce, sales, and marketing. NetSuite ERP helps you manage leads, automate emails, and track sales. Other features include sales order processing and inventory management.
Tipalti enables payment automation and management via the cloud. It specializes in assisting businesses to meet deadlines. The key features help resolve late payments and administrative errors.
This software is easy and versatile. It helps with payrolls, taxes, expenses, invoices, and time tracking. FreeAgent’s dashboard is designed to give you full control over your income and expenses.
Pick a Tool That’ll Fit Your Business and Grow with You
Keep in mind there is no best accounting software that fits the needs of every small business owner in existence.
Because accounting tools for small businesses are so numerous, take the time to research each one. Read further articles on accounting software and decide for yourself which would best suit your business model.
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