8 Small Business Accounting Tools to Help You Manage Your Finances

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Accounting is key for small business owners, however, it can be overwhelming and stressful. The easiest way to manage business finances is to utilize the tools available in the market. There is accounting software available that helps you manage cash flow, generates invoices, have an audit-ready business, and make preparations for tax time. These tools make handling your small business customers and expenses more efficient.

Following are the eight top-rated small business accounting tools which are used to manage your finances and bookkeeping functions in the business.

  1. QuickBooks Online

QuickBooks is a bookkeeping and small business accounting tool used to handle accounting operations. QuickBooks is developed and marketed by Intuit. QuickBooks is used to:

  • Generate invoices with the logo of your company and with all details required by your customers
  • Process payrolls according to HR policies
  • Manage all business transactions, including bills from suppliers and vendors
  • Manage your inventory
  • Track expenses

QuickBooks can be accessed from your laptop from anywhere you want. QuickBooks is used by small business owners to simplify accounting operations and manage finances in a short amount of time. It is affordable and easy to use software that can easily be learned and used by small business owners with no financial background.

  1. Freshbooks

Freshbooks is a well-known software used by small business owners, freelancers, and entrepreneurial agencies to handle accounting processes. It is a user-friendly tool and is preferable for a service provider.

Following are the features of Freshbooks:

  • Generating invoices
  • Managing expenses
  • Accepting payments from customers
  • Generating automatic reminders for payments
  • Managing clients of each project with pricing
  • Stellar customer services

  1. Xero

Xero is a wonderful software with a wide range of small business accounting tools. It is a good choice for online product sales.  Xero is used for:

  • Bookkeeping
  • Paperless management of expenses
  • Payment in 160 or more currencies with the ability to convert and update exchange rates automatically
  • Generating invoices and quotations
  • Tracking and managing inventory
  • Generating purchase orders
  • Automatic reconciliation of accounts
  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by the small business
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of Payments and returns

  1. Zoho Books

Zoho Books is a good choice for both a product seller and service provider because of having CRM and time-tracking features. Bookkeeping is also available in Zoho Books.

  1. Xporter Data Export Tool

Xporter isn’t specifically an accounting tool. It is used to export stored data to an Excel file. Any kind of required reports can be generated and automatically emailed to desired contacts.

  1. SimplyCost

SimplyCost is simple and economical Shopify app used to create profit reports. It tells you the actual profit you are gaining from the sale of a product. It also keeps track of worth of inventory.

  1. Profiteer

Profiteer is an app to track the cost of goods sold and variants. It is able to export a CSV report of the total value of inventory and profits. Currency fluctuations are also catered by this app and an accurate report of profit is generated for a specific period.

  1. GoDaddy

GoDaddy is also simple and economical to use. Mobile access and time tracking are present. But, the payroll option is missing. It estimates quarterly taxes. Live support is also present in this small business accounting tool.

Connector apps are used to connect and integrate accounting software. By integration apps, data can be transferred automatically from one application to another and to other partners. This is a time saving and easy to use application and used to export all kinds of data related to tax matters, customers, and expenses on a single click.

These connector applications are for:

Conclusion

While purchasing accounting software, detailed homework of your business needs should be done. Invest wisely in the purchase of a small business accounting tool according to the nature and volume of your business.The more specific requirements for a business also require an efficient and effective accounting software to manage finances and bookkeeping in the business.

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