Let’s face it; unless you are very good with numbers, accounting can be one of the most boring aspects of running your own business. Figuring out business and personal taxes to tracking expenses meticulously, the financial side of things can be immensely frustrating and dull for entrepreneurs. In addition, if you make even a small mistake in your bookkeeping or records, it could easily lead to missed opportunities, lost money or even a knock at the door from the IRS. Yes, managing your accounts is undeniably tedious, but it is a fact that managing financial properly is key to the success of a small business.
Luckily, you don’t have to do the accounting on your own. In this technologically advanced world, you can get assistance from some of the best accounting tools that have been especially designed for small businesses. As they have kept your needs in mind, you will find it quite easy to maintain proper records and manage your accounts with the least amount of hassle. What tools are they? The top ones are listed as follows:
Tool 1: Sage One
This is the best accounting tool for a one-person business. It enables you to generate invoices with ease and also accept online payments for just $9 per month. If you are looking for more functions, you can get the upgraded version that charges you only $14 a month. This will provide you with accounting reports, an overview of your business financials and also keep track of your expenses and time. It also boasts project management capabilities that are helpful when you deal with contractors regularly.
Tool 2: FreshBooks
One of the big names you will come across when searching for best accounting tools for small businesses is FreshBooks. It began as an expense tracking and invoice generating solution, but now you can integrate it with your bank accounts, process your payroll and other business payments, generate financial reports and also keep track of timesheets. You can also integrate FreshBook with numerous CRM solutions as well as customer service apps so you can enjoy extended functionality whenever you want.
Tool 3: QuickBooks Online
QuickBooks Online is renowned for the versatility it can offer all small businesses in managing their accounts. The beauty of this accounting tool is that it keeps you away from all the financial mumbo-jumbo you would rather avoid. You can keep busy working as an entrepreneur while this solution deals with all your needs. There are dashboards where your records and financial data is kept. You can use it for generating financial reports that can be customized according to your requirements.
Other than that, the tool offers you payroll processing, online payment receipts, an invoice generator and the ability of turning your receipts into catalogued business expenses. Plus, you can also sync it with your credit cards and bank accounts so your financial data always stays updated. You can also share it with your accountant during the tax period as it makes calculations easy.
Tool 4: Xero
Xero.com is another amazing accounting tool for small businesses that can offer you features you find in FreshBooks and QuickBooks Online together in one package. There are the usual suspects first; custom-built and standard reports, intuitive dashboards displaying financial overview, business expense processing and payroll, invoice creation and syncing with bank accounts. However, it is the user flexibility that has made Xero immensely popular among professional partners with Xero. It allows you to add as many users as you want without charging you a simple penny. Moreover, if you are making the switch from QuickBooks to Xero, you can enjoy a very easy and smooth transition without getting any data lost.
Tool 5: Sighted
Small business owners who are seeking accounting help will find Sighted a great solution. It might be simple, but it is quite powerful and can be extremely handy. It can be used for customizing quotes and invoices, integrating your online payments system, tracking all your expenses and managing your merchant and client information. In terms of affordability as well, Sighted will be a good option as it has three different pricing levels and doesn’t require you to have a long-term contract, which is great if you are just interested in trying it out.
Tool 6: Sage 300 Online
This is a suite of accounting tools that enables small businesses in not just handling business finances, but also managing operations and fostering collaborations across multiple locations, departments or even both. You have the option of starting out with Sage One until you get comfortable and then transition to Sage 300 Online if your needs change and you need further features. You can manage your financial overviews and invoice processing with Sage 300 and also manage your suppliers, inventory and use this data for analyzing employee and business productivity to make decisions in the future.
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