The 7 Best Accounting Software Tools for Small Business
Here are our top recommendations of the best accounting softwares for small businesses:
Best Accounting Tools: The All-in-One Package
Do you run a small company? Are you looking for a simple answer to all of your accounting needs?
If you are in need of an all-in-one accounting software suite then these tools can be genuine lifesavers. They can help keep your company's records in order and reduce the possibility of errors along the route.
They are frequently more expensive than one-off accounting instruments. But that is because they are way more diversified and versatile thus that compensates for their higher prices.
Here are some of the all-in-one packages:
FreshBooks is one of the big brands in town when it comes to accounting solutions for small business owners.
Although FreshBooks began as an invoicing and cost management software solution it can now even integrate with your bank accounts. As well as generate financial reports, process payroll and company payments plus keep track of timesheets.
FreshBooks offers a plethora of prominent CRM and customer service tools allowing you to expand its capabilities as needed.
2. AccountEdge Pro
AccountEdge Pro is a perfect choice for small and developing organizations since it provides both on-premise and cloud access.
AccountEdge Pro is likely one of the greatest programs on this list if you sell items. Especially because it has a complete inventory management tool.
The inventory module allows you to track specific information about each product. It provides several price levels and notify you if the stock falls below a given level.
It also features build and kitting capabilities for individuals who create their inventory items from the ground up.
AccountEdge Pro includes a payroll module. As well as sales and invoicing, time tracking and accounting capabilities.
Xero offers financial overviews on easy dashboards, standard and custom-built reports, invoice creation, payroll and business expenditure processing. Plus, even bank account synchronization.
Still if your firm is on the larger side of a small business this might certainly appear to be a significant value addition.
“Still trying to comprehend accounting fundamentals? Then a sophisticated accounting program is the last thing you need”
Best Accounting Tools: Make Payroll Easy
Each small firm is unique and has its own ways and system to run. If you or your employee is still trying to comprehend accounting fundamentals then a sophisticated accounting program is the last thing you need.
Gusto formerly known as ZenPayroll is one of those payroll accounting applications that includes a variety of other services.
Furthermore, it is accessible through mobile phones which makes it extremely useful for small company owners.
Gusto will also allow you to enroll in health benefits programs, access and manage your company's human resources. Plus, it also allows you to manage 401(k)s as well as other retirement plans.
WagePoint can certainly assist you when it comes to basic payroll. This is because WagePoint prioritizes usability to save your time, money and energy.
WagePoint allows you to make direct payments as well as handle payroll taxes. You can receive year-end reports, submit 1099 and W-2 forms. Plus, with WagePoint you can provide employees with pay stubs online.
It provides all of the fundamentals you'd expect from payroll accounting software.
“Tracking and confirming costs that you and your workers incur on behalf of your company will allow you to spend money on what you need”
Best Accounting Tools: Tracking Time and Expenses
Payroll is a key aspect of accounting and time tracking. Plus, cost verification is a big part of payroll.
The significance of time monitoring may be obvious as small businesses frequently use hourly workers. So, knowing where and how your money is spent is critical. Should you find yourself struggling to keep up with rising labor costs and increasing payroll each week, consider a small business loan to help overcome the cash flow obstacles that you may routinely face.
Similarly tracking and confirming costs that you and your workers incur on behalf of your company will allow you to spend money on what you need. While you can also easily determine what you don't and save some extra money.
While you should trust your staff and yourself to spend money on needs alone you must also manage and classify your spending for tax purposes.
So, if your primary accounting software lacks time-tracking and expense-recording features consider using one of these programs. As they will help you manage your staff and simplify your company's finances.
Neat allows you to scan receipts and financial papers.
You may safely view your files from any device no matter wherever you are. You can view them in their raw image form or as organized expenditures.
Neat also connects with other accounting tools allowing you to immediately transfer spending records to create expense reports and manage bills. This helps in case you need to communicate and share financial data with your co-owners and accountant.
It replaces the sluggish and arduous manual entry method with an easy-to-use online method.
You can also quickly enter contact information and sync these new contacts with your email marketing platform using Neat.
So, with Neat you get a quick and easy solution to integrate active consumers into your digital marketing campaigns without requiring them to provide their email addresses. Just choose the list to which each contact is added and you're done. Plus, you don’t even have to ask customers for their contact information.
Just take a picture of their business card and you're good to go.
TSheets is without a doubt one of the greatest time-tracking accounting systems accessible to small businesses. With TSheets you can monitor employee timesheets from any location and device as they input their hours.
TSheets also makes it simple to maintain a shift-based schedule that can be changed from week to week based on your and your employees' needs.
The editor is simple to use and your employees will be notified when their shifts are posted or changed. Furthermore, you may assign particular activities, projects or occupations to these shifts. This helps in reducing confusion and increasing efficiency.
The Bottom Line
Remember that small company accounting does not have to be difficult, especially if you locate the perfect tools for your needs.
Begin by developing a list of essential features for yourself. Then look for applications that provide them and test drive a couple to pick the ideal one for your small business.