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Accounting tools are an important part of your business. Whether you’re just starting out or have been in business for years, there are many good reasons to have good accounting software. You should also be aware of what makes a great accounting tool and how best to use them.
This article will discuss accounting tools for small businesses in depth. You’ll learn what the tools are used for, how to use them and more.
1. Keeping Your Books on Track. It’s easy to lose track of money when you’re juggling multiple projects. Accounting tools help you keep track of all your expenses, income and invoices without having to run down the hall every time the phone rings. It also helps with bank reconciliations and expense management.
2. Gain Visibility into Your Financial Health. Having an overview of your business finances has many benefits. It helps you spot potential issues before they become major problems. They can also help you find ways to grow your business. You can see how profitable your individual projects are and come up with ways to improve them.
3. Allocate Resources Effectively. Accounting tools help you determine which areas of your business need more attention. This is based on the numbers you’re seeing in your reports. This allows you to free up time for the more productive areas of your business. It can also be great for time tracking.
If you own a one-person business, then Sage Accounting Start should definitely be at the top of your accounting tools list. For starters, you can record income and expenses and perform bank reconciliation for only $10 per month. And if you need more functionality, then you can upgrade to Sage Accounting—at the still quite low price of $25 a month—to get an overview of your business’s financials, cash flow forecasting, and bill vendors.
Sage Accounting is especially helpful if you’re working with freelancers or contractors for your small business, since their project management capabilities are an added bonus.
Sage also offers accounting tools for small business owners on the other end of the spectrum, Sage 300 Cloud.
Sage 300 is a suite of accounting tools that can help you handle business finances—as well as foster collaboration and manage operations—across multiple departments, locations, or both. If you feel like you’ve outgrown Sage Accounting, you can simply port your business’s records and reports over to Sage 300 and approach its financial situation from a more complex angle.
FreshBooks is one of the big names around town when it comes to accounting tools for small business owners….
And for good reason. Although it started out just as an invoice and expense tracking software solution, FreshBooks today can integrate with your bank accounts, generate financial reports, process your payroll and business payments, and keep track of timesheets. Not to mention, FreshBooks also offers integrations with a pretty long list of popular CRM and customer service apps, so you can expand its functionality whenever you need.
If you’re interested in simple, intuitive accounting tools, then FreshBooks could be for you. And if you ever get confused, FreshBooks emphasizes its person-to-person customer service—for free—in case you ever need a helping hand.
Sample its free 30-day trial, and if it fits your needs, you can purchase FreshBooks for as low as $15 per month, and even less if you opt for yearly pricing. What’s more, for a limited time, FreshBooks is offering 60% off for six months on Lite, Plus, and Premium plans when new users skip the 30-day free trial period and opt to buy now.
Quickbooks is a popular accounting tool for any small business owner. It allows you to manage your company’s finances from any place with internet access. You can even work on the go with Quickbooks mobile app . This makes it easy to handle your business from anywhere, at any time of day or night.
You can set up detailed budgets and track your expenses. You can even set the system to send you reminders when bills are due or deposits are needed. This can help keep your cash flow on track and avoid late payments.
It also offers customizable reports that include everything from sales history to inventory levels across multiple locations. This allows you to see where you stand, so you know which areas to focus on.
The software is compatible with both Mac and Windows computers, as well as most mobile devices. It’s also just as secure as you need it to be. You can protect your data with a password or give employees access only when they need it.
Quickbooks has helped small business owners succeed for more than 30 years, and it’s still the leader in accounting tools.
Sometimes, the best accounting tools for small businesses entail no software at all. Wave’s free online accounting platform is a great alternative that offers many similar features.
It’s a cloud-based system that allows you to run your business from anywhere with internet access. You can track expenses, create budgets and get detailed financial reports in real time. All of this is available for free. This makes it the perfect alternative option when you need a less sophisticated accounting tool.
The system is easy to navigate, making it simple for owners and staff to use. They can easily manage their own accounts without assistance from an accountant. This makes it ideal for small businesses that need to stay on a strict budget.
Xero, QuickBooks, and FreshBooks have a lot of overlap in terms of which accounting features they’ll offer you (they’re also all great options for self-employed accounting software). You can expect the usual suspects: financial overviews on intuitive dashboards, standard and custom-built reports, invoice creation, payroll and business expense processing, and bank account syncing.
But Xero really shines with its user flexibility: Unlike with its competitors, with Xero you can add as many users as you want, for free. If you own a small business with one or two employees, this perk might not seem too useful, but if your company is on the bigger side of “small business,” then this can definitely seem like a major advantage.
And don’t forget—you’re also promised a free and easy transition from QuickBooks to Xero if you choose to switch down the road.
Once you’ve finished Xero’s 30-day free trial, you can pay $9 a month for the basic package. (And remember to integrate the app with your other accounting tools in order to lump your time tracking, mobile payments, and more in one place!)
No matter how big or small your business, you could definitely shave some time and energy off of your financial management tasks by incorporating a few smart accounting tools. Whether you can’t stand processing payroll and entering employee expenses, or you want help managing the basic finances of your business, these 11 accounting options can help.
As a small business owner, every day is a precious opportunity for you to develop and grow your business. Use these tools wisely to take advantage of your time. Good luck!
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