Top 10 Accounting Tools For Small And Medium Businesses 2021 - ToOLOwl
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Top 10 Accounting Tools For Small And Medium Businesses 2021

The market today has a ton of apps that can help a small and medium business to operate. These are time tracking apps, invoicing apps, apps for bill payment, and even payroll generation for the employees.

All these applications can automate several activities and makes the business processes simple. Among the, one of the most valuable and demanded application is the Accounting tool. These helps the small and medium business owners to spend less time on bookkeeping and more on the other productive tasks.

Here we have a list of top 10 Accounting tools that can be used by the small and medium businesses.

Product

Details

FreshBooks

It is a cloud based accounting and invoicing software application. It is extremely easy to use even by the users who do not have a prior accounting experience. Some of its top features include payment reminders, credit card payments, multi-currency and language building, and automated tax calculations. Its bank integration helps in conducting bank deposits, recurring payments, and automated bill payments.
Xero It is a web based accounting application which is used by small and medium sized businesses. It is generally used by the accountants and small business owners who do not have an extensive accounting knowledge. The tool is highly intuitive and easy to use some powerful features. It can create expense claims, send invoices, and generate high quality financial reports.
QuickBooks QuickBooks is an online cloud based tool ideal to be used by the freelancers. The tool is equipped with assisted bookkeeping as well as some of the other powerful financial services. The tool also generates inventory reports through its tracking module. It also generates cash flow statements, balance sheets, and income statements. The tool also makes your tax calculations hassle free.
Zoho Books Zoho Books is a cloud based accounting tool ideal for SME’s. It serve a range of customers across a number of industries. The tool is preferred because of its add ones, partners, and integrations including the payment system, in-house applications, and the cloud platforms. It also offers numerous modes for the invoice payments.
Sage Business Cloud Accounting The tool is a cloud based platform which is intended to activities such as consulting, taxation, accounting services, and the consumer services. The application is also able to process the bank reconciliations easily and quickly. You can also track what is owed by your company as you create and send invoices. You will be able to study sent, unpaid, and overdue invoices also personalizing them by adding colours and text as you wish.
AccountEdge Pro The tool is a desktop accounting software dedicated to serve small and medium businesses. It allows you to track and manage your accounting tasks on the go with your smartphone. Some of its key features includes direct deposit, bank feeds with integration, inventory management, and payment processing.  You can also carry out customer and vendor management through this tool.
Wave Accounting The tool is a powerful invoicing and accounting software that also has credit card processing and payroll services. The tool can be used by the business owners who have a strong accounting and book keeping experience. The tool also maintains a strong backup of all the data maintaining a high degree of security. The tools offers unlimited income and expense tracking, double entry system, multiple users, and feature to create dashboards with easy to read financials.
MYOB MYOB stands for “Mind Your Own Business”. The tool is a viable accounting application developed for small and medium sized businesses. The tool is not available in Australia the reason is, the tool offers features that ensures tax compliance which are in hand with the Australian Taxation Office. Apart from this, the application helps to connect your bank account and sending invoices.
GoDaddy The application has capabilities to automate your accounting and bookkeeping tasks. The application does not requires a prior accounting knowledge. The tool allows you to automatically create and send invoices, view business reports and accept payments. You can also actively track sales and expenses and conduct online payments. It also allows you to sync your business with the online retailers.

Netsuite Financial Management

It is a cloud based SME book keeping application which is part of the Oracle Netsuite ERP Financial Management. The tool seamlessly integrates with the Netsuite order management, CRM, inventory, as well; as e-commerce platforms. The tool can be used across business such as media and publishing, digital marketing, manufacturing and consulting, as well as transportation and logistics.

All these tools will save your business from gaps such as poor cash management and inappropriate and insufficient track of activities. All these tools are cloud based and can be used over the mobile platform.

We have further shortlisted the top 3 tools out of the top 10 ones which are useful for the Small and Medium Businesses.

About ToOLOwl

I am ToOLOwl. I have few friends in my nest; whenever someone requests a tool’s review or I pick a one out of my interest, someone in the nest does research on the tool, someone takes a tool’s walkthrough and some of them share their experiences and expert advice. Based on all; I give it a  stereoscopic vision and present important insights for you to go through and ease your selection process for tools. Wish you Happy reading, Easy choosing.

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