There are a ton of tools that are helping small and medium businesses today. These applications are dedicated to meeting the business needs, such as communication, collaboration, invoicing, time tracking, as well as accounting activities. Small business owners are wearing multiple hats, and it is thus beneficial for them to make the best use of the tools and technologies available in the market. Among all these activities, one of the most important activities is invoicing and accounting.
Choosing the right accounting tool is important for the business as each and every small business is different from each other. This is important as there are several types of accounting applications available in the market and which differ from one another. The two factors that affect the selection of the accounting tool are the type of industry and the number of employees in the business.
So here are the top 10 Accounting Tools for the year 2022.
|QuickBooks Online||Quickbooks is one of the top choices for independent contractors and part-time freelancers who want to track their income and expenses for tax returns. It is a could based application that is also available as a mobile application. It helps to differentiate between business and personal expenses. The tool offers three plan options: Self-Employed, Self-Employed Tax Bundle, and elf-Employed Live Tax Bundle.|
|AccountEdge Pro||The tool offers both on-premise and cloud access and is a great accounting application for small businesses. This is a great tool if your business is involved in the selling of products as it has a comprehensive inventory management system. It also has capabilities for sales and invoicing, time tracking, and payroll module. It is available in Basic and Pro plan.|
|FreshBooks||Freshbooks is a great tool if you are starting your business right from scratch. The tool is designed to be used by even a user who has no accounting knowledge. It offers a step to step guide to the entire accounting process. It also has excellent invoicing capabilities with the ability to create customized professional invoices. The tool is available in four plans, namely, Lite, Plus, Premium, and Select.|
|Zoho Books||Zoho is one of the simplest and the handiest accounting tools that can be used by small and medium business owners. The tool allows you to manage your inventory, customers, sales, and banking activities. You get the option to connect with your bank accounts as well as credit cards with Zoho. It also allows you to create sales orders with vendor management capabilities. The tool also allows you to share invoices and accept online payments. The product is highly scalable, and its pricing is based on the number of contacts used.|
|Xero||Xero is best suited for an app person is designed to meet the needs of a small business. The tool has a multi-currency capability and is best for people who conduct business globally. It offers some quick and easy features for invoicing, bill payment, and customer quotes. Apart from the accounting activities, the tool also offers good project management capabilities. The application is present across three plans, Early with limited functions, growing, and established with most powerful features.|
|OneUp||OneUp is one of the top-performing tools for people who like to work with dashboards. The tool provides the best financial dashboards for your business and helps you manage it in a better way. These dashboards are easy to understand and use, giving a quick overview of your finances with details such as current profit and loss details, income, and cash flow. The best part is, the tool can connect with your banks, so you no need to add details manually. The tool is highly scalable with plans such as Self, Pro, and Plus, each with a different price and dedicated set of features.|
|Wave||Wave is one of the best accounting applications for freelancers and people who owns and runs small businesses. The best part is, the entire application is free for its users. If you want to accept payments and use the Payroll feature, you have to make payment for this feature. The tool offers one of the top class invoicing capabilities.|
|Sage 50cloud Accounting||This is one of the most comprehensive accounting applications that are present in the market. The tool offers some of the best accounting capabilities, including complete financial statements such as balance sheets, general ledger, accounts payable, payroll, and accounts receivable reports. All these reports can be customized completely and even can be exported to MS Excel. The tool also offers optional bank connectivity, vendor management, and payroll capabilities. The tool is available in three plans, Pro, Premium, and Quantum.|
|ZipBooks||ZipBooks is a great tool for all the business newcomers that serves accounting as well as time-tracking capabilities. It is also a great tool for solo accountants and attorneys who make bills regularly. The best part of the tool is, it offers a free plan that allows you to start small and scale up your accounting activities as your business grows. The tool offers two paid plans, Smarter and Sophisticated, depending on the number of users.|
|Kashoo||Kashoo is a good tool for the sole proprietors and people who own extremely small businesses. The tool helps them to keep track of their income and expenses when they do not want to connect their bank accounts to the accounting application. Its top features include invoicing with the ability to make payments to the vendors electronically as well as by paying them through checks. Kashoo is available in a single plan with an unlimited number of users.|
All these accounting tools can help small businesses earn great benefits. This is because these applications allow businesses to efficiently track account receivables and account payables. Being a small business owner, you also have a clear understanding of your business profitability and keep you prepared for the taxing activities.