According to a survey by Forbes: “8 out of 10 businesses fail at surface level and the main reason businesses fail is they simply run out of monetary resources.”
Yes, and this is happening because of poor cash management and inappropriate and insufficient track of activities taking place in small businesses and start-ups. To succeed in any business, it is necessary to have a track of all the activities and resources from the beginning. Sounds very simple, right; but it is not that easy, especially when it comes to Accounting. Manual track of the accounts of even a small organisation is a hassle with all those bunches of invoices and spreadsheets.
The era of technology, the number of software have made many a things very simple and easily accessible. An accounting software takes care of day-to-day transactions, employees’ salary details and histories, client transactions and many such bustles at a common place.
In this article, I want to share top 10 accounting tools for your small business which will help you to opt an accounting tool. Reason being to get a command on your business’s finance, upgrade its cash flow, keep up the income, expenditures, and grow your business, you need the top accounting tools to fit into your budget.
Key capabilities to look for in Accounting tool
- Cost Efficiency
- Reporting and Analysis
- Ease of Use
- Financial planning
- Mobile Accessibility
Here are top 10 accounting tools for small and medium businesses to consider.
|Sage One works on PCs, Macs, Android and iOS. It is very easy to use Accounting tool. Sage One is one of the best Accounting tools for small businesses. It create invoices and quotes, generate VAT returns and keep an eye on your cash flow and transactions from any device. It is a package for all the basic accounting requirements.
|FreshBooks easily generates; track & share invoices in minutes and make fast payments. Easily sets a timetable for cyclical invoices to be sent out automatically. Combined with auto-payments. Send professional-looking assessments to clients for endorsement, then transform it to an invoice when scheduled to bill. FreshBooks invoice consists full payment history and an accessible account statement.
|QuickBooks Online tool offers all types of accounting activities, expense reports with digital receipts, such as customs invoices with the company logo, credit card data, payroll with tax calculations, and real-time bank. It organises finances all in one place. It efficiently runs on computer, Android iPad device or iPhone and reflects the same information. QuickBooks Online is most popular and one of the best accounting software for the desktop.
|Xero is a very easy-to-use but influential online accounting tool designed from the ground for the cloud. Xero provides separate yet connected accounting solutions for business owners, accountants, and individuals. Easy invoicing, mobile accessibility, a track of Sales and purchase, multi-currency are few features lists it into the best Accounting tools.
|Wave is an Online, cloud-based, integrated tool for small businesses. It includes Accounting, Invoicing, Payroll, Payments and more, including Peculiar Finance Software, too.
|Lessaccounting is an easy to use tool, records business expenses, categories total expenses, shares invoices and gets paid, and shows that who owes you money. It also categorises the expenses by project, expenses by income type, expenses by category, and also shares reminders of due expenses.
|Harvest helps you to generate more profit, save tax legally, improve cash flow, and protect your business and personal assets. In addition, it helps to maximise the sale value of your small business.
|Hiveage’s prime focus is on free invoicing for small businesses. It offers a facility of unlimited invoicing for unlimited clients. It also sends reminders for due payments or bills and acknowledgements to clients.
|Invoicera is an online invoicing application simplifying business communication. Online Invoicing, time tracking, estimate and Expense Management, Financial Management, free invoice templates, online payments, project management, task management, client management, credit note management, subscription billing are key features of Invoicera.
|Simple Invoice is an open source for Invoicing. It is a browser-based application you can use from anywhere. It’s a free cloud-based invoicing tool best for small businesses.
We have further shortlisted the Top 3 out of Top 10 accounting tools for Small and Medium Businesses