The health of your business’s finances can be significantly improved with accounting tools, which often streamline invoicing, payment tracking, and payroll administration.
Some software products are designed specifically for smaller operations, freelancers and self-employed entrepreneurs. They could have industry specific features or support multiple devices and operating systems.
Xero
Xero is an easy-to-use cloud accounting solution that helps small business owners manage accounts and cash flow efficiently.
It’s highly customizable and has various add-ons to help you track inventory or process payroll. With this tool, you can see real-time financial snapshots like the bank balance or cash flow updates.
FreshBooks
FreshBooks is an accounting software that was built to be flexible and user-friendly.
The interface allows for robust customization so it can scale as your business grows. It also makes it easy to invoice clients directly from the platform while your team members or contractors collaborate and track time/ expenses together. The mobile app lets you stay connected even when you’re away.
Wave
Wave’s free bookkeeping and accounting suite saves users both time and money so they can focus on more important aspects of their business.
The dashboard provides an instant look at important statistics/ status while personalized invoices enhance branding/cashflow. Bills are conveniently organized automatically with double-entry ledger functionality through this tool as well.
You can connect multiple bank records to manage expenses, generate income reports easily, process payments, integrate payroll services or get comprehensive advice from a professional accountant all for a monthly subscription fee plus usage fees starting at $20/month.
Intuit QuickBooks Online
QuickBooks Online was designed especially for small businesses that want automated bookkeeping solutions without sacrificing usability which is why it costs $30 per month minimum but comes with features to help you save time/money such as reducing manual entry/ human errors.
Restreamline (reduce) your accounting with the Simple Start plan, which automatically sorts transactions into tax categories. Alternatively, choose Essentials which supports up to three users and includes time tracking capabilities for service-based businesses.
AccountEdge
AccountEdge Pro (formerly MYOB) is one of the few desktop accounting applications still available, providing small businesses with a powerful solution for customer management, sales/purchase transactions, time billing/inventory tracking and payroll functions.
AccountEdge Pro offers retailers and service businesses an efficient platform that unifies point-of-sale, payments, inventory and shipping into one platform such as Shopify. Furthermore, AccountEdge Pro tracks project work progress as well as allows employees to track both billable and nonbillable hours through Tsheets/Harvest.
This tool has iOS functionality so you can stay connected on-the-go if needed. It also offers email/telephone support for additional peace of mind.
FreeAgent
FreeAgent focuses on combining features to make your life easier as a small business owner or freelancer in addition to having all the basic accounting functions other tools have like invoicing/ expense tracking/VAT support/payroll/adherence to HMRC compliance etc..
This system also supports bank reconciliation and delivers real-time profit and loss statements, balance sheets, and cash flow forecasts. Additionally, its user interface is simple and requires no accounting expertise to use. In addition, its knowledge base provides UK customer support.
Zoho Books
Zoho Books makes inventory management, customer invoicing and sales transaction recording simpler. You can even connect it directly with your bank account or credit cards for automated feeds – plus there’s even an integrated vendor portal and budget management.
Zoho offers both free plans and more robust paid subscriptions that include project tracking tools and automatic payment reminders, customizable invoices that can be brandied with company branding, tailored customer emails, phone support via phone or chat and an accountant directory for additional assistance.
Wave Accounting
Wave is popular with small business owners for its straightforward invoicing and accounting features, including easy bank account connectivity and uploading receipts digitally for record keeping purposes. Furthermore, its software allows businesses to categorize expenses to gain insight into spending patterns.
This software features an informative dashboard with graphs depicting cash flow, profit/loss analysis and expense breakdowns; however, its customization capabilities fall below that of its competitors. Customers can utilize a chatbot and help center for step-by-step instructions while paid subscribers gain access to phone support as well.
