- If you've just started a business or running a start-up scale company, you need a great accounting software to help you.
- These tools will save on time and money alike and provide the much-needed relief from the usual stress at the end of the month.
- Some of the apps can minimize tax deductions and even give you an opportunity to apply for credit.
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We live in an age of technological prowess and that influence seeps through every single layer of our society, hence, finance and accounting make no exception.
Financing software can lift a huge burden off the shoulders of stressed accountants. Needless to say, it’s in everyone’s best interest for them to be right the first time.
While accounting software has been available for years, digital advancement helped these financial tools to evolve.
Here, we will look at the top solutions for accounting software based on popularity and efficiency. But first, let’s review some of the criteria to follow when choosing such software.
How can I choose the best financial app for my business?
Whether you have a small business or you just want to manage your private budget, a simple financial solution can do the trick just fine.
However, there are certain features that you might still want to get in order to make your life easier. Let’s go through some of the most important ones.
➡ Balance and expenditure reports
You can do your bookkeeping on an Excel spreadsheet but for that, you will have to apply formulas and enter the data manually.
What you really need is to have your software synced with your accounts and this way, every time you make a payment or receive money, the budget status will update right away.
So, the first thing you should look for is one with automated features and an easy-to-use reporting dashboard so you can easily see all your transactions.
➡ Money transfer and credit application
Even if you have a small business, it will make your job a lot easier if you could send money and invoices to your clients or employees from a single platform.
Some of the solutions included below give you access even to credit applications so you will be able to maintain the liquidity level of your business.
For instance, in Divvy, you can manage all your organization’s budgets and send funds to any of your departments or branches with a click on the mouse.
➡ Tax management
Calculating your taxes and settling the score with the government is a top priority even if you’re an ordinary person so the financial tool has to be ready to do that accurately.
Look for software that has built-in a tax management calculation and if it can also issue the proper required documents, it’s excellent.
That being said, let’s get through our recommendations of the best financial software for small businesses.
When it comes to financing software, Freshbooks definitely has a solid reputation as being one of the very best solutions on the market.
There are many different attributes that recommend Freshbooks but it all starts with excellent support.
This means that any trouble that you might run into can be swiftly solved so that work can continue in an efficient manner.
It provides excellent support for teamwork, making collaboration a significantly easier task thanks to all the new tools and options.
Another great aspect is that it can be as expansive as the user needs it to be. Within a firm, priorities, and necessities so if you’re after something bigger, Freshbook can grow into the finance software you’ve grown to need.
Let’s quickly look at its key features:
- It caters to the financial needs of multiple types of businesses and so it can be used for more than one endeavor
- Users can rely on context-sensitive settings to ensure that accuracy as at full capacity
- Reports and processing of payments down to invoices and cloud invoicing
- Great tracking and expense management features
- Customizable with add-ons that provide additional API and tax management support
Freshbooks
Use the best solution on the market to keep your accounting process perfectly executed with this fantastic tool.
QuickBooks is the best accounting software for small businesses available on the market that does more than save you time and money.
What’s most interesting about this software is that it provides important insights and allows you to better understand, track expenses, and ultimately save money in the long term.
More than that, it calculates taxes and in the process, it is also able to minimize the tax deductions you need to deal with.
The tool is versatile enough to match all major platforms from Windows and Mac to mobile phones and tablets in the online version, but you can also download it as full-scale software.
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There is even a live bookkeeping feature freshly added that provides a certified virtual expert to manage your books with guaranteed accuracy.
Let’s quickly look at its key features:
- Generate detailed reports and get vital financial insights
- Closely track income and expenses
- Track profitability, inventory, mileage sales, and sales tax
- Capture, manage and pay receipts and bills
- Maximize tax deductions
- Enter employee timesheets
QuickBooks
Track expenses and check profitability quickly and easily with the very best accounting software for small businesses!
If you really want to take control of your budgets, you certainly need to give Divvy a winning chance because it has all the tools you require.
First of all, with this tool, you can apply for credit of up to $15M in minutes, through a simple online app, no matter the size of your business.
Then, Divvy provides expense reporting with just a few clicks, and it helps you understand and categorize the spent amounts in real-time.
Reconciling credit statements can be a real pain but, in this solution, with only a few clicks or taps, the expenses are coded and synced with your accounting system.
Manual expense papers are also circumvented with Divvy, because your employees can input the info straight in the platform for you to review, approve or deny.
This tool is a real asset to any company, small, medium, or big and you will discover that it will save you a lot of money.
Take a look at some of its best features below:
- Flexible transaction reviews
- Available on any system, including mobile devices
- Live transaction dashboard
- Fast and flexible credit for businesses of any size
- Accounting systems integration
Divvy
Get complete control over your budget and expenditures with this great tool that offers accounting integration.
Excelling in multiple business domains, GoDaddy also offers bookkeeping services through their accounting software.
GoDaddy Bookkeeping initially started as nothing more than a website that would cater to the basic needs of a distinct class of upstarts and self-employed.
The original use of the service revolved around helping those individuals calculate their expenses and see exactly how much they would owe in terms of estimated taxes.
The service took into consideration tax expenses for individual quarters, which made it that more appreciated and used.
Over the years, however, GoDaddy Bookkeeping grew tremendously and is now featuring a wider range of options.
Let’s quickly look at its key features:
- Integration with some of the biggest online shopping platforms available such as Amazon, eBay, Etsy but also PayPal
- It does a good job when it comes to invoicing
- It provides basic requirements for time tracking
- The ability to estimate quarterly taxes remains a strong perk
GoDaddy Bookkeeping
Calculate your budget and taxes with one of the most popular bookkeeping solutions on the market.
Moneyspire has a friendly and customizable user interface, so you can easily customize font size, colors, and all other aspects.
The application is fully compatible with other finance software, allowing you to import QIF, QMTF, OFX, QFX, and CSV files from other financial apps.
It’s worth mentioning that this application supports all world currencies so it will work regardless of your region.
Let’s quickly look at its key features:
- Can download the latest exchange rates and it can even transfer money between foreign accounts. Supports Bank, Credit card, Cash, Investment, and other types of accounts
- Automatically record and create reminders from transactions
- Create and generate comprehensive dashboards and reports
- Optional cloud support so you can sync and share data between several devices
- Financial data is protected by 128-bit encryption
Moneyspire
In using this tool you will gain access to features such as dashboards, reports, cloud support and many more.
Xero is a software solution that many people will find appealing especially if they are users coming from another software solution: QuickBooks Online.
What this means is that Xero offers a great experience not just for fresh newcomers but also to QuickBooks users that want more out of their accounting software.
The need of advancing to a more robust solution for finance software is often seen with businesses, especially small ones or startups, due to the change in necessities that they experience given their status.
Let’s quickly look at its key features:
- Easy for users to switch between processes
- Inventory tracking
- Access to hundreds of new add-ons
- It provides a true Mac interface integration which means that users can easily make use of the Mac module to establish a native connection to the Apple UI
- You can use the software for many different tasks ranging from balance sheets and expense claims to financial reporting, bank reconciliation, and invoicing
- Integrated module for payrolls
⇒ Get Xero
Read more about this topicBest financial tips & tricks
The software from our list will help you very much with keeping your budget and funds tracking but it’s still your responsability on how you sped or invest the money.
So, here are a few tips on how to manage the budget:
- Always spend less than you earn – That’s one of the golden business rules but not everyone can abide by it; cutting costs will help you get ahead
- Stick to your budget – If you’ve planned the budget right, it should be right for the task; instead of going over it, try making some adjustments to your spendings
- Clear your credit debt – Covering your loans is essential to maintaining a clean budget; remember that those are not just plastic cards but real money
- Create a savings plan – Set aside a minimum of 5% of your earnings for savings before you start paying your bills; you can’t be too careful about your future
- Keep investing – Any business tycoon will tell you that you need to spend money to make money so investing in your business is paramount for it’s advancement
There you go, we hope you’ll put these tools to good use and save both time and money while you’re at it.
However, you might also be interested in our list including the best checkbook software for Windows 10/11 because it may provide you with further solutions.
What software are you currently using to manage your business? Share your experience with us via the comments section below.
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