Best Finance Software for Small Business: [Out of 15 Tested]
Minimize tax deductions and apply for credit with these top services
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Key notes
- If you've just started a business or running a start-up scale company, you need great accounting software to help you.
- These tools will save time and money alike and provide much-needed relief from the usual stress at the end of the month.
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 or cloud-based accounting tools 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 small business financial software 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.
âž¡ 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. Instead, you could also use bookkeeping software for improved tracking
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.
âž¡ Money transfer and credit application
Even if you have a small business, it will make your job a lot easier if you can 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.
âž¡ 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 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.
What is the best financial software for a small business?
Freshbooks – One-glance accounting
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 so it can be used for more than one endeavor
- Users can rely on context-sensitive settings to ensure that accuracy is 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 market solution to keep your accounting process perfectly executed with this fantastic tool.QuickBooks – Worry-free expense tracking
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. As an alternative, you can always use a separate expense management tool that has native integration with Quickbooks.
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.
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!ZoHo Books – Business automated accounting
If you’re searching for business finance software, this is your lucky day. ZoHo Books has some of the best features with some great unique app integrations to make your business thrive.
Since we talking about financing, ZoHo brings all expenses into one place, for easy access. Every cent that went through one of the accounts will find itself somewhere in the database. Add bank account transactions and scan receipts to keep track of everything.
Furthermore, you can create custom invoices in seconds. Now you can send cost estimates and convert them right into invoices. If any payment is late, send a reminder to the client and give them more payment options so they will pay it faster than before.
When you have all expenses in one place, it’s easy to sort them into categories and even do bank reconciliations in moments so you are ready for tax season.
ZoHo also brings forward some other amazing features like:
- Time tracking for projects, tasks, and employees
- Tracking of unbilled hours on projects
- Smart communication with employees through Slack integration
- Safer payments with Stripe and Paypal integrations
- Mobile phone app for 24/7 access from anywhere
ZoHo Books
All the features needed to bring more efficiency and productivity into your business.Moneyspire – Best detailed finance overview
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
Gain access to features such as dashboards, reports, cloud support, and many more.Sage Intacct – Cloud tax dashboards
Excelling in multiple business domains, Sage Intacct accounting solution is the future of your company no matter the size.
You have multi-dimensional finance and management reporting, with data-driven dashboards and automated payment tools.
The main use of this expert accounts tool revolves around helping owners or managers track their expenses and see exactly how much they owe in terms of estimated taxes.
To make it all clear, you can manage the essential pillars of your financial state with Core financial data, Dashboard & reporting, or Billing category for tracking every expense.
Moreover, the software comes with highly modern functionality to help you save time and organize budgets and taxes within one platform. It’s with knowing that no matter the industry, you can enhance your business
Let’s quickly look at its key features:
- Automated invoicing and cash management
- Extensive data dashboards and overview
- Time-tracking for close time
- Complex revenue billing and costing system
Sage Intacct
Stay on top of heavy financial planning using this all-rounded accounting solutionBill – Expert accounts payable
If you really want to take control of your budgets, you certainly need to give Bill 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, it 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 Bill because your employees can input the info straight into 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
Bill
Get full control over your budget and payments with this great accounting tool.Xero – Complete paperless solution
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 who want more out of their accounting software.
The need to advance 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.
You can use the software for many different tasks ranging from balance sheets and expense claims to financial reporting, bank reconciliation, and invoicing
It also 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
Let’s quickly look at its key features:
- Easy for users to switch between processes
- Inventory tracking
- Access to hundreds of new add-ons
- Integrated module for payrolls
⇒ Get Xero
Best 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 responsibility on how you spend 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 spending
- 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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