As a small business owner, tracking your finances properly can be a make or break for the success of your entire operation.
If the thought of numbers and calculations bores you to tears, you're not alone. But this shouldn't be a reason to neglect your business accounting. It may be a tedious job, but it's crucial for tracking your expenses and filing business taxes.
If math is not your strong point, this doesn't make you any less likely to succeed as an entrepreneur. You just need these startup tools to help you along the way.
Startup Tools to Keep Your Books in Tip-Top Shape
In a survey conducted by TD Bank, small businesses rated their most loathsome task as business accounting.
But unless you want your business to fall behind on payments, incoming finances, and other missed opportunities, bookkeeping better be a top priority.
To add to this, you could also land yourself in hot water with the IRS if your business taxes are not filed accurately or on time. Here are 5 accounting tools that can keep your business books on-track:
1. FreshBooks
As a front-runner in accounting tools on the market today, you can't go wrong with FreshBooks.
The platform started out as an expense tracking and invoicing software. But today, the software integrates with bank accounts, business payments, and produces financial reports. It can also keep track of timesheets and process your payroll.
If you thought that free paystub generator online was helpful, FreshBooks is an all-in-one software suite, ideal for new businesses.
FreshBooks can also be integrated with numerous customer service apps and CRM platforms. The software offers a person-to-person support network that is always available should you find yourself in an accounting dilemma.
FreshBooks offers a 30-day free trial. After this, it costs only $15 per month to operate, or even less if you sign up for a year-to-year subscription.
2. Xero
Xero is like the close cousin to FreshBooks and is another useful accounting software for small businesses. Xero is also a good option for self-employed or freelance workers.
Many of its features overlap with FreshBooks. This software package processes invoices and employee payroll keeps track of business expenses, produces financial overviews, and more.
Xero offers an intuitive dashboard that prints custom financial reports and seamlessly syncs with all your bank accounts.
What makes Xero really stand out is though is its flexibility. Unlike other accounting software, you can add as many users to your account, at no cost. This is great if you're looking to scale your business and grow your employee count.
Business owners get a 30-day free trial of the software, and from there it costs just $9 per month for the basic Xero package.
3. Sage Accounting
Sage Accounting software is ideal for really small businesses, including one-person setups. So, if you're a freelancer, independent contractor, or starting out on your own with the intention of growing, this software is perfect for you to begin with.
It costs as little as $10 per month to use this platform which allows you to record income, and reconcile bank accounts.
If you're looking for a little more, you can upgrade to $25 per month for extra functionality. This includes the likes of vendor billing, tracking cash flow, and other business financials.
This accounting software is also great if your business works with freelancers or contractors on a regular basis.
4. Sage 300 Cloud
If Sage Accounting is a little too basic for your operation, then Sage 300 Cloud is your next best option. This platform offers tools for small businesses that have multiple employees and intend on growing.
Sage 300 offers a full software suite. This includes accounting tools that manage finances and operations across multiple departments and locations.
The best part is that you can seamlessly transition from Sage Accounting to the Sage 300 platform by porting your business records and reports.
Aside from all the accounting processes it offers, Sage 300 allows you to manage inventory, suppliers, and sales. You can also analyze data, the productivity of your employees, and store all your data in the cloud.
5. QuickBooks Online
If there was any accounting software to write home about, it is QuickBooks Online. This platform is well-known for its versatility and user-friendly interface.
It makes business bookkeeping easy and streamlined for even the most novice business owner.
QuickBooks Online doesn't use complicated accounting jargon. Instead, it helps business owners understand accounting processes in plain language.
This accounting software is just as versatile and useful if you are an accountant with years of experience, too. It processes tasks such as:
- Common size analysis
- Profit and loss statements
- Balance sheets
- Invoice records, and more
You can expect your business account data to always be up-to-date with QuickBooks. It syncs with your business bank accounts and credit cards for simple processing.
If this wasn't comprehensive enough, your QuickBooks account can be shared with your accountant to assist with bookkeeping tasks during tax season.
Find Entrepreneur Know-How Just a Click Away
Not all startup tools are created equal. Some may suit your business more than others. That's why it's so important to take the time and assess exactly what your business needs from an accounting platform and choose the right fit.
Thinking about starting your own business? Or perhaps you're a new business owner looking for insider know-how? Find all the entrepreneur and accounting knowledge you're looking for by exploring this website for more. Visit the Startups, Finance, and Tech sections of the Bootstrap Business Blog to learn more about top startup tools to improve your company's financial performance.
