Top 3 Tools For Small Business Accounts And Why?

Among all the important things concerning running a small business, account management is close to the top of the list. It’s necessary for overall financial management, but also difficult to perform without the right tool. There are lots of them so selecting one out of hundreds can be tricky at best. The tool needs to be fully functional and intuitive and most importantly – it needs to address all the needs a small business might have.

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Here are top 3 tools for small business accounts.

Xero

Xero is a powerful accounting software that provides business owners a direct control of their finances and basic accounting needs. The tool is aimed at small and medium businesses and startups. With it, users can create template and custom invoices, as well as various payroll and expense reports. For instance, if you want to calculate VAT on EU sales, you can do that with ease.

Additionally, there is an option for tracked inventory, purchase orders and integration with over 500 third-party apps. The majority of those third-party apps focus on invoicing, expanse claims and time tracking and the sheer number of them ensures plenty of options to best suit your needs. Xero allows a successful account management through both desktop and mobile devices, meaning you are a free to use laptop, smartphone or a tablet as your go-to device.

QuickBooks

This is an account management software that offers a well-round option for those looking to get a little bit of everything. The package allows users to track deductible mileage, estimate tax payments, create and send invoices, create payroll reports, profit and loss and balance sheets, manage VAT and even control stock levels.

Also, QuickBooks offers a cloud accounting service that utilizes the cloud technology for real-time financial management and business bookkeeping. It can be linked with various services and applications like PayPal, Square, LivePlan and others. Around 1.5 million users are subscribed to the tool’s services that include a real-time dashboard through either desktop or mobile access.

Zoho Books

ZohoBooks is another online accounting tool that provides a comprehensive account management for small business in particular. The software suite allows sending out professional invoices, tracking of expenses, inventory and clients, acceptance of online payments, tax calculation and automation of banking processes through its mobile app or desktop portal.

There is a real-time tracking tool used to access customer data, manage timesheets, keep records and create reports. ZohoBooks can be integrated with several payment services like PayPal, Stripe, Square and others, as well as with other Zoho software to create a fully customizable business package.

Conclusion

Poor accounting is often one of the main reasons why startups and small businesses fail. Not every business owner has the time and knowledge to adequately handle account management. In addition, many fail to realize the overall importance of proper accounting, especially for small business. There is a number of tools available to help with various accounting needs. Be sure to pick the one that fully covers all your business’ needs.