6 Best Accounting Tools for Small Business

What is one housekeeping task that most managers loathe performing? According to the Entrepreneur, bookkeeping is considered a time-consuming, boring, and almost universally-hated task by almost half of all small business owners.

Want to know how to make that task less cumbersome? We went on a research hunt for the best small business accounting tools on the market today. 

Are you tired of keeping up with the books yourself and considering making this small business financial investment? We’ve got you covered. Use this list to weigh your time-saving options before you make a decision.

6 of The Best Small Business Accounting Options in 2021

We took into account common small business priorities like the ease of integration with a POS system, cloud capabilities, user-friendliness, and pricing when choosing who made the cut. We’ve compiled a list of six of the highest-rated accounting software options with the most “bang for your buck” features that can help streamline that task.

Not every accounting software system is built equally. Make sure the one you select has everything you need to automate, record, report, and analyze your business finances adequately. These six options made the cut for us, but see for yourself how they measure up to your small business’ standards.

RELATED: POS Nation Point of Sale Resources: Videos, Guides, and Case Studies 

QuickBooks

QuickBooks by Inuit is a simple but powerful accounting software system for small businesses. Over 7 million users and 3.4 million small business owners use QuickBooks accounting software worldwide. It’s been rated the top small business accounting software. Check out some of QuickBook’s time-saving accounting features below or learn more on their informational page.

• Beloved favorite, user-friendly, great features, and some automation
• Online or desktop options
• Simple income and expense tracking 
• Powerful cash flow management and organized reporting
• Streamlined tax preparation 
• Effortless payroll and invoicing features

Sage One

Sage One is a small business cloud accounting software program that allows you to manage invoicing, cash flow, tax, payments, and more from any device with cloud backups. Ideal for businesses that need an agile accounting tool with plenty of features and seamless backup to get the job done. 

Their native desktop software, Sage 300, is an all-in-one business management software used by over 40,000 customers in a variety of industries and over 150 countries. Sage 300 is designed to help you manage day-to-day business activities all in one place, such as finances, operations, and inventory — for a fraction of the cost of traditional enterprise resource planning (ERP) software.

Sage’s cloud accounting software, Sage 50cloud, promises the reliability of desktop accounting software and the flexibility of the cloud. Sage 50cloud has three tiers to choose from: Pro, Premium, and Quantum accounting. All three levels include:

• Billing and invoicing capabilities
• Purchase order records and payroll features
• Automated bank reconciliation.
• Remote cloud-based access
• Integration with Microsoft 365 and AutoEntry
• Support plans and Sage Security Shield protection

FreshBooks

For a well-rounded, intuitive, and attractive double-entry accounting experience, consider FreshBooks cloud accounting software, touted to be the best application for small business invoicing and ease of use. FreshBooks lets you balance your books, manage client relationships, and interpret business data easily, leaving more time to focus on the big picture: your business, team, and clients.

• Web-based accounting, SaaS model, simple and intuitive
• Send invoices, track time, manage receipts, expenses, and accept credit cards all in one place
• Free 30-day trial to test out fit and features

AccountEdge Pro

Since 1989, AccountEdge has been highly rated for depth, usability, and customizability according to industry review outlets, such as PC Mag. As an OG accounting software solution for small business, AccountEdge is one of two remaining desktop-based small business accounting applications (the other being Sage 50cloud) available on the market today. There’s a reason their popularity hasn’t waned over the years. AccountEdge 2021 version includes “usability enhancements for sales tax, company file management, and checks, plus support for 64-bit architecture on Windows.” Add those to the already impressive list of AccountEdge’s accounting software features:

• AccountEdge Basic free trial
• Pro package starting at $199 after a free 30-day trial
• Full-service payroll 
• Customer, employee, and vendor information tracking
• One-click invoicing and mass statement emailing
• Checks, bank deposit prep, and account reconciliation
• An optional collaboration app: AccountEdge Connect 
• File for access from anywhere on any device with AccountEdge Hosted

Gusto

Gusto is an easy, affordable, and effective accounting tool for small businesses. It automatically syncs your payroll expenses with popular accounting software platforms like FreshBooks, Xero, QuickBooks, Aplos, ZipBooks, and more. 

With a powerful accounting tool like this, you can spend less time manually entering payroll and accounting data and more time taking care of your small business and team. Gusto offers a simple, affordable way to run payroll, file payroll taxes, handle compliance, and more as a small business.

• Unlimited payroll runs
• Cloud-based payroll records
• Human resource management
• Benefits administration 
• Accounting software integration and accountant features
• Cloud-based software with best in class support
• Simple pricing options
• All-in-one integrated platform

Expensify

Expensify has a goal of helping individuals and small businesses “spend less time managing expenses and more time pursuing their real goals.” Expensify has over 10 million individuals and 80,000 businesses using their pre-accounting platform across the globe. 

They are a fast-growing software company and currently host more customers than the rest of the industry combined. Expensify offers an elegant, ridiculously easy way to accomplish financial tasks and get on with your busy day. 

Using this pre-accounting tool, you will save time, increase compliance, and get real-time insight into your small business finances. Expensify allows users to scan receipts, track business or personal expenses, and even book travel all from one app. If it sounds like a slick, future-forward accounting software tool, that’s because it is.

• Fully automated, two-way integrations with all major accounting softwares
• One-click expense tracking
• Automated expense report compiling
• Advanced policy compliance features
• Multi-layer approval workflows
• Ability to submit, approve, and reimburse expense quickly
• Connects with 98 percent of US banks and credit cards
• Growing roster of international banks

Make Your Accounting Software Work for Your Business 

There is no one-size-fits-all when it comes to small businesses. The accounting software option that’s best for you might not be what’s best for someone else.

But hopefully after reading this post, you are able to choose a few good accounting options to consider. In addition to accounting tools, it’s important to be aware that investing in a high-quality, integrated POS software system can only level up your small business.

Keep in mind, the best accounting software will work seamlessly with the other small business tools you already have in your arsenal, like a POS system. And if you haven’t already invested in a complete POS solution to streamline that part of your business, consider choosing one of the best: POS Nation. If you’re interested in learning more, take advantage of our free buyers’ guide tailored for helping small business owners like yourself make this important decision.