Top online accounting tools for small businesses

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Prince Saini
Prince Saini
  • Answer written
  • 2 Years ago

Whether you are a start-up or a large one company, an online accounting tool ensures proper financial management. With more and more solutions moving to the cloud, SaaS-based accounting tools are making life easier for companies of all sizes. With features such as automated billing and customizable invoices, an online accounting tool helps companies to keep track of their finances. Earlier, online accounting tools focused more on large-scale businesses, which made it difficult for small companies to use them conveniently. Listed below are the best online accounting tools ideal for small businesses. These tools are either free or economically priced and ideal for startups as well as small businesses. 

  • Zoho Books, an accounting solution by Zoho, is easy to use, simple, covers the basics and allows you to use your mobile for on-the-go accounting. Its low price makes it a fierce competitor among online accounting tools. Even on its basic plan of $9 a month, it offers unlimited invoicing, customizable invoices, project management, and invoice mailing. The downside is, however, that it does not provide a general ledger or payroll processing.
  • SageOne is a widely used accounting tool by Sage Group and claims to be simpler than a spreadsheet and a lot easier than complex accounting software. It is designed specifically for small businesses. For $5 a month, it provides unlimited invoicing, unlimited number of users per account, general ledger and payroll processing. It easily integrates with Freshbooks, Bigcommerce, Magento, Google Drive, Adobe Business Catalyst, Shopify etc.
  • Xero supports multiple tax rates and currency setups and is specifically for small to medium-sized companies. Other features include automatic bank reconciliation, fund accounting, invoice reminders which automatically remind customers when invoice payments are overdue, a simple payroll tool and mobile applications to manage your business while you are on the move. Their starter plan which is priced at $21 a month targets small businesses while their premium plan is priced at $49 a month.
  • QuickBooks is a very popular online accounting software developed by Intuit. Features include customized invoices and reporting, automated billing and unlimited invoicing. It does not provide time tracking, project management, invoice mailing or payroll processing. Even on the premium plan, they do not support multiple currencies. They have, however, a huge number of integrations such as Zapier, Zoho, WordPress, PayPal, Salesforce, Opencart, Magento, Etsy, eBay, Amazon Sync, etc.

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