5 Best And Accurate Accounting Tools for Small and Medium Business

Posted by: Mrs. Penelope Hirthe at 01/08/2021 1,044 views

Introduction:

Accounting is the most crucial part of a business to calculate bills, expenses, and bank synchronizations. You have to make all these calculations accurately and quickly to run a business smoothly.  If there occurred any error or mistake, it can cause a loss of a heavy amount for you.  So for accurate accounting, a businessman has to use some best tools for accounting.

Why here is a Need for an Accounting Tool for Your business?

It is not easier to manage the record of payments, bills, income, and bank transactions for a business. Any single mistake in calculations can cause a loss of a heavy amount. Nowadays technology has made everything easier and remote working for you.

There are available several accounting tools that make your task easy and error-free. These accounting tools help to make quick and accurate calculations within a short range of time.  You can easily use these tools and need nobody to hire for this task.

Here I am going to tell you about some best and accurate accounting tools for small businesses. You can use these tools without any difficulties and need no specialist for accounting tasks.

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5 Best Accounting Tools:

An accounting tool helps you to calculate all your bills, expenses and manage bank transactions. You can keep all records to your business-related at the same place. Here are some best accounting tools:

  • Sage Accountings
  • Freshbooks
  • Quickbooks Online
  • Xero
  • Wage Point

Sage Accountings:

For a small business, Sage accounting is the best accounting tool to manage small calculations. It is an online business accounting tool that costs $10 per month. By using sage accounting, you can keep a record of income and expenses. You can also track bank payment transactions and accept payments through this accounting tool.

It is a project management tool that allows you to save a record of all your accounting work with a single central system. You can use it easily. It also conserves your time as it provides the facility of a single management system where you can handle all your business accounting tasks efficiently. With sage accounting, you can keep cash flow through the Sage invoicing system.

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Price Plans of Sage Accounting:

The basic Sage plan costs $10 per month and if you want more functionality you have to pay $25 per month.

Freshbooks:

Freshbooks is a cloud accounting tool that allows small business dealers and freelancers to manage online time tracking, expenses, and create invoices. You can generate a report of your payrolls and send follow-up emails to your customers. You can generate financial reports by using the Freshbooks accounting tool.

It is the most common accounting tool used by small business owners.

Price Plans of Freshbooks:

Freshbooks is available for free for a business trial of 30 days. You can use it as a trial and can purchase it if it fits your business requirements, you can purchase a monthly Freshbooks package for $15. It also offers you 6 months and premium accounting packages at a discount of 60%.

Quickbooks Online:

Quickbooks is a full-featured management suite with all tools required to carry out accounting calculations for a business. You can carry payroll, cash flow, and bank accounts tracking through this software. With the use of Quickbooks, you can all tasks related to tax and bank transactions.

You can make the budget of your expenses and income. You can make transactions related to customer's payments. It is the best accounting tool for small business owners.

Quickbooks Price Plans

The pricing plans of Quickbooks depend on the functions of the software you want. It has price plans from $10 to $28 per month regarding the accounting tools.

Xero Accounting Tool

Xero is a cloud-based accounting tool for small businesses. You can manage all accounting tasks; bank reconciliation, expenses, payrolls, invoicing, etc. It is a user-friendly software tool that helps you in accounting task management in a short time and efficiently.

This tool is connected to your bank account. So you can pull transactions easily. Xero saves your bank transaction history. You can start your accounting tasks quickly; because the design and working pattern of this accounting tool is very easy.

Price Plans of Xero:

Xero offers a free trial plan of 1-month. The early plan of Xero costs $11. If you want to purchase an established plan you have to pay $62 for it.

Wage Point Accounting Tool:

Wage point is an efficient accounting tool that is best for small businesses to manage a record of payroll and expenses. You can also make bank transactions. With the help of wage points, you can make bank transactions and pay the tax directly. It is a user-friendly accounting tool.

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Who cannot use high technology software for accounting tasks? Wage point is the best accounting tool for them. You will also receive a year-ending report of accounts. You can manage the paystubs of your employees online.

Price Plans of Wage Point:

The price plan of the Wage point is $20 plus $2 for each employee paystub.

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