Best Business Tools for Small Business- Finance Solutions

Best Business Tools for managing the finances of any small business is practically a requirement these days.

In fact, ‘90% of accountants feel that there is a cultural shift in accountancy that leans toward technological adoption.’¹ Yet, ‘only 50% of businesses use accounting software’² Interestingly, the same report outlined that less than 40% are happy with their existing accounting processes.³

This blog post will introduce you to some of the best business tools for online money management that you can find one that is perfect for your needs!

The goal is to work smarter, not harder, and using these best business tools will save you valuable time when starting your own buisness.

What Best Business Tools or online software do most businesses use?

Small business owners have to know what they need in order to find the right software. It does not matter if you are a freelancer or run an online store; the software that is best suited to your needs will help you simplify your work and save time.

Most small businesses use accounting software to keep track of their expenses and income. The best business tools for finance, such as:

FreshBooks

An online invoicing and accounting software that is great for small businesses.

QuickBooks

A popular product with both desktop and cloud versions.

Sage

Another great invoicing tool that is budget friendly.

Overall Top Recommended Best BusinessTools For Finance

Xero

This is an outstanding solution for small business owners. With this tool, you can manage all of your accounts in one place and make sure that everything is running smoothly. From inventory management to invoicing, Xero has it all!

Xero also integrates with other applications like Google Drive or Dropbox so that you don’t have to worry about switching between separate tools. This will make your accounting process much smoother and faster!

Stripe

This is one of the recommended best business tools which helps you track your finances, process online payments and integrate with a large number of applications from Zapier to QuickBooks.

PayPal

This is another online payment tool that allows you to accept credit cards and debit card payments, wire transfers and PayPal balance funds. It also offers invoicing tools for your business needs.

Tiller

This is one of the recommended best business tools which helps small businesses manage their accounts receivable through analytics so they can improve cash flow. It also integrates seamlessly with Stripe for easy payment processing. You can even create an invoice right away without having to leave the app.

Wave Accounting

This tool helps small businesses manage their finances without having to learn complicated accounting software. You can even create professional invoices in just minutes with the help of this online money management tools.

It also integrates seamlessly with Stripe for easy payment processing and allows you to accept credit card payments directly on your website, all within one platform!

QuickBooks Online

This is a great option for small businesses who want an easy-to-use accounting software with powerful invoicing and payment tools. You can create estimates, send them out and get paid faster with this online money management tool.

Invoicera

This is one of the best business tools which can helps manage software for small businesses who sell online and need to bill clients based on the project.

What sets this apart from other invoices is that it has an automated payment collection feature which bills your client’s credit card automatically when their invoice due date comes up, so you can get paid faster. This is a great way to make sure you don’t lose clients because of late payment and follow up on invoices that take too long to be paid.

Bench

Bench is a great tool because it helps you manage your financials and keep track of all your expenses, income, employees etc. in one place to give you an overview on the health of your business. It has built-in reports that help analyze how much money you spend or save at certain times during the year which enables businesses owners take better decisions around their finances.

What other Software tools do small businesses owners use?

Most small businesses are using these software tools;

Manage their social media sites with Hootsuite
Replace graphic designers with Canva
Track growth and subscribers with Google Analytics
Use video conferencing with Zoom or MicroSoft Teams
Manage emails with Mailchimp
Collaborate effectively with Trello
Schedule and plan with Google Calendar
Build their websites with WordPress
Secure their website domain with BlueHost
Host their website with GoDaddy
Back up with Cloud Storage with Tresorit

What are the main features of online accounting software?

Some helpful features of online accounting software tools include;

Managing Payroll
Tracking income
Managing business transactions
Planning expenses for future
Financial reports and analysis
Customer tracking
Payment collection
Invoicing
Tracking And Accounting
Forecasting
Reducing Cost Of Operations
Budgeting
Cash Flow
Accounting

FAQs

Why do small businesses need Online Accounting Software?

Small businesses need online accounting software to keep track of all the money coming in and going out of the business, ie; expense tracking. They save time and money by keeping track of all their expenses, income and business transactions in one place.

What is the best online accounting software for small businesses?

There are many different types of online accounting software that small businesses can use according to their needs i.e Ms Money/Quicken, Advance Tally (Desktop), AccountEdge Basic/Account Edge Pro, Sage 50 Accounts and Outright. The vast majority of small businesses are using project management tools to streamline their businesses. Whichever one you go for, its going to make better business sense than having no collaboration tools.

What is an Accounting Software?

An accounting software, also known as small best business tools for financial management or personal finance manager (PFM) are computerized programs designed to help manage money and plan expenses in a way that helps them grow their business efficiently.

Why should I use online invoicing for my small businesses?

Using online invoicing for your small business helps you to manage all of the incoming and outgoing money efficiently.

What is a Business Financial Management Tool?

A business financial management tool, also known as an accounting software or PFM are computerized programs designed to help with managing money in a way that gets them the most profit from their investment.

What are some top free Online Accounting Software tools?

Some good free online accounting software includes Mvelopes, Quicken Free Edition, Outright.com, Adaptive Blue Basic Accounting, Mint.com etc.

How can I track business expenses?

Business owners need to keep track of all the money coming in and going out for their small businesses so they can manage them efficiently.

What are some top paid Online Accounting Software tools?

Some good paid online accounting software includes Quickbooks, Xero etc.

In Conclusion

Every business owner has to manage their finances, and as a small business owner, you have even more work on your plate. But with the best business tools at hand, it is possible to simplify your small business needs and make sure that everything runs smoothly.

There are so many excellent finance software solutions for small businesses, which will help you achieve your goals, it can be hard to choose which one to go for! Hopefully this article has helped you decide on the best option for your circumstance.

References

Gilbert, N. (2019) 96 Essential Online Accounting Statistics: 2021 Data and Market Share Analysis, FinancesOnline.com. Available at: https://financesonline.com/accounting-statistics-analysis-of-trends-data-and-market-share/
Meade, M. (2020) Top accounting software statistics, Softwarepath.com. Available at: https://softwarepath.com/guides/accounting-statistics
Meade, M. (2020) Top accounting software statistics, Softwarepath.com. Available at: https://softwarepath.com/guides/accounting-statistics