12 Accounting Tools every Small Business needs

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Accounting and managing finances is probably the last thing a small business owner wants to think about.  If not done correctly, it can be time consuming and daunting.  The good news is that there are accounting tools on the market that now allow small business owners to manage their finances with ease and concentrate on different aspects of their business. Accounting software helps you manage cash flow, generates invoices, have an audit-ready business, and make preparation for tax time. These tools make handling your small business customers and expenses a breeze.

Following are the top-rated accounting tools for small business which have proven helpful in managing your finances and bookkeeping functions in small businesses.

  1. QuickBooks Online

QuickBooks is the bookkeeping and small business accounting tool used to handle accounting operations. QuickBooks is developed and marketed by Intuit. QuickBooks is used to:

  • Generate invoices with the logo of your company and with all details required by customers
  • Processing payrolls according to HR policies
  • Managing all business transactions, including bills from suppliers and vendors
  • Inventory management
  • Tracking expenses

QuickBooks can be accessed anytime, anywhere. QuickBooks is widely used by small business owners to simplify accounting operations and manage bookkeeping quickly. It is an affordable and easy to use software that can be easily learned and used by small business owners with no financial background. 

  1. Freshbooks

Freshbooks is a well-known software used by small business owners, freelancers, and entrepreneurial agencies to handle accounting and bookkeeping processes. It is a user-friendly tool and is preferable for a service provider.

Following are the features of Freshbooks:

  • Generating invoices
  • Managing expenses
  • Accepting payments from customers
  • Generating automatic reminders for payments
  • Managing clients of each project with pricing
  • Stellar customer services

  1. Xero

Xero is a great software with a wide range of features for small businesses. It is a good choice for online product sales. Xero has the following features:

  • Bookkeeping
  • Paperless management of expenses
  • Payment in 160 or more currencies with ability to convert and update exchange rates automatically
  • Generating invoices and quotations
  • Tracking and managing inventory
  • Generating purchase orders
  • Automatic reconciliation of accounts
  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by the small business
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of payments and returns

  1. Zoho Books

Zoho Books is a good choice for both product sellers and service providers because of having CRM and time-tracking features. Bookkeeping is also available in Zoho Books.  They offer a free 14-day trial. Zoho offers a Client Portal where you can share recent transactions, expedite estimate approvals, accept bulk payments, and capture customer feedback.

  1. Xporter Data Export Tool

Xporter isn’t specifically an accounting tool. It is used to export stored data to Excel file. Any kind of required reports can be generated and automatically emailed to desired contacts.  With Xporter, a user can export customers, orders, transactions, refunds, checkouts, countries, articles, blogs, draft orders, products and more from your shop.  They offer a 7-day free trial.

  1. SimplyCost

SimplyCost is a simple and economical Shopify app used to create profit reports. It tells you the actual profit you are gaining from the sale of a product. It also keeps track of worth of inventory. SimplyCost saves you time by calculating profit of your sales. It takes into consideration discounts, refunds, shipping and taxes. You can add other cost in addition to your product cost to track your profit accurately. SimplyCost is $4.99/month with a 14-day free trial.  

  1. Profiteer

Profiteer is another Shopify app. This is an app to track the cost of goods sold and variants. It is able to export a CSV report of the total value of inventory and profits as it does not integrate with accounting software directly. Currency fluctuations are also catered by this app and an accurate report of profit is generated for a specific period.  The price can range from $15-$30/month.

  1. GoDaddy

GoDaddy makes bookkeeping simple. Everything is organized and in one place, without hours of data entry or tracking down receipts. Mobile access and time tracking are present. But, the payroll option is missing. It estimates quarterly taxes. Live support is also present in this small business accounting tool for it’s users.  There are several plan options available starting at $3.99/month and up.

  1. Kashoo

Kashoo is an easy to use and manage software. Mobile access and time tracking are present. The payroll option is present in this small business accounting tool for small business owners.  This software company offers new users a free 14-day trial. With Kashoo, a user can send invoices, get paid in minutes, track expenses, and see their cash flow.  It is $29.95/month
for their Monthly Plan or $16.65/month for their Annual Plan.

  1. OneUp

OneUp offers seamless invoicing, stress-free accounting, up-to-date inventory tracking, and simplified CRM reports. This software syncs with your bank, retrieves your transactions, and automates 95% of your accounting. Mobile access and inventory tracking are present. Live support is also available in this small business accounting tool.

  1. AccountEdge

AccountEdge is for both online and desktop use. Mobile access, time tracking, and payroll options are present. It does not estimate quarterly taxes. Live support is available for it’s users. Command centers help you run and report on all aspects of your business: sales and invoicing, purchases, payroll, inventory, time billing, and more.  AccountEdge offers a 30-day free trial for new users.

  1. Sage 50c Premium Accounting

Sage 50c is a well-rounded small business accounting tool. Mobile access, time tracking, and payroll options are present. It does not estimate quarterly taxes. Live support is available.  Office365 is now integrated with this software, providing access to essential apps and accurate financials any time and anywhere.  This software advertises itself as reliable, accessible, and flexible.  There are several plan options available.  

Connector Apps

Connector apps are used to connect and integrate accounting software. By integration apps, data can be transferred automatically from one application to another and to other partners. This is a time saving and easy to use application used to export all kinds of data related to tax matters, customers, and expenses on a single click.

These connector applications are for:


When getting ready to purchase accounting software, do your homework. Invest wisely in the purchase of a small business accounting tool according to the nature and volume of your business. The more specific requirements for a business also require an efficient and effective accounting software to manage finances and bookkeeping.

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