Best Online Accounting Tools for Your Business in 2022

Managing the financial side can be frustrating, no matter how small or big your business is. However, thanks to technology and online accountants, you can now be stress-free and equip yourself with some of the best online accounting tools to do all the heavy lifting for you. And once you find the perfect online tools, you can leave all the Excel spreadsheets and ledger books behind. Many online accounting tools give you the ability to manage payroll, accounting, and other business things in just a few clicks.

This post can help you decide which accounting tool will work for your business.

QuickBooks is one of the world’s most popular tools used by professional accountants and businesses. The application comes with everything you need to get through the day when it comes to accounting tasks. The best part about this online accounting tool is that all types and sizes of businesses can use it.

The most distinguishing features of this application include:-

  • Invoice generator
  • Inventory tracking
  • Payroll processing
  • Online payment receipts

This application is similar to QuickBooks; the most significant difference lies in their pricing. Wave is free, which is one of the primary reasons why it is so popular among small businesses. And no, this doesn’t mean it has a limited amount of features. In fact, far from it – you can do all your financial reporting and accounting tasks with Wave including:-

  • Creating invoices
  • Tracking business expenses and incomes
  • Receipt scanning

Xero is another popular accounting tool used by businesses as well as online accountants. Boasting its user-friendly interface, Xero comes with an intuitive dashboard that packs all functionalities you need to be organized elegantly. Another remarkable feature of using this tool is that it allows you to add as many business contacts to your account as you need without paying extra money, which is the case with most accounting tools today. This may not sound like a distinct benefit if you have only a few clients, but it lends a hand when you are looking to expand your client base.

An online accounting tool that has grown exponentially over the past few years and is among the top names that come to mind of many professional accountants and business owners when accounting tools are mentioned. FreshBooks started as an application for tracking business invoices and expenses and has now become a full-featured accounting suite that supports banking and credit syncing, payroll processing, financial reporting, timesheet tracking, etc.

Final Thoughts

If you want to save yourself and your employees the hustle, money, and sanity, leverage these best online accounting tools for your business. However, if you are looking for software that is specific to your business, you may have to go for traditional software used by online accountants.

Lastly, don’t be afraid to take these online accounting tools for a test drive. Try a couple of options until you find the one that suits your business needs