Financial management is one of the key tasks faced by entrepreneurs. Thankfully, there are various accounting tools which make managing finances less daunting and stressful for them.
Xero is a financial management tool designed to assist small and midsize businesses by tracking sales, tracking expenses and performing various accounting functions. Furthermore, the software provides a business overview dashboard.
- Xero
Xero makes it simple and straightforward to generate and send invoices online from any computer, laptop, or mobile device. Furthermore, “payment-enabled” invoices allow customers to click-and-pay directly with any major debit or credit card.
Xero’s time tracking and payroll tools make employee timesheets simpler, reduce manual data entry time, and ensure accurate payout for employees. In addition, this software tracks inventory as well as manage supplier contracts.
- FreshBooks
FreshBooks is a cloud accounting solution specifically tailored for service-based businesses (designers, IT specialists, lawyers, architects and plumbers). Utilizing double-entry accounting methods with customizable reports.
The program features features that enable users to generate and send invoices, track expenses, accept online credit card and ACH payments and streamline bank reconciliations. Furthermore, business owners can monitor their cash flow and profitability via charts on the dashboard.
- Pipedrive
Pipedrive is an intuitive sales pipeline tool that makes tracking sales processes easy for teams. Features include a dedicated inbox for leads that can be prequalified before being converted into deals and tracked along their sales journeys.
Smart Docs makes document management simple by centralizing all aspects of documentation process – sending trackable quotes, proposals and contracts while collecting eSignatures from clients to close deals more quickly. In addition to these core features, there are also add-on features available such as chatbots, customizable email templates and contact timeline.
- ZipBooks
Like QuickBooks Online, ZipBooks allows users to track time and project expenses. In addition, it features an impressive set of analytical reports as well as a bank reconciliation feature to ensure transactions listed on bank statements are accurate.
At Square or PayPal, their invoicing process includes automated payment reminders and credit card payment processing capabilities. Their free plan offers basic bookkeeping capability and accounts receivable management; more advanced features such as recurring invoices and 1099 vendor tracking are only available on their paid plans.
- Wage Point
Wage Point automates withholdings, compliance and Workers’ Compensation Board remittances for employers. In addition, direct deposits are regulated and tracked RRSP contribution deductions tracked. Finally, staff have online access to their paystubs.
Users give this program high marks for its ease of use and flexibility, but it lacks some of the features found in full-service payroll software programs. We suggest pairing it with additional accounting tools in order to provide clients with an overview of their business operations.
- nTask
nTask, one of the newest project management solutions available, has already garnered some of the biggest names in tech as clients. With an easy learning curve and time tracking features that make tracking projects seamless – perfect for teams billing by the hour.
Features that help users log billable hours and view project financial summaries include real-time monitoring of billable hours and real-time summaries of project finances, team roles and permissions management to ensure all users can access appropriate tools, as well as setting team roles and permissions so everyone has equal access.
- QuickBooks Online
QuickBooks Online uses automation to streamline bookkeeping, which reduces accounting workload and gives greater insights.
This online platform features a client portal for businesses to collaborate with customers on quotes, estimates and invoices as well as mobile mileage tracking and basic inventory management. Furthermore, premium customer support and a robust set of integrations are provided.
QuickBooks add-ons such as Payroll and Time can help streamline employee payments while tracking billable hours. Higher tier plans also enable users to manage inventory and create reports about job costs and project profitability.
- Expensify
Expensify makes it simple and efficient for real estate professionals to stay organized and track expenses and receipts, saving both time and effort with automated expense tracking and reimbursement management software. No manual data entry and disorganization; just automated expense tracking.
Submitting expense reports takes just minutes with this smart scanning technology that automatically recognizes receipt text for easier categorization. Plus, integrations with accounting tools like Xero and QuickBooks offer real-time business finance insights.
