10 Must-Have Accounting Tools for Entrepreneurs

what tools does an accountant use

As an entrepreneur, managing what money is coming in and what money is going out can feel like a full-time job all on its own. Good accounting is crucial to a growing business’ success, but most entrepreneurs don’t have the money to hire an entire accounting department to keep it all straight. Thankfully, new technology is rapidly being developed to help entrepreneurs more easily manage their finances, whether they’re a growing startup or a “solopreneur.”

We’ve compiled our roundup of the best accounting tools for startups and entrepreneurs that will help you keep everything from invoices to taxes in order.

  1. Freshbooks
  2. Quickbooks Online
  3. Expense Sensei
  4. Xero
  5. WagePoint
  6. ZipBooks
  7. OneUp
  8. Sage Accounting
  9. Wave Accounting
  10. SurePayroll
  11. Summary

#1: Freshbooks

Freshbooks has quickly arisen as one of the most popular bookkeeping platforms for freelancers and entrepreneurs thanks to its beautifully designed interface and easy-to-use tools. It includes invoicing, expense reporting, a tracker of time, project management, and business insights tools, all under one roof for a price much less than many competitors. Their mobile app also allows you to keep track of everything on the go, so you never miss a beat when it comes to your business.

#2: Quickbooks Online

Quickbooks, the old bookkeeping standard, has continued to innovate to keep up with the demands of a far more freelancer-focused workforce. The app is specifically designed for entrepreneurs and small businesses, and similar to Freshbooks, includes invoicing, expense reporting, time tracking, project management, and business insights tools.

#3: Expense Sensei

Eliminate the piles of disorganized receipts and reimburse your employees for business expenses in just a few clicks by using Expense Sensei. In addition to providing easy expense submissions, approvals, and reimbursements, they have integrated top-tier security to ensure that user data is not compromised. Employees can snap a picture of their receipt right from the app and immediately upload it to the system for you or your accounting staff to review.

#4: Xero 

Xero is a very new addition to the small business accounting tool market, but they’re angling to be one of the best cash flow management platforms out there. Xero allows you to link bank accounts, pay bills, claim expenses and organize transactions by payment type. For businesses that also manage inventory, there’s an inventory management tool that allows you to seamlessly track inventory supply levels.

#5: WagePoint

If there’s one part of accounting that small businesses seem to dread the most (other than taxes), it’s payroll management. Payroll can be a nightmare, but with a tool like WagePoint, things get a little simpler. WagePoint gives your employees access to direct deposit, allows online access to paystubs, has an automated payroll taxes feature, and includes a world-class support staff to guide you through it all.

#6: ZipBooks

ZipBooks is a simple platform that combines invoicing, bookkeeping, tax supervision, and business insights all under one roof, similar to Freshbooks and Quickbooks Online. Since the features are so similar, it’s best to utilize the free trials of all three of these platforms and try them out to see which one works best for your business.

#7: OneUp

OneUp is less a piece of software and more a virtual banking assistant. It links to your business banking account and combs through the transactions to help you better understand where your money is going, what’s due, and where the financial challenges lie in your business.

#8: Sage Accounting

Sage is a cloud-based accounting platform for small businesses that syncs with your bank and allows you to control every aspect of your business accounting, from receipts to sales tax. It also allows you to share access with whomever you choose, so as your business grows, you won’t have to migrate to a new platform to onboard new accountants or bookkeepers.

#9: Wave Accounting

Wave started as a simple invoicing platform but has since continued to expand to cover most basic accounting functions that a small business may need. A key feature is its ability to connect multiple bank accounts and credit cards so you can keep a keen eye on all areas of your cash flow.

#10: SurePayroll

SurePayroll has been serving small businesses for over 20 years, so they know a thing or two about payroll management. However, they haven’t rested on their laurels and continue to develop new products and tools to make payroll management a snap.

Summary

Whatever your accounting needs may be, there are dozens of platforms out there that can help you manage it all. Thanks to a huge boom in small businesses, there has been a wave of new accounting tools and techniques specifically designed for your unique needs. At the end of the day, the best accounting tool for your company is the one that works, so we always encourage you to take advantage of free trials so you can get hands-on with the software and figure out if it’s the tool that’s best for your company.

It doesn’t matter what size and kind of business do you have, as there is always technology to suit your needs and budget. Any business is looking to raise capital and provide the financial health, investing in expense tracking reimbursement software is essential for a long-term success.