![Top 10 Small Business Financial Software Solutions for Efficient Money Management [2024]](https://pub-afe27da81850486586e00123ac4e584c.r2.dev/2024/02/Top-10-Small-Business-Financial-Software-Solutions-for-Efficient-Money-Management-2024.jpg)
As a small business owner, one of the keys to your company’s success lies in effective financial management.
However, as you may already know, navigating the complexities of tax compliance, payroll management, and other accounting tasks can be extremely daunting.
The good news? There are a lot of innovative financial software solutions available today that can help you streamline all your money-related processes.
And, if you need some help selecting the right one for your business, we’re here to help you out! In this blog post, we’ve compiled a list of 10 small business financial software that will empower you to stay on top of your finances in 2024.
10 Best Small Business Financial Software In 2024
Here are the top 10 financial software for small businesses that simplify money management.
1. Xero
Source: Xero
Xero is an online accounting software that will provide a comprehensive overview of your business’s income and expenses.
With Xero, you can keep all your financial records, invoices, contacts, and account information in one centralized location.
Plus, it seamlessly integrates with your bank to help you reconcile transactions and see an up-to-date snapshot of your cash flow.
Key features
- Gives you a clear overview of accounts payable and cash flow
- Provides expense management tools
- Allows you to accept online payments by credit card, debit card, or direct debit straight from your Xero invoice
- Offers job tracking tools for project planning, budgeting, quoting, and invoicing
- Helps you track your finances with accurate accounting reports
- Automatically calculates your sales tax on invoices & provides detailed reports to help you prepare returns
Pricing
- Early: $15/month
- Growing: $42/month
- Established: $78/month
A 30-day free trial is available.
Related: The AI Guide for Entrepreneurs and Freelancers in 2023
2. Sage Accounting
Source: Sage Accounting
Sage Accounting offers a wide range of features that streamline accounting processes for small businesses.
With this tool, you can generate VAT returns, automate data entry, and run detailed reports to gain insights into your business’s financial performance.
Key features
- Allows you to create personalized invoices and send them to your customers
- Lets you track and manage your business inventory
- Allows you to set up and manage your budgets
- Provides an insightful dashboard that visualizes your cash flow
- Helps you follow up on payments through automatic reminders and actionable alerts
- Lets you connect your bank to the platform for seamless bank transactions
Pricing
- Accounting Start: $11/month
- Accounting: $22/month
A 30-day free trial is available for both plans.
3. Freshbooks
Source: Freshbooks
FreshBooks offers a user-friendly accounting solution that will keep your finances in order while you run your small business.
It allows you to track time, calculate expenses, generate advanced reports for your business, and manage all your financial needs.
Key features
- Provides double-entry accounting tools that show profitability and cash flow health, as well as details your spending
- Lets you create invoices and send automated payment reminders to clients
- Offers automated online payment options
- Provides expense management tools
- Allows you to track your time and see how much time you’re spending on clients and projects
- Helps you see how well your business is performing with insightful dashboards and reports
Pricing
- Lite: $19
- Plus: $33
- Premium: $60
- Select: Custom
A 30-day free trial is available for all plans.
Related: The Top 10 Recruiting Software for Small Businesses: Streamline Your Hiring Process
4. Zoho Books
Source: Zoho Books
One of the best small business financial software, Zoho Books is designed to streamline financial management for your business.
This all-inclusive solution helps you manage receivables and payables, automate workflows, and monitor your financial activities in real-time.
Zoho Books also allows multi-user collaboration, secure online payment processing, and simple expense tracking.
Key features
- Lets you create customized invoices & convert quotes into invoices
- Fetches your bank transactions and categorizes and reconciles your accounts with ease
- Provides billing & expense management capabilities
- Simplifies online sales order management & processing
- Offers dashboards, reports, and charts that cover all your receivables, payables, inventory, and more
- Calculates your sales tax returns and 1099s
Pricing
- Free
- Standard: $20/organization/month ($15/organization/month billed annually)
- Professional: $50/organization/month ($40/organization/month billed annually)
- Premium: $70/organization/month ($60/organization/month billed annually)
- Elite: $150/organization/month ($120/organization/month billed annually)
- Ultimate: $275/organization/month ($240/organization/month billed annually)
5. OneUp
Source: OneUp
OneUp’s suite of tools will help you streamline and automate various aspects of your business management processes.
It provides you with a clear snapshot of key financial metrics, such as profit and loss, income breakdown, and cash flow.
Key features
- Automatically adjusts your inventory levels and tells you when to reorder
- Provides product-pricing tools
- Allows you to create, customize, and send invoices with a click
- Synchronizes with your bank
- Automates 95% of your accounting tasks
- Offers a CRM tool to help you manage your leads and opportunities and set reminders for timely follow-ups
Pricing
- Self: $9/month (1 user)
- Pro: $19/month (2 users)
- Plus: $29/month (3 users)
- Team: $69/month (7 users)
- Unlimited: $169/month (Unlimited users)
A 30-day free trial is available.
6. Wave
Source: Wave
This financial software for small businesses allows you to effortlessly track your income and expenses.
It enables you to monitor your business health and make better financial decisions through easy-to-understand accounting reports.
You can also use Wave to manage cash flow using cash flow graphs and overdue invoice notifications.
Key features
- Offers unlimited income and expense tracking
- Lets you create professional invoices and set up automatic invoice reminders
- Allows you to receive payments from clients via bank deposit, credit card, and Apple Pay
- Provides payroll management tools
- Offers coaching & support from its team of bookkeeping, accounting, and payroll experts
- Allows you to scan and back up your receipts to the cloud
Pricing
- Invoicing & Accounting: Free
- Mobile receipts: $8/month ($6/month billed annually)
- Payroll: $40 (Tax service states), $20 (Self-service states)
- Advisors: $149/month (Bookkeeping), $379 (Accounting & payroll coaching)
- Payments: 2.9% + $0.60/transaction & 3.4% + $0.60/AMEX transaction for credit cards; 1% per transaction ($1 minimum fee) for bank payments
7. Intuit Quickbooks
Source: Intuit Quickbooks
Intuit QuickBooks is an all-in-one financial software solution designed to keep your finances organized and readily accessible.
It simplifies tasks that range from basic income and expense tracking to robust cash flow management and reporting.
Key features
- Allows you to create and send professional invoices
- Offers real-time business reporting
- Provides bill, payroll, and cash flow management tools
- Allows you to track expenses across all your different accounts
- Calculates cash deductions
- Lets you track your inventory easily with real-time updates and reports
Pricing
- Simple Start: $30/month
- Essentials: $60/month
- Plus: $90/month
- Advanced: $200/month
A 30-day free trial is available.
Related: The Top 10 Contractor Management Software Solutions for Your Business
8. Odoo Accounting
Source: Odoo Accounting
Odoo Accounting allows businesses to effortlessly manage their daily accounting tasks while offering a global overview of their business status in real time.
Automation is a key feature of this tool. For instance, it can create draft invoices based on sales orders so you don’t have to make them from scratch.
It supports payment through major gateways like Authorize.net, Ingenico, Ogone, Paypal, and Adyen.
Key features
- Integrates with 28,000 banks from all around the world
- Gives you a clear overview of your recurring revenue and expenses
- Provides a customer portal to facilitate easier online payments from your clients
- Automatically provides reconciliation suggestions
- Allows for easy tax, budget, and asset management
- Provides real-time financial performance reports
Pricing
- Free forever (for one Odoo app)
- Standard: $11.20/user/month
- Custom: $17/user/month
A 14-day free trial is available for the paid plans.
9. Zarmoney
Source: Zarmoney
This next small business financial software provides easy-to-use and scalable accounting solutions to simplify financial management.
With ZarMoney, you can generate professional invoices effortlessly, track expenses, manage bills, and reconcile bank statements on the go.
Key features
- Connects to over 9600 banks in the United States and Canada so you can seamlessly import and edit transactions from several banks
- Automatically calculates taxes on your behalf and prepares tax filing reports for your business
- Helps you manage your cash flow with its payables calendar
- Provides actionable financial reports
- Allows you to easily identify discrepancies and reconcile statements
- Offers inventory management tools
Pricing
- Entrepreneur: $15/month (1 user)
- Small Business: $20/month
- Enterprise: Starts from $350/month
A 15-day free trial is available for all plans.
Related: Empowering Startups: Your Ultimate Guide to the Top Project Management Tools in 2024
10. BQE CORE
Source: BQE CORE
BQE CORE enables you to manage your financials and projects through a single, centralized platform.
This tool lets you make billing decisions in real time, prevent budget overruns, understand your staff’s workload, and properly manage your cash flow.
Key features
- Provides a 360-degree view of your financial performance at company, client, project, phase, and staff levels.
- Has time and expense tracking capabilities
- Enhances better decision-making with automated and actionable reports
- Offers project management tools that will help you deliver your projects on time and budget
- Shortens billing time and improves cash flow with automated client invoices
- Aids effective human resource management — it allows you to automatically track paid time off, adjust balances accordingly, and calculate benefits earnings of your employees
Pricing
You’ll need to request a quote.
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In conclusion, choosing the right financial software for your business can significantly impact its efficiency and growth.
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