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Accounting tools are necessary for businesses that bring in a decent amount of money. You need these tools to monitor and store records of all your business financial records. So, you never lose track of your expenses. Most of these tools also ensure that you pay your taxes and meet every legal requirement of the area your business is situated in. There are so many accounting tools available online, that it becomes difficult to know the best ones to pick. Choosing a good one will ensure that your business stays on track, as you adjust activities based on profits or losses.
Here, we’ve compiled a list of the best accounting tools to use for your business. Click on anyone to learn more and try it out right from Smarter Loans.
| COMPANY | KEY FEATURES | PRICE | AVAILABILITY | |
|---|---|---|---|---|
| Quickbooks | Accounting Solutions for Businesses, Accountants, and Freelancers |
3 plans ranging from $10/month - $25/month (Save 50% Offer) |
Worldwide | Save 50% |
| Turbotax | Online personal tax software | 4 different plans ranging from Free - $44.99/return | Canada | Get Started |
| Freshbooks | Accounting Software for Businesses, Freelancers, Self Employed Individuals, and Accountants |
3 plans ranging from $148.50/year - $495/year | Canada | Start Free Trial |
| H&R Block Canada |
Tax Software for Filing Taxes Yourself or With Experts | 3 plans ranging from Free - $29.99/return | Canada | Get Started |
| Sage 50Cloud | Accounting Software for Businesses | 3 plans ranging from $46.11/month - $343/month | Worldwide | Get Started |
| Zoho Books | Online Accounting Software for Businesses | 14-day free trial. 3 paid plans ranging from $12/month – $36/month |
Worldwide | Get Started |
| Xero | Accounting Software for Small Businesses, Accountants, and Bookkeepers |
3 plans ranging from $7.50/month - $26/month | Worldwide | Start for Free |
| Wave | Financial Software for Entrepreneurs | Free | Worldwide | Get Started |
| OnPay | Payroll and HR Solution for Businesses | Free Trial for 1 month Pricing varies based on company size |
Worldwide | Get Started |
| FreeAgent | Accounting Software for Small Businesses | Free Trial (30 days) US $10/month for 6 months, then US $20/month |
Worldwide | Try it Now |
Quickbooks is one of the best accounting software for Canadian businesses that help you organize your company’s financials, saving more time that would have gone into doing it manually. Quickbooks does more than organize your finances. You can also use it to track all your business expenses and income, create invoices to send to clients, get business insights, receive payments, and prepare receipts. It is an all-rounder accounting software for businesses. You can work on all your devices wherever you are. Quickbooks has applications for PC, Mac, tablets, and smartphones. Start with any of their payment plans based on the size of your business and what accounting features you want.
Want to reduce the money you spend and the stress involved in filing your taxes? Turbotax makes filing taxes for your business much easier. You can file your own taxes from start to finish, do it with a live Turbotax expert guiding you throughout the process, or get a tax expert on the platform to prepare, file, and sign your taxes for you. These real tax experts will also review your tax returns before you submit them, ensuring you get it right. Turbotax promises a maximum refund if you qualify for it, and let you prepare your tax return for free. They only collect money if you decide to e-file.
Freshbooks is an accounting software built for small business owners and their clients. They support self-employed professionals, freelancers, and businesses with employees and contractors. With Freshbooks, you can create attractive, professional-looking invoices for your business within seconds. You can also use it to organize all your company expenses so you’re always ready when it’s time to file your taxes. For hourly projects, you can track time and log them automatically onto an invoice. This is great for freelancers. Freshbooks is easy to access on any device, and it doesn’t take time to understand reports and how the entire software works.
H&R Block is another tax-preparation company. You can file your taxes by yourself or with a professional using H&R Block’s tax services. They also guarantee maximum refunds. When you file with a tax pro, you can get a Refund Advance loan of up to $3,500 with no interest or fees. You can either meet the tax pro in an office, phone, video, or chat. All you need to do is prepare your documents and submit them. When they’re done, you review and approve your tax return. They provide an online guide to business owners who prefer to file themselves. This is totally free –no fees included.
Sage 50Cloud is a cloud accounting software with lots of features to save you time and help you focus on running your business. You get features for managing cash flow into your business (you know how much comes in and goes out), improving customer payments with a simple click to pay option, sending receipts, and tracking inventory. Sage 50Cloud also integrates with other apps like Microsoft 365, thereby making your work smoother. Try Sage50 Cloud free for 30 days, and then subscribe to one of their plans as you would find the features highly useful for your business.
Zoho Books is another online accounting software that has been around for 10 years now. Zoho is a popular global platform, providing you with various tools for running a smooth business. This software helps you monitor your cash flow and perform other accounting activities easily. Create and send professional invoices to your clients and get paid faster on this platform. You can also link your bank accounts to Zoho Books to get cash flow reports in real-time and track your company inventory. They give you detailed reports like your balance sheet, cash flow statement, and P&L, so you don’t have to do this manually.
Xero is an online accounting platform for small businesses, accountants, and bookkeepers. You can pay bills and track your expenses on time, examine employee expense claims and reimburse them, link all your bank accounts to monitor cash flow, and accept online payments from your customers by connecting to Stripe, GoCardless, and more. Other things you can do on Xero include managing inventory, creating online or PDF quotes, and capturing key data using Hubdoc. Join over 2 million business owners using Xero to manage cash flow and perform other accounting activities.
Wave Financial is a free invoicing and accounting software for entrepreneurs. The accounting software allows you to easily calculate your income and see how much you spend monthly. You can even connect various Wave products like invoicing, payroll, and payments to get a full report of your finances. With the Wave invoicing software you can set advanced features like automatic and recurring payment, making payment easier for your customers.
OnPay reduces the time it takes to pay contractors and employees. You can get money to your employees in just minutes instead of days. OnPay focuses less on tracking cashflow and more on helping small business owners pay employees. They also provide HR tools and reports you need to stay organized. If you want to get other bookkeeping features, OnPay easily links with Quickbooks, Xero, and other accounting software, giving you a full service.
Over 10,000 businesses are using FreeAgent for their accounting needs. With FreeAgent, you can set up recurring invoices that automatically sends to the customer on payday. You can view and manage all your financial activities such as expenses, tasks, estimates, and invoices from one place. This makes it much easier to track your finances and get accurate reports. Get FreeAgent and stop spending time on bookkeeping for your business.
