#10 Best Financial Tools for Small Business 2023
For a small business, financial tools are necessary to help manage and track your budget. We're here to help you in finding the best financial tools for small business!
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Financial tools help small company owners handle accounts receivable and payable and prepare for tax season. A small company is one that can use out-of-the-box software without needing major customizations. As a company expands, its accounting requirements get more complex, and a custom enterprise resource planning (ERP) system is often required.
Financial tools for a small business come in a variety of types, with differing features and price tags. The kind of industry and number of workers are 2 aspects that might assist a small company owner in selecting proper accounting software. If you're having trouble selecting the best financial tools for your small business, we can help. Read on to discover the best financial tools for a small business!
Table of contents
1.Quickbooks QuickBooks: Financial tools with an access over 600 applications
2.Gusto Gusto: Financial tools with an automated tax filling feature
3.FreshBooks FreshBooks: Financial tools with an excellent user experience
4.Expensify Expensify: Financial tools with an automatic expense tracking
5.Zoho Books Zoho Books: Financial tools with an affordable price
6.PlanGuru PlanGuru: Financial tools with an excellent budgeting and forecasting
7.Zenefits Zenefits: Financial tools with an excellent reporting on business intelligence
8.SurePayroll SurePayroll: Financial tools with an excellent onboarding and payroll processing
9.LivePlan LivePlan: Financial tools that feature an aesthetic themes
10.InDinero InDinero: Financial tools with a cloud-based accounting insights
Frequently Asked Questions (FAQ)
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Why do small businesses need financial tools?
Financial tools are essential because it benefits the business. This tool can examine and comprehend your business’s profit, make inventory planning and pricing choices, determine if it has enough cash flow to maintain operations, and make decisions on asset purchases.
What is the purpose of small company financial tools?
Financial tools reduce data entry time by enabling users to link their business bank accounts and credit cards with the software.
What factor should you consider when selecting the best financial tools for small business?
- Easy-to-use software: When purchasing a financial tool, one of the most important factors to consider is the ease of use. The user-friendly program gives you a dashboard that displays charts that show your company’s financial situation.
- Transactions in multiple currencies: If you have such customers, be certain that the financial tool you are considering supports multi-currency transactions.
- Web-based program: Web-based financial tool for small businesses enables them to interact with their employees or accountants to ease the process.
- Integration with other business applications: Choose a tool that will work smoothly with your existing corporate software stack. Choosing a financial tool without understanding the serious implications of your decision might be detrimental to your organization. It may interrupt its smooth operation.
- Pricing: Pricing has always been an important consideration for small company owners when purchasing financial tools.
How much does small company financial tools cost?
Monthly costs for small business financial tools vary from $0 to $150 or more. Basic plans cost between $0 and $40 per month and are an excellent place to start. A simple plan will let a small business organize revenue and costs, send invoices, and prepare financial reports.
10 List of Best Financial Tools for Small Business
- Have a problem
with this product?#1
Financial tools with an access over 600 applications1 experts agree 1 experts disagreeWHY WE LIKE IT:
QuickBooks Online is an excellent alternative for a broad range of companies, particularly those who want to interact regularly with a bookkeeper or accountant. It provides a high degree of capability, flexibility, and scalability.
Although this tool is simple to use, there is a learning curve, especially if you are unfamiliar with basic accounting concepts. This financial tool provides you with access to a marketplace of over 600 applications, including third-party tools.
Pros (reasons to buy)Double-entry accounting
Thorough record-keeping and reporting
Hundreds of third-party app integrations
Excellent inventory management
It's simple to share information with your accountant
Cons (reasons to avoid)Monthly plans are pricey
What other experts likedBecause of its depth, versatility, and extensibility, Intuit QuickBooks Online remains the best online accounting tool for small businesses. It's simple to use, well-designed and meant to serve a broad range of people.
What other experts didn't likeMonthly plans are more costly than alternatives.Nerd Wallet
- Have a problem
with this product?#2
Financial tools with an automated tax filling feature1 experts agree 1 experts disagreeWHY WE LIKE IT:
Gusto offers a smart set of regularly used payroll tools for small businesses, as well as an excellent user experience that should appeal to managers who are new to payroll. Moreover, it simplifies the process of onboarding new staff and helps you minimize manual errors. This application also includes a variety of payment schedule options, supports the management of employee benefits, and automatically calculates and submits payroll taxes.
Pros (reasons to buy)Full-service payroll
Integrates with major business applications
Time tracking is accessible
Employee self-service tools
Automated tax filing
Cons (reasons to avoid)There are no geo-tracking features
What other experts likedThis is a great choice for new businesses since you can set up payroll, develop a benefits package, and onboard your employees all in one spot and at a reasonable cost.US News
What other experts didn't likeSeparate links or screens are required for contractors and time off.PC Mag
- Have a problem
with this product?#3
Financial tools with an excellent user experience1 experts agree 1 experts disagreeWHY WE LIKE IT:
FreshBooks integrates with Gusto to handle accounts receivable and payable, inventories, and payroll. It includes a full-featured online accounting system and is perfect for small businesses. This accounting software has four plans: Lite ($15/month), Plus ($25/month), Premium ($50/month), and Select (custom pricing). Furthermore, this tool has its own website, where you will find a box with three setup steps, Add Your Clients, Add Items and Services, and Send an Invoice.
Pros (reasons to buy)Excellent user experience
Tools for team collaboration and time tracking
Promotes proposals, projects, and retainers
Mobile applications that automatically track mileage
Cons (reasons to avoid)Customization of invoices is limited
What other experts likedAll FreshBooks plans offer mileage and time tracking tools, which are also integrated into the mobile app. Small businesses with several workers may avoid paying for a third-party time-tracking program this way.Nerd Wallet
What other experts didn't likeInvoicing clients based on time inputs might be complicated. The time tracker may be a little unstable at times.Nicole A
- Have a problem
with this product?#4
Financial tools with an automatic expense tracking1 experts agree 1 experts disagreeWHY WE LIKE IT:
Expensify provides technological integration, efficient optical character recognition (OCR), and a workflow system to make a user’s schedule easier to manage. An even better solution is provided by the software, which will automate the expense tracking procedure whenever possible. Additionally, these financial management tools have two price options for individuals and businesses: annual subscription or flexes billing through pay-per-use.
Pros (reasons to buy)Expense tracking and categorization are completely automated
Apps with high ratings on iOS and Android
Individuals, single proprietors, and small businesses may take advantage of free programs
Integration with third-party accounting software is seamless
Cons (reasons to avoid)Monthly plans double the cost of annual plans
What other experts likedThe web user interface is as simple and straightforward as the mobile app.
What other experts didn't likeThe only concern I have with Expensify is that the iPhone app does not allow you to map trips using addresses.Nick G
- Have a problem
with this product?#5
Financial tools with an affordable price1 experts agree 1 experts disagreeWHY WE LIKE IT:
Zoho Books provides usability, flexibility, and depth in areas including sales and purchases, time and project monitoring, and inventory management. This tool is an exceptional value among small business accounting websites.
Furthermore, this tool offers a Free Plan for businesses with less than $50,000 in yearly revenue. It has a lot of features for a free application, including configurable multilingual invoicing, client portals, payment options, and expense/mileage tracking.
Pros (reasons to buy)Low price
Superior record and transaction form depth
Several payment gateways
Generous assistance options
Cons (reasons to avoid)Time tracking must be linked to projects
What other experts likedZoho Books is a noteworthy small business accounting solution with a simple user interface, reasonable price, and a robust collection of capabilities.
What other experts didn't likeWhen it comes to integrations outside of the Zoho Finance suite, the product's third-party alternatives are limited.Nerd Wallet
- Have a problem
with this product?#6
Financial tools with an excellent budgeting and forecasting1 experts agree 1 experts disagreeWHY WE LIKE IT:
PlanGuru is a budgeting, forecasting, and performance assessment tool for small and mid-sized businesses. It has a simple, intuitive design and excellent connectivity with Quickbooks and Excel making implementation and use straightforward for businesses of all kinds and shapes. If you are unfamiliar with basic accounting concepts, this company provides a series of online training videos to help you learn how to use the tool.
Pros (reasons to buy)Excellent budgeting and forecasting capabilities
Analytics add-on links
Analyze the breakeven point
QuickBooks assistance is accessible
Cons (reasons to avoid)There are no example business plan templates
What other experts likedPlanGuru, on the other hand, performs an outstanding job for individuals looking to create a useful business plan document.
What other experts didn't likeIn terms of current services, it is a little pricey.Chetan G
- Have a problem
with this product?#7
Financial tools with an excellent reporting on business intelligence1 experts agree 1 experts disagreeWHY WE LIKE IT:
This financial tool offers an excellent combination of capabilities, including simple administration and the opportunity to add on services as required. It enhances its solution with access to actual human consultants.
As a result, Zenefits is an ideal software for both benefits administration (BA) and human resources (HR). Because of its focus on an advanced approach, access to payroll and navigation features, and substantial capacity, this tool would be better suited for larger companies.
Pros (reasons to buy)Benefits administration and plan-building capabilities are included
Excellent user experience
Detailed employee records
Excellent reporting on business intelligence (BI)
Cons (reasons to avoid)The mobile app does not handle all administrative activities
What other experts likedZenefits brings together a variety of HR solutions in one easy-to-manage platform to meet the majority of the benefits administration demands of startups and SMBs.
What other experts didn't likeWhen it comes to Zenefits-specific features like the Performance Management app, there is a bit of a learning curve. When it comes to the many peer-review alternatives, it's not always clear who can see what.Scott M
- Have a problem
with this product?#8
Financial tools with an excellent onboarding and payroll processing1 experts agree 1 experts disagreeWHY WE LIKE IT:
SurePayroll is capable of producing and maintaining personnel data, conducting payroll runs, handling relevant taxes, and keeping small businesses up to date on their responsibilities. This financial tool offers 2 subscription options: Full Service and No Tax Filing.
Furthermore, it also provides a degree of flexibility not available in other competing systems. It may meet the particular demands of a wide range of businesses, including households, nonprofits, restaurants, and dental practices.
Pros (reasons to buy)Excellent onboarding and payroll processing software
Payroll run screens that are adaptable and easy to understand
Optimization of the user interface
Supports a variety of vertical payroll kinds
Integrates with a variety of accounting websites
Cons (reasons to avoid)There is no time tracking
What other experts likedSurePayroll easily handles setup, data administration, and payroll processing. It's an excellent choice for many small businesses and comes in versions suited to a variety of vertical sectors.
What other experts didn't likeIt may also not be the ideal option for users prepared to pay extra for a variety of HR tools and extra features.US News
- Have a problem
with this product?#9
Financial tools that feature an aesthetic themes1 experts agree 1 experts disagreeWHY WE LIKE IT:
Palo Alto Software LivePlan may assist you in producing anything from a basic, bare-bones startup-style business plan to something deeper and interactive for a larger, more complex company. With its links with your accounting apps, it can surely be much more than just a tool for creating a business plan document. This tool allows you to enhance your presentation with a variety of aesthetic themes, control over line spacing, and a toggle for whether or not to mark a document as confidential.
Pros (reasons to buy)An outstanding set of customizability options
There is a lot of online learning assistance
Features aesthetic themes
Easy to use
Cons (reasons to avoid)Third-party integrations are limited
What other experts likedLivePlan has reimagined company planning. It is the only platform that lets entrepreneurs track their progress using a customized dashboard built particularly for small businesses.John J
What other experts didn't likeHowever, if there is a flaw here, it is that the corporation could do more in terms of integration.PC Mag
- Have a problem
with this product?#10
Financial tools with a cloud-based accounting insights1 experts agree 1 experts disagreeWHY WE LIKE IT:
inDinero is excellent for small to medium-sized companies looking for a simple, scalable, and effective way to automate financial tasks. It is specialist company accounting software that helps business owners in understanding where their money is going and how much profit they are earning. This financial tool allows quick access to critical financial information, while it also offers full automation of daily accounting activities and simplifies tax management.
Pros (reasons to buy)Cloud-based accounting insights and a simple bill-pay system
Financial reports are delivered on time and are reliable
Affordable pricing plans
All-in-one solution for all of your accounting, tax filing, and payroll needs
Cons (reasons to avoid)There is no real-time integration
What other experts likedInDinero provides us with comprehensive accounting services.Kishan G
What other experts didn't likeInvoices and bills are not always appropriately classified due to different technological issues in the platform.Chamber of Commerce
Conclusion: Best Financial Tools for Small Business
Financial tools are essential for small company owners. This software will assist you in managing your finances, recording your budget revenue and expenses, and even preparing a business plan. Because of this, financial tools are essential for small businesses. We hope that our recommendations for the best financial tools for a small business might assist you in finding the perfect financial tools for your small company.