5+ best small business finance software [2022 Guide]

January 2023 · 10 minute read
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We live in an age of technological prowess and that influence seeps through every single layer of our society, hence, finance and accounting make no exception.

Financing software can lift a huge burden off the shoulders of stressed accountants. Needless to say, it’s in everyone’s best interest for them to be right the first time.

While accounting software has been available for years, digital advancement helped these financial tools to evolve.

Here, we will look at the top solutions for accounting software based on popularity and efficiency. But first, let’s review some of the criteria to follow when choosing such software.

How can I choose the best financial app for my business?

Whether you have a small business or you just want to manage your private budget, a simple financial solution can do the trick just fine.

However, there are certain features that you might still want to get in order to make your life easier. Let’s go through some of the most important ones.

Balance and expenditure reports

You can do your bookkeeping on an Excel spreadsheet but for that, you will have to apply formulas and enter the data manually.

What you really need is to have your software synced with your accounts and this way, every time you make a payment or receive money, the budget status will update right away.

So, the first thing you should look for is one with automated features and an easy-to-use reporting dashboard so you can easily see all your transactions.

Money transfer and credit application

Even if you have a small business, it will make your job a lot easier if you could send money and invoices to your clients or employees from a single platform.

Some of the solutions included below give you access even to credit applications so you will be able to maintain the liquidity level of your business.

For instance, in Divvy, you can manage all your organization’s budgets and send funds to any of your departments or branches with a click on the mouse.

Tax management

Calculating your taxes and settling the score with the government is a top priority even if you’re an ordinary person so the financial tool has to be ready to do that accurately.

Look for software that has built-in a tax management calculation and if it can also issue the proper required documents, it’s excellent.

That being said, let’s get through our recommendations of the best financial software for small businesses.

When it comes to financing software, Freshbooks definitely has a solid reputation as being one of the very best solutions on the market.

There are many different attributes that recommend Freshbooks but it all starts with excellent support.

This means that any trouble that you might run into can be swiftly solved so that work can continue in an efficient manner.

It provides excellent support for teamwork, making collaboration a significantly easier task thanks to all the new tools and options.

Another great aspect is that it can be as expansive as the user needs it to be. Within a firm, priorities, and necessities so if you’re after something bigger, Freshbook can grow into the finance software you’ve grown to need.

Let’s quickly look at its key features:

Freshbooks

Use the best solution on the market to keep your accounting process perfectly executed with this fantastic tool.

QuickBooks is the best accounting software for small businesses available on the market that does more than save you time and money.

What’s most interesting about this software is that it provides important insights and allows you to better understand, track expenses, and ultimately save money in the long term.

More than that, it calculates taxes and in the process, it is also able to minimize the tax deductions you need to deal with.

The tool is versatile enough to match all major platforms from Windows and Mac to mobile phones and tablets in the online version, but you can also download it as full-scale software.

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There is even a live bookkeeping feature freshly added that provides a certified virtual expert to manage your books with guaranteed accuracy.

Let’s quickly look at its key features:

QuickBooks

Track expenses and check profitability quickly and easily with the very best accounting software for small businesses!

If you really want to take control of your budgets, you certainly need to give Divvy a winning chance because it has all the tools you require.

First of all, with this tool, you can apply for credit of up to $15M in minutes, through a simple online app, no matter the size of your business.

Then, Divvy provides expense reporting with just a few clicks, and it helps you understand and categorize the spent amounts in real-time.

Reconciling credit statements can be a real pain but, in this solution, with only a few clicks or taps, the expenses are coded and synced with your accounting system.

Manual expense papers are also circumvented with Divvy, because your employees can input the info straight in the platform for you to review, approve or deny.

This tool is a real asset to any company, small, medium, or big and you will discover that it will save you a lot of money.

Take a look at some of its best features below:

Divvy

Get complete control over your budget and expenditures with this great tool that offers accounting integration.

Excelling in multiple business domains, GoDaddy also offers bookkeeping services through their accounting software.

GoDaddy Bookkeeping initially started as nothing more than a website that would cater to the basic needs of a distinct class of upstarts and self-employed.

The original use of the service revolved around helping those individuals calculate their expenses and see exactly how much they would owe in terms of estimated taxes.

The service took into consideration tax expenses for individual quarters, which made it that more appreciated and used.

Over the years, however, GoDaddy Bookkeeping grew tremendously and is now featuring a wider range of options.

Let’s quickly look at its key features:

GoDaddy Bookkeeping

Calculate your budget and taxes with one of the most popular bookkeeping solutions on the market.

Moneyspire has a friendly and customizable user interface, so you can easily customize font size, colors, and all other aspects.

The application is fully compatible with other finance software, allowing you to import QIF, QMTF, OFX, QFX, and CSV files from other financial apps.

It’s worth mentioning that this application supports all world currencies so it will work regardless of your region.

Let’s quickly look at its key features:

Moneyspire

In using this tool you will gain access to features such as dashboards, reports, cloud support and many more.

Xero is a software solution that many people will find appealing especially if they are users coming from another software solution: QuickBooks Online.

What this means is that Xero offers a great experience not just for fresh newcomers but also to QuickBooks users that want more out of their accounting software.

The need of advancing to a more robust solution for finance software is often seen with businesses, especially small ones or startups, due to the change in necessities that they experience given their status.

Let’s quickly look at its key features:

Get Xero

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Best financial tips & tricks

The software from our list will help you very much with keeping your budget and funds tracking but it’s still your responsability on how you sped or invest the money.

So, here are a few tips on how to manage the budget:

There you go, we hope you’ll put these tools to good use and save both time and money while you’re at it.

However, you might also be interested in our list including the best checkbook software for Windows 10/11 because it may provide you with further solutions.

What software are you currently using to manage your business? Share your experience with us via the comments section below.

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