AMZ Seller Financing • February 18, 2019
Taxes, payrolls, invoices, and finances… If you are an online seller or a business owner, be it big or small, this is perhaps the least enjoyable part of running your business.
In other words: Accounting.
Accounting can be a time-consuming and boring task or chore for any online seller or business owner. From tracking expenses to figuring out both business and personal taxes, it can be quite dull and frustrating.
As much as you may dislike it, it is important for the optimal growth of your business. It helps you track and manage your business’ growth over time.
Yet, the odds are that you’d rather spend time on growing your business rather than dealing with accounting tasks, right?
Luckily, there are online accounting tools out there that will significantly save both your time and your money.
Before choosing the right accounting tool or software for your business though, there are a number of important things that you need to consider that are perfectly aligned with your needs.
This is because choosing an accounting tool is a vital decision for your business. It can seriously strengthen your finances if managed well.
4 Accounting Tools for Online Sellers and Business Owners.
This software has to be one of the most popular accounting tools for online sellers and small business owners.
This tool initially it only started as a mere expense and invoice tracking software solution. However, currently FreshBooks can sync with your bank accounts in real time. It can keep track of timesheets, generate financial reports, and even process your business payments and payrolls.
Additionally, FreshBooks allows you to expand its functionality as per your needs. You can integrate it with a long list of customer service applications and popular CRM (Customer Relationship Management) apps.
FreshBooks also has built-in time-tracking features and expense management options. These make it a great choice for agencies, freelancers and service-related businesses.
FreshBooks also helps you manage different projects and clients on a situational basis. And it even provides you with the ability to mechanize reminders to customers on late payments.
2. QuickBooks Online
QuickBooks Online is possibly one of the most versatile online tools available out there. If you are a small business owner who absolutely despises managing their finances and the accounts of your business, this tool may be your ultimate savior.
QuickBooks Online is a classic suite of accounting and finance tools that are simply meant for anyone and everyone.
QuickBooks Online has multitude of features such as:
- generating financial reports,
- generating online payment receipts,
- creating dashboards for your business’s financial records and data,
- processing payroll, and
- generating invoices.
QuickBooks Online always keeps your business’s financial data up to date. It syncs with your business credit cards and bank account to do so.
In addition to that, you can also share your QuickBooks Online with your accountant. So, your financials can be easily streamlined during tax periods.
Xero offers you a wide array of accounting tools including:
- hourly updates of exchange rates,
- the ability to get paid in more than 160 currencies, and
- paperless expense management.
You can also send quotes and invoices with this accounting tool along with an automatic reconciliation of your accounts.
Xero has several additional features like:
- invoice creation,
- bank account syncing,
- financial overviews,
- custom-built reports, and
- business expense processing.
While Xero is quite similar to many other online accounting tools, it has one extra feature that gives it an edge over the others.
Xero promotes user flexibility by letting you add as many users as you want for free. If you own a larger business, this feature is particularly useful for you and can act as an excellent advantage in terms of organizing your accounts and finances.
4. Zoho Books
This accounting tool takes on an exceptional approach to accounting software. It starts with a very low price. Even in the Basic Plan you can add up to 50 contacts or customers and send them the appropriate invoices.
The two major features provided by Zoho Books include the ability to add accountants. So, they can keep track of everything.
Secondly, it has an automation feature. With it, you can send automated emails to clients and classify bank transactions.
You can make use of this feature by creating a workflow automation. It can send you an alert email to remind you to follow-up a day after you sent out a particular proposal.
Regardless of how big or small your online business is, you can definitely save some time and effort by using some of these online accounting tools.
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