These 5 apps are changing the way small businesses do accounting

Still using spreadsheets to manage your finances? If so, your small business is missing out on the all the benefits that come with automating accounting tasks from cash flow management to invoicing.

Making the shift to a dedicated cloud or desktop-based accounting tool will eliminate tedious manual tasks and increase your financial management efficiency—helping you gain a competitive advantage.

In this article, we’ve shortlisted five accounting tools designed for small businesses, and we’re taking a look at their features and pricing.

Read on to learn which of these top accounting apps is right for you.

Zoho Books

Zoho Books is a cloud-based accounting system designed to help small businesses streamline their finances and stay up-to-date on their cash flows.

This solution is a big name in the accounting software industry, and it’s loaded with features that can help your small business automate account ledger entries, transfers between bank accounts, and payment scheduling.

Key features of Zoho Books include:

Bank reconciliation: The software syncs with your bank accounts and credit cards to create an automatic feed of transactions, eliminating the need for manual entry.

Expense tracking: Upload receipts from your mobile phone for all reimbursable expenses. Submit travel expenses while on a business trip; just take a picture with your phone’s camera and upload the images to the platform.

Financial reporting: Use the prebuilt templates and generate reports such as profit and loss, trial balance, budgets, sales reports, and more to help your small business monitor key financial performance indicators (KPIs).

Zoho Books includes dedicated Android and iOS apps so you can manage your finances while on the go.

Pricing: Starts at $9 per month with a 14-day free trial.

Zoho Books’ accounting dashboard (Source: GetApp.com)

Sage Intacct

Sage Intacct is a cloud-based finance and accounting solution that helps you automate your small business’s financial reporting and eliminates manual data entry. It also helps you forecast financial performance in terms of expenses and income so you can plan your budget accordingly.

Key features of Sage Intacct include:

Customized workflow options: Focus on the most key financial aspects of your business by configuring the workflows, entry screen layouts, and reporting functions to your needs with no need for advanced knowledge of coding, scripting, or third-party tools.

Order management: Sync your financial data with your sales and order data for a seamless flow of information and increased visibility of pricing structures, discounts, order status, and sales performance.

Cash flow management: The dedicated cash management tab on the dashboard provides a complete picture of your cash flows with a consolidated view of transactions from all accounts in one place.

Pricing: Available on request.

Sage Intacct’s accounting dashboard (Source: GetApp.com)

Plooto

Plooto is a cloud-based accounts receivable and accounts payable solution that makes it possible for small businesses to process and receive payments from both international and domestic parties on one platform.

This tool also helps small businesses send payments internationally by charging a flat fee instead of wire transfer fees, and it always offers the best exchange rate.

Key features of Plooto include:

Single payment dashboard: Make and receive domestic, international, mass, and recurring payments in multiple currencies from a centralized location. No need to juggle between multiple third-party financial tools or rely on wire transfers and checks.

Invoice management: Send invoices and reminders for recurring payments. You can also create preauthorized automatic withdrawals.

Real-time exchange rate payments: Pay clients at the right exchange rate without paying transfer fees through a third-party.

Pricing: Starts at 50 cents per transaction in the U.S. (when you process at least 50 transactions per month); $9.99 flat fee per international transaction; 2.89 percent + 30 cents for each credit card transaction.

Plooto’s transactions dashboard (Source: GetApp.com)

MineralTree Invoice-to-Pay

MineralTree Invoice-to-Pay is a cloud-based accounts payable and automated payment tool that integrates with your existing accounting platform. It is designed to streamline the process of approving invoices, seeking authorizations, and tracking payments, so you can focus on the larger financial picture for your small business.

Key features of MineralTree Invoice-to-Pay include:

Invoice management: Stores invoices in a secure database for future reference. The software also automatically extracts invoice headers and general ledger-coded line item data to eliminate manual data entry.

Security: The accounts payable (AP) workflows are automatically synced with multilayer security to safeguard your accounts against fraud.

Integrations: MineralTree Invoice-to-Pay integrates with several different accounting systems to improve cash flow management. It reduces costs by remembering the best payment method for a specific client, such as check, debit card, or credit card, so you don’t have to manually choose the method every time.

Pricing: Available on request.

Accounts payable and invoice summary in MineralTree Invoice-to-Pay (Source: GetApp)

Bill.com

Bill.com is a cloud-based accounts payable (AP) and accounts receivable (AR) solution designed to help you schedule payments on time, whether you’re paying clients or vendors, or even paying bills for operating expenses. It also automates other financial management tasks related to bookkeeping, managing payments to clients, and monitoring your revenue.

Key features of Bill.com:

Payment management: The payments dashboard provides an overall summary of bills that are pending, paid, and scheduled. Once a biller’s information is entered in the system and their account is synced, you can pay them directly from the platform via payment methods such as ACH, credit cards, and PayPal.

Invoicing: Invoices can be sent automatically through the payment gateway, which allows clients to view invoices online and pay you on time. Set up personalized recurring payments and automatic reminders for regular clients.

Integrations: By upgrading to the “Team” plan, you can integrate Bill.com with other core accounting tools, such as QuickBooks, QuickBooks Online, Xero, and Intacct.

Pricing: Starts at $29 per user per month.