5 business accounting and financial tools for Startups

By Mohammad Farooq ⏐ 11 years ago ⏐

3 min read

Emerging Startups have plenty of ideas at hand, but innovation remains the key to success. After receiving the initial round of investment from Venture Capitalists, they finally get the opportunity to get off the ground. The key lies in learning to manage their finances effectively and how to account for them. Thanks to a variety of tools available (listed below), startups can manage their accounts, daily cash expenses, receipts and so much more.

1) Wave Accounting

Wave Accounting specializes in providing accounting tools tailored to entrepreneurs, startups and small businesses. It is free, allows preparing professional invoices using beautiful templates personalized with your logo and shareable with your clients. It possesses the feature of separating personal expenditure from business spending with integrated tools at your disposal. The ability to generate accounting reports can aide in decision making. Wave’s free receipt scanning tools allows to reduce significant paper clutter and import information. The icing on the cake is, you can manage your company accounts on the go with mobile applications for both iOS and Android along with an extension for Google Chrome. For more information, visit the Wave Accounting website.

2) ShoeBoxed

Shoeboxed offers to track receipts on the go, send expense reports with receipt images, from anywhere. It is a great way to turn your paper clutter into paperless data and reports. Receipts emailed are also auto-importable and can scan business cards too. It is free for basic usage, but Shoeboxed offers paid plans depending on the kind of usage that startups have.

3) TurboCASH 5

Turbocash is one of the leading open source solutions available for bookkeeping purposes and is totally FREE. Like any other bookkeeping application, it offers stock control, balance sheets and income statements support. The learning curve is a bit steep, especially if you are new to accounting and managing finances. Turbocash offers an online starters manual on their website.

4) AdminSoft Accounts

Adminsoft accounts is a free bookkeeping software for Windows. It features a double entry accounting system, which supports accounts payable & receivable, invoicing, stock control, payroll and much more. It has a steep learning curve but the functionality it offers for free would cost a hundred dollars a year if opting for a paid solution.

5) Xero

Xero is a web-based online accounting software for small businesses. It offers a risk-free trial for 30 days with full access to all features in its suite. It offers easy invoicing, an intuitive user interface along with support for creating purchase orders, paying your bills, multiple currencies and managing inventories. It offers native apps for both iOS and Android allowing to run the business on the go. The pricing plans start from $20 to $40 a month depending on the usage.