accounting tools for business decision making

8 Best Accounting Tools for Business Decision Making

Elena Hudgens
By Elena Hudgens 9 Min Read

In the past, businesses were run with the help of human assistance and calculations.

But, now the business scene has completely changed with new upgrades like accounting tools for business decision-making and financial transactions.

Moreover, businesses are increasingly opting for accounting and financial services.

This is a huge upgrade for the business sector. To read more, click here

So now we can evaluate the importance of accounting and finance tools.

What is accounting?

Accounting is the process of evaluating and recording financial transactions in a business.

To get a clear view of tax receipts and profits, bookkeeping is very helpful. Due to its accuracy and efficiency, bookkeeping makes any business.


Financial Accounting

It is a process of analyzing, summarizing, and recording all economic transactions of a company.

Financial accounting includes the statements and transaction records of a company.

The sole purpose of financial accounting is to prepare the financial reports of a business.

This is done to analyze the performance of the company based on investment and tax aspects.

There are 8 types of accounting:

  • Financial accounting
  • Auditing
  • Tax accounting
  • Accounting
  • Cost accounting
  • Forensic accounting
  • Public accounting
  • Governmental accounting
Financial accounting

Best 8 Accounting Tools

Most accounting tools are designed for different businesses.

Tools like general ledger are mostly used by smaller businesses.

Here is the list of the 8 best accounting tools for business decision making:

Zoho Books

This accounting tool is very reliable and easy to use. Zoho Books offers unique and powerful software that supports the entire business work.

It is a well-designed and professionally developed tool that helps a business to protect its privacy effectively.

Zoho Books offers a unique platform known as Zoho One, a unified cloud software. It increases organizational efficiency and reduces errors.

It is a unified suite of more than 45 applications that help you achieve the best work performance.

The Zoho ecosystem includes professional services, high-quality infrastructure, support, and security.

Zoho Book

It offers businesses the opportunity to build and maintain healthy relationships with their customers.

Zoho Books also offers additional services like Begin and Calendar to enhance all aspects of the business.


OneUp is a dashboard service provider.

It provides a quick overview of finances, the latest profit and loss information, total cash flow, and expensive breakdowns.

It is a unique and easy-to-use financial dashboard. This platform provides mini reports that help business owners healthily run their businesses,

So, with these unique features and a user-friendly interface, OneUp is one of the best accounting tools.

OneUp also includes an invoice creation feature and an effective inventory management module.


Accounting software that includes tools and intelligence to improve your business.

ZipBooks is simple accounting software that offers services such as invoicing and billing, bookkeeping, and intelligence.

It makes accounting a simple process with regular bookkeeping and efficient automatic categorization.

With regular data-driven intelligence, ZipBooks provides an easy way to automate, predict and advise.

It also includes beautiful invoices and estimates in seconds.

ZipBooks offers services like Bank Connect, time tracking, smart tagging, team management, and mobile accounting.

ZipBooks makes accounting easy and intuitive thanks to its beautiful design and user interface.


With affordable rates and brilliant accounting software, Xero has been able to distinguish itself as a leading accounting tool.

It offers simplified bookkeeping with many exploratory features. Xero is designed and developed for small businesses, accountants and bookkeepers.

It offers features like:

  • Pay invoices
  • Claim expenses
  • Bank details
  • Accept payments
  • Track projects
  • Bank reconciliation
  • Manage contacts
  • Capture data
  • Pay runs
  • Reporting
  • Files
  • Inventory
  • Purchase orders
  • Accounting in multiple currencies
  • Send invoices
  • Sales tax
  • Cost estimates
  • Analytics Plus

Track your business efficiently with the Xero mobile accounting app. For every accountant this is very practical and helpful support.

In addition, more than 100,000 companies use Xero to relieve the burden on their

accounting department. 

So the number of connected companies reflects the quality of the Xero service. A total of 3 million subscribers use the functions offered by Xero.

It is also regarded as one of the best accounting tools for business decision-making.


With 10 years of accounting experience, Kashoo can provide you with efficient accounting services.

It offers simplified bookkeeping for small business owners. It provides regular tracking of

Income and expenses. 

But the option to link the bank account is not available in the Kashoo application. 

Businesses choose Kashoo because of its easy invoicing and two payment options,

electronic and check to print.

Most often, new business owners choose Kashoo accounting services because of the simple and effective user interface.

 It also offers the ability to record income and expenses. To read more, click here.

Wave accounting

This is an award-winning financial software designed specifically for entrepreneurs.

Wave Accounting provides a better way to create, move, and manage

Money and financial transactions.

It is known for its reliability and efficient management of income and expenses. So, we can understand the value of the Wave accounting tool for small businesses.

Besides, it has a tracking feature for every business aspect. Other products that Wave accounting offers are payroll, payments, and invoicing.

They provide business owners with efficient management of their finances. And in fact, Wave also offers 12 standard reports as well as financial reports.

These reports have limited customization, but can be customized in a later process. 

They can be customized in a later process. 

Sage 50cloud accounting

This is a desktop accounting software that also has cloud access.

With fewer administrative functions and more automation, Sage 50cloud helps a

Business to make quick payments.

However, you only get a 40% discount if you take the offer for the first year. 

Sage 50cloud Accounting offers better and more powerful accounting along with new advanced financial features. 

It is also called the best accounting software for small businesses.

Sage 50cloud Accounting offers other products like:

1. Cash flow & invoicing

2. Payments & banking

3. Advanced inventory management

4. Order calculation

5. Payroll accounting

6. Reporting

It also provides customers with live demo classes to answer their questions. 

This software saves time that you can use for other important tasks. But the fast services make this accounting tool one of the best in the industry. 

It also offers the ability to view a summary of inventory for tracking. 

QuickBooks Desktop 

This is also a desktop accounting software that makes the business mechanism more flexible. So if we go by the name, we can analyze the true meaning. 

QuickBooks Desktop offers solid accounting features and also allows you to connect Bank Account Data.

It offers services based on checks, points of sale, and payment. A total of 7 million customers have used QuickBooks Desktop worldwide.

There is a wide range of plans available and the customer has the choice to select one of his choice. To read more, click here

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Posted by Elena Hudgens
Elena Hudgens is an entrepreneur with 10+ years of experience. She started her journey by building her own e-commerce website on Shopify and turned her $1000 savings to millions in just 2 years. Soon she started different ventures in which she failed and succeeded. And now, she's on a mission to help other entrepreneurs with her life and business lessons.

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