Starting a new business is thrilling, but let’s be real, the financial side of things can quickly feel like a never-ending game of catch-up. Whether you’re building an e-commerce shop, launching a consulting gig, or offering a local service, you need accounting tools that help you work smarter, not harder!

In this post, we’ll break down five accounting tools every entrepreneur should consider using. These aren’t just shiny software options; they’re proven solutions that can keep your business organized, reduce stress during tax season, and help you make informed decisions from day one!

QuickBooks Online: The Gold Standard for Small Business Accounting

QuickBooks has been around forever, and for good reason! The online version (QuickBooks Online, or QBO) is one of the most robust and user-friendly accounting tools on the market!

WHY WE LOVE IT:

• Invoicing is fully customizable and allows for recurring payments

• Bank syncing pulls in transactions daily so you’re not manually entering data

• Mileage tracking, payroll, and even sales tax calculation is available with add-ons

• Real-time reports (like Profit & Loss and Balance Sheets) are perfect for financial check-ins

It’s ideal for service providers, product-based businesses, and everything in between. If you ever plan to scale or work with a bookkeeper, QBO is a no-brainer!

BEST FOR: Businesses that want long-term growth, solid reporting, and bank-level data protection!

• Wave: The Budget-Friendly Powerhouse

If you’re just getting your feet wet and want to avoid subscription fees, Wave is a fantastic free accounting tool! Don’t let the price tag fool you as Wave still covers the basics very well!

WHY WE LOVE IT:

• Create unlimited invoices and accept payments online (for a small processing fee)
• Connect your bank account to automatically import transactions
• Built-in receipt scanner makes it easy to track expenses from your phone
• Basic reporting (like income statements) is included at no extra cost

While it doesn’t have all the bells and whistles of QuickBooks, it’s more than enough for solopreneurs, freelancers, and side-hustlers who just need the essentials!

BEST FOR: New entrepreneurs who want simple bookkeeping without breaking the bank!

• Gusto: Payroll Made Simple (and Beautiful)

Once you bring on employees, or even just contractors, payroll can quickly become a beast! Gusto makes it painless and handles everything from direct deposit to end-of-year W-2s, so you can stay focused on growing your business!

WHY WE LOVE IT:

• Automatic tax filings for federal, state, and local levels
• Time tracking and PTO management built-in
• Employee onboarding features make it easy to collect paperwork and offer benefits
• Integrates directly with most major accounting software

Payroll compliance is one of the biggest financial risks for small businesses. With Gusto, you can eliminate the guesswork and reduce the chance of penalties or missed deadlines!

BEST FOR: Businesses ready to scale or hire their first team members!

• Expensify: Your Virtual Receipt Bin

Receipts matter, especially when it’s tax time! Expensify turns your phone into a powerful tool for scanning and organizing your business expenses. Think of it as your digital shoebox (without the paper clutter)!

WHY WE LOVE IT:

• SmartScan technology pulls details from receipts instantly
• Submit reports with the click of a button
• Mileage tracking and per diem tools are available
• Syncs with QuickBooks, Xero, and other major software platforms

If you travel for business, take clients to lunch, or regularly incur reimbursable expenses, Expensify keeps everything tidy!

BEST FOR: Entrepreneurs who are always on the move and want audit-proof documentation!

• Clockify: Track Time, Bill Smarter

Even if you’re not charging hourly, knowing how you spend your time can be a game-changer for profitability! Clockify is a free time-tracking tool that helps you understand where your hours are going, and how to make better use of them!

WHY WE LOVE IT:

• Track billable vs. non-billable hours
• Create client-specific projects with hourly rates
• Generate reports that show how your time translates to revenue
• Works for solo entrepreneurs and teams

It’s especially helpful if you offer services like coaching, design, legal support, or consulting!

BEST FOR: Service-based businesses, contractors, and anyone who wants to get paid for every minute of their work!

Final Thoughts: Start Smart, Grow Smarter

You don’t need to be a CPA to manage your business finances, you just need the right tools! Investing in reliable accounting software from the beginning saves time, reduces stress, and gives you confidence in your numbers.

Still unsure which tools are right for you? Don’t worry, Myles Ink can help guide you based on your business type and growth goals!

Remember: The best tool is the one you’ll actually use consistently!

Sources:

QuickBooks Online

Wave Accounting

Gusto Payroll

Expensify

Clockify