Top 10 Financial IT Systems for Small Businesses

As a Xero-certified accountant who specialises in financial IT systems, I’ve seen firsthand how the right system can streamline financial processes and improve the overall efficiency of a small business. Here’s an in-depth review of my top 10 recommended financial IT systems for small businesses:


Xero leads the pack with its simple, user-friendly interface and extensive features. This cloud-based software offers real-time updates, making it easy for you to keep an eye on your finances. It has easy bank reconciliation and can be integrated with over 700 business apps, making it a versatile tool for your small business.


QuickBooks is a comprehensive accounting solution which comes with features like automatic scheduling, invoice generation, expense tracking, and easy integration with other business tools. The ability to manage all your business finances in one place makes QuickBooks a go-to choice for business owners.


FreshBooks stands out for its excellent invoicing capabilities. It also offers time tracking, expense management, and project management features, making it an all-rounder for small business needs. The intuitive design means you’ll spend less time on paperwork and more time running your business.

Zoho Books

As part of the larger Zoho suite of business applications, Zoho Books is an excellent option for businesses already using other Zoho products. It offers smart accounting features such as automated bank feeds, collaborative client portals, and custom invoices, catering to the needs of growing businesses.

Sage 50cloud

Sage 50cloud is a unique blend of the reliability of desktop software with the flexibility of cloud access. It offers robust features for inventory management and job costing. Seamless integration with Microsoft Office 365 provides a comprehensive business solution.

NetSuite ERP

While NetSuite ERP might seem overwhelming for the smallest businesses, it offers a comprehensive suite of features that can grow with your business. Its real-time insights into key business performance indicators provide a unified and accurate view of your enterprise, aiding decision-making.


Wave is a free, cloud-based accounting software that’s perfect for freelancers and micro-businesses. It includes features for invoicing, payments, and payroll. With a design focused on simplifying small business accounting and taxes, Wave helps you keep your finances on track without the hassle.


Designed specifically for UK small businesses, KashFlow offers features like VAT returns, payroll functionality, and direct bank feeds. Its easy-to-use, jargon-free interface lets you focus more on your business and less on figuring out how to use the software.

Tally Prime

Tally Prime is a comprehensive business management software offering capabilities for accounting, inventory management, tax management, payroll, and more. Its rich capabilities help businesses perform their operations efficiently, making it a popular choice among small businesses.

AccountEdge Pro

AccountEdge Pro is a desktop-based solution that shines with its strong features for inventory management, banking, and time billing. It’s a premium accounting tool for businesses that prefer a one-time purchase over a monthly subscription, providing long-term value.


Choosing the right financial IT system can significantly impact the efficiency and profitability of your small business. Each of these systems has its unique strengths, so consider your specific needs and the size of your business when making your decision.

Written by Alan Boal Accountant

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