Help – Cleansing Duplicate Accounts & Contacts

I was put in charge of helping a team member migrate from ACT to Salesforce. His database contains about 5,000 records and many duplicate entries. Besides duplicate contacts, he has many duplicate accounts with differing names – such as Company Name, Company Name Inc., etc…

Salesforce has its own dedupe process but I am wondering if there is a faster or easier solution? I am open to buying software and all other ideas.

Thanks