Recent developments in the area of single-point incremental forming process deal with the study of forming accuracy. In general, the forming tool is assumed to be rigid, contrary to what exists in real experiments. This paper presents the simulation results of the effect of tool stiffness in the single-point sheet incremental forming process. A finite element method-based analysis was adopted for this study. The analysis is carried out using tools having different compliance. The nodal displacement of the deformed profile of the truncated cone was measured and compared with the results from the numerical trials with a rigid and deformable tool. The study indicates that using a deformable tool results in considerable geometric errors in the formed component.