The Most Common Small Business Software Used for Accounting
In small businesses, cutting costs is an essential strategy for achieving or maintaining profitability.
These organizations operate on a tight budget. Therefore, any strategy that can help a company to cut costs is a welcome bonus.
Accounting is one of the everyday and repetitive tasks that small companies have to handle. Using accounting software to handle bookkeeping will, therefore, help business organizations to succeed.
Before incorporating software into the business, it is always necessary to select the best. Here is a list of some useful small business software that can handle your accounting needs.
1. Intuit QuickBooks Online
Intuit QuickBooks Online is a cloud accounting software. It is joining the market when every organization is looking for cloud-services. This software can handle most standard accounting requirements.
It allows your business to track all the necessary expenses. It can also help you to track the revenues that your company is getting.
Intuit QuickBooks Online can also receive payments because it has Paypal, Shopify, and Square integrations.
FreshBooks is for subscription model accounting software. It helps you to track all the customers and remind them to pay their subscriptions. You can easily see where a customer opened the invoice.
This means that you will not get excuses for not getting the invoice. It has time tracking capability because it was designed for subscription purposes. It can also integrate with many other business applications.
FreshBooks comes with a mobile app. This enables you to keep track of your business while on the go, a feature that other accounting software does not offer.
Pabbly is subscription management software. It provides real-time data on revenues and new subscriptions. Pabbly can help small business organizations determine their active customers.
Understanding active users means that you can have an estimate of subscription payments. Pabbly automates every aspect of your business. It can even help you to communicate with your customers.
Pabbly is like free software. It does not increase fees based on the business’ income or the number of transactions.
Wave serves freelancers and small businesses. Invoice and other common accounting transactions are free.
Wave keeps on updating its software. Everything in your bookkeeping section will remain up-to-date. It also has an in-built time tracking feature for freelance activities.
In some instances, Wave may introduce some changes. For payroll services, you need to pay some fees. You’ll also be required to pay some additional fees for tax purposes.
5. Sage 50Cloud
Sage 50Cloud is another cloud accounting software in the market. It has been tailor-made for small companies.
This software is very effective in tracking payments. It can also send invoices to customers. Sage 50Cloud is mainly used in calculating income taxes.
However, this accounting software does not have time tracking features. Therefore, it cannot be used for subscription services. You will also need something else for payroll services.
Xero is very advanced accounting software. It is specifically made to operate on your tablet or phone. It helps you to handle your accounting needs while on the go.
It is an essential application for sending bills in real-time. Xero has been known for helping small companies to send custom invoices. It can also be used to track inventories.
Xero can be connected to your bank account, which means that you will have a seamless banking experience. Unfortunately, this software is not the best when it comes to living support.
7. Zoho Books
Zoho Books is known for its ease of use. You don’t need training at all. With basic computer knowledge, you can work with Zoho Books.
Besides the ease of use, this accounting software is perfect for managing cash flow. It can accept online payment. You can also create a simple balance sheet using this software.
Zoho has an easy-to-read accounting dashboard and is known for offering excellent support to its customers.
8. GoDaddy Bookkeeping
GoDaddy Bookkeeping is low-cost accounting software that can be used to manage personal finances. The company charges $4 per month, which is the lowest in the industry.
A huge advantage associated with GoDaddy is that it integrates with data from Amazon, Etsy, and eBay. It can also integrate with the company’s bank account.
This is the best accounting software for calculating quarterly tax estimations. It is a good option for those selling through such online platforms. However, GoDaddy does not handle extensive accounting reporting.
Kashoo is a simple accounting solution. It is very specific to the needs of small companies and won’t accept complex financial transactions.
It has automatic accounting features such as categorization and financial reconciliations. Keshoo is very good at expenses and income tracking.
It is the only accounting software in the market using machine learning. This gives it an edge when it comes to advanced technology features. It also has unlimited user capability.
10. AccountEdge Pro
AccountEdge Pro is another advanced accounting software, mainly used by large organizations. It has the capabilities of handling comprehensive financial needs.
With this accounting software, small companies can perform double-entry accounting. All its features adhere to double-entry accounting standards and it has a time billing mechanism for subscription purposes.
AccountEdge Pro offers customized accounting services. It is mostly made for mobile devices but can be optimized for desktop users
With so many types of accounting software in the market, every small business should select the best accounting software. However, before making that decision, you need to verify that the software will integrate with your workflow and operate seamlessly.
Do you intend to buy any of the above accounting software? Quality Logic helps companies with software testing.
Choose Your Small Business Software for Accounting
As a potential entrepreneur, it is necessary to plan. You need to have the necessary technology to handle your business operations. Having accounting software for bookkeeping services is a step in the right direction.
With small business software, you will enhance accuracy in your accounting department and cut labor expenses.
For more articles outlining vital business tips, keep visiting our website.