Gone are the days when people used counters and calculators to maintain business finances. Today’s fast-paced world calls for fast-paced corporate solutions. One of which is accounting software.
What is Accounting Software?
Accounting software aims to enhance the efficiency of business operations as it provides services like managing general ledger, account payables, account receivables, and some other services. It also helps to reconcile bank accounts, manage clients, and generate insightful economic reports.
Financial calculations are often tedious and time-consuming. This has compelled the companies to purchase software and perform accurate calculations without relying on the employees.
It is a platform that stores all your information in a single window. This makes it easier to review past transactions. You don’t have to dig into piles of paperwork to find the transactions that occurred in the previous years. It ensures accurate calculations and provides enough time for the companies to invest in meaningful tasks. Given these perks, businesses need to have accounting software.
7 Best Accounting Tools To Help With Business Operations
Entrepreneur report that about half of small business owners state that accounting is their least favourite task. Assuming you work in the corporate sector, you probably know the reason behind it.
And if you mess up the bookkeeping, you are looking at a prolonged period of bankruptcy and debts. Managing finances is the key to successful entrepreneurship. Scan the following accounting tools you must get to improve the financial affairs of your business:
1. Sage Accounting
If you are the company’s sole owner, then Sage Accounting should be your first pick in account management. It helps you to record the income and perform bank reconciliation at a minimum subscription fee.
If you want more functionality, you can upgrade to the next package of Sage Accounting. This will allow you to overview business financials, bill vendors, and cash flow forecasting.
This tool is particularly helpful if you work with contractors and freelancers. Its project management capabilities are quite efficient, making it an ultimate pick when working with independent entities.
2. AccountEdge Pro
AccountEdge Pro offers cloud and on-premise access. It is a great fit for small and large-scale companies alike. This is probably one of the perfect tools you will find in this list because it offers a comprehensive inventory management module.
Along with inventory accounting, this tool also offers robust accounting capabilities. These include sales, time tracking, and the payroll module. Recently, the company also added a customers portal to make it easier for consumers to pay online.
The reporting options of this software are excellent. Plus, there is a free email and telephone support available at an additional cost. Another reward it brings is an option to choose between online access or desktop application.
Check out its packages and choose the one that goes light on your pocket!
There is no better application than Freshbooks accounting software for small businesses. It is an online accounting and bookkeeping application that aligns with the needs of contractors, sole proprietors, and consultants.
The official website of this software claims that it helps users to save 46 hours annually. It integrates with several business apps and gives you a single dashboard to manage your finances.
This tool was developed with beginners in mind. It will guide you step-by-step when you first start using this tool. There is a fantastic invoicing capability infused in this tool that allows creating professional invoices within an instant. Plus, there are features covering client project management, integration with bank accounts, and time tracking.
Pabbly Subscription Billing, as the name suggests, is a subscription management software for small and medium-sized businesses. It provides real-time metrics on net revenue, monthly payments, and new subscriptions. It also automates the business workflows and communication to bring a smooth functioning of business affairs.
The unique selling point of Pabbly is its subscription billing model. Typically, you have to pay a surplus amount to the company to design billing templates. However, Pabbly doesn’t charge an extra fee based on monthly revenue generation or per-transaction.
The accounting help provided by Sighted has received significant appraisal by experts. It is a straightforward and robust tool with multiple features.
You can use it to track expenses, customize your quotes and invoices, manage clients, integrate your online payments, and add merchant information.
We understand how small companies don’t want to burn a hole in their pockets with heavy-duty accounting solutions. Sighted will be your best pick if you are in similar circumstances. It wins out on affordability, power, and accuracy.
There are several packages offered by this tool. Study each of these packages in detail before you finalize one for your account handling.
Gusto is a payroll tool that tags along with a herd of features. It brings standard payroll functions, such as filing at the state level, employee onboarding, and automatic tax processing.
Along with these, Gusto also gives you the ease to enrol in the health benefits plan, manages the human resource, and deals with the retirement plans. You can try it for one month for free to examine the functionality of this tool for your business.
7. Zoho Books
Zoho brings a comprehensive accounting solution in a single package. It is also an alternative to Freshbooks accounting software with multilingual customized invoices. The tool takes you step-by-step through the process, explaining what you have to do.
One of the biggest rewards of using Zoho Books is that you access a plethora of resources geared for non-accountant business owners. This tool includes good sales and customer management, inventory management, and connecting with the bank accounts. A client portal allows entrepreneurs to share invoices and accept online payments.
There is an easy-to-read dashboard that every member of an organization can fathom easily. It also offers incredible customer support to help customers learn the ins and outs of the program.
Leaving your accounts to chance will never let you win on corporate grounds. You must find a powerful solution to your financial woes to ensure structured growth in the industry.
Don’t forget to tell us which tool seems sound for your company!