Business software is designed to make daily business operations easier, faster and to reduce cost. To achieve this, we look for features that takes away the headache out of small business accounting, such as automated entries, invoicing, financial reports, bill payments, expense reports and reconciliations.
Selecting the right accounting software for your business is not as complicated as you think. It doesn’t even necessarily require that you outsource the task to experts to help you make the best decision. It’s something you can determine yourself.
Here are few things that determine the kind of accounting software to purchase for your business:
- Your budget for the software
- Reason for getting an accounting software
- The features of the accounting software program your business needs
Having known these, you want to go for the best accounting software that suits your business needs. It will only take you a little research to discover the right accounting software for your business.
The criteria for evaluating accounting softwares include:
- Ease of use
- Time-saving features
- Reporting capabilities
- Mobile access (e.g. Smartphone App)
- Accountant access
- Service limitations (e.g. Number of customers, invoices, users, transactions packages allowed)
- Customer service
- Additional services like credit card processing, tax preparation and payroll services
- Integration with third-party apps
The software that meets these requirements
FreshBooks, Intuit QuickBooks Online, Less Accounting, Outright, Sage, Wave Accounting, Xero, Zoho Books.
Here are what the above accounting vendor offer their clients.
- FreshBooks – A big favorite among business owners. Its software is user-friendly which makes it possible for non-accountants to use it at ease.
- Intuit Quickbooks Online – Highly recommended accounting software. It works for all types of small businesses. Intuit Quickbooks can be used in your business whether you are just starting out, planning on expanding your business or have expanded already.
- Less Accounting – Helps you spend less time managing your finances, and therefore makes you spend more time with your business. It does this, by automating every account details such as data entry to billing to enable you spend few minutes instead of hours on your accounting.
- Outright accounting – Simplifies accounting by using book keeping data to help you prepare for tax time. It does this by categorizing sales and expenses, and then uses this information to prepare your Schedule C, calculate taxes owed and so on.
- Sage – Sage one comprises two types of accounting plans: One for invoicing which it does by itself, and the other is used for full-service accounting. The full-service version offers credit card processing and integrates with everything from e-commerce to point-of-sale (POS), inventory tracking, customer relationship management (CRM), document management and more.
- Wave accounting – Wave accounting can be of great help to you if you don’t have enough money to spend on accounting software. It is a web-based accounting software for small businesses with few employees, say 10 or lower.
- Xero – Another highly recommended accounting software which is affordable and easy to use. It is a cloud-based accounting software that offers varieties of features and integrates with third-party business solutions you might be familiar with. It is specifically for online stores, as it integrates with over 26 e-commerce apps.
- Zoho Books – A full-featured accounting software that is user-friendly. It is also business friendly as it is availabe for a very low monthly price.