Today’s world is dynamic in almost all facets. The statement holds for any business type across every industry. Companies need to stay up to date with the latest developments in their industry for them to survive.
Many businesses prioritise new technology for their services, products, or process of production. Yet, these companies are still using outdated systems for accounting and finance. This makes their financial management needlessly complicated.
Accounting software streamlines the financial management process of all sorts of businesses. It automates tasks such as invoicing, expense tracking, payment recording, account auditing, and report generation. The software also features automatic expense categorisation, integration with bank accounts, and transaction tracking so that businesses efficiently manage their finances with real-time information and built-in-error identifying features. Businesses can reduce errors while saving time on repetitive tasks such as generating invoices, financial reports, and bank statements. This piece unpacks the top five software you need to streamline your business.
QuickBooks is one of the best accounting software available in the market. The software comes with an all-in-one dashboard that allows for efficient bookkeeping. It has powerful features and provides scalability for businesses. Moreover, the software can cater to small businesses with intricate financial needs. It has a broad global user base; any accountant you hire may be familiar with it.
This software is easy to use and integrates with other business applications like Shopify, Square, and PayPal. It also offers cloud-based solutions which allow you to access your data from anywhere with an internet connection.
You can deploy the QuickBooks accounting software with Intune Deployment. This will ensure that: you deploy and manage the software across the organisation, your accounting software is deployed on all devices, and only authorised users can access it. Additionally, you will have insights into your software usage. You can track how often your software is being used and by whom, and this will go a long way in assisting you in making informed decisions.
As the name suggests, this software tracks and manages business expenses. Tracking expenses is more efficient and faster than traditional methods, such as manually keeping an expense reimbursement form that needs supervisory approval or keeping receipts.
The tool is vital for all businesses, with employees regularly needing to be reimbursed for expenses. It is entirely digital and eliminates the need to keep physical copies of receipts and manual stapling of expense reimbursement forms.
Your employees must take pictures of receipts, and everything will be managed through the software. The app will automatically generate and submit expense reports. After approval, reimbursements are made to individual bank accounts within 24 hours.
Xero is a cloud-based accounting software designed for small and medium businesses. It has a customisable dashboard that competes with QuickBooks online. The software allows unlimited users and integrates with a third-party payroll service. It has an Early plan that starts at $13 monthly and includes essential features such as business snapshots and bank reconciliation.
The Growing plan also offers unlimited bill entering, invoicing, and bulky transaction reconciliation. This plan starts at around $37.
On the other hand, you can opt for the Established plan. It costs $70 monthly, adding features such as expense claiming, project tracking, analytics, and multiple currencies.
The software has many capabilities, making it an excellent tool for invoicing and accounting for solopreneurs, small business owners, and freelancers. It allows users to assemble an invoice quickly and accept payments through debit and credit cards, PayPal, Stripe, and automated clearing house transfers.
You can subscribe to different plans depending on your needs. Some of their plans include Lite, Plus, Select, and Premium. You will receive a 10% discount if you opt for the annual plan instead of the monthly plan on your subscription of choice.
FreshBooks is famous for its intuitive interface that offers easy navigation. If you are searching for a simple solution to organise your business accounting in a system, it will take a short time to start with the basics and send the first invoice. It is worth noting that the software is best suited for accounts with a single primary user. You will be charged an additional $10 monthly for extra team members, a large percentage if you subscribe to the lower tiers.
5. Sage Business
Sage Business is a cloud accounting software offering affordable plans to small businesses of up to 10 employees. It has a $25 monthly subscription with unlimited users and cash flow forecasting. The start plan is $10 monthly and comes with invoice creation, automatic bank reconciliation, and tracking credit on top of other features and integrations.
Selecting the right software for your business can be overwhelming due to the many options available. It is vital to select a solution that can cater to the needs of your business while providing fundamental features like bookkeeping, financial management, and expense tracking. The above software is a great option and will sort these requirements to ensure your business accounting processes are streamlined. Remember to conduct your research, compare the pricing, and test the software out to understand which one best works for your needs