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Streamlining Your Business with 5 Accounting Software

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 Yet, these companies are still using outdated systems for accounting and finance.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.

1. QuickBooks

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.

2. Expensify

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.

3. Xero

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.

4. FreshBooks

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.

Closure

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

An Analysis Of 12 Payments Platform Strategies – Here’s What We Learned

Whether your business is a brick-and-mortar store or an e-commerce platform, developing a payment processing strategy may not be as easy as it sounds. With hundreds of payment processing services out there, choosing the one that’s best for your business and customers may be challenging.

Here’s an analysis of 12 payment processing strategies.

IRIS CRM

IRIS CRM is a cloud-based payment processing platform handling payments that you can access via a secure website. With over 50 integrations, IRIS CRM provides a robust collection of tools enabling payment processing organisations to conquer marketing and retention. Employees can quickly adopt the software and offer services incorporating API integration, and it eliminates the need for a business to invest in multiple systems.

Stripe

At about $35.3 billion, stripe offers an API that web developers and merchants use to incorporate payment processing services into their sites. The company has various cost-free services, like refunds, and merchants can easily update their payment platforms with a few code lines. The downside is that it takes two business days for merchants to deposit money into accounts successfully.

Helcim

Helcim can be suitable for small businesses because it is easy to set up, offers high volume discounts, and has straightforward interchange-plus pricing. Payments may be made via in-person or keyed and online payments. In-person payments consist of 0.3% interchange-plus and 8 cents/transactions for companies having $25,000 or less monthly card sales. Keyed and online include a 0.5% interchange-plus and 25 cents/transaction for companies dealing with $25,000 or less monthly card sales. With Helcim, there are no PCI compliance or setup fees, monthly subscription costs for merchant account providers, and merchants can cancel the service anytime without penalties.

Ingenico

As a payment processor, Ingenico is preferred by companies prioritising in-store payments as it’s a top provider in dealing with in-store card payments. Currently, Ingenico provides various payment services covering online and in-store mobile channels.

Adyen

Founded in 2006 and with famous merchants like Spotify and Facebook, Adyen offers e-commerce firms a payment platform consisting of risk management, gateway, and front-end processing services. The company’s services are used in over 200 countries and enable payment in any medium across 100 various payment mechanisms.

Clover

Clover offers payment processing services and POS hardware and software services. In clover, pricing depends on the preferred software plan with in-person and keyed-in transactions. In-person transactions have a monthly fee ranging between 2.3% and 2.6% plus 10 cents, depending on the program. On the other hand, keyed-in transactions have a monthly cost of 3.5% plus 10 cents, depending on the chosen plan. Although clover is relatively affordable and convenient, the software plans have a monthly fee for various POS terminals used.

Fiserv

Fiserv is among the most prominent 2019 fintech tie-ups and offers services including technology, payment processing, and debit and credit card transactions. With over 12,000 financial institution clients, the company provides various technology solutions to merchants, banks, and other businesses.

Due

This company’s billing and payment processing services are ideal for small business owners, companies, and freelancers. The billing and payment process services include project management, time tracking, and invoicing options, with the latter two features being in over 100 languages, tax systems, currencies, and international card processing.

Payline Data

Payline Data accepts various online, in-store, and mobile app payments. Moreover, this payment processor offers merchants cash advances, QuickBooks integration, customer insights, and an interchange-plus pricing structure without a reversal fee. Payline Data also has excellent customer service anytime you need help.

BitPay

Founded in 2011, BitPay is among the most significant bitcoin payment providers worldwide. The company transacts more than $1 million every day, where users convert bitcoin into their preferred currencies. There are nine currencies in 38 countries to choose from, reducing volatility. BitPay works with Merchant Acquirers, PayPal, Alternet Systems, and Global Payments.

Square

With Square, you can accept payment anywhere in the world. That’s so because of its innovative features like contactless + chip reader, magstripe reader, and stand, which convert the mobile device into an exceptional and unparalleled payment processor. Square is also custom-tailored, offering solutions for several business types like beauty, transportation, restaurants, and professional service companies.

PayPal is among the most popular payment processing services suiting businesses. When you integrate PayPal into your business, your customers can make transactions using their PayPal account number without displaying their debit or credit card details.

Many businesses have shifted from checks and cash payments to digital payments. This shift has seen many business models adopting new and advanced payment technologies. With numerous payment processing companies, it’s best to choose affordable, feature-rich software that aligns with your business goals and objectives.

PayPal

PayPal is among the most popular payment processing services suiting businesses. When you integrate PayPal into your business, your customers can make transactions using their PayPal account number without displaying their debit or credit card details.

Many businesses have shifted from checks and cash payments to digital payments. This shift has seen many business models adopting new and advanced payment technologies. With numerous payment processing companies, it’s best to choose affordable, feature-rich software that aligns with your business goals and objectives.