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Efficient management of cash flow and other financial matters of a business is a crucial part of becoming an entrepreneur. Managing the cash flows well can lead to the company's success. Payroll, taxes, and expenses, for instance, must be taken seriously by every business owners – big or small- to evade bigger issues in the future.
Thanks to today's innovation when it comes to handling business transactions. Some of these are the wonderful accounting software that are now highly available to use in any type of business.
A small business can be struggling at first with the overwhelming things that are needed to do in running the company. Manually doing things can be tedious and may lead to resources wastage. This is one thing small business owners would not want to experience. They should start wise and make decisions right.
The following are the advantages of using accounting software for managing a small business:
#1 It can help save money and time. Time and money are undeniably two of the most valuable resources in the company. Instead of manually encoding and processing all the data of all the employees, using software will be a massive help. Transactions are recorded in a speedy process, such as processing invoices and preparing payrolls. Delays are avoided; thus, the trust of your clients will be ensured.
#2 An accounting software can handle multiple transactions – all in one platform. Accounting software can provide automation of the processes as well as integration among other platforms. It can summarize all the information required for a specific financial report. There's no need for business owners to use different tools and spend extra hours in preparing an income statement, cash flow report, invoicing, salary calculation, taxes computation, sending or collecting payments, and more.
#3 It efficiently helps in managing the sales and income of the business. An automated system provided by the features of accounting software can aid in accurately recording and monitoring of sales and income of the company. The software can keep previous records, manage several items, and integrate them to come up with a comprehensive report.
#4 It provides an effective method of auditing and reporting. Auditing, as well as presenting reports, become easier with the help of accounting software. There's no need to get overwhelmed with various bookkeeping tasks and confusing ledger listings manually. Automated accounting software can all provide such services in a cost-efficient manner.
#5 Accounting software is user-friendly. Business owners must not be worried if they are not familiar with complex accounting concepts and principles. Accounting software is created to be user-friendly so users can utilize them even without being an expert in accounting.
Below are some of the top platforms used by the business for their accounting purposes:
#1 FreshBooks. Developed and introduced in the market by 2ndsite Inc., Freshbooks is accounting software which aimed to provide solutions to small to medium-sized businesses. This platform offers business owners to make bookkeeping tasks a lot easier, with accuracy and reliability. It also provides cloud accounting built for better interaction among members of the organization. You can seamlessly send professional invoices, calculate expenses, income monitoring, report generating, note pricing, and other business financial transactions.
Features: Invoicing, Expenses, Time Tracking, Projects, Accounting, Estimates, Reports
#2 Zoho Books. Zoho Books helps business owners to manage finances, work effectively with the team, and automate all business transactions. It is also user—friendly, thus, even one of the most preferred by online entrepreneurs.
Features: Generating bills, Banking, Projects, Inventory, Purchase Orders, Sales Orders, Online Payments, Tax, Reporting, Mobile Apps, Documents, Automation
#3 Xero. Xero is one amazing accounting platform which connects you to almost all business transactions. It's a software that connects you to bookkeepers and accountants, other business niches, target clients, and the bank. It provides an all-in-one accounting time-saving tools for growing your business. This accounting platform is proven, secure and reliable. It also provides customer support to help users with their concerns 24/7.
Features: Easy Invoicing, Inventory, Go Mobile, Multi-Currency, File Attachments, Multiple 3rd-party apps, Purchase Orders, Bill Payments
#4 QuickBooks Online. QuickBooks Online is another accounting tool aimed to help companies to review business financials using live data and insights. This way, the platform aids the business owners to make clear business decisions and reports. There's nothing to worry about the business financials, data, and insights because they are all in one place.
Features: Clear organization of books, Customizable reports, Real-time data reports, Productivity
#5 Zoho Invoice. If you're looking for a powerful accounting and finance system, then Zoho Invoice can be one of your best options. It has won Expert's Choice and Great User Experience Awards for 2017. This accounting platform is ideal for supporting small to medium enterprises as well as sole proprietors in managing their personalized invoices.
Features: Template customization, Easy collaboration, workflow automation
#6 Sage50cloud. Sage 50cloud will help business owners to run their companies more efficiently. It provides in-depth accounting solutions, inventory, taxes, invoicing, cash flow, and other bookkeeping-related tasks. This accounting software combines the power of high-end computer security solutions and productivity. It is also convenient to use and provides user-friendly features.
Features: Invoicing, Accounting, Taxes, Cash Flow, Inventory, and more
#7 NetSuite ERP. NetSuite is designed to leverage with businesses as they grow with crucial steps and processes. It supports business owners with their accounting needs, so they can focus on other important matters, such as acquiring new market opportunities. It offers advanced financials such as billing, payroll, inventory control, supply chain management, and others.
Features: Order-to-Cash, Procure-to-Pay, Fixed Asset Roll Forward, Integrated Financial Reporting, Workflow Management, Tax Management, Flexible Depreciation Management, Payroll Services, Inventory Control, and more.
#8 FreeAgent. FreeAgent's online accounting software is engineered mainly for small business owners, freelancers, and their bookkeepers and accountants. This is an effective tool which can effectively solve matters such as invoicing, taxes, and project management.
Features: Security, Estimates, Invoicing, Expenses, Time Tracking, Projects, Sales Tax, Banking
#9 Tipalti. Tipalti is also an accounting software which provides aid to business such as consolidated accounts payable and remittance automation services.
Features: Supplier Management, Invoice Workflow Automation, Reconciliation and AP Reporting, Tax and Regulatory Compliance, Global Payments, and others.
#10 Sage Business Cloud Accounting. Another invoice management and cloud-based accounting tool are the Sage Business Cloud Accounting. Just like the other platforms, this is also designed primarily for small businesses. The solutions it provides include expense management, project accounting, compliance management capabilities, and more.
Features: Accounting, Payments and Banking, Enterprise Management, and others.
Every business owner should know the importance of protecting their assets and using the best tools for transactions. Today's innovations offer myriads of significant breakthroughs, so there's no excuse to not getting the fantastic results of efficient management. When it comes to the financial matters of a company, it is advisable to utilize the power of today's accounting software.