Letting businesses track their income and expenses, Accounting Software helps delivers up-to-date business insights, ensures automation of tedious tasks, and simplifies tax filing operations 24/7/365 from a centralized location. Ensuring small businesses and start-ups for tracking their accounts receivable and accounts payable, this niche of software derives a clear-cut understanding of profitability and helps in the preparation of the upcoming tax season. Without the requirement of extensive customizations, small businesses can attend to their accounting requirements irrespective of the complexity and the assistance of a custom enterprise resource planning (ERP) system. Small businesses can take advantage of diverse types of accounting software that are available in the market which has diverse capabilities at varying price tags. Small businesses and start-ups must consider the type of industry in which they are working and the number of employees that are backing them while choosing the accounting software that is appropriate for them.
Researching & comparing software and cornering the best suited for the business based on cost, ease of use, features, integrations, and scalability will be the best approach. OURS GLOBAL’s Finance and Accounting Services helps businesses streamline, organize, and integrate financial data for a smooth accounting process by maintaining the right balance in business transactions, maintenance of compliance, and optimization of funds. This article is aimed at acknowledging start-ups and small businesses with the best accounting software that would be useful for them. To start with, let’s get to know how an Accounting Software Solution can help your business.
Following are the ways how Accounting Software Solution can help small businesses and start-ups:
Professional Financial Statements.
External requests for financial statements require professional presentation of documents rather than DIY. Especially while committing to potential investors, it’s critical for accurate and properly formatted financial documents and their prompt delivery. Any condition contrary to this creates a negative impression over the business’s financial state and would lead to more loss of deals. With ideal accounting software businesses can come up with financial statements in a standardized format easily downloadable and shareable in event of requests.
Smooth Payroll Processing
A specialized payroll system with effective Accounting Software can help small businesses for handling their payroll ensuring desired business growth. Accounting software helps in the automation of payments for employees, computation of healthcare and insurance contributions, and compilation of accurate payroll tax information.
Proper set up of Account charts is possible with proper Accounting software as it helps in accurate tracking of business transactions done by departments, projects, locations, or classes. Giving a transparent picture of how the business’s income is attributable to and the areas of expense, businesses can generate specific reports and strategic decisions.
Streamlines Tax Filing
Categorized data with standardized & accurate financial statements helps to account staff for smooth returning of files and calculation of available tax credits. With suitable Accounting software, businesses can have specific tax reports.
Minimum Inventory Errors
With basic inventory management platforms, accounting software platforms can reveal the products in hand, whatever sold, and when to restock. With accounting software, businesses can compile accurate, real-time information of stock levels rather than depending on information from error-prone manual data entry.
The upfront investment of software systems will help businesses save time by avoiding the time-consuming manual bookkeeping and accounting process. Accounting Software also helps businesses in pulling data automatically thus quickening the whole accounting process.
Quicker Generation of Key Financial Reports.
With built-in reports from Accounting Software Platforms, that are automatically updated, businesses can pull off their P & L Statement, Balance Sheet, and Cash Flow Statement very easily. Businesses can also get key insights such as monthly, quarterly, and yearly income and expenses. Businesses that have specific reporting requirements, can also customize their reports by data filtering or addition of extra details and save reports for running again in the future.
Appropriate Syncing of Financial Data
Storage of data across multiple platforms such as bank accounts, credit card accounts, and payroll services can cause trouble in retrieving it as per requirement. With accounting software businesses in syncing all the data from online accounting platforms such as API. Businesses can save themselves from the hassle of downloading financial information from individual sources. They can also avoid wasting time over data entry and thus putting together a complete financial record without much worry.
Promotion of Data Accuracy.
Accounting software avoids businesses from the hassle of manual updating of multiple cells in multiple sheets for changes in the records. Updating financial statements and reports automatically, accounting software also helps in making financial data to be free from errors.
Following are Eight Best Accounting Softwares for Startups and Small Businesses:
Catering effectively to startups and small businesses in their growth stage, we believe the list of enterprise-ready accounting system software we have collected and listed below comes with advanced features that will help accounting operations to the best. Following are the options that can help in the achievement of finances and drive growth towards your business:
Assigning an autopilot over the business finance operations, this cloud-based accounting solution comes with intuitive user interfaces, robust features, and smooth navigation. With payment plans starting from 6 dollars, businesses can extensively cover the basics with double-entry accounting, invoicing and estimates, expense tracking, time tracking, project management, and online payment processing. Freshbooks can help officials in working anytime and anywhere through an Android mobile app and an iOS mobile app. Supporting freelancers and small businesses in getting more access to billable clients also supports businesses with features of unlimited proposals, client retainers, and automated payment reminders.
Intuit QuickBooks Online
With a monthly plan of 10$, Quickbooks online can be a feature-rich and user-friendly platform for small businesses, bookkeepers, CFO’s, CPAs, etc for scalable customer supporting, photo receipt capturing, and other handy integrations. Helping small businesses to be built over accounting fundamentals with features such as cash flow monitoring, contractor payments, sales tax support, mileage tracking, can also come in handy for inventory tracking, customer user access, and effective financial reporting.
With payment plans starting from zero dollars per month to 30 $, Kashoo can be suitable for businesses that require more accounting and bookkeeping tools. With robust software options for income & expense management and day-to-day bank reconciliation, Kashoo also proves to be effective in the automatic categorization of bank transactions and match paper and digital receipts. Saving user time with single-click financial reporting and capabilities with free email, phone & chat support, Kashoo comes at a single plan and price. With multicurrency and project cost tracking capabilities, Kashos iOS mobile applications can be the best choice for startups that don’t require extensive features of inventory tracking, custom invoicing, or cash-basis accounting.
With a base license costing $999 per month with access costs of $99 per user and designed for helping businesses in the unification and streamlining of overall financial operations, Netsuite is an enterprise resource planning system that helps businesses in finance management that drives towards their growth goals. With effective cloud accounting tools, Netsuite also combines the accounting features for advanced functions such as in-depth compliance management. Giving real-time financial data insights at every step of financial operations, right from purchase order to shipment, Netsuite is ideal for generating financial reports such as profit & loss statements and balance sheets. With the expansion of business, they will also have the option for the addition of modules for billing, revenue, project, supply chain, and inventory management.
As a desktop-hosted accounting tool connected to the cloud, Sage50cloud is suited for businesses who prefer desktop software and still have the data backup capability to the clouds. Sage 50 Standard costs £65 per month and pricing for Sage 50 Professional for £132 per month. Helping businesses to attend to the bills, invoices, purchases orders, job costs, and payroll services, Sage50cloud forecasts cash flows and effectively manages accounts receivable and accounts payable. With annual agreement plans for leasing the software license, businesses have the choice to terminate their accounts with thirty days’ notice.
Standing itself out as one of the best accounting software options with no-hassle bookkeeping tools, double-entry accounting, and journal entries, businesses can simply sign up to wave for free and connect their business accounts for experiencing transaction data flow in real-time. Compatible to attend to any entry-level accounting requirements, with invoicing and reminders, foreign currency payments, custom sales tax, financial reports, etc, the wave comes both as an Android app and iOS app, for on-the-go finance operations. Businesses can also add invoicing, payments, and payroll apps along with the basic functionalities.
Helping start-ups over risky manual data entry and time-consuming administrative works, this cloud software option that costs 11$-62$ over varying plan has numerous features of reconciliation of transactions, sending online invoices, and recording bills and receipts from computers or mobile devices, including iOS, Android, Mac, and PC. The subscription plans are purely based on the number of invoices, quotes, and bills that can be processed. Removing restrictions and addition of features such as expenses and projects, this software also gives businesses multiple currency access making it ideal for eCommerce and global businesses. Offering integrations with 600+ applications, businesses can also sync their finances with tools such as Gusto, PayPal, Amazon, Asana, Etsy, and Shopify.
ZipBooks have an appealing interface, automated bank account reconciliation, and helpful financial statements and templates, for quick setup and going at totally free of cost. Small businesses don’t need an accounting expert if they are equipped with ZipBooks and will have the scalability for growing businesses when required of a full-time accountant. Attending day-to-day accounting, billing, and expense management requirements with Intelligence features, ZipBooks also supports businesses with data-driven financial health scores and recommendations for optimal business performance. Supporting businesses with only an iOS mobile app, Zipbook also offers a free version with capabilities of recurring invoices, payment reminders, time tracking, etc.
How a business attends to the volume of their financial data effectively with exponential effective management is how they can assure growth and desirable results. Using only Excel, spreadsheets, and paper-based documents increase the risk of errors, delays data processing and prolongs the physical work required by accounting professionals. Automation of Accounting operations with suitable Accounting software helps businesses ensure accuracy, speed, and reliability in their Accounting operations. Small businesses and start-ups can benefit much by outsourcing their Finance and Accounting operations to ideal service providers such as OURS GLOBAL’s Finance and Accounting Services. Helping small businesses to save the costs over Accounting software solutions and hassles of training and maintenance of in-house staff, we ensure businesses focus on their core competencies and thus help them in the achievement of their targets.