When it comes to accounting software, there are a lot of choices. Accounting software is a tool that helps small and medium-sized businesses to streamline their financial management operation.
When selecting an accounting software package, the first thing you should ask yourself is what your business needs from an accounting system. What’s the single most important aspect of your business that you want to track? Is it the inventory? Expenses? Employees? It can help determine which type of accounting system will work best for your company.
If you don’t have an idea don’t worry, in this article, we will walk you through the accounting software market and help you find the best accounting software for your needs.
Accounting software isn’t one-size-fits-all. The best software for you might not be the best for your staff. So, you should find the accounting software that suits your business’s needs. So, what features should accounting software have to be worth your time and money? Here is a quick checklist:
On-Premise vs. Cloud
There are two types of accounting systems: cloud-based and on-premises (installed on your company’s computers). The cloud-based type can be accessed anytime anywhere (since it lives online), but many people prefer the on-premises type because it’s more secure and offers more built-in functions. For smaller companies that don’t generate a lot of data, cloud-based might be enough. But if your company generates large amounts of data or has strict security requirements, then an on-premises option would be better.
Does the cost of accounting software match your needs? Can your accountant use it seamlessly with their other software packages? Do you need advanced features like multi-currency transactions or tax compliance?
Is the data encrypted and backed up regularly? Do you want to be able to access your data from home, as well as from work?
Is there a human being you can talk to if you have an issue or question about the software’s function or basic setup? What are their hours of operation and limits on which days they work?
The following list compiles top accounting software that can help you simplify your accounting process and reduce your workload.
Intuit is one of the most popular accounting software companies in the world. The company’s QuickBooks Pro Plus is a comprehensive financial software solution that helps you manage your business finances and get a clear picture of where your business stands financially. It’s great for professional bookkeepers and accountants, but also for small businesses who want to simplify their bookkeeping process.
This software has an intuitive interface that does not require any accounting knowledge, but it still provides all the features that you need for your accounting needs.
The benefits of using QuickBooks are many. One of them is that it helps you to organize your financial information in one place, without requiring too much effort from you. It can help you classify each expense and income type, track billing cycles, reconcile accounts and manage transactions in the bank account.
Xero is a cloud-based accounting software that can be accessed anywhere, anytime. It has features like invoicing, banking, reporting, and more. The interface of this software is intuitive and easy to learn. Xero also has an app for Android and iOS devices for on-the-go access to their accounting data.
Xero’s robust API allows developers to integrate it with other applications that might be used by an accountancy firm or business owner e.g., CRM software or recruitment platforms, which means that these users have access to real-time data across the business.
Wave Accounting is cloud-based accounting software that is handling accounting, invoicing, and bookkeeping. It has most of the basic functions needed for small business accounting.
Wave Accounting is one of the best options in the market when it comes to cloud-based accountants. With Wave Accounting you can automate your business with ease and convenience. Wave Accounting even has an app that can be installed on your phone or tablet to make it easier for your customers to pay their bills!