Why Use Accounting Software?
Not only is it more affordable and extremely convenient than paying for a hands-on accountant, but it also offers flexibility, secure and privatized access for dedicated team members, data access, and eliminates human error.
Although there might be certain shortcomings with accounting software, one cannot deny the cost-effective and swift delivery it offers business owners.
What Are the Things to Consider With Accounting Software?
The size and compatibility of your software will depend on the business requirements. It’s become more apparent for self-employed, freelancers, and small businesses to acquire the needs of suitable accounting software. Depending on the size of your business, daily operations will become key factors to consider beforehand.
Also, it’s advised to remember that business trading with large quantities of stock, and employees will require accurate reviews of each available program.
Who Can Use Accounting Software?
Any individual that takes up the capacity of owning or operating any size business. Many of these programs make it possible to easily share data and analytics with upper-management, with added team views. It makes accounting easily accessible, meaning business owners aren’t required to be accounting veterans to use the software.
5 Accounting Software Choices for Businesses in 2020
Intuit QuickBooks Online
Depending on the size of your business, Intuit has revealed some attractive features to assist with small and medium business accounting. The software allows for integrations with PayPal, Shopify, and Square. Additionally, you can generate invoices, receive payments from suppliers and customers, monitor business expenses, sales, and also tax payments.
The software does allow for more advanced features but does come at an additional cost. Businesses enjoy increased production, as less time is wasted on inventory tracking, timesheet summaries, and also payroll services.
Pabbly is quite affordable, as subscription services start from $9 per month and don’t require you to pay additional transaction fees. Some of the key features include monthly payment and revenue tracking, with customer communication and invoice generating software.
Although their services are based on subscription measures, Pabbly makes it more convenient for international transactions, supporting over 20 currencies, including PayPal and Stripe payment methods. You can now easily spot business growth with easy access to employee workflow data and is perfect for a small to medium-sized business.
Sage Pastel Accounting 50cloud
Sage Pastel Accounting has already become a global leader in payroll and transaction administration. Their addition of 50cloud enables owners and accountants to share and track business expenses easily and gives more straightforward tax calculations.
Their payroll administration does come separately, which might also cost more, as 50cloud is already $50 per month. Somewhat less convenient than expected, but Sage is a highly regarded enterprise with trustworthy business admin software.
FreshBooks has become a popular choice for restaurateurs and coffee shop owners, allowing them to easily receive invoices from suppliers and allow for easier timekeeping tools. FreshBooks also allows owners to integrate their subscription plans with the software, meaning that customers will receive their invoices and receipts consistently.
The platform does allow you to add additional business admin features such as finance tracking, with regular backups that can be saved to a cloud or local server. Their services are available for free, with more advanced plans costing up to $20 per month.
A once-off fee of $400 will give you full access to AccountEdge software that can assist you with business transactions, job time tracking, customer communication with time billing, and inventory reports.
Although a steep once off-price will seem unappealing to some, AccountEdge does provide competitive services and accounting tools to help with business operations. Furthermore, you can also download the AccountEdge App for mobile convenience, but do not discourage their very user-friendly desktop version.
In the end, it’s always more beneficial for a business to choose an option that will fall within their desired budget and also the business needs. Business is always changing, and it’s become popular for small businesses and many companies to adapt to the ever-changing market.
Using a more advanced accounting software will offer greater benefits, as business owners will now be able to see and control regular business expenses, and be more involved in the financial fluidity of their business.
About the Author
Luigi Wewege is the Senior Vice President, and Head of Private Banking at Caye International Bank. Outside of the bank, he serves as an Instructor at the FinTech School which provides online training courses on the latest technological and innovation developments within the financial services industry. Luigi is also the published author of: The Digital Banking Revolution.