Accounting is an essential part of running a business.
It helps in creating and controlling the budget, making important purchasing decisions and tracking expenses. Without accounting, your business will always be a little lacking in terms of growth.
However, billing can be complicated and time-consuming. Sometimes business owners find it difficult enough to do the bare minimum tasks like paying bills and tracking income. Therefore, answer critical questions like “Is my business profitable?”. and “Can we make the required tax payments?” is certainly out of the way.
Bookkeeping is best done with software, not people. Sure, having a real accountant on standby is great and necessary, but most of the handling is done through software.
By using software, you can save a lot of time and money while being legally sorted by financial areas. You can also get a better idea of where your business is with on-demand reports.
There are so many things you couldn’t have done manually, using the error probability as an example. An accounting solution has little to no chance of error.
To give you a better idea of how to use it, let’s take a look at the different ways to manage accounting. There are some good options and 3 of them are discussed below.
# 1.Traditional software
There’s plenty of traditional software out there that can help you do the heavy lifting of bookkeeping. You can download them to your computer/laptop and do the calculations. The good thing about this type of accounting is that you don’t necessarily need an active internet connection to use the software and access your data. Everything can be done offline.
However, that doesn’t make it the best option. It has its own disadvantages. In fact, everything has its downsides, so be sure to check out the options below as well.
#2.Hire an accountant
As mentioned above, it is quite necessary to have an actual accountant on standby. But should you rely on them entirely? That wouldn’t be ideal as there is very little an accountant can do compared to a full solution.
An accountant may only be used for:
- Personal financial advice
- Having security when you don’t know what to do
- Outsourcing tedious accounting tasks
If you only keep your accountant for these things, then that’s perfectly fine. Or you should go for a cloud-based solution if you want more.
#3.Cloud based solution
A cloud-based solution is probably the best choice for accounting and can take a massive toll on your shoulders. It also has many benefits and features that will make you really consider it. With the cloud-based accounting solution, you can:
- Save costs up front and in the long run
- Save huge amounts of bandwidth on multiple fronts
- Access the solution from any device as it is online
- Enjoy more security
Not to mention features such as the ability to collaborate and automate workflows. If all of this sounds like something you could use, then you would love this list of cloud-based accounting solutions I’ve compiled below.
FreshBooks
One of the most popular in this list, Freshbooks is another amazing all-in-one billing and accounting solution that is widely used. You can automate a number of tasks such as B. Billing reminders and collecting payments to save time and focus on areas that need your attention.
That being said, you can:
- View detailed reports
- Activate various online payment options
- Collaborate with your team to improve workflow
- Use the solution on mobile devices too
They have an award-winning support team that can hardly solve your problems and doubts.
Patriot Accounting
A comprehensive and easy-to-use accounting solution, Patriot accounting software helps organizations streamline their financial processes. It offers a range of tools to help businesses manage their finances efficiently.
It is a cloud-based platform with a simple user interface for both Windows and Mac computers.
The software aims to give businesses a complete picture of their financial condition, including the ability to track income and expenses, receivables and payables.
Patriot’s accounting software has features for organizing payroll, tracking inventory, and more. In addition, the software offers a range of reports to help businesses monitor their financial success.
top features
- Supports unlimited invoices, unlimited payments to suppliers and numerous customers.
- Import existing customers, accounts, vendors and other details
- The dual general ledger enables multiple accounting views
- Reconciliation from bank accounts to sub-accounts on 8 levels
- Free expert help from the USA
- Break down financial reports without leaving the page.
- Accept credit card payments and set up reminders for invoices.
The software can be tested free of charge for 30 days and later upgraded to one of the two subscription-based pricing models, Basic or Premium.
NetSuite
NetSuite cloud accounting software simplifies the process of managing your finances. It offers both finance and accounting functions seamlessly. So you can increase financial close efficiency, achieve strong compliance management, better business performance and reduced back-office costs.
Zoho Books
A solution with some powerful features, Zoho Books has long been a household name in the industry and they’ve always been stepping up their game. With this software, you can manage your finances and automate business workflows, and also collaborate with your team members to work collaboratively.
It can handle a variety of tasks, such as invoicing , negotiating, and raising sales orders. If you are from India, you can also comply with GST.
As requirements increase over time, Zoho Books lets you integrate 40+ apps to manage every aspect of your business.
Quicken
Highly acclaimed by PCMag, Quicken offers a variety of features to seamlessly manage your finances. You can keep track of your spending by viewing the remaining amount after paying the bills and make precise money decisions with the custom budgets.
Bonsai
Bonsai is an accounting and tax solution ideal for a sole proprietorship. This allows you to keep track of the finances of your company, e.g. B. Expenses, income reports, tax reminders and much more.
It allows you:
- Import your expenses automatically and save on your taxes on filing
- Track your profit or loss along with your income and expense totals
- Provides you with a quarterly or annual tax reminder
- Track the number of hours you work on a project
- Offers you contract templates approved by multiple contract attorneys
With Bonsai’s accounting and tax solutions, you can rest assured that you’ll never miss your upcoming tax payment. You can start with the 2-month free trial. After the trial, you can choose the plan according to your needs.
Wave
You can take care of accounting, billing, and receipt tracking with Wave . Without entering data, you can create financial reports and track financial figures. You can automate almost every single task and even integrate with other Wave products, such as payroll and payments.
With the invoicing feature, you can create and send professional-looking invoices in literally minutes. You can charge regularly or even automatically. The best part? No trace of their branding on your bills.
Quickbooks
Although every single solution on this list is suitable for non-accounting types, Quick Books is a little better suited for everyone out there. Everything is super organized and within reach. In addition, you get easy-to-read reports and dashboards.
You can connect your bank account and cards to easily import and sort expenses into appropriate categories. Syncing with popular apps is also just a click away.
You get invoicing and all the tools you need to better manage your accounting. Not to mention customers of Quickbooks find an average of $3,534 in tax savings per year.
Xero
Integrated with 800+ apps, Xero can help you maintain the financial health of your business. You can use this solution from any device and do the work on the go. From simple reconciliation to creating invoices to expense reports, you can do a lot.
Speaking of the “Reconciliation” feature, it allows you to import and categorize your recent banking transactions into Xero and easily take them into account. You no longer have to manually add them to each section to determine where they belong and whether or not to calculate them.
You can start with the 30-day trial.
Kashoo
With Kasho, you can organize an entire year’s expenses in no time . It has a “smart inbox” feature that separates personal and business information and helps you prepare for taxes. Most impressively, the AI technology learns your business and creates a manual expense journal so you don’t have to.
Not to mention that analyzing your reports and generating invoices is a breeze. You can sign up for free and enjoy a wide variety of features and a great support