Understanding your financials is a pre-requisite for running a successful enterprise. Some entrepreneurs shy away from numbers because they believe that their financials is the responsibility of their accountants or the finance team they have hired. A clear understanding of financial planning and accounting helps you to make informed business decisions. Not having a good grasp of your accounting books could cost you more than you ever imagined.
With the exponential growth witnessed in the tech sector in the last decade, traditional accounting tools like ledger, paper receipts and manual tax computations have been replaced with various accounting software which refer to a set of organized programs used by businesses to help automate payments, manage payrolls, purchase orders and record the financial performance over a given period.
Here are five of the best accounting software options for small and medium scale enterprises with particular reference on affordability and quality.
Sage accounting helps you invoice customers, pay bills, manage inventory and stay on top of transactions. Sage 50 (formerly Peachtree) brings you best-in-class accounting standards; secure desktop installation, unlimited access to support, plus new subscription plans that offer the best value for your business. You decide when to move your business processes to the cloud. Keep your accounting information securely on the desktop and expand your potential with cloud and online apps that connect with your software.
This cloud-based, integrated accounting software is specially designed for freelancers, entrepreneurs and small business owners. It is regarded as the world’s fastest growing small business accounting software as more than 1 million entrepreneurs and small business owners trust Wave to track their income and spending.
It allows you an easier entry into the accounting world if you have limited accounting experience. Apart from invoicing, it offers payroll, payment and personal finance software to help you manage your money properly. Using Wave, you can create business reports such as sales tax reports and balance sheets. In addition, it allows you to keep your records by uploading money receipts into your account. All at no cost.
Zoho Books is a simple online accounting software that covers all the basics: creating and sending invoices, tracking expenses, sync-ing bank accounts, creating reports and other accounting-on-the-go processes using a mobile device. This software allows you to send out professional invoices, track your business expenses, accept online payments and automate banking processes such as scheduling for bills, and reminders.
Zoho also helps you calculate taxes and offers a time-tracking tool, which you can use to manage timesheets as well as track reimbursable working hours. It cost about $24 per month for unlimited access and a 14-day free trial.
Xero is a small business accounting software designed to help small businesses by giving you real time access to your financial data and access to your accountant or book keeper for quicker, easier collaborations at any point.
It is a cloud-based solution for small to mid-sized businesses. With an emphasis on mobility, it is available on iOS app store and on Google play store. Pricing starts as low as $9 a month for basic access while you have to pay more to access other features.
QuickBooks helps you keep track of the money coming in and out of your business, all in one easy-to-use place. So you always know where you stand, and you’re always ready for tax time. QuickBooks automatically backs up your data with bank-level security to ensure it is always safe, and always available, from any device.
Quick books allows you get a 30-day free trial and its monthly plan starts from $9.99. It also allows you to choose and pay for the extra features you need.
#ThinkDigital is an original 234Finance series that provides you with articles, resources and information to assist you in achieving better productivity whilst saving costs. Please let us know those you will be implementing and how well they have worked for you. Feel free to share using the hash tag, #234FinanceThinkDigital