A business’s financial reporting and accounting department is its backbone in every sense. This department handles and maintains records of the complete financial data and transactions.
The methods adopted by accountants in the past have been successful, for sure, but the increasing demand for quick access to financial records with 100% accuracy has made accountants struggle with traditional methods.
Technology has advanced rapidly, and every business is getting streamlined with its use in one way or another. The new accounting solutions best meet new accounting challenges, i.e., adopting the latest accounting software.
With accountants handling multiple transactions daily, the latest accounting software exclusively meets the need for error-free and acceptable accounting practices.
How Does Accounting Software Help in Business Growth?
In our post, you will learn about the accounting software benefits that will aid in your business growth and take it to the next level. Accounting tools can help you save lots of time and manage your financial tasks more efficiently.
It also lets you speed up the accounting process and provides a single-screen view of all financial data.
1. Optimized Business Processes
The latest accounting software can greatly optimize your business processes. This software makes you work smarter, not harder. The time and effort you invest in managing bookkeeping and other accounting tasks can be utilized to focus on core business activities.
It also lets you speed up the accounting process, providing a single-screen view of all the financial data.
2. Secure & Accurate Accounting
Accounting software provides excellent security for financial data by eliminating any possibility of unauthorized access or uninformed sharing with third parties. Due to its paperless structure, there is also zero scope for data loss. Accounting software achieves perfection in accuracy and has the potential to handle complex mathematical calculations during tax preparation and other activities.
3. Workload Sharing
The accounting workload is complicated as people with different expertise need to address multiple tasks. Assigning these tasks to various team experts like a bookkeeper, auditor, preparer, and CPA through login is much easier than manually taking care of the same.
4. Terminating Guesswork
Due to the manual management of the huge financial data, accountants could not gain clear insights like profit/loss, revenue trends, cash flow, and asset/liability, relying more on guesswork. However, accounting software provides analytical tools to show you the present financial scenario and make financial decisions based on real facts and figures.
5. Relaxed Accounting Work
The manual paper-and-scale method of accounting is hardly used in the present times. Every business wants to streamline its accounting operations through automation using accounting software comprising the latest features like automatic invoice processing, regularly updating tax-related information, graphics features for a better interface, complex calculations handling, and more.
6. Generates Quick Reports & Saves Cost, Time
Creating balance sheets, ledgers, and cash books through accounting software becomes effortless, saving a lot of time on the work to be done. Reducing human efforts means saving considerably on manual and infrastructure costs. The financial reports are generated quickly, providing a clear view of your income and expenses, eventually helping you to make better financial decisions.
7. Streamlined Invoicing
Cash management is a top priority for businesses, and invoice processing is an integral part of it. An integrated invoice system lets you collect cash by automating invoice reminders to the customers, saving you from financial loss due to any non-payment.
8. Uncomplicated Tax Compliance
Invoices require taxes and accounting software to provide you with a platform that automates the tax amount on every invoice generated. This makes the audit and tax preparations extremely easy, along with the integration option to compare ITRs and make calculation changes per the latest policies.
9. Multiple Integration
The automated accounting software lets you integrate with other systems, such as e-filing and online banking. This saves you an enormous amount of time and effort as you get to make different financial executions on a single platform.
10. Boosting Client-Employee Relationship
With automated accounting, there is no scope for payment delays and invoice reminders. Conversely, information is conveyed quickly and timely, providing enough time for the clients to make payments. This structured transaction processing leads to a better relationship between clients and employees.
11. Tracking Inventory
It is imperative to know how much stock you have in hand, and the accounting software helps you track the same, even when the orders are processed. This removes any kind of vulnerability of going out of stock, as you always have the option of ordering more in advance.
Selecting software for accounting constituting inventory management demands both money and time. It is essential to carefully assess your business needs before choosing any software, with a key focus on your present tracking process for inventory while buying.
12. Multiple Currencies Dealing
Dealing with multiple currencies and managing a plethora of accounting tasks manually is like asking a lot. With efficient accounting software, you can trade in multiple currencies and relax about changes related to the exchange rate.
13. Overseeing Cash Flow
Overseeing cash flow is a tough task as one needs to keep track of every cash transaction going outside or inside the business. The software lets you track invoices, incoming cash, and overdue payments, making you aware of important financial transactions.
Future cash flow forecasts can be made since the accounts payable feature tracks bills upon arrival. So, let’s see which software has the potential to provide you with all the benefits mentioned above.
Top 10 Accounting Software for Business Growth
If we go by the stats, QuickBooks leads the pack with approximately 6,00,000 customers and 12,000,000 users with 49,100, 231,911, and 191,803 followers on Twitter, Facebook, and Linkedin, respectively. Now, let us discuss in detail below the ones who make it to the top 10 list in the reversible order.
10. Kashoo Online Accounting
Kashoo is an easy-to-use cloud accounting software for businesses that want to take a simplistic approach to bookkeeping and bookkeeping management. It is available in iOS and Web versions and starts at $16.65/month.
This accounting software comes with a multi-currency option, unlimited connections, and invoices to more than 5,000 online financial institutions to reconcile accounts. Apart from this, Kashoo accounting software is a good option for income and expense management, providing varied customer support via phone, social media, email, live chat, and more.
Kashoo is mostly used in China, Asia, the Middle East, Australia, the UK, Africa, and the US. If we talk about the free trial offer by Kashoo, it comes to a good number of 14 days, with 180 countries paying home to over 150,000 registered users.
9. NetSuite
If we talk about the #1 ERP solution in the cloud, NetSuite is at the top. It helps streamline all back-office processes like CRM, e-commerce, accounting, etc. It is an apt choice for focusing on revenue-generating processes rather than worrying about unproductive back-office tasks.
Some of its key applications include billing and order management, financial analytics and reporting, accounting, inventory and supply chain management, and more.
The price of NetSuite meets the needs of every customer in the form of add-on module requirements, ERP configuration, total user count, predicated on defined givens, contract length, and more. The monthly license costs are around $999, with $99 access costs per month for every user.
In over 110 countries and 40,000+ businesses, NetSuite has significantly laid down its foundation with the ‘Best ERP Software’ tag for medium-sized businesses. On its platform, NetSuite targets businesses irrespective of their size, along with direct marketing to CIOs, CEOs, Controllers, and CFOs.
8. ZipBooks
When it comes to ZipBooks, a lot of features constitute it. From sending professional invoices to auto-billing payments and reminders, account reconciliation, and offering customers the option to leave reviews, it differs greatly from its competitors for the given price. Supported countries are the United States and Canada.
You can add as many team members as you wish to with ZipBooks, regardless of the size of your company.
ZipBooks is accounting software that uses the web platform to help contractors, freelancers, and growing businesses manage their bookkeeping and accounting needs with fast payment allowances, etc.
7. PCLaw by LexisNexis
For legal accounting, PCLaw by LexisNexis is regarded as one of the best accounting software. It lets you bill the hours where work is done outside the office premises with the help of Interest on Lawyer Trust Accounts (IOLTA). Attorneys can use manual time entry, real-time work tracking, and client expenses for error-free financial management in the future.
Other product features, such as automatic bill reminders, pre-populating matter look-ups, automatic reminders for billing, voice-enabled data entry, spelling correction, and at-a-glance updates on billable hours, are also available. LexisNexis’s PCLaw is a one-stop solution for practice management that serves 10,000 employees in over 175 countries and has a strong trust network of 13,000 law firms.
6. Xero
Xero accounting software is cloud-based and easily accessible from any device or computer. It lets you integrate your business programs with more than 700 applications or customize programs according to the business’s needs. Its services include expense management and tracking, simple budgeting, unlimited user access, configurable reports, and more.
Xero software is used in over 180 countries, with over 1.2 million customers that account for 8800 accounting firms. Users have the opportunity to add ‘N’ number of users to every plan, which is unlikely to its competitors, who charge according to the number of users added.
5. FreshBooks
FreshBooks is a famous accounting service marketed and developed by 2ndsite, Inc., and hosted on the cloud. The accounting software has features such as expense tracking, invoicing, time tracking, a credit card payment option, and a host of business reports.
With FreshBooks, you can operate the software in as many as 12 languages, including French, English, Spanish, German, and more. At $10 per person as a team member, the software is used in more than 120 countries.
4. Zoho Accounting
This affordable online accounting software lets you access your account from any part of the world. Automated features like automatic payment reminders and recurring invoices save time and effort, with easy follow-up options through client portals for payments and quotes.
With Zoho Books, you can integrate with multiple payment options, such as Stripe, Braintree, Paypal, and more. Some of its other features include tracking the entire range of product inventory with customer-customized prices, adding multiple projects through employee task addition and assignment, etc.
Plan variations are available from as basic as $9 per month to $90 per month for you and your accountant (two users). You can also add 5 automated workflows and 50 contacts. If you want more users, contacts, and workflows, various other plans are also available.
3. Wave Accounting
Wave Financial Inc. provides tools and software hosted on the cloud and can be integrated anytime. The services include payment and payroll processing, invoicing, accounting, personal finance, and receipt management tools. Through accounting by Wave, you can access data from anywhere and have a single login for unlimited collaborators.
By January 2018, Wave Accounting was available in over 200 countries and had 3 million customers. Due to its cloud-based feature, you can access your data from anywhere. You also have a single login for unlimited collaborators and manage the work.
2. Sage Accounting
Sage accounting software allows users to access daily activities like time tracking, expenses, and invoicing from anywhere and is multi-currency and multi-language enabled. This software also provides operational and real-time financial insights, automating critical processes.
Sage, based in England with 6.1 million customers and offices in 24 countries, is multinational enterprise software. It is the third biggest provider of enterprise resource planning software and the second biggest British tech company.
1. QuickBooks Online
Intuit QuickBooks accounting software offers solutions for bank reconciliation, drafting invoices, tracking expenses, monitoring financial reports, and more. It also allows users to take bill photos and use them as proof of expense submission. It also provides a customized template option for branding with the desired field and business logo to generate bills, reports, and invoices.
QuickBooks products are mainly for medium-sized businesses. It offers cloud-based versions and on-premises accounting apps that pay and manage bills, accept business payments, and manage payroll functions.
QuickBooks Highlights:
- Availability of free trial for 30 days
- 2 million worldwide users
- Four pricing tiers which let you add one user to 25 users as per the plan
Over to you!
The above-listed business accounting software is undoubtedly among the top 10 accounting software for medium—and large-sized businesses. This software helps streamline the accounting processes and lets business owners focus more on work productivity and business growth.
The features differ greatly, and depending on your business’s requirements, you should opt for the one that fulfills your needs to the maximum level.
Thnx for sharing with us :)