It used to be simple: businesses employed an accounting team to handle all of their accounting needs. Now, in the age of financial technology, it is more accurate, cost-effective, and simple to transfer data into accounting software that can do more than ever before.
These leaps forward save a lot of time and money. But how can you be sure you’ve chosen the correct software for your business?
Keeping an ever-watchful eye on the money going in and out of your business remains crucial to any business, and having a program that meets your specific requirements matters. Invoicing, reconciling transactions, automated data reports, and other tasks additional to the regular, daily accounting tasks is going to depend on your industry, the size of your business, and individual needs such as whether or not you’d like to track performance or set timers.
Choosing the best accounting software will therefore depend on a number of factors. This challenge can be simplified with some research into the many options offered. Take the time to gain an understanding of how your own business runs, its basic accounting needs, and then use this data as a benchmark to help you to arrive at the best decision.
Find out which accounting software is best for your business.
Are you in the specialized industry such as manufacturing? Sage may be perfect for your business. Its features include solutions for inventory, accounting, payroll, payments, and enterprise management, making it ideal for businesses of all sizes.
- Financial management packages that are tailored to address the specific needs of different industries
- Construction, government organizations, and nonprofit businesses are included in their specialized packages
- Assets, construction, real estate, and HR are industries included in solutions
- Manufacturing, service, and distribution companies are given specialized capabilities within each service product
- Work remotely with a mobile, cloud-based platform
- Fits the needs of startups to enterprise companies
Does your business focus on retail, real estate, or IT? Xero’s features list includes solutions for bank reconciliation, inventory, bill payments, and invoicing. It is designed for small and growing businesses.
- Provides business owners with instant access and visibility of their financial position
- Bank transactions are imported and coded automatically
- Cash flows, account details, and transactions can be accessed from any device with an internet connection
- Online billing helps to keep on track of bills due and spending habits
- Mobile review and approval of each receipt
- Automatic credit card and bank account feeds
- Business and management reporting, as well as purchase orders, expense claims, and accounts receivable
- Supports multiple tax rates and currencies
Are you self-employed, and wondering if there is an accounting software for you? Not to worry–there is software to address your specific needs too. QuickBooks lets you track business mileage, generate self-assessments, auto-categorize expenses, and connect your accountant.
- Offers accounting, payments, time-tracking, and payroll tools
- Versions of QuickBooks are available in many different markets, including Canadian, Australian, and British divisions, which offer different versions to support the tax needs of each
- Remote access capabilities, electronic payment options, online banking and reconciliation, and mapping features
- Manage your business cash flow and expenses easily and on-the-go
- Create accurate invoices easily
- Utilize dozens of intuitive financial reports
For those of you looking to expand your business, MYOB (Mind Your Own Business) is an excellent solution for business owners. From startups to powerful manufacturing companies, there are solutions for every size business, and this company will grow with you.
- Multinational corporation providing accounting and tax service software
- More than 50 business management solutions
- Create budgets with information from loss and profit statements
- Apps for both Android and iOS devices for on-the-go services
- View cash flow and manage payroll remotely
- Manage bills by linking invoices and stored bills to the correct accounts
- Cloud-based storage allows for real-time updates
- Payroll management becomes simple with stored employee information
- Send payslips to staff via email
- View tax liabilities and outstanding invoices
Perhaps you specialize in the fitness and health sector. Reckon is an accounting software to fit your needs. With cloud-based solutions, its software provides solutions for small businesses and the self-employed.
- Real-time cash flow and net position
- Online practice management software for health and fitness professionals
- Easy to use online accounting and marketing
- Schedule and manage your finances with a single platform
- Remote access from all devices with an internet connection
- Online practice management for better clinics
- Schedule appointments, manage bookings, keep track of your customer data and manage your finances all from one place
- Automatically import transactions from bank accounts
- Record time spent on tasks
- Claim employee expenses
- Automatic updates
If you are an Accountant, Time Tracker is the perfect tool to add to your arsenal. Improve efficiency and increase your productivity by taking advantage of features such as time tracking from any device, cloud-based security, and invoicing.
- Automatic employee timekeeping, time entry approvals, and time capture capabilities
- Track time with time cards, which allow employees to clock in and out with ease, track their break times, and switch between projects
- Round up or down automatically when setting time (for example, if an employee clocks in at 09:55 am the time entry can round up and be recorded as 10:00 am)
- Mobile time tracking and geolocation tracking, timesheet management, and offline tracking
- Avoid billing disputes by verifying locations and route times for employees with geolocation services
- Take photos of receipts and upload them to better track expenses and add to client invoices if needed
- Set personalized thresholds for the automatic calculation of double- and overtime, and receive notifications for these rate increases
- Branded client invoices and online payment links for ease of billing
- Billing and invoicing, multiple billing rates, and billable and non-billable hours Employee database with overtime calculation
By now you should have a much clearer idea of which accounting software is the best option for your business.
Ready to take the leap and give one a try? Time Tracker can be used from anywhere on mobile or desktop, and you can sign up now for a free, 14 day trial. No credit card required. Give yourself a chance to increase productivity and get paid faster right now.