Out of the several parameters that indicate the growth of any business, net earnings from the pivotal center that ultimately decides whether a business is successfully recording positive growth. It is only after factoring in the several operating costs that we truly arrive at the magic number called ‘profit.’ A competent accounting management system tables down all the calculations and offers the right input to steer your business policy.
Accounting software equipped with the right tools and functions, including online bookkeeping services, is what you need when you want to know how much better your business is performing.
Especially if you are looking for a top accounting software for small business, you will have to ensure that it checks all the boxes in the list so that it offers you accurate details of losses, expenses, and your net profit. We discuss this in the next part of the article. We will also provide the readers with a list of software for accountants which will assist you in your search to choose the right one that suits your business needs.
But before we move on to that part, here are some chief reasons why a good accounting software is one of the fundamental building blocks of your small business:
1) Eases Your Accounting Work
Today, almost no business will use manual paper-and-scale accounting method. The problem, however, is the use of redundant accounting software for a business that lacks some key features that an ideal accounting suite should never miss. For example, older software didn’t have the facility to receive updates from the creators online. This included latest tax-related changes, complex calculation functions, and graphics features to make interaction with the interface easier. Modern accounting software is designed to get auto-updates from the creators. You don’t have to buy a new accounting suite every three to five years to adapt according to the changing accounting scenario. This makes the account calculation and report generation work relatively easier by removing redundancies through the use of advanced features and functions.
2) Saves Time, Generates Quick Reports
With so many new features and functions added to the accounting software, it takes significantly less time to get the work done. You can create your ledgers, cash books and balance sheets with relative ease and generate reports in a comparatively shorter span of time. The time saved allows your accounting team to double check and gross check all their accounting works which can help them eliminate any possible errors.
3) Accurate Accounting
You must keep your account reports from being filled with errors and miscalculations. AI automation in good accounting software for small businesses eliminates inaccuracies by allowing you to use tools that double-check functions such as additions, deductions, and complex mathematical functions mainly used for tax calculations.
4) Secure Accounting
You would never want your accounting data to fall into the wrong hands as it can wreak havoc on your business. A good accounting software comes with security considerations that do not let third parties or unauthorized personnel get either a read or write access to your company’s accounts.
With all that said, let’s list down some of the best accounting software.
1) Freshbooks
This software is mostly for small businesses and freelancers. Its friendly and easy to use interface, coupled with excellent features puts it at the top of this list of accounting software for small businesses.
2) Quickbooks Online
With more than 2 million users, you don’t even need to install Quickbooks Online separately on your local server. Your accounting team can use the software online and securely generate your monthly accounting reports. It provides you with a facility of creating more than forty reports. QuickBooks is also available in the desktop version. To avail features of both QB desktop and Online, QuickBooks Desktop Hosting on a Hosted VDI can be a great option to consider.
3) Wave
This one is a new entrant in the list of accounting softwares. Hence, it provides you with a ‘freemium’ package that comes with basic accounting features. It doesn’t offer a lot, but it certainly suits small businesses that have just begun. Once you are habitual to using the interfaces of such softwares, you can move on to the better ones.
Finding the best accounting software is not so difficult when you have so many choices in place. However, a little research and trial will help you arrive at the right solution.
About the author:
Nidhi Raghuwanshi – a passionate Digital Marketer, Analyst, and an adviser for clients to increase their business with help of Digital Marketing. By now you’d know that Digital Marketing is a great way to increase your business (trust Nidhi if you’re not sure). Nidhi also provides Digital Marketing training & consultation sessions.
