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Smart Ways to Manage Your Small Business Finances
Effective finance management is a primary necessity to run a successful business; however, for a small business it becomes even more crucial and demanding. Owing to limited budget and manpower small business need a well-planned finance management. Though effective finance management is absolutely imperative and needs an expert handling, still, there are some really easy and smart ways which can help in smart finance-management. For all the small business owners and budding entrepreneurs, here are the top 5 ways in which you can manage your finances smartly.
Consider Each Month As A Mini Year
Every fiscal year begins with financial goal setting for the coming 12 months. Chalk down S.M.A.R.T. goals which are Specific, Measurable, Attainable, Realistic and Time-sensitive. Have one annual goal but break it down into 12 small and digestible goals to make them easily accomplishable. Treat each of your month’s ends like a mini year; as you usually check all numbers by the end of the year, make it a practice to go through all the finances by the end of each month.
Try Your Hand At Cloud Accounting
Cloud-based accounting can act like a life-saver for many small businesses that find it hard to keep a track of their finances. Cloud accounting enables you to get real-time insights into your business finances anywhere, anytime and from any device. It also helps in eradicating any error-making from the finance inputs to ensure that your debit and credit numbers are in sync. Some of the best cloud-based accounting software are Xero, Freshbooks, Wave Accounting, QuickBooks, Kashoo, and Outright.
Keep Your Business And Personal Finances Sorted
While planning ahead for the business, many small businesses tend to commingle their personal and business funds. In order to streamline your business finances, it is important that you sort out your personal and business finances separately. Have a separate account along with credit card or checkbook dedicated for all your business finances. It not only ensures smooth management of the small business finances but also help you in handling all the taxes easily by the end of the year.
Get Help From Financial Professional
You can either hire a CFO or Chief Financial Officer or go with any experienced financial professional or accountant to manage your small business finances efficiently. A financial professional can share his/her expertise in checking your business finances to determine ways to maximize returns while minimizing any deductions. A person with experience in small business finances is recommended as he/she would know how to track down the business and advice on cash flow, tax returns, audits and other things.
Invest In A Good Documentation System
The old story of coming up with a shoebox full of receipts at the end of the year would come true in your case if you do not have a documentation system to maintain all your paperwork. You can take the old school way of keeping a manual paper filing system by stacking each piece of paper in dedicated files, folders, and cabinets. The coming of age, technologically advanced way to documentation is by replicating all the documents into the computer file systems which is later backed up on the cloud. Google Docs, Dropbox, and Hubdoc.com are the top clod-based systems for quick and safe back-up of all the finance transaction files.
While climbing up the hill of success to be at par with the big businesses at the top, a smart small business finance management acts like your climbing crampons to make your climb smooth and successful. Apart from having a vision, business acumen and referring to small business marketing guide, finance management is a borderline necessity for any small business. Manage your small business finances effectively using the smart ways discussed above. Try them with your small business and see all your business finances getting on the right track.
20 Best Accounting Software for Small Business in 2020
FreshBooks: No. 1 In Accounting Software
The best accounting software for small businesses is FreshBooks. It is a straightforward, intuitive and powerful accounting solution that should handle any numbers you throw at it—and at a compelling price that works with your small business setup. FreshBooks sports a more modern, cleaner and user-friendly interface. With this, you can grow your business and revenue.
A solid accounting foundation is key to growing the company. That means practicing good financial housekeeping and using the right tool now, not tomorrow. The future will bring in more complex scenarios — more customers, perhaps, a huge staff and a bigger operational budget, along with bigger headaches in balancing the sheet. As you fiddle with thoughts of growing the business, one of these should be getting the right accounting software that you can start with cheap, but grow with advanced tools.
In this article, we will present the 20 best accounting software for small business as determined by our experts. Their features, benefits, and pricing will be discussed. Many of these solutions are more similar than different, hosting standard features like general ledger management, invoicing, and payment processing. But it is the little things that can be the deal-breaker (e.g., scalability, support, reliability), so pay attention closely.
What are the 20 best accounting software for small businesses in 2020?
There is an increase in the adoption of accounting applications in recent years yet only 37% of accountants use cloud-based accounting solutions. This is a huge disparity with the rising demands of businesses, which expect their accounting services providers to utilize cloud accounting software. These SMEs have a good reason; they believe that it would help them develop better relationships with their accountants. Plus, they believe that cloud accounting tools give accountants a technological edge .
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SMBs Look Forward to These Cloud Accounting Advantages
Fortunately, accountants are looking towards the future . To that end, 49% of accountants reviewed their operations in the past year and 46% more did so in the last five years. Indeed, 58% of accountants are even anticipating the adoption of artificial intelligence solutions, which means they are thinking beyond the scope of accounting software in ensuring the quality of their services.
Accountants are also willing and confident to offer general business advice to their clients or employers. But first, these accountants need the help of reliable accounting software. There are myriad options so we prepared this list of 20 best accounting software for business to help you find a good fit in good time.
First on our list of 20 best accounting software for small business is an accounting solution known for making financial management an easy undertaking. FreshBooks helps users address recurring invoices and subscriptions easily. It supports online payment collection via credit cards, PayPal and Google Checkout. This piece of software integrates seamlessly with known business applications, allowing for streamlined processes. As it is a complete suite, the need for additional software is eliminated, providing users with absolute control over their financial operations all from a single dashboard.
Try out FreshBooks with their free trial
To make the app even better, the vendor saw to it that its latest version has advanced functionalities to further improve the financial management capabilities of users. Its dashboard makes for easy customization while data security is not an issue as secure backups are regularly implemented to keep user information secure at all times. Charges are bound to be accurate using the system, which likewise allows the use of Android and iOS apps to track outside work times.
FreshBooks can be purchased in a variety of pricing models starting at $15/month.
What’s unique about FreshBooks?
- Simpler but powerful solution. The latest version of FreshBooks is designed to be simpler but advanced features were incorporated in the platform. A sleek interface now comes with the software and collaboration among team members is now promoted, resulting in higher work quality.
- Mobile optimized. FreshBooks comes with mobile add-ons for devices running on Android and iOS, enabling users to access information anytime, anywhere.
- Online payment. The tool’s time tracking capability is designed for use in billing, enabling businesses to get paid online through a variety of payment gateways.
- Impeccable invoice to payment. For small businesses, FreshBooks offers invoice to payment functionalities. Users can pinpoint the exact location where a customer opened an invoice email, very useful in catching customers who say the invoice never got to them.
- Billing history management. The platform hosts features that allow for the tracking of both past and current invoices. Unpaid invoices can be pulled out instantly using this functionality.
Detailed FreshBooks Review
2. NetSuite ERP
NetSuite ERP packs general ledger and other financial tools with eCommerce, sales, and marketing to grow your business. The sales tool includes a contact manager that lets you manage leads, automate communication, track your sales pipeline, generate quotes, and sync calendars with your teams for enhanced collaboration. The eCommerce component integrates order management with order processing and fulfillment. An inventory management tool takes care of your stocks, and a shipping module gives you the flexibility of features that you can add as your need expands.
A powerful, elegant dashboard gives you access to KPIs. It’s all accessible via any mobile device. There’s a file manager that makes it easy to share and work on any task, a powerful reporting tool, and a tool that lets you export or import records as the case may be. The intuitive dashboard lets you see everything at a glance. It’s made easy to use by even non-experts, so you and your staff can worry about your business rather than your software.
Try out NetSuite ERP with their free trial
What’s unique about NetSuite ERP?
- Made for your business. NetSuite ERP for small businesses is an affordable bundle of powerful solutions that you can easily scale to your needs and implement quickly. It is easy to configure and sports an interface that does away with a complex setup.
- A single tool to handle everything. With a strong financial core, modules for sales, marketing, and commerce with order management, as well as a host of other essential capabilities, your first order of business is not about looking for a third-party application to integrate but everything about real needs by your customers.
- Instantly know if your business is missing something. The application generates all crucial business indicators at your fingertips, so you don’t have to second-guess your next action.
- Modern and fully mobile. If you have an internet connection and a fully capable smartphone or tablet, then NetSuite goes with you wherever you are on the planet.
- Configure once and run. Once you have set up NetSuite ERP, all you have to do is let it run your operations rather than trying to address software issues. Cloud access eliminates the substantial cost of ownership.
Detailed NetSuite ERP Review
Tipalti is a cloud-based payment automation and management software that is known for helping businesses accurately meet deadlines. The solution helps solve problems that include non-compliance, late payments, administrative overload and complications arising from human error. Time spent on financial management is significantly decreased, solving one of the biggest problems facing accounting teams.
Aside from those mentioned, the software can automate any business’ payment operations around the world, which could range from tasks like onboarding to tax compliance. It is capable of streamlining payment processing in around 190 countries. Using the product, businesses can rest assured that they are compliant with all existing tax and regulatory requirements minus too much human intervention. Customer and vendor payment experiences are likewise improved, along with service quality.
Tipalti is available on a price quote basis. Interested parties can contact the vendor to get a customized quote.
Try out Tipalti with their free trial
What’s unique about Tipalti?
- Automated payment. The system automates around 50% of all payment processes in 190 countries. It’s a leading solution for payment reconciliation, financial reporting, and AP. It normalizes data over a wide array of payment gateways.
- Payment facilitation. The software makes payment easier than one can imagine. Users can pay across 190 countries, 120 currencies and 6 payment methods. It has an advanced payment configuration, providing myriad financial controls.
- Tax compliance. The app collects W-9 and W-8 tax forms to be able to withhold payment for non-compliant payees. This allows for the prevention of payment to illegal parties. In addition, the software creates forms with ease while computing for the right tax.
- Advanced Reporting. The product has an excellent payment reporting system, generating accurate payment reconciliation reports. This is done with minimal intervention from managers.
Detailed Tipalti Review
FreeAgent is a feature-rich solution intended to help small businesses and freelancers. It is relied upon by more than 60,000 businesses with its ability to bring together and manage all aspects of financial operations. The software comes with an array of tools designed to let you efficiently manage all important financial tasks and processes such as payrolls, taxes, expenses, estimates and invoices, bank transactions, cash flows, time tracking, and your project’s financial performance.
The software allows you to create, send, and track invoices; monitor expenses by simply taking a photo of your receipt and uploading it to the system; keep time records using a built-in stopwatch; and link to bank accounts with transactions imported automatically into the platform. The dashboard gives you full visibility over your business’ income, cash flows, expenses, profitability, and receivables.
It is easy to try its features at no cost and validate if this app is for you.
FreeAgent also provides seamless connectivity as it allows you to associate it with all of your bank accounts, or move numbers in and out with few clicks through its integration capability. In fact, it integrates with over two dozen third-party apps and services and supports more than 750 add-ons with Zapier.
Adding to its small business-friendly appeal is its low-cost pricing available in one universal plan of $10/month for 6 months, then just $20/month afterward.
What is unique about FreeAgent?
- Built for small businesses. The software is designed for small businesses as well as contractors and freelancers, providing them with all the accounting and financial tools they need.
- Intuitive navigation. Known as “Overview”, the dashboard features a sleek and modern interface that displays all important data and provides quick access to your invoices, projects, estimates, and timeslips.
- Advanced expense management. Small businesses can take advantage of an advanced tool normally reserved for more expensive solutions. You can have all expenses categorized by currency, linked to specific projects and activities, tracked, and documented once the invoice is paid.
- Facilitated payments. FreeAgent has enabled payments directly into the system, letting you attach links to all internationally applied payment systems in the invoicing templates.
- Expense tracking. The solution gives you the capability to track your businesses’ expenses with the use of bank feeds and imported bank statements as well as attach expenses to individual projects when billing customers.
Detailed FreeAgent Review
5. Zoho Books
Zoho Books is a smart accounting solution designed to manage small businesses’ cash flow and finances. It is known for its ease-of-use, helping users make intelligent business decisions. Being a part of the Zoho product stable, the product does not only offer hassle-free accounting but excellent support, uptime, and security as well. It is capable of sending customers professional invoices and even accepting payments online.
The platform is not just handy, it is also powerful, giving users absolute control over financial management. It has myriad useful features such as P and L, cash flow statements and balance sheets creation, to name a few. The dashboard is pleasant to the eyes and is able to display financial overviews and graphs. Aside from these, the solution is also capable of streamlining other back-office functions.
Zoho Books can be purchased in different pricing plans, starting at $9/organization per month.
What is unique about Zoho Books?
- Automatic bank feeds. Zoho Books imports all credit card and bank transactions, eliminating the need for manual data entry. These data are likewise categorized in accordance with bank rules.
- Automatic payment notifications. Users can come up with messages for clients, reminding them to pay on time and set their frequency that is convenient for both parties.
- Customer engagement. The app’s collaboration functionalities engage customers by making them feel that they are part of the payment process. This is done by providing clients with access to their invoices and estimates and allowing them to directly make payments online.
- Invoice distribution and tracking. The system helps users in the collection of prepayments and retainers. Invoices can be pulled off for individual estimates. Offline payments can be recorded and even linked to selected invoices and projects.
- Project management and tracking. Simply entering the time spent on projects into the system allows Zoho Books to record the expenses incurred on projects and invoice customers.
Detailed Zoho Books Review
6. Sage Business Cloud Accounting
Cloud-based accounting and invoicing management platform Sage Business Cloud Accounting is designed to cater to small businesses. Its core functionalities include accounting, compliance and expense management. What sets Sage Business Cloud Accounting apart from its sister app Sage 50c is that the former is an add-on service that allows for the integration of the latter to the cloud, resulting in cloud storage and accessibility for all your accounting data. This combination makes Sage Business Cloud Accounting better than ever.
The system’s graphs, dashboards, and transaction overviews offer users a vivid idea of how their business is doing anytime, anywhere. It can generate histories of purchases and sales and bank statement imports, which are very useful in managing cash flow. The app can be accessed via smartphones, giving users a real-time view of customer data and letting them record notes at any given time.
Sage Business Cloud Accounting is being offered in two pricing models, starting at $30/month.
Sage Business Cloud Accounting
Try out Sage Business Cloud Accounting with their free trial
What’s unique about Sage Business Cloud Accounting?
- Accounting tool for small businesses. Sage Business Cloud Accounting is targeted at small businesses, allowing them to manage all tasks related to accounting. It helps users manage payment processes like estimates, invoicing and price quotations. It also comes at flexible pricing terms, making it ideal for businesses on a tight budget.
- Cloud storage and accessibility. The app’s integration with Sage 50c provides it with cloud storage capability and gives users access to all accounting data
- Robust features from a single dashboard. The platform makes users’ accounting information all available from its dashboard, keeping them informed on receivables and cash flows.
- Tax management. Sage Business Cloud Accounting also serves as a tax management tool, able to calculate taxes accurately based on transaction information. It can forecast cash flow, allowing users to estimate cash requirements.
- Mobile optimization. The platform comes with Android and iOS apps, which can be used in the creation of invoices, expense recording and in viewing graphs reflecting business performance. Integration with third-party apps is also possible.
Detailed Sage Business Cloud Accounting Review
7. Sage 50cloud
Sage 50cloud is an online accounting solution designed to help small and medium-sized businesses manage their financials and stay compliant with taxes and reporting requirements. It comes with all essential features expected of a best-in-class accounting platform such as taxes, inventory, budgeting, cash flow, and invoicing. In addition, you get a wide range of add-ons including credit card processing, HR/payroll, POS, e-commerce, data management and more. With its mobile capability, you can make payments on-the-go and bill customers, and provide your accountants real-time access to accounting books.
Try out Sage 50cloud with their free trial
A distinctive attribute of the accounting platform is that it combines the robust feature set of a desktop tool with the accessibility of the cloud. This hybrid set up lets you access and store data in the cloud while doing other tasks in your local machine. You can use the software to track purchases and vendors and pay bills while its expense management features let you undertake mobile payments and bank feeds. It also allows you to connect to your bank accounts, providing for real-time recording of sales and receipts, tracking receivables, transferring funds, reconciling bank accounts, and making deposits.
Sage 50cloud offers three pricing plans starting at $44.97/month. It also has a 60-day risk-free, money-back guarantee.
What’s unique about Sage 50cloud?
- Powerful & convenient hybrid solution. It gives you extreme flexibility by combining the power of desktop software and the convenience of the cloud with an array of 50 features to manage your financial business operations and requirements.
- Bank-level protection. You’ll have your finances safe and secure with screen-level user access and bank-level online protection to keep your critical information safe.
- Designed for SMBs. With its enterprise-grade features, the software is kept affordable and within reach of small and medium-sized businesses, making it the accounting solution of choice by over 7 million customers in 23 countries.
- Accounting made easy. You don’t have to be an accountant to organize your business and get ready for tax season with its built-in checks and balances to ensure your financials are accurate and are available anytime and anywhere for you and your accountant.
- Training & support. Explore the Sage University for on-demand learning topics and comprehensive instructor-led classes. You also get 24/7 access to support articles and other resources from a comprehensive knowledge base.
Detailed Sage 50cloud Review
8. Bench Accounting
Through its intuitive web app, Bench Accounting offers bookkeeping and accounting services and assigns professional teams to take care of your number-crunching needs. Because of this, you can better focus on other business processes that could bring in more revenue and profit.
Working with Bench Accounting is a fairly easy procedure. You only have to prepare your spreadsheets, invoices, receipts, and other data related to business deals. You can submit these through a web app. Thereon, the team assigned to your account categorizes transactions and reconciles statements of accounts from your banks, credit card companies, and even from your PayPal account.
Companies of different sizes can benefit from the services provided by Bench Accounting. They have five tiers of enterprise pricing and they have monthly and annual plans, which suit your accounting needs and budgetary limitations.
What is unique about Bench Accounting?
- It is a service and a platform. Bench Accounting removes the stress of dealing with bookkeeping and accounting from your hands. They assign a team of professionals to organize your data and ensure that everything is accurate.
- Easy procedure. Working with Bench Accounting is a relatively easy process, as you only need to gather your invoices, receipts, and other transaction information and submit it to your team.
- Web-based client app. There is no need to send your documents to Bench Accounting by mail and risk them getting lost or being stolen. Rather, you can send them via an intuitive web-based app where you can also view reports and any messages from your assigned team.
Detailed Bench Accounting Review
Our BigTime review can tell you that this platform is a professional services automation software. However, it is a solution that focuses on time tracking and management as well as billing. With this, you can streamline invoicing and billing while ensuring accuracy. Thus, you can save time and money from fast and error-free calculations.
Additionally, the platform is customizable, allowing you to tailor it exactly to fit your needs. It even has tasks and workflows that let you track progress to ensure that every process is moving along on time. On top of that, the software helps collect customer data to complete the details necessary in billing documents.
Try out BigTime with their free trial
BigTime can also be yours for as low as $10 per month. This is a user-based pricing plan and has no core platform fees; thus, allowing you to have as many users you need without breaking the bank.
What is unique about BigTime?
- One-stop app for billing and invoicing. Some companies would use different apps at once to deal with their billing and invoicing requirements. BigTime has everything necessary in one place to streamline the whole process and help you save money, as you can invest in a single solution instead.
- Time tracking. Billing and invoicing are both easy because BigTime integrates time tracking. This means that the platform processes time logged in for tasks and projects automatically and uses that information to calculate costs.
- Expense management. BigTime also provides organizations with tools for them to curb unnecessary expenses.
- Mobile apps. BigTime has native apps for both Android and iOS, which you can use offline for on-the-go management.
Detailed BigTime Review
Tradogram is an easy-to-use platform that empowers businesses to make the best procurement decisions. Despite its intuitiveness, this application has powerful features that pave the way for reduced expenses, higher revenue, and quality supplies.
As procurement is a business process present in every industry, Tradogram can be used by any kind of company. Moreover, it is customizable, thereby making it a flexible solution for your procurement needs. It can also connect with your items database as well as external data sources for supplies.
Companies can enjoy the full benefits of Tradogram for only $15 a month for every user. However, if you have limited procurement needs, you can also opt to use the free version of the software.
You can use all the features for free for a period of time to see if the software matches your needs.
Try out Tradogram with their free trial
What is unique about Tradogram?
- Connected with suppliers. Tradogram is both an e-procurement and supplier management platform. This connects you with your suppliers, allowing you to get only the best materials or services for your organization.
- Spend management. Having access to the best does not mean you have to shell out huge amounts of cash. Tradogram’s spend management tool enables you to procure high-quality products while ensuring that finances do not go red doing so.
- Automated procedures. Tradogram saves you time with its automation capabilities, which apply to purchasing, sourcing, and supply chain management.
Detailed Tradogram Review
11. Zoho Expense
Zoho Expense is an accounting solution that is capable of making expense reporting and tracking far simpler. It can automate many expense management tasks while making a record of all financial transactions. With this piece of software, receipts can be converted into expenses, collated, from which reports can be generated.
The app can likewise capture expenses from credit card transactions, a very useful feature. It can be accessed at any given time and place as it runs on any device. Problems arising from spending limits and expenditures that are permissible are minimized, resulting in compliance and enforcement of companies’ spending policies. Popular integrations include Zoho Books and Zoho CRM, which allow users to utilize a single account for all tools.
Zoho Expense can be purchased at a single price model of $15/month. However, if more functionalities are required, contact the vendor for a customized quote.
You can use all the features for free for a period of time to see if the software matches your needs.
What is unique about Zoho Expense?
- Easy recording. Zoho Expense can easily record all company expenses in real-time, saving users valuable time. It allows for the syncing of credit card transactions, which can be accessed automatically. The smallest yet relevant detail can be included in such records.
- Expense reports. The solution can review and approve expense reports with the click of a mouse. Users are categorized as approvers, administrators and submitters, who play different roles in the system’s operations.
- Integration with other Zoho products. The system is ideal for users of Zoho’s productivity suite as it works well with Zoho CRM and Zoho Invoice.
Detailed Zoho Expense Review
AvidXchange is a finance platform designed to assist B2B companies in managing their accounts payable and bills payments. With this, you can effectively eliminate paper invoices. On top of that, you can save time by automating what would instead be protracted payment processes.
There are various other components as well that make the software holistic and capable of assisting you with all of your accounts and finances. A couple of examples are AvidXchange’s purchase order module and approval workflow. You can leverage the purchase order application to ensure that your business’s backend runs smoothly continuously with a steady supply of important materials. Meanwhile, you can utilize the approval workflow to make sure that your workforce gets the supplies they need quickly.
Try out AvidXchange with their free trial
What is unique about AvidXchange?
- Made for B2B. The solution is popular among B2B organizations because it is designed for their use, specifically.
- Electronic invoicing. Paper invoices are wasteful, prone to errors, and can be easily misplaced or lost. AvidXchange resolves that with its electronic invoicing function, which saves you cost and helps you keep accurate records.
- Automatic bills payments. If you miss paying your bill even for a day, you can already incur penalties. You can avoid that by using the solution’s automatic payments function.
- Platform security. AvidXchange assures you that your data is safe in the event of system failures and natural disasters.
Detailed AvidXchange Review
Though it is an e-signature software, SignRequest can be a part of your business workflows, including accounting. By using electronic signatures, you can save time and resources. For one, there is no need to print, sign, scan, and resend documents. On top of that, you do not have to waste paper, ink, and electricity printing on actual paper, as you can sign digitally instead.
SignRequest adds another layer of security to your documents as well. That is because every document and signature that it processes is protected with SSL 256-bit encryption. And aside from your e-signature, you can sign documents using a GlobalSign digital certificate. This further strengthens the security of your data, safeguarding you from fraud.
This protection can be yours for as low as $9 a month. If you require advanced features, there are top-tier plans as well.
Try out SignRequest with their free trial
What is unique about SignRequest?
- Integration with any business process. SignRequest makes accounting more secure, as it can integrate with any business workflow.
- Resource savings. With SignRequest, you can affix e-signatures or digital signatures to documents. This abstracts the need to print papers just to sign them, letting you save a handful of resources.
- SSL encryption. SignRequest applies SSL encryption to every document and signature that passes through its system.
- GlobalSign. The platform adds another layer of security to your business proceedings by enabling the use of GlobalSign digital certificate.
Detailed SignRequest Review
14. QuickBooks Enterprise
The financial service software, QuickBooks Enterprise, provides an accurate end-to-end accounting solution to different businesses in various industries. It integrates accounting tasks like payroll, pricing, and inventory tracking without the need for ERP implementation.
QuickBooks Enterprise can manage numerous users, locations, big transaction data, and inventory workflows all at once.
Even though its user interface is non-technical, it has advanced inventory management, more data capacity, and more entities support.
Payroll & Employees, Reporting & Finances, Purchasing & Vendors, Inventory, and Sales & Customers are the key features of QuickBooks Enterprise.
QuickBooks Enterprise can be integrated with powerful third-party applications like Google Mail, Microsoft Outlook with Office 365, Email Estimates, QuickBooks Mac 2020, and many more.
Detailed QuickBooks Enterprise Review
What’s unique about QuickBooks Enterprise?
- Easily Manages Reporting and Finances. QuickBooks Enterprise can provide users a complete view of all income-related transactions. Also, it allows users to input expense transactions fast.
- Sophisticated Inventory Management. QuickBooks Enterprise lets users create as many advanced price rules as they want, depending on any combination of the customers, items, and vendors.
- Manage Sales Representative Properly. Through QuickBooks Enterprise, users can track and follow up on their representatives’ sales leads.
- Has a Productivity Tool. QuickBooks Enterprise allows users to monitor work processes and improve productivity.
15. Sign Intacct
Sage Intacct is a cloud-based financial management platform that houses cloud computing and accounting in a single tool. The product’s apps are used by a wide array of businesses as they are preferred for AICPA business solutions. Designed to improve business performance and financial productivity, Sage Intacct is being offered by many accounting firms and resellers to their clientele.
Core product functionalities such as accounting, cash management, purchasing, subscription billing, and financial consolidation are present. Easier information entry and error minimization are possible with the platform’s general ledger. The system can cut down income losses and is able to effectively control margins and costs. Computing for currency difference is much easier using the solution as it offers multi-currency support. In addition, it can streamline compliance by automating sales tax management.
Sage Intacct is available at different pricing plans starting at $400/month.
Detailed Sage Intacct Review
What is unique about Sage Intacct?
- Solid reputation. Recognized by the AICPA as a top provider of financial-related apps, Sage Intacct has been helping accounting professionals make sound decisions using key statistics and figures as a basis.
- Highly scalable pricing. Although the software is marketed starting at $400, the vendor offers optional features for additional fees. Aside from this, users can avail of an interactive demo and a webinar introduction.
- Robust accounting features. Data entry is easier and time-saving with the system’s general ledger. It likewise minimizes inaccuracies in financial reporting. The product can significantly lower losses and boost cost and margin control.
- Customized reporting. With its pre-made report templates, users can utilize balance sheets in analyzing performance and sales tracking. You can simplify financial reporting using your presentations’ needs as a basis.
- Fast payment processing. The platform offers a highly secure and speedy credit card and bills processing. It can work seamlessly with online sellers’ websites by streamlining their processes.
Xero is an accounting software largely known for having revolutionized accounting. Developed to provide the best user experience possible, the solution is easy to use, making tough accounting tasks like double bookkeeping simple even for first-time users. For those who require a bookkeeper, the vendor offers certified advisors who are more than willing to assist them. The platform has gained traction in countries like the UK, the US, Australia, and Europe. It comes with integrations with known third-party applications and accounting tools and the software’s Express Setup feature makes set up a breeze. You can maximize the product’s potential with the assistance of its help center.
Xero pricing comes in different pricing models beginning with its Starting plan, which can be purchased for $25/month. A Premium package, which can handle complex accounting tasks such as invoices, bills, quotes, and multi-currency transactions is also available.
Detailed Xero Review
What is unique about Xero?
- Easy setup. One does not need to render overtime or undergo complicated training to set up Xero. Once all needed data are uploaded into the system, the software takes care of all transactions and contacts, all from a single page.
- Inventory/stock management. The platform also doubles as an inventory and stock management tool, allowing it to process and run payrolls and adjust taxes for more than 20 states. It can create comprehensive possession records, which can be automatically be utilized in every transaction.
- Transactions made easy. The transaction forms that the system generates provide users with richer transaction experiences. For example, editing of purchase files is possible with the ready-made templates that Xero provides, resulting in more personalized documents.
- Robust financial reporting. Xero offers users financial reporting that effectively puts all activities’ impact in a nutshell. This can be done by filling filters for items for inclusion.
17. QuickBooks Online
QuickBooks Online is an accounting solution specifically targeted at small businesses and freelancers as it simplifies the most complex accounting processes. It has become a popular tool among accountants, bookkeepers, small business owners, and finance officers. For up to five users, all the app’s features can be accessed. However, functionalities are limited for packages with an unlimited number of users.
A notable benefit is how it automatically syncs business profiles to a single dashboard, where multiple users can view reports and corporate accounts. It is capable of generating profit and loss and trade sheets, invoices and billing, all of which are accessible via mobile devices. Custom reports and feeds can likewise be created from the dashboard. Popular integrations include Quickbooks Online Payroll and Intuit GoPayment.
The app is being offered in a variety of pricing schemes, starting at $18/month. A free trial is available to those who want to try the software’s features first.
Detailed QuickBooks Online Review
What’s unique about QuickBooks Online?
- Accounts management. The app provides users with access to accounting information and allows for the creation, editing, sharing and duplication of the same with relevant parties.
- Online accessibility. Users can log in to the system wherever there is Internet access without the need for any additional software. The creation of customizable feeds and charts can also be accomplished.
- Security and backups. All accounting information is securely stored in the cloud. These can be accessed and exported to Excel spreadsheets.
- Support and upgrades. All subscription packages come with support from the time of set up. Regular updates and upgrades are also provided.
Justworks is an innovative HR-based technology solution that helps businesses manage their benefits, employee information, employee compliance, and payroll. It helps ease the workload on HR officers and company managers.
Because of its simple user interface, payment procedures like putting additional pays and filing paperwork can be done in just a few seconds.
Justworks also allows users to set up a benefits package for their employees.
The easy-to-use all-in-one platform can be integrated with QuickBooks, QuickBooks Online, and Xero.
Detailed Justworks Review
What is unique about Justworks?
- Useful Employee Benefits Manager. Justworks works with leading benefits providers, allowing it to offer service benefits like medical and dental.
- On-Time and Accurate Payment. Justworks ensures users that the payments made to their employees are always on-time and accurate.
- No More Spreadsheets. Justworks lets users set employee and work policies digitally.
StockMarketEye is a portfolio management tool that helps businesses keep track of their investments. It lets users be updated with what’s happening in the market to better manage their investments.
StockMarketEye has a summary view, which gives users a summary of all their investment portfolios. It allows users to check foreign exchange prices, stocks, and mutual funds easily. StockMarketEye also sends stock alerts to users.
An on-premise solution, it is only available for a one-time purchase with a starting price of $99.95.
Also, StockMarketEye offers full-featured versions for Linux, Mac OS X, and Windows. The simplified version is available for iOS and Android phones and tablets.
Detailed StockMarketEye Review
What’s unique about StockMarketEye?
- Check Investment Portfolios with Ease. StockMarketEye lets users manage all of their investment portfolios. They can import investment data and investment files from supported brokerages.
- Get Detailed Report. StockMarketEye provides users with raw transaction list and performance reports to better analyze their investments.
- Converts Holdings. Through StockMarketEye, users can now convert foreign currency holdings into the base currency of their portfolio.
20. Reckon One
Reckon One is a cloud accounting software that manages pay runs, leaves, allowances, payroll, and superannuation for an unlimited number of workers or employees. It has a flexible pricing system that lets businesses choose important features that best suit their needs.
Users can view the entire cash flow in the dashboard of Reckon One. In the dashboard, users can track and control things like GST, receipts, and payments.
Reckon One can let users import bank statements automatically and categorize transactions anytime. It also provides users with helpful business forecasts to improve their work processes.
Reckon One can be integrated with third-party tools like Shopify, Gmail, and Zapier.
Detailed Reckon One Review
What is unique about Reckon One?
- Easy Access. Reckon One can be accessed using desktops, laptops, tablets and mobile devices.
- Strong Security Support. Because Reckon One is powered in the cloud, physical hardware accidents will not affect any data. It also has strong layers of encryption.
Optimize your product research with free trial offers
As much as this brief review of the leading 20 accounting software for your small business has given you helpful insights into these platforms, nothing beats a firsthand look and feel of the application you have in mind. As most of the solutions featured here offer a free trial period, why not grab the line and test-drive the application to see how it works in real-time? You can start with our top choice and use its feature set as a benchmark. Sign up for FreshBooks free trial and get your research rolling.
So there you have it our top 20 accounting software for small business for 2020, but if you’re a Mac user and would like to know what options are available to you, check out this top 20 accounting software guide for Mac. Every product has its own strengths and weaknesses, but one is bound to suit your business.
Accountancy 101: 5 Tips to Manage Your Small Business’s Finances
Being your own business’s accountant can be daunting, but it’s possible with some tric
Being your own boss, running your own company, the American dream – it’s not only a romantic notion, but also something that has wide-reaching benefits.
The allure of doing what you love and managing your own work life is something that draws in millions across the country. In the U.S. alone, there are nearly 28 million small businesses in operation. The majority of these are single-entity enterprises, consisting of only one entrepreneur running the entire operation. This means there are a lot of business owners out there doing everything themselves.
But, as with all good things in life, there are trade-offs. When it comes to running your own business, you have to take on a number of responsibilities that a traditional employee does not. One such responsibility is the management of your finances, a prospect that is enough to put anyone off the idea. Taking control of your business’s money can be an intimidating prospect, especially for those who wouldn’t class themselves as good with math. However, you don’t have to leave your dream of owning a business at the door just yet.
For those who struggle to keep on top of their business’s finances, or new business owners entering this exciting but complicated world, here are some expert tips to keep a firm and stable grasp on your business’s financial health.
1. Take time to understand all of your financial responsibilities.
So you’re running your own business. As such, you are responsible for managing your own money. But what exactly are your financial responsibilities? This completely depends on your circumstances, your business type and how large your company is. These are some common responsibilities:
Tax – Tax is a given, but what kind of tax? If you have employees, your responsibilities will differ from those of a single-entity enterprise. Do your research and find out what your tax obligations are.
Repayments and reports – You may have stakeholders to answer to and investors to repay. Likewise for banks and other lenders. These types of people or firms will also require financial reports and evidence of growth and profitability.
Day-to-day operations – Day-to-day responsibilities of running a business’s financial accounts also require your attention. This includes bookkeeping and recording transactions, monitoring invoice payments, paying your own wages, dealing with suppliers, and budgeting.
Invest time in understanding the processes of each financial responsibility you have. You may have a few, or a lot, but be sure to be aware of each and every one. The result of such insight is that you won’t miss important tasks, thus minimizing the potential for mistakes.
2. Make an accounting schedule.
Any accountant will tell you that the key to good financial management is control. Losing control is when you start to miss things, when you start to make mistakes. So how do you maintain control? Keep things regimented and perform accounting tasks to a schedule.
Some might be tempted to do financial tasks as they come. Record transactions when they come in or send out invoice reminders when you remember. But this is a slippery slope. Something important comes up and you miss one item and you’re left scrambling to catch up – or you forget about it completely and your figures get skewed.
The best advice we can give is to create a time slot. Once a day, week, month – whatever works. During this time, you go over all financial tasks that have accumulated with the given period. Record all transactions, file all invoices, and produce all necessary documentation. If you keep things on a clear and manageable pattern, you’ll find it becomes a lot more difficult to become overwhelmed.
Financial accountants are like a wild animal – you just need to know how to tame them.
3. Use accounting software.
You’re not an accountant, but that doesn’t mean you can’t use their tools of the trade.
Common practice for business owners running a small enterprise is to manage their financial accounts through basic spreadsheets like Excel, but this software isn’t designed to support your accounting processes. There are plenty out there that do, though. You’ll find countless examples of accounting software, such as Xero or QuickBooks, which have features to make your financial management easier. This includes scheduling and reminders, monitoring for capital gains, invoice procedures, separation of accounts between incomings and outgoings, and the ability to apply filters to your financial records to establish different kinds of data and reports.
Editor’s Note: Looking for accounting software? We can help you choose the one that’s right for you. Use the questionnaire below to have our sister site, BuyerZone, provide you with information from a variety of vendors for free:
Establishing your financial data within specialized accounting software, instead of a basic spreadsheet system, might seem like it will overcomplicate things, but once you take the time to understand how the software works, it will make managing your business’s money a whole lot easier.
4. Take onboard expert advice.
No, this article isn’t incredibly meta and self-referential, although it does make my point nicely.
Reading, listening and learning about how to manage your company’s money better is only going to do one thing: help you manage your company’s money better. Expert influence from those in the accounting field, or business owners who have been in your situation before and conquered that financial mountain, is worth the investment of your time.
There are countless resources available to help you learn how to be better at accounting. Articles will always pop up that provide new tidbits and insight into the world of money management and sound accounting practices. Often just reiterating some much-needed basics, but sometimes providing new techniques and education for SME owners on tools of the trade, this type of content is invaluable to a business owner who wants to improve on their accountancy skills. If you don’t want to spend your life reading article after article about accounting, though, consider subscribing to podcasts or even attending talks and events.
It may take years of education and a handful of qualifications to become an accredited, professional accountant, but that doesn’t mean you can’t educate yourself to be your own mini-expert.
5. Know when to get help.
Stubbornness is, unfortunately, a trait many business owners share. It’s a good trait to have in some circumstances. It helps you stick to your guns and build the vision you’ve always dreamed of, but stubbornness can also have its pitfalls. When facing issues with accountancy and finance management, it can be difficult to let go and not only get somebody else involved, but also admit defeat. However, sometimes is it simply necessary for company survival to bite the bullet and get support from a professional, such as a chartered accountant.
But when should you make that important call? Here are some examples of times where help is recommended:
You’ve lost control of your figures.
You are facing an audit.
You are losing too much time to account management.
You keep making mistakes.
You’re simply out of your depth.
You are experiencing rapid growth.
Don’t let your business sink because your money isn’t being managed properly. Accountancy 101: you can’t always be your own accountant.
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