9 Best Small Business Finance Software.

From an article by Eileen Maki on January 3, 2020

Introduction.

To keep up with their accounts many small businesses cannot afford to employ someone to do their accounts, it is too expensive.

They must find some way of doing it themselves.

The majority are not trained in doing accounts so they find it very difficult and will get into trouble with the Inland Revenue Service.

The answer is to get some software that will do a lot of the hard work, and produce the reports needed by the business.

Nowadays the best small business accounting software is affordable, easy to use, and allows you to track income and expenses. The accounting software should also include detailed financial statements to give your business insight into the financial health of your business.

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Software Options for Small Businesses.

Here is a list of the most popular packages, with brief details of each.

Accounting Package                        Best For

QuickBooks Online                     (Best Overall) Most used small business accounting software that scales as you grow

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FreshBooks                                  Solopreneurs and freelancers who need to streamline customer invoicing and payment collection

Xero                                             Business owners who want an alternative to QuickBooks Online.

Wave                                            Small and medium size businesses (SMBs) on a tight budget needing a free option with a lot of features

Zoho Books                                 Businesses that use other Zoho products, like Zoho CRM

QuickBooks Premier                    Businesses in the nonprofit, manufacturing & distribution, professional services, contracting, and retail industries

Zipbooks                                      Startup businesses looking to upgrade from an Excel spreadsheet

Bonsai                                          Self-employed business owners who also want contract writing features and tax preparation assistance.

Selecting the Accounting Software that is Right for You.

Some questions you must ask yourself are:

  • What stage is your business at now? New, Young, over 5 years old.
  • Do you have a budget? If no, create one. You need to know how much you can spend. Spending could be full price, instalments, or leasing.
  • Do you have anyone who uses these packages and can give you advice.
  • Do you think you are competent to decide, or do you need someone else to do it for you? E.G. accountant.

What facilities do I need?

What’s your budget for accounting software for your small business?

The key to choosing the right bookkeeping software is to make sure that the package includes all the features you think you need to manage your business finances, not forgetting that it also needs to be expandable as your business grows.

All businesses need bookkeeping software that will track income and expenses. Plus have facilities for multiple users’ access. Importantly, it must generate detailed reports to file your taxes. And give you access to your data any time you need it.

Here is a list of the seven primary features that should be included in the bookkeeping software you choose.

It must have the ability to:

  • Invoice customers:

The software allows you to create custom invoices and email them to your customers.

  • Integrate with bank and credit card accounts:

The solution has the capability of connecting all your bank and credit card accounts, so transactions automatically download into your bookkeeping software.

  • Review detailed reports:

The software gives you access to detailed reports, such as profit and loss and balance sheet reports, to give you the information you need when you need it.

  • Accessibility:

The program supports the ability to access your financial information any time you need to from anywhere you have internet access.

  • Organize receipts:

The package lets you scan and organize your receipts and attach them to your financial transactions in the software.

Remember that as your business grows your software must be able to cope with extra work. Some of the features to look at are:

  • Your bookkeeping software should be scalable so you can add features or modules as your business grows.
  • You might need to add additional users (like your accountant),
  • Add payroll services,
  • Accept credit card payments from customers when your business is ready.

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Why Use Online Bookkeeping Software.

Most software companies only offer online bookkeeping software, and desktop software is becoming obsolete. Online bookkeeping software offers more flexibility, saves you time, and gives you access to the most recent product updates.

Some key benefits of using online bookkeeping software over desktop versions are:

  • Provides access to data on any device:

You can access your data using any mobile device, computer, or laptop with an internet connection.

  • Allows for increased automation:

Having the ability to connect your bank and credit card accounts eliminates the need to manually enter transactions.

  • Simplifies communication with tax and accounting professionals:

You can give your tax preparer or accountant access to your data so they can pull the reports needed to file your taxes without having to use your valuable time.

  • Allows for frequent and automatic updates:

Automatically give you access to these improvements without having to pay additional fees

  • Integrations:

You can add applications to your software to automate entries, save money, or maintain a customer relationship management (CRM) database.

  • Backup features:

It keeps backups of your data and company files off-site with the provider of the software. You don’t have to worry about backing up your software on external media and taking it with you.

Get started sooner to relieve your work burden.

Running a small business is a stressful but rewarding occupation. You need to get all the help and advice that you can.

Consult your professionals, Accountant, Lawyer, Suppliers.

If you want to please contact me and I will help you.

support@alronbusinessservices.com

 

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