7 accounting software your business can't survive without

Posted by ledgerbench on August 31st, 2020

Accounting is an important part of every business, whether big or small. They are responsible for carrying out key financial tasks such as auditing, filing tax returns, expense management and many more. There are plenty of accounting software solutions available in the market that caters each and every aspect of the accounting process in order to make the task efficient. Such software helps to manage invoices, payments, keeping track of expense and many more. 

Finding right accounting software for your business can be a little tough. Software that works for one company, might not work for the other company. Finding the right accounting software for your business depends upon the size of the company, company budget, the income flow and the level of experience of the individual completing the accounting duties. 

Below, we have listed top easy and popular accounting software your business can't survive without. You might want to try these programs and figure out what works best for you. Each software has its own special feature for various needs. 

  1. SlickPie:

SlickPie is an accounting software that is tailored for small businesses. The software is completely online, making it accessible from anywhere. It offers online invoices, allowing the user to either use the reset themes or allowing them to customize their own invoices. It also offers online billing and document management. Through this software, you can produce financial reports to monitor business growth. It also offers tax management services. The biggest advantage for small businesses is that it’s completely free of cost. 

This software relies on automation, offering features that allow companies to send out automatic payment reminders and auto invoices. It is the only no-cost accounting program to offer automation data entry through its tool named MagicBot. 

  1. QuickBooks Online:

Quickbooks is a product of Intuit. It has been the go-to accounting software for small businesses. It is easy to understand and user-friendly. There are two formats of Quickbooks version, one is online format and the other is licensed version. This program offers access to employee records, vendors and customers. 

If you purchase this software online, then you get access to free customer service as well. You can test the program by signing up for a 30-day trial period and after that it is just for a minimal monthly cost. It also offers accounts payable and accounts receivable service. Users can send billing and invoices to customers online. Unlike other accounting software programs, fixed asset management and collections are also offered. It also provides cash management. This software helps small businesses to record and analyze cash flow in an organized and efficient manner.

  1. Sage 50:

Sage 50 is a commonly used accounting software by small to midsize businesses. This accounting software offers services such as accounts receivables, account payable, cash management and bank reconciliation. Users can also bill and invoice directly to customers through online services. Payroll and employee management is another feature that is widely used by small and mid-sized businesses. 

This software allows users to create and maintain a general business ledger. You can check the cost of Sage on its website which also includes customer service. This software helps small businesses to record and analyze cash flow in an organized and efficient manner.

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  1. Kashoo:

Kashoo is an accounting software program offered through the Apple App store for iPhone, iPad and web use. The program is accessed through the cloud and is widely used by small businesses who already use Apple products. This software offers services such as managing finances, entering expenses, sending invoices and generating reports from the comfort of their Apple mobile device. 

It also offers accounts receivable, accounts payable, cash management, CPA firms and bank reconciliation. Users will be able to track income and expenses, they will also be able to bill and invoice to their customers online. They offer payroll and tax management services. One unique feature of Kashoo is its ability to handle multi-currency expenses. Apple does offer a free trial for this program at a monthly cost starting from .95 per month. They provide training through webinar and live online. Customer support is available only during business hours. 

  1. Xero:

Xero is widely utilized by accountants and small businesses. It can be utilized through mobile or on a computer just like Kashoo. Users can process invoices and send payments online directly to their customers. This can be done through pre-set themes or custom invoice creation. You can handle payroll and payroll taxes through the software. It also has the capacity to convert data from QuickBooks. Over 500 tools are available to access and customize programs based on users' requirements. 

Users can reconcile credit cards or multiple banks. Data is offered through a single ledger, which makes it easy for users and accountants to collaborate and work together. Xero also supports multiple currencies. This software helps small businesses to record and analyze cash flow in an organized and efficient manner.

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  1. FreshBooks:

It is a simple, cloud-based accounting software which makes it easy and quick to get all your finances in order. It is reasonably priced and has support for third party apps to integrate all aspects of your business in one place. It is largely used by freelancers and small businesses. This software helps accountants to make the billing process faster and smoother by making quicker payments and updating them in real-time. 

Freshbooks is an ideal option for you if you send out recurring invoices, run subscription model business or need time tracking capability. You can even check the exact location when your customer opened your invoice. They also include regular secure backup. A mobile app allows you to keep track of your business at all times. 

  1. Zoho Books:

Zoho Books is known for its ease of use. Zoho is perfect for helping small businesses manage finances and cash flow. It also offers excellent support, balance sheet creation, easy to read dashboard and ability to accept payments online. You don't need an accounting degree to access Zoho Books. 

One useful feature of this software is automated payment reminders when your customers are not paying quickly or as agreed. It also offers manual journal entries, project management, automated banking, financial statements and collaboration tools. 

Conclusion:

Accounting software is not a “one size fit all” concept.  Research your options, test what works best for you and choose the right accounting software to survive your business. Take advantage of reviews found on the web, demos available and free trials. Connect with businesses in your line of work and see what works for them. Look for features that your business needs. And decide the suitable software for your business.