Accounting is an integral part of our every-day lives. It’s useful in homes, shops, corporations and government offices. Gone are the days when an accountant would sit in the office the entire day. Nowadays, accounting tasks are simpler, thanks to technology. What’s more? Accounting software is now easily accessible. It helps in the handling of basic bookkeeping tasks, cash flow monitoring, invoicing, and more.
What’s the role of accounting software?
Accounting software records different processes and financial proceedings like payrolls, accounts payable, trial balances, and other accounting information. It operates as an accounting information system and will Simplify processes in your business.
Accounting software can be cloud-based, and you can also download it on your computer. However, you’ll have to make a monthly subscription to use the software. The packages range from simple to customizable and other complex programs.
All accounting software varies in terms of capability, complexity, and cost. There are different accounting software packages, and all have varying functionalities. Not all will work for you. The most suitable software matches your needs and is dependent on the size of your business.
How can you choose the most suitable accounting solution for your business?
Purchasing accounting software is a significant investment for any business. Sadly, most business owners don’t realize the perks of using accounting software. After making so many accounting blunders with my startup, I decided to be different, but didn’t know how. And that’s was tough until Appvizer suggested the best way to simplify my accounting processes-accounting software. I discovered the best accounting solution for my business, and I believe you can also do the same. Here’s how;
Know your needs
First of all, determine your needs and concerns. For instance, accounting software for personal use or a small business is easy to use and less costly. It can perform simple tasks like budgets with ease. Set a budget, and define how much you’re willing to spend. Remember, the best accounting software comes with a higher price tag, and you don’t want to limit your choices.
Make product comparisons
Compare different accounting software available in the market, and pay attention to the features and functionalities. You don’t want to invest in Software defined Perimeter and later realize that it can’t handle most of the tasks as your venture grows. Buy one that performs multiple chores with no need for upgrades in the future.
Check for the best deals
Visit different sites; compare the products and the prices. Most packages offer key accounting capabilities, and there is also an inexpensive software ideal for small businesses. Choose what suits your business, and don’t compromise on the essential abilities to save some money.
The best software is easy to use. It takes less time for other workers to master how it operates. And this minimizes errors and saves time. Simplicity should start from the installation, setting up, and navigation. It should also have all the reporting modules required by your business. Invest in a quality software package with expandable features, which will make it easier to adjust as your business expands.
Which is the best accounting solution for 2020?
1. Wave accounting
Wave accounting software is an accounting package that benefits small business owners in numerous ways. It’s also ideal for freelancers and solo entrepreneurs. What makes it unique? Wave offers free double-entry accounting for startups and small enterprises. It’s cloud-based and allows you to access your personal or business data from any place.
With this software, you can add collaborators to your list and work on all your business using a single login. What’s more? Wave eases tedious data entry processes, giving you access to more accurate financial reports. It also integrates your accounting process with your invoicing, receipts, scanning, and payment processes.
2. Microsoft Dynamics GP
Microsoft Dynamics GP can accomplish a wide range of functions. It gives you greater control over your operations, inventory, and financial processes. It’s an ideal solution for small and medium-sized ventures. It will assist you in managing activities like accounting and finances and distribution or supply chain processes. It also helps in tracking project accounting and budgeting.
Dolibarr was founded in 2003 and is located in France. It caters to the accounting needs of all businesses, no matter the type and size. It’s an open-source solution that allows business owners to manage customers, orders, invoices stock, purchases, leave requests, and inventory. It consists of multiple modules, making it easier to pick what suits your requirements. You can take advantage of its free version to determine whether it’s the best fit for your business.
4. AccountEdge Pro
AccountEdge Pro is the best solution for a growing business. It’s an excellent choice for epic travelers, thanks to its flexibility. You can use it on a desktop or mobile phone when on the go. The mobile app allows you to accomplish multiple accounting tasks when away from the office, making it one of the most flexible accounting solutions.
BuildSmart is a web-based and fully integrated enterprise management system. It’s useful in construction companies and provides industry-aligned information. It features various modules, such as procurement, accounting, payroll, yard, and store management. Moreover, it integrates costing and project accounting for the most effective accounting and project management.
Declaree is a mobile and online web app. It digitalizes and makes the expense management process more efficient due to its receipt capture, credit card integration, and mileage expense tracking functionalities. It offers automatic calculations of area-specific daily allowances. It’s ideal for business travelers and saves a lot of time while minimizing costly accounting mistakes.
Quicken is the ideal accounting solution for rental property investors. It helps with tenant information tracking, expense tracking, rent payments, tax planning, and income management. It caters to the needs of all sizes of businesses.
A quick wrap up
Accounting software is a potent tool for all businesses. It’s a worthy investment for any business owner who values efficiency. It will overhaul your accounting processes- and for the better. To get the best fit for your needs, shop from reputable sites, and examine all the features and modules.