What is accounting?
Accounting is the process of maintaining your financial accounts and/or records.
Why do it?
Its a complete must! Without it you would not know your profit and loss for your business at the end of the year. In order to manage your business’s finances you need to know where the money is coming and going.
Accounting software is a class of computer programs that enable you to manage your business’s financial transactions. If you have a business big or small, you should have one!
It keeps the record of finances, efficient management of money coming in and going out is very important for the success of your business.
If business owners do not manage accounting data properly, they can fall short of money to perform any activity, which increases the chances of business failure – and nobody wants that.
Time is money, you should do whatever you can to become a more efficient operation. This will be your guide to make the right business decisions.
Do I have to use a specific software?
No. In fact, we at first used excel! Do we recommend that? No.
Do use excel to budget and calculate projections though.
What do these softwares provide?
Here’s a great overview of what an accounting software can do:
Accounting software can help to increase the accuracy of your records by reducing or eliminating human errors in calculation.
- Using accounting software allows businesses to process their accounts with greater speed than manual processing.
- Accounting software helps businesses to supply the necessary members of staff with timely and accurate financial information.
- The benefits resulting from the speed and efficiency of accounting software often go hand-in-hand with reduced overall costs.
- Accounting software helps to evaluate business performance that shows whether the business is improving or depreciating. It ensures effective cash flow management.
- Filing your business taxes can be a complex process, requiring you to keep close track of all your business’s transactions. Accounting software helps to make this process easier by ensuring that all of your business’s financial details are in one place.
While there is no rule saying you have to use accounting software, once you make the change you may look back and wonder what took you so long.
So, the real struggle is here!
Just like the other software, you’ll have a hard time finding “the one” for you. Some are good but too expensive, some are free but you need to do a lot of upgrades and later on, the “free” thing will be nonsense. So, let’s find you a good and reliable accounting software!
One of the accounting software with affordable and reasonable fees – QuickBooks Online is an ideal accounting software for freelancers, small businesses, and large businesses. They can use this integrated financial software system to simplify small business accounting. You can actually access it anywhere with an internet connection.
This system can simplify even complex accounting processes and offers functionalities for an unlimited number of users. It automatically syncs your complete business finance profile to a single dashboard where multiple users can view detailed reports of your company.
Enterprise Resource Planning (ERP) and financial management system globally, suitable for growing companies needing easy group consolidation, multi-language support & tax compliance. It is a scalable cloud ERP system that is ideal for fast-growing businesses as well as large enterprises.
It automates core business processes such as financial management, billing, order management, fixed assets, and revenue management.
The highlight of this app is it empowers all employees in the company hierarchy from top management to clerical staff by providing them a customizable view of reports and key performance indicators for their work.
A popular accounting software system that offers scalable features for large corporations. It is a well-planned and reliable suite that offers plenty of useful features.
large corporations in a wide range of industries including retail, wholesale distribution, and healthcare can benefit from this software. An important function is its seamless integrations with widely used systems such as Salesforce, Development Sandbox, Clarizen, and Paychex.
Intacct offers a mobile-based browser for popular mobile devices.
With its easy to use interface, a wide range of accounting function, security and built-in customizable reports, you can make your financial management easier!
You can see a live demo here.
Wave Accounting is for entrepreneurs, freelancers, consultants, and small businesses with 9 employees or less. Wave handles accounting, reports, and creating and sending invoices. It’s best known for offering its software for free.
The system is easy to set up and use. It comes with a simple and very navigable dashboard with everything you need is in view and easy to access.
With Wave, accounting and invoicing processes are simplified, enabling users to get rid of distractions that come with monitoring expenses, chasing payments, and managing employees and taxes. The system helps users create and send out professional looking invoicing, estimates, and receipts in a matter of moments.
Tracking capabilities ensure that you are on top of your processes.