Managing your finances is the key to running a successful business. With the right set of software systems in place, you can easily track your account payables and receivables. It can even help you manage all your business loans.
Keeping track of your transactions will help you manage your resources better. Managing your resources better will increase profitability in the long run. It’ll also allow you to keep up a positive cash flow.
But, it’s not easy finding the right accounting software to suit your business needs. Let’s discuss the 4 best software to manage your business transactions.
1. QuickBooks
Intuit created Quickbooks to help small businesses manage their routine transactions. This software is among the many that are operating in a large industry today. Experts predict the accounting software market will cross $11.7 million by 2026.
So, there’s no shortage of competition in the industry. Yet, QuickBooks manages to stand out. This premium business transaction software is perfect for bookkeeping. It’s also good for performing tax-related transactions.
There are two ways in which you can access this software. One, you can use it on your web browser. Two, you can access it on the mobile app.
This ease of access makes the software more flexible than most others in the industry. You can first try the software for free before you buy it. In this way, you can sample its features before you decide if it’s right for you.
A feature of this software is that you can integrate it with third-party applications. This would allow you to streamline your business operations. Your employees can access your accounting records better with this feature.
There’s also Quickbooks Payroll for companies wanting to integrate this function. This allows you to customize your accounting tool and mold it into your business needs.
But, it can be a little challenging for startups to use this software. After all, not every small business uses integrated accounting software. So, it’s a good idea to receive some Quickbooks training before your start.
The right training will help you save time and money in the long run. Using the free trial period would allow you to do the same. Also, the company offers small businesses sizable discounts.
Different plans are available for businesses of different sizes as well.
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2. Freshbooks
Freshbooks is an accounting and invoicing software that’s easy to use. You can use it to customize your professional invoices. It’s also useful for storing important accounting information.
The best feature of this software is that it allows you to give clients several payment options. These options include card payments and automated late payment options. The payment options are perfect for businesses of all sizes.
This software also allows you to maintain a record of all accounting transactions. You can track every dollar going in and out of your accounts using this software. This tracking is possible with email receipts, receipt photos, and bank statements.
The software keeps a record of all the above for easy access. Accessing this record makes tax planning a convenient exercise. This feature makes this a great software for freelancers as well.
The same goes for small business owners. The settings on the software are sensitive to context. So, it adapts to the needs of every class of transaction. You wouldn’t need to spend too much time adjusting the settings for this reason.
Freshbooks is also useful for tracking inventory. This makes it a good choice for small businesses selling products not services.
3. Xero
Xero claims to be the accounting software for everyday business as it offers small businesses tools to manage their business operations. The main business function it helps you manage is accounting. Bookkeepers can use this software to pay bills and claim expenses.
You can even use it to create bank connections. Thousands of bookkeepers use this software to maintain good accounting records. This is impressive considering the bookkeeping industry in the U.S. is worth over $60 billion.
The fact that so many businesses place their trust in it as an indicator of its effectiveness. A great feature of Xero is it lets you track your business operations from anywhere. Also, they offer guides and tools to help businesses, accountants and bookkeepers automate, collaborate, and grow, including a guide on Making Tax Digital (MTD) for landlords and how to prepare them.
So, it’s perfect for managers that have to travel often for work. It’ll allow you to stay on top of your operation even from a distance. Besides, you can opt for a 30-day free trial if you don’t want to buy a package right away.
4. Sage
Small businesses hail Sage 50 Cloud Accounting for its great customization options. Millions of customers use Sage accounting software to manage their operations. These operations include managing finances and payments.
This software is intuitive and suits various businesses. This software is ideal for manufacturing and distribution businesses. You can also use it to manage your assets. This asset management can take place at every stage of production.
Also, a useful feature of Sage is that you can integrate it with other e-commerce functions. It’s compatible with CRM software as well. An advantage Sage has over similar software is that it has good support options.
Tools are available here for small and medium-sized businesses. There are also tools available for construction and real estate companies. The accounting tools available help you manage payments and tax returns.
They also help you manage cash flows and invoicing. In this way, the software helps you manage most major accounting functions. You can manage these functions through any device using the cloud.
Sage works well as a desktop accounting software. Small businesses find it convenient to use this application for time tracking. The same goes for billing clients. Also, Sage is good for companies hiring remote employees.
We say this because it has an HR management tool as well. This tool enables you to manage your employees no matter where they are. You can stay on top of your operations from all parts of the world using this tool.
Conclusion
These software apps will help you manage your business better with all the tools they have to offer. You can take your pick of the lot and see what works best for you. After all, most accounting software companies offer users free trial periods.
Also, remember to learn how to use the software before you start depending on it. Some software companies offer great tools that can be difficult to master. For instance, you may need Quickbooks training before you start using the software.
Whatever the case, there are online resources to teach you how to use accounting software.
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