Accounting software for small businesses comes in a variety of flavors, each with its own set of features and price tag. In general, the kind of industry and the number of employees are two criteria that might aid a small business owner in selecting proper accounting software. A freelancer, for example, would not require the same accounting software capabilities as a restaurant owner. You make the decision on which tool suits the best, here are 5 best accounting tools startups should look out for in 2022
QuickBooks
1. Ease of Use
One issue with accounting software is that many of them are difficult to operate and understand. QuickBooks, on the other hand, is meant to be straightforward and simple to use, especially for those without a background in accounting or finance.
2. Integration
QuickBooks’ ability to interface with other systems is a significant benefit. Business owners may quickly export their data to their chosen tax preparation application after utilizing the product to input all of their business revenue and costs, making filing income taxes at least a bit less unpleasant. QuickBooks also works nicely with Microsoft Excel, making it simple to input data from other sources into QuickBooks.
3. Customization
QuickBooks comes with a variety of ready-to-use templates that may be used to produce invoices, spreadsheets, charts, and business plans. The software also makes it simple to alter the style and feel of those papers, making them less generic and more likely to stand out in a crowd. Customizing invoices is particularly beneficial, since it allows business owners to include not only their company logo but also specific information about each line item. Customers will be able to reconcile their bills and pay them on time as a result of this.
4. Check Signing
QuickBooks may save you a lot of time if you sign a lot of checks for your business. QuickBooks allows business owners to scan and submit their signatures, which may then be used to create checks for the company. This automatic procedure is far more efficient and less time-consuming than manually writing hundreds of checks each month.
XERO
1. Developers love the open API
On his income statement, one of our clients requested more comprehensive sales information. There was no accessible sync mechanism for obtaining that information into Xero because his website used a bespoke billing platform. We collaborated to create a script that runs on his website and pushes his daily sales totals into Xero, split down by income stream, rather than designing a time-consuming manual procedure for inputting this data.
For both our customer and the bookkeeper, it’s a win-win situation. On his financial statements, our customer receives more relevant, up-to-date information. In addition, the bookkeeper is relieved of the time-consuming task of manual data entry.
2. Xero is built for global businesses
Surprisingly, the QuickBooks Online edition for the United States does not accept various currencies. You know how inconvenient it may be to manually translate a large number of transactions into your local currency. Because the technological community is worldwide, shouldn’t your accounting software be capable of handling Euros as well as US Dollars?Xero’s Premium version supports over 160 different currencies. All of them allow you to invoice, receive payments, and reconcile bank accounts. Xero also calculates real-time foreign exchange gains/losses, so you can monitor the impact of exchange rates on your cash flow and profitability at a glance. This information may be used to make tactical financial decisions, such as deferring payment of an invoice until the exchange rate improves. It’s simple since all of the information is right there on the invoice in Xero.
3. It all comes down to everyday reconciliation.
I personally do my firm’s books on Xero to remain current on Xero updates (since Xero is always developing). As the founder of a fast-growing business, this would normally be a big waste of time for me. With Xero, this is not the case.I log in every day and reconcile the transactions that were downloaded from my bank the day before. It takes less than ten minutes to complete. After that, I’m done. There is no requirement for a monthly reconciliation because Xero reconciles individual transactions to the bank feed.Those hours spent completing a gruelling monthly bank statement reconciliation? They’re no longer with us. I can rest easy knowing that my books are precise to the cent as long as my Xero statement balance matches my online banking balance.
SAGE 300
1. Greater Control Over Growth
With versatile features that enhance financial and compliance reporting, Sage 300 provides you more control over your whole organisation. It also connects your sales and service operations with accounts receivable and payroll. Furthermore, Sage 300 allows you to scale up or down the number of users as needed, allowing the system to expand with your company.
2. Ease of Use
Uncomplicated navigation, a better level of freedom and flexibility, and comprehensive financial management control that enhances your ROI are all included in Sage 300’s value-added advantages.
With the best business accounting software solutions for every size organization, Sage 300 raises the standard on performance. You may select from regular, advanced, or premium versions to match your specific demands and help you achieve your company objectives.
3. More Flexibility
One illustration of how the corporate landscape is changing is a work environment with geographic flexibility. You need much more than isolated information on your PC at your workplace to be competitive in today’s global market. You can work with Sage 300 whenever and anywhere you choose – well, whenever and wherever you have an internet connection, at least.
QOYOD
1. Cost centers
Track and compare project profitability, product sales, and commissioning sales. This tool gives you a real-time picture of how all of your projects are doing financially, allowing you to make better decisions and increase profitability.
2. Activities log
The activity log on Qoyod’s dashboard allows you to track and monitor the latest activities and changes made by facility users.
3. E-MAIL messages
You may send a sales invoice or quotation to a customer right after they buy anything, and you can also send orders to suppliers to help with the purchase. Memos can also be sent to customers before they are due, with the option to send them at a later time.
ORACLE NETSUITE
1. Accelerated growth
With the aid of this integrated software, numerous locations may be added, as well as extra sales channels, all of which can be done more quickly thanks to the unified order and accounting management procedures and data. It also aids the firm in upselling and cross-selling to current clients for increased efficiency and visibility.
2. User-driven innovation
As the process evolves, deployments become quicker, and everyday business users are able to contribute their functional knowledge to customizing processes and applications to aid in performance improvement. In the meantime, IT will be free to concentrate on strategic projects that will create value through the development of unique value-added solutions.
3. Improves visibility
It is critical to have real-time visibility in order to make judgments. As a result, data may be accessible from any location at any time without wasting resources on data extraction. This has improved the accuracy and speed of all procedures.