Profitability is a key ingredient to your success as a small-business owner. You need a clear view of your cash flow—where your money is coming from, how much you have at any given moment, and where it’s going. Quality accounting software can help you do just that—and a little more.
Why Do I need Small Business Accounting Software?
Small business accounting software helps you manage your finances by tracking the money you receive, owe and are owed. Many software’s are easy-to-use, affordable, and have mobile apps so you can access your data anytime, anyplace.
Do you need a platform that allows you to track inventory or are receipt-tracking and sales tax more direct concerns? Make a list of your accounting needs and prioritize them from least to most important. Below are some features to look for while determining what software is best for you:
- Billing and invoicing software
- Invoice management
- Online credit card payments
- Expense and time tracking
- Financial reporting
- Automatic payroll services
- Inventory management
- Mobile app access to data anywhere, at any time
Benefits of Accounting Software
The best accounting software for small businesses should be affordable, easy to use, and allow you to easily track income and expenses. The software should also include detailed financial statements to give you insight into the health of your business. Below we have outlined some additional benefits of using small business accounting software:
- Save time—Ditch manual data entry on a spreadsheet to save time and avoid errors.
- Cut costs—Spend less money on accounting tasks, reduce labor costs, and improve your ROI.
- Get insight into your finances—Get a detailed snapshot of your financial landscape to make better business decisions.
- Protect your financial information—Use cloud-based accounting software and reduce the risk of data loss.
But how do you know where to begin when choosing the right accounting software for your business? We are here to help.
ProTip: Outsourced accounting services can help implement and stay up-to-date with the latest and greatest accounting software as well as ensuring your books are accurate and up-to-date.
Top 3 Best Accounting Softwares in 2019:
#1. Quickbooks Online
This is the best overall small business accounting software that is widely used amongst small business owners and can scale as your business grows. It’s easy to use and loaded with features, including several that can save you time. The company estimates that, on average, it saves its users 40 hours each month on accounting tasks. It can be used by nearly every type of business and has plans for businesses of all sizes, from self-employed individuals to small businesses with basic accounting needs to established businesses that need advanced features such as time, project and inventory tracking.
One of the biggest benefits of using QuickBooks Online is that it’s “accountant approved.” Not only does it have all the features accountants deem as must-haves for small businesses, but it also eliminates the learning curve since most accountants already use QuickBooks so you won’t have to teach them how to use the software.
Pricing: Simple Start, $7/month for one user; Essentials, $17/month for up to three users; Plus, $30/month for five+ users
Although all accounting software products have invoicing tools, FreshBooks’ are incredibly easy to use, which is why we picked it as the best invoicing software for small businesses. The WYSIWYG format is intuitive, and with just a few clicks you can add billable time and expenses, customize the look of the invoice, and set up recurring invoices, automatic payment reminders, and late fees. This accounting software connects to your bank, generates several reports, tracks time and helps you manage projects.
Pricing: Lite, $15/month for five clients; Plus, $25/month for 50 clients; Premium, $50/month for 500 clients; Yearly plans available for 10% off
Mac users often grapple with the issue of stripped-down business software that isn’t as capable or intuitive as its Windows counterpart. Xero’s cloud-based accounting software, which is available for both PC and Mac, is our pick for the best accounting software for Mac because it’s a full-featured solution that doesn’t compromise on features or ease of use just because you’re using a Mac. It can save you time and simplify accounting by automating tasks and integrating with more than 700 apps. Xero also comes with 24/7 email and live chat support and outbound phone assistance at no extra cost.
Pricing: Starter, $9/month; Standard, $30/month; Premium, $70/month
Outsourced Accounting Services for Small Businesses
Advanced technology is expensive. To add them in-house, you’d need a new computer and all of the accessories that go with it. However, if you hire outsourced accounting services you will have access to their accounting software- which is properly maintained and up-to-date.
Additionally, an outsourced accounting service provider can handle everything from data entry to generating important financial reports for your team. With the help of professional accountants, you never have to worry about inaccurate accounting information or penalties from the IRS.
Small businesses can greatly benefit from accounting software. Many accounting software’s are easy-to-use, affordable, and have mobile apps for convenience. Small business owners that turn to accounting software often experience many benefits such as saving time, cutting costs, and getting real-time insight into their financial data. Outsourced accounting services are especially cost-effective for small businesses that do not want to purchase the software and any necessary computer equipment upfront, but need access to the best software.
Limitless Investment & Capital Outsourced Accounting Services
In order to stay focused on building your business, companies need solid financial management with a dependable accounting function. Limitless Investment & Capital combines a team of experts, systematized processes and procedures, and the latest in accounting technology to ensure our clients receive the best service to support their unique business needs at an affordable rate. Contact us today to get started!