Small businesses have many aspects to consider when it comes to operations. There is production, sales, time management, staffing, and most crucial of all, accounting. While every aspect of the business is essential to make a business successful, you can have the best product, service, and staff and the highest sales and still fail if your business’s accounting is handled poorly.
There are multiple things to consider when it comes to business accounting. There is inventory, supplies, accounts payable and receivable, taxes, financial statements, and if you have employees, payroll. Each small business has different needs when it comes to accounting, and there are a few ways to handle accounting needs. You can hire a professional accountant or bookkeeper or both. You can try to handle bookkeeping yourself with no accounting tools or use accounting tools through online cloud-based services or accounting software. While hiring a pro will always be the best option, not every business can afford the cost of paying them, and trying to wing it on your own can be dangerous to your bottom line. Implementing accounting tools is the most cost-efficient and smart way to handle your accounting needs. Here are a few of the best accounting tools on the market today.
Sage Business Cloud Accounting
Sage Business Cloud Accounting is easy-to-use cloud-hosted accounting and payroll software for small business. It offers graphs and dashboards, and transaction drill-downs that provide you real-time accounting information via the cloud online, available to you or your accounting representative anytime night or day. It works across many platforms and with PCs, Macs, iOS, and Android. It also works excellently with your desktop, tablets, and smart devices.
FreshBooks
FreshBooks is a great accounting software meant for solo or freelance business owners. It is a lighter bookkeeping software that tracks time, invoices, business reports, and payments. It is simple to use but does not have anything to deal with payroll or inventory. This is very basic, and if you ever grow your business from a sole proprietorship to a small business with employees, you will need to use different accounting software. It is affordable with a relatively low monthly subscription fee.
QuickBooks
Intuit’s Quickbooks is the best overall accounting software packages for business accounting. At one time, a fully featured software that could only be used with a one-time expensive purchase for your desktop, Quickbooks can now be used through the cloud and a monthly subscription. Quickbooks is also the most popular accounting software, so there are videos with tutorials and online guides. The best reason to use this software for your business is to work well for various companies of all sizes. The cloud makes it similar to the Sage accounting tool in convenience and availability.
Xero
Xero is a cloud-first accounting system with over 600 integrations that help business owners with everything from inventory to payroll and much more. This software is more user friendly to Mac users when it comes to cloud-based accounting software. Xero can also track money and time spent on a project to give you the complete cost analysis. Xero is a monthly subscription accounting system; the cost will vary depending on whether you require premium features.
Conclusion
Regardless of your business’s size or business needs, there is an accounting tool that fits your business accounting needs. Whether you use a desktop version of accounting software or use a cloud-based tool, the essential thing is to have accurate accounting for your business. While the product or service you offer may be amazing, if you don’t have accurate accounting, your business is at risk of failure. Do your research on the accounting tools available and choose the best for you and your business.
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